PT Equity Development Investment Tbk (GSMF) Fair Value & Analysis
Financial Services · ID · Market cap 1.2T IDR
Fair value as of: Jul 16, 2026
From 4 valuation models · updated 25 days ago
Fair value updated Jul 16, 2026, revised from 60.02 IDR to 49.25 IDR (−17.9%) since Jun 26, 2026. Share price +4.8% over the past month.
Below-average quality, and screening another 43% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (61.56 IDR). The favourable scenario is already priced in.
- Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.
How to read this chart
60‑month range 50.00 IDR – 316.00 IDR · fair‑value band 36.94 IDR – 61.56 IDR · the 87.00 IDR price screens above the 49.25 IDR fair value. Dashed = 300-day average. As of Jul 16, 2026.
Analysis
PT Equity Development Investment Tbk (GSMF) currently trades at 87.00 IDR, while our model-based Fair Value estimate is 49.25 IDR, implying the stock looks roughly 43.4% overvalued today. The Quality Score stands at 47/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, PT Equity Development Investment Tbk generated revenue of 955B IDR at a net margin of 7.2%. Revenue grew 17.9% year over year. It earns a return on equity of 2.9%. The balance sheet holds a net cash position of 183B IDR. Fundamentals as of Jul 16, 2026
Our scenario range runs from 36.94 IDR (bear case) to 61.56 IDR (bull case); at 87.00 IDR, the current price sits above 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 48% below its 52-week high and 71% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at -43%, GSMF screens richer 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.
All 4 models by family
Widest divergence: Economic Profit (118.66 IDR) versus Multiples (49.25 IDR). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 43 · Market factors (momentum, volatility) 48
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 Equity Development Investment Tbk provides financial products and services in Indonesia. The company operates through four segments: Insurance; Banking and Financing; Stock Administration and Securities; and Holding Company, Travel Services, and Venture Capital.
Full company description
PT Equity Development Investment Tbk provides financial products and services in Indonesia. The company operates through four segments: Insurance; Banking and Financing; Stock Administration and Securities; and Holding Company, Travel Services, and Venture Capital. It offers general insurance products, such as fire, motor vehicles, accident, marine hull, engineering, and marine cargo; and life insurance products, including whole life, term insurance, health assurance, unitised pensions, unit link, pure endowment pensions, mortgage reduction term allowance, and combined endowments, as well as reinsurance services. The company provides financial leasing, consumer financing, and factoring services, as well as health insurance and pension funds; operates as a securities underwriter, securities broker, investment manager, and investment advisor; and venture capital services. In addition, it offers travel and health services; insurance brokerage services; securities administration; and mutual fund services, as well as sell securities. PT Equity Development Investment Tbk was formerly known as PT Gajah Surya Arta Leasing. The company was founded in 1982 and is based in Jakarta, Indonesia. PT Equity Development Investment Tbk operates as a subsidiary of Equity Global International Limited.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
PT Equity Development Investment Tbk reported revenue of 949B IDR in FY2025 versus 1.3T IDR in FY2021, a compound −8.1%/yr. Reported net income was 53.9B IDR in FY2025, compounding +71.9%/yr from FY2021.
of which total revenue −1.4 pp · buybacks/dilution −5.0 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).
GSMF screens 43% overvalued. Compare with Berkshire Hathaway Inc →
Peer Group
Insurance - Diversified · 84 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.
Valuation Multiples vs Insurance - Diversified median · lower = cheaper
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 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Insurance - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Berkshire Hathaway Inc BRKB | 8,562 MXN | 10,844 MXN | +27% |
| Allianz SE ALV | €421.00 | €369.31 | -12% |
| Zurich Insurance Group ZURN | CHF 624.40 | CHF 619.80 | -1% |
| AXA SA AXAN | 888.28 MXN | 1,249 MXN | +41% |
| Assicurazioni Generali S.p.A G | €42.90 | €12.18 | -72% |
| Sun Life Financial Inc SLF | C$114.20 | C$87.83 | -23% |
| BB Seguridade Participações S.A BBSE3 | R$40.71 | R$60.39 | +48% |
| Tryg A/S TRYG | kr 154.00 | kr 116.45 | -24% |
| PT Sinar Mas Multiartha Tbk SMMA | 20,625 IDR | 4,176 IDR | -80% |
| Caixa Seguridade Participações S.A CXSE3 | R$21.77 | R$18.60 | -15% |
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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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