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PT Arsy Buana Travelindo Tbk (HAJJ) Fair Value & Analysis

Consumer Cyclical · ID · Market cap 252B IDR

PA PT Arsy Buana Travelindo Tbk HAJJ · JK
Price106.00 IDR
Fair Value86.65 IDR
Upside-18.3%
Quality36/100
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Expensive Growth
Thin margins · 0.1% net margin
Low debt
Trails peers (3/9)
Narrow moat 39/100
Evidence: Medium Range 49.09 IDR – 112.65 IDR Share as image

Fair value as of: Jul 17, 2026

From 13 valuation models · updated 24 days ago

Share price +3.9% over the past month.

Below-average quality, and screening another 18% overvalued on our models.

What matters now

  • Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (49.09 IDR to 112.65 IDR) leaves room in how you read the outcome.
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Price vs Fair Value (3 years)

525.00 IDR 78.00 IDR Fair Value 86.65 IDR Apr 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

40‑month range 78.00 IDR – 525.00 IDR · fair‑value band 49.09 IDR – 112.65 IDR · the 106.00 IDR price screens above the 86.65 IDR fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

PT Arsy Buana Travelindo Tbk (HAJJ) currently trades at 106.00 IDR, while our model-based Fair Value estimate is 86.65 IDR, implying the stock looks roughly 18.3% overvalued today. The Quality Score stands at 36/100 (below-average quality), in the Consumer Cyclical 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 Arsy Buana Travelindo Tbk generated revenue of 907B IDR at a net margin of 0.1%. Revenue declined 11.5% year over year. It earns a return on equity of 0.7%. Fundamentals as of Jul 17, 2026

Our scenario range runs from 49.09 IDR (bear case) to 112.65 IDR (bull case); at 106.00 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 40% below its 52-week high and 22% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -16% fair-value upside, at -18%, HAJJ 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.

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
ROIC Compounder 125.70 IDR 183.51 IDR 238.61 IDR 72
Growth-Adj P/E 60.66 IDR 86.65 IDR 112.65 IDR 68
P/E Multiple 40.38 IDR 53.84 IDR 67.30 IDR 63
All 13 models by family
Earnings-Based
Graham-Dodd 16.64 IDR 116.06 IDR 162.87 IDR 54
Lynch FV 47.68 IDR 68.11 IDR 88.54 IDR 50
PEG = 1.0 47.68 IDR 68.11 IDR 88.54 IDR 46
EPV 100.04 IDR 120.39 IDR 138.47 IDR 59
Multiples
P/E Multiple 40.38 IDR 53.84 IDR 67.30 IDR 63
P/S Multiple 31.20 IDR 41.61 IDR 52.01 IDR 58
P/B Multiple 31.20 IDR 41.61 IDR 52.01 IDR 55
EV/EBIT 181.77 IDR 247.44 IDR 313.10 IDR 53
EV/Revenue 117.56 IDR 174.47 IDR 231.38 IDR 43
Asset-Based
NCAV (Graham) 39.57 IDR 53.02 IDR 79.13 IDR 50
Economic Profit
Residual Income 58.37 IDR 57.05 IDR 49.45 IDR 61
ROIC Compounder 125.70 IDR 183.51 IDR 238.61 IDR 72
Growth Earnings
Growth-Adj P/E 60.66 IDR 86.65 IDR 112.65 IDR 68

Widest divergence: Growth Earnings (86.65 IDR) versus Asset-Based (53.02 IDR). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) 907B IDR
Revenue growth (YoY) -11.5%
Net margin 0.1%
Return on equity 0.7%
Operating margin 18.2%
EPS growth (YoY) -23.6%

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 36/100

Of which business quality 37 · Market factors (momentum, volatility) 33

Profitability 38
Margins and returns on capital today
Quality Growth 77
Are margins and returns improving?
Cashflow 5
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 26
Distance to the 52-week high (market factor)
Net Issuance 1
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 Arsy Buana Travelindo Tbk operates as a travel bureau in Indonesia and internationally. The company provides hotel rooms, land arrangements, and airlines tickets. PT Arsy Buana Travelindo Tbk was founded in 2016 and is based in Tangerang Selatan, Indonesia. PT Arsy Buana Travelindo Tbk is a subsidiary of PT Madinah Iman Wisata.

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

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

PT Arsy Buana Travelindo Tbk reported revenue of 945B IDR in FY2025 versus 318B IDR in FY2022, a compound +43.7%/yr. Reported net income was 6.0B IDR in FY2025, compounding +34.5%/yr from FY2022.

Growth Quality 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
945B IDR
Latest YoY
+9.8%
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.
+43.7%
Revenue +43.7%/yr
FY22 318B IDR
FY23 502B IDR
FY24 861B IDR
FY25 945B IDR
Net income +34.5%/yr
FY22 2.5B IDR
FY23 4.8B IDR
FY24 1.3B IDR
FY25 6.0B IDR

HAJJ screens 18% overvalued. Compare with Booking Holdings →

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Cite: Fair Value Calculator (2026). "PT Arsy Buana Travelindo Tbk Fair Value". https://www.fairvalue-calculator.com/stock/HAJJ

Peer Group

Travel Services · 90 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 36 · Bottom 25%
Fair Value upside −18% · Below median
Return on equity (TTM) 1% · Bottom 25%
Return on assets 7% · Top 25%
Net margin (TTM) 0% · Bottom 25%
Operating margin (TTM) 18% · Top 25%
Revenue growth -12% · Bottom 25%
Debt / equity 0.46× · Higher than 75% of peers

Valuation Multiples vs Travel Services median · lower = cheaper

EV/EBITDA 0.7× · Cheaper than 75% of peers

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 9 · sector 19
FUTURE 0 · sector 25
PAST 3 · sector 36
HEALTH 77 · sector 97
DIVIDEND 0 · sector 36

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 Travel Services stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Booking Holdings BKNG $182.80 $152.94 -16%
Airbnb, Inc ABNB $148.62 $57.47 -61%
Royal Caribbean Cruises Ltd RCL $286.96 $215.19 -25%
Viking Holdings VIK $100.69 $43.51 -57%
Carnival Corporation CCL $26.41 $31.36 +19%
Expedia Group EXPE $268.77 $248.63 -7%
Trip.com Group TCOM $42.45 $88.82 +109%
Norwegian Cruise Line Holdings NCLH $19.46 $20.28 +4%
Global Business Travel Group GBTG $9.40 $4.17 -56%
Travel + Leisure Co TNL $73.27 $27.29 -63%

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Frequently asked questions

Is PT Arsy Buana Travelindo Tbk (HAJJ) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 86.65 IDR versus a price of 106.00 IDR, about −18% (overvalued).
What is the fair value of HAJJ?
Our model-based fair value for PT Arsy Buana Travelindo Tbk is 86.65 IDR (as of Jul 17, 2026), built from audited fundamentals. The current price is 106.00 IDR.
What is the quality score of HAJJ?
PT Arsy Buana Travelindo Tbk has a Quality Score of 36/100. 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 Arsy Buana Travelindo Tbk (HAJJ)?
PT Arsy Buana Travelindo Tbk reported trailing-twelve-month revenue of about 907B IDR (latest available figure, as of Jul 17, 2026).
What is the net profit margin of HAJJ?
The net profit margin of PT Arsy Buana Travelindo Tbk is about 0.1%, meaning it keeps roughly 0.1% 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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