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PT Gihon Telekomunikasi Indonesia Tbk (GHON) Fair Value & Analysis

Communication Services · ID · Market cap 847B IDR

PG PT Gihon Telekomunikasi Indonesia Tbk GHON · JK
Price1,610 IDR
Fair Value2,383 IDR
Upside+48.0%
Quality55/100
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Expensive Growth
Highly profitable · 35.2% net margin
Low debt · generates free cash flow
Ranks above peers (9/14)
Wide moat 69/100
Evidence: High Range 1,290 IDR – 3,372 IDR Share as image

Fair value as of: Jul 12, 2026

From 26 valuation models · updated 29 days ago

Share price +3.2% over the past month.

A solid business, screening 48% undervalued on our models.

What matters now

  • The model range is unusually wide (1,290 IDR to 3,372 IDR). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

2,330 IDR 1,175 IDR Fair Value 2,383 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range 1,175 IDR – 2,330 IDR · fair‑value band 1,290 IDR – 3,372 IDR · the 1,610 IDR price screens below the 2,383 IDR fair value. Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

PT Gihon Telekomunikasi Indonesia Tbk (GHON) currently trades at 1,610 IDR, while our model-based Fair Value estimate is 2,383 IDR, implying the stock looks roughly 48.0% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, PT Gihon Telekomunikasi Indonesia Tbk generated revenue of 209B IDR at a net margin of 35.2%. Revenue declined 3.9% year over year. It earns a return on equity of 8.9%. Net debt stands at 493B IDR. Fundamentals as of Jul 12, 2026

Our scenario range runs from 1,290 IDR (bear case) to 3,372 IDR (bull case); at 1,610 IDR, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 24% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 32% fair-value upside, at 48%, GHON screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 332.24 IDR 855.13 IDR 1,757 IDR 80
Residual Income 1,250 IDR 1,401 IDR 2,122 IDR 76
Rev-Margin DCF 357.92 IDR 899.44 IDR 1,561 IDR 74
All 26 models by family
DCF Models
FCF DCF 325.98 IDR 859.46 IDR 1,772 IDR 38
Owner Earnings 219.53 IDR 672.66 IDR 31
5Y Revenue Exit 357.92 IDR 909.57 IDR 1,640 IDR 39
5Y EBITDA Exit 1,409 IDR 2,975 IDR 4,899 IDR 41
5Y P/E Exit 1,270 IDR 2,704 IDR 4,293 IDR 38
10Y Revenue Exit 314.09 IDR 833.84 IDR 1,587 IDR 36
10Y EBITDA Exit 1,040 IDR 2,342 IDR 4,255 IDR 37
10Y P/E Exit 948.38 IDR 2,144 IDR 3,759 IDR 35
Earnings-Based
Graham-Dodd 965.83 IDR 3,747 IDR 5,081 IDR 54
Lynch FV 918.68 IDR 1,312 IDR 1,706 IDR 50
PEG = 1.0 918.68 IDR 1,312 IDR 1,706 IDR 46
EPV 1,509 IDR 1,848 IDR 2,149 IDR 59
Dividend Discount
Gordon GGM 1,731 IDR 3,780 IDR 6,360 IDR 70
DDM Multi-Stage 1,731 IDR 3,096 IDR 3,939 IDR 61
Multiples
P/E Multiple 2,344 IDR 3,125 IDR 3,906 IDR 63
P/S Multiple 1,009 IDR 1,345 IDR 1,681 IDR 58
P/B Multiple 1,811 IDR 2,415 IDR 3,018 IDR 55
EV/EBIT 2,149 IDR 3,003 IDR 3,857 IDR 53
EV/EBITDA 2,155 IDR 3,011 IDR 3,867 IDR 54
EV/Revenue 394.80 IDR 740.58 IDR 1,086 IDR 43
Asset-Based
NCAV (Graham) 689.89 IDR 924.45 IDR 1,380 IDR 50
Growth DCF
Growth DCF 332.24 IDR 855.13 IDR 1,757 IDR 80
Rev-Margin DCF 357.92 IDR 899.44 IDR 1,561 IDR 74
Economic Profit
Residual Income 1,250 IDR 1,401 IDR 2,122 IDR 76
ROIC Compounder 1,565 IDR 2,253 IDR 3,254 IDR 72
Growth Earnings
Growth-Adj P/E 1,698 IDR 2,426 IDR 3,154 IDR 68

Widest divergence: Dividend Discount (3,096 IDR) versus Growth DCF (855.13 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 209B IDR
Revenue growth (YoY) -3.9%
Net margin 35.2%
Return on equity 8.9%
Free cash flow 31.8B IDR FY2025
P/E ratio 9.4
More key figures
Operating margin 59.8%
EPS (TTM) 163.37 IDR
EPS growth (YoY) -20.7%
Net debt 493B IDR FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 52 · Market factors (momentum, volatility) 45

Profitability 42
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 53
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 34
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

PT Gihon Telekomunikasi Indonesia Tbk provides telecommunications tower leasing services in Indonesia. The company is involved in the engineering, design, construction, installation, and network integration of telecommunication Industry.

Full company description

PT Gihon Telekomunikasi Indonesia Tbk provides telecommunications tower leasing services in Indonesia. The company is involved in the engineering, design, construction, installation, and network integration of telecommunication Industry. It also provides telecommunications infrastructure services, including maintenance, operation, and maintenance of sites and networks. The company was founded in 2001 and is based in Tangerang, Indonesia. PT Gihon Telekomunikasi Indonesia Tbk is a subsidiary of PT Tower Bersama Infrastructure Tbk.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Gihon Telekomunikasi Indonesia Tbk reported revenue of 211B IDR in FY2025 versus 165B IDR in FY2021, a compound +6.4%/yr. Reported net income was 78.1B IDR in FY2025, compounding −3.4%/yr from FY2021.

Growth Quality 60/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
211B IDR
Latest YoY
−0.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.1%
Avg. growth/yr (11Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.0%
Revenue +6.4%/yr
FY21 165B IDR
FY22 186B IDR
FY23 204B IDR
FY24 212B IDR
FY25 211B IDR
Net income −3.4%/yr
FY21 89.9B IDR
FY22 90.7B IDR
FY23 100B IDR
FY24 84.8B IDR
FY25 78.1B IDR
Character of growth · EPS growth decomposed (2014-2025) +22.9 % p.a.
Revenue per share +5.3 pp

of which total revenue +11.0 pp · buybacks/dilution −5.7 pp

EBIT margin +7.3 pp
Tax rate +2.1 pp
Residual (interest, one-offs) +8.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "PT Gihon Telekomunikasi Indonesia Tbk Fair Value". https://www.fairvalue-calculator.com/stock/GHON

Peer Group

Telecom Services · 250 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 55 · Above median
Fair Value upside +48% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 35% · Top 25%
Operating margin (TTM) 60% · Top 25%
Revenue growth -4% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.42× · Higher than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 9.4× · Cheaper than 75% of peers
P/B 1.12× · Cheaper than median
P/S (TTM) 4.05× · Pricier than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 7.8× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 97 · sector 29
FUTURE 0 · sector 15
PAST 36 · sector 28
HEALTH 79 · sector 88
DIVIDEND 0 · sector 73

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥89.98 ¥109.88 +22%
T-Mobile US, Inc TMUS $187.61 $172.67 -8%
Bharti Airtel Limited BHARTIARTL ₹1,922 ₹941.55 -51%
China Telecom Corporation 601728 ¥6.01 ¥8.36 +39%
América Móvil, S.A. AMXB 23.07 MXN 30.35 MXN +32%
Vodafone Group VODN 259.50 MXN 507.27 MXN +95%
Advanced Info Service Public Company ADVANC 379.00 THB 286.77 THB -24%
Chunghwa Telecom Co 2412 133.50 TWD 100.00 TWD -25%
China Unicom (Hong Kong) Limited 0762 HK$6.50 HK$13.03 +100%
Telefónica, S.A TEFN 75.67 MXN 111.01 MXN +47%

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Frequently asked questions

Is PT Gihon Telekomunikasi Indonesia Tbk (GHON) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of 2,383 IDR versus a price of 1,610 IDR, about +48% (undervalued).
What is the fair value of GHON?
Our model-based fair value for PT Gihon Telekomunikasi Indonesia Tbk is 2,383 IDR (as of Jul 12, 2026), built from audited fundamentals. The current price is 1,610 IDR.
What is the quality score of GHON?
PT Gihon Telekomunikasi Indonesia Tbk has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of PT Gihon Telekomunikasi Indonesia Tbk (GHON)?
PT Gihon Telekomunikasi Indonesia Tbk reported trailing-twelve-month revenue of about 209B IDR (latest available figure, as of Jul 12, 2026).
What is the net profit margin of GHON?
The net profit margin of PT Gihon Telekomunikasi Indonesia Tbk is about 35.2%, meaning it keeps roughly 35.2% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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