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Equity Development Investment (GSMF) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Equity Development Investment IDR 52, price IDR 96, upside -45.5%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Financial Services · ID · ISIN ID1000074206

ED Thin data Sep 24, 2026

Equity Development Investment

GSMF · JK

Weakest SetupStrongly overvalued and low quality.

!Fair value 52.32 IDR · Strongly overvalued (−46%)
!Quality 37/100
!Mixed Growth (revenue 5y −2.4 %/yr)
!Thin margins · 2.4% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (2/13)
!Narrow moat 23/100
!Evidence only low, so the estimate is less certain
!Weak on past: 4 out of 100
!Weak on dividend: 7 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

316.00 IDR 50.00 IDR Fair Value 52.32 IDR Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 50.00 IDR – 316.00 IDR · fair‑value band 39.24 IDR – 65.40 IDR · the 96.00 IDR price screens above the 52.32 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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.

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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.

Stock analysis

Equity Development Investment (GSMF) currently trades at 96.00 IDR, while our model-based Fair Value estimate is 52.32 IDR, implying the stock looks roughly 83.5% overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 106.27 IDR per share, and 1 of the 4 models we run sit above the 96.00 IDR price.

Bear case: the Multiples group reads lowest at 45.34 IDR, and 3 of the 4 models stay below the price. Evidence for this calculation is low.

Scenario range: 39.24 IDR (bear) to 65.40 IDR (bull), the price of 96.00 IDR sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 37/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.

Equity Development Investment 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.

Key figures

Market cap 1.5T IDR (≈ $82.9M) · P/E ratio 52.6 · P/S ratio 2.99 · EPS (TTM) 1.71 IDR · Dividend yield 0.4% · Net margin 5.7% · Return on equity 1.1% · Return on assets (EBIT) 0.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (low confidence).

What moves the price

The share trades about 38% below its 52-week high and 50% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −24% fair-value upside, at −46%, GSMF screens richer than that median.

Fair Value models

Bear 39.24 IDR Fair Value 52.32 IDR Bull 65.40 IDR
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1.26 IDR per share) are deliberately not added. 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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income 100.66 IDR 92.03 IDR 63.38 IDR 76
P/E Multiple 34.01 IDR 45.34 IDR 56.68 IDR 63
P/B Multiple 44.47 IDR 59.29 IDR 74.12 IDR 55
All 4 models by family
Multiples
P/E Multiple 34.01 IDR 45.34 IDR 56.68 IDR 63
P/B Multiple 44.47 IDR 59.29 IDR 74.12 IDR 55
Asset-Based
NCAV (Graham) 79.30 IDR 106.27 IDR 158.61 IDR 54
Economic Profit
Residual Income 100.66 IDR 92.03 IDR 63.38 IDR 76

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Quality Score breakdown

Overall quality 37/100

Of which business quality 36 · Market factors (momentum, volatility) 42

Profitability 22
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 33
Distance to the 52-week high (market factor)
Net Issuance 27
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−4.1%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−2.4%
Revenue growth 23 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+6.7%
What shareholders gained per year (last 5 years), in IDR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in IDR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ −3.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.8%
Dividend (yield on the price)0.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.17% vs −9%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 7%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 5.9%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Rate on operating basis: 2025 sits 165% above its own trend.

GSMF screens 83% overvalued. Compare with Allianz SE →

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Peer Groupⓘ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.Insurance - Diversified · 83 stocks

Beats the industry median on 2/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 38 · Bottom 25%
Fair Value upside −46% · Bottom 25%
Profitability
Return on equity (TTM) 1% · Bottom 25%
Return on assets 1% · Bottom 25%
Net margin (TTM) 2% · Bottom 25%
Operating margin (TTM) −21% · Bottom 25%
Growth and dividend
Revenue growth −27% · Bottom 25%
Dividend yield (TTM) 0.4% · Bottom 25%
Balance sheet
Debt / equity 0.17× · Below median

Valuation Multiplesvs Insurance - Diversified median · lower = cheaper

P/E (TTM) 52.6× · Priciest 25%
P/B 0.61× · Cheapest 25%
P/S (TTM) 1.61× · Pricier than median
EV/EBITDA 21.3× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 6
FUTURE (revenue growth)0 · sector 32
PAST (return on equity)4 · sector 49
HEALTH (low debt)91 · sector 89
DIVIDEND (yield)7 · sector 73

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

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

Similar stocks

10 more Insurance - Diversified stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Allianz SE ALV €419.20 €242.06 −42%
Zurich Insurance Group ZURN CHF 579.20 CHF 325.49 −44%
AXA SA CS €43.97 €39.76 −10%
Assicurazioni Generali S.p.A G €43.32 €10.92 −75%
Sun Life Financial Inc SLF $80.71 $41.22 −49%
American International Group AIG $75.18 $70.37 −6%
The Hartford Insurance Group HIG $126.59 $133.10 +5%
Arch Capital Group ACGL $95.16 $124.45 +31%
Talanx AG TLX €121.00 €92.38 −24%
Swiss Life Holding SLHN CHF 903.20 CHF 413.93 −54%

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Equity Development Investment · Fair Value
52.32 IDR −83%Fair Value
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Cite: Fair Value Calculator (2026). "Equity Development Investment Fair Value". https://www.fairvalue-calculator.com/stock/GSMF

Frequently asked questions

Is Equity Development Investment (GSMF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 52.32 IDR versus a price of 96.00 IDR, about −46% upside (overvalued).
What is the fair value of GSMF?
Our model-based fair value for Equity Development Investment is 52.32 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 96.00 IDR.
What is the quality score of GSMF?
Equity Development Investment has a Quality Score of 37/100. 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 price target for Equity Development Investment (GSMF)?
Our model-based price target is the fair value of 52.32 IDR (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 39.24 IDR, optimistic scenario 65.40 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Equity Development Investment stock forecast for 2026?
Our models put fair value at 52.32 IDR, about −46% upside versus a price of 96.00 IDR (overvalued). Cautious scenario 39.24 IDR, optimistic scenario 65.40 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Equity Development Investment (GSMF)?
Equity Development Investment reported trailing-twelve-month revenue of about 924B IDR (latest available figure, as of Sep 24, 2026).
Does Equity Development Investment pay a dividend?
Equity Development Investment currently shows a dividend yield of about 0.37% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Equity Development Investment (GSMF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Equity Development Investment it is 52.32 IDR per share (as of Sep 24, 2026), against a price of 96.00 IDR. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Equity Development Investment stock overvalued or undervalued in 2026?
As of Sep 24, 2026, GSMF trades above its calculated fair value: price 96.00 IDR, fair value 52.32 IDR, a gap of about −46% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GSMF?
No. The price is what the market pays today (96.00 IDR); the fair value is what the company's own numbers justify (52.32 IDR). For Equity Development Investment the two are 43.68 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Equity Development Investment worth?
The market values Equity Development Investment at about 1.5T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 96.00 IDR; our models calculate a fair value of 52.32 IDR per share.
What do the bullish and bearish scenarios say about GSMF?
Our models span a range for Equity Development Investment: cautious scenario 39.24 IDR, base 52.32 IDR, optimistic 65.40 IDR per share (as of Sep 24, 2026, price 96.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GSMF?
Equity Development Investment trades at a price-to-earnings ratio of 52.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 52.32 IDR is built from several models across several years. Other multiples: P/B 0.6, P/S 1.6, EV/EBITDA 21.3.
How solid is the balance sheet of Equity Development Investment (GSMF)?
Balance-sheet figures for Equity Development Investment (as of Sep 24, 2026): return on equity 1.1%, debt of 0.17 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is GSMF from its 52-week high?
Equity Development Investment trades at 96.00 IDR, about 38% below its 52-week high of 155.00 IDR and 50% above the low of 64.00 IDR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 52.32 IDR is for.
Which stocks are comparable to Equity Development Investment?
From the same area (Financial Services) we also value Allianz SE, Zurich Insurance Group, AXA SA, Assicurazioni Generali S.p.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Equity Development Investment stock attractive at the current price?
The data as of Sep 24, 2026: price 96.00 IDR, calculated fair value 52.32 IDR (−46%), Quality Score 37/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GSMF calculated?
We run Equity Development Investment through 4 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 52.32 IDR, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Equity Development Investment itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Equity Development Investment (GSMF)?
The closing price on Sep 24, 2026 was 96.00 IDR. Our model-based fair value is 52.32 IDR, about −46% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Equity Development Investment right now?
The price sits above even our optimistic bull case (65.40 IDR). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Equity Development Investment (GSMF) come from?
Earnings per share at Equity Development Investment grew −12.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share −6.4 %, EBIT margin −8.6 %, tax rate +2.6 %, residual (interest, one-offs) −0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Equity Development Investment

How large is the market capitalisation of Equity Development Investment (GSMF)?
The market capitalisation of Equity Development Investment is 1.5T IDR (≈ $82.9M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Equity Development Investment (GSMF)?
The price-to-sales ratio of Equity Development Investment is 2.99 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Equity Development Investment (GSMF)?
Earnings per share at Equity Development Investment are 1.71 IDR (price ÷ EPS = P/E 52.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Equity Development Investment (GSMF)?
The dividend yield of Equity Development Investment is 0.4% (payout 20.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Equity Development Investment (GSMF)?
The net margin of Equity Development Investment is 5.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Equity Development Investment (GSMF)?
The return on equity (ROE) of Equity Development Investment is 1.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Equity Development Investment (GSMF)?
On an EBIT basis the return on assets of Equity Development Investment is 0.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Equity Development Investment (GSMF)?
The operating margin of Equity Development Investment is −20.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Equity Development Investment (GSMF)?
Revenue at Equity Development Investment is growing −27.4% versus a year earlier (3y avg −16.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Equity Development Investment (GSMF)?
Earnings per share at Equity Development Investment are growing −24.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Equity Development Investment (GSMF) generate?
The free cash flow of Equity Development Investment is −78.7B IDR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Equity Development Investment (GSMF) hold?
Equity Development Investment holds more cash than debt, 183B IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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