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PT DFI Retail Nusantara Tbk (HERO) Fair Value & Analysis

Consumer Cyclical · ID · Market cap 1.4T IDR

PD PT DFI Retail Nusantara Tbk HERO · JK
Price336.00 IDR
Fair Value651.52 IDR
Upside+93.9%
Quality58/100
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Healthy Growth
Thin margins · 4.4% net margin
Low debt · generates free cash flow
Ranks above peers (12/13)
Narrow moat 39/100
Evidence: High Range 488.64 IDR – 814.40 IDR Share as image

Fair value as of: Jul 19, 2026

From 24 valuation models · updated 22 days ago

Share price +5.0% over the past month.

A solid business, screening 94% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (488.64 IDR). The market is more pessimistic than our downside scenario.
  • Solid quality (58/100) 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)

1,930 IDR 298.00 IDR Fair Value 651.52 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range 298.00 IDR – 1,930 IDR · fair‑value band 488.64 IDR – 814.40 IDR · the 336.00 IDR price screens below the 651.52 IDR fair value. Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

PT DFI Retail Nusantara Tbk (HERO) currently trades at 336.00 IDR, while our model-based Fair Value estimate is 651.52 IDR, implying the stock looks roughly 93.9% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Consumer Cyclical 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 DFI Retail Nusantara Tbk generated revenue of 5.0T IDR at a net margin of 4.4%. Revenue grew 16.3% year over year. It earns a return on equity of 4.9%. Net debt stands at 1.2T IDR. Fundamentals as of Jul 19, 2026

Our scenario range runs from 488.64 IDR (bear case) to 814.40 IDR (bull case); at 336.00 IDR, the current price sits below 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 59% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 50% fair-value upside, at 94%, HERO 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 1,207 IDR 1,691 IDR 2,427 IDR 80
Residual Income 349.20 IDR 390.08 IDR 702.01 IDR 76
Rev-Margin DCF 664.73 IDR 912.04 IDR 1,192 IDR 74
All 24 models by family
DCF Models
FCF DCF 1,161 IDR 1,663 IDR 2,466 IDR 38
Owner Earnings 994.35 IDR 1,426 IDR 2,116 IDR 31
5Y Revenue Exit 664.73 IDR 890.86 IDR 1,174 IDR 39
5Y EBITDA Exit 1,113 IDR 1,669 IDR 2,313 IDR 41
5Y P/E Exit 735.92 IDR 1,014 IDR 1,301 IDR 38
10Y Revenue Exit 823.15 IDR 1,056 IDR 1,318 IDR 36
10Y EBITDA Exit 1,120 IDR 1,587 IDR 2,134 IDR 37
10Y P/E Exit 881.22 IDR 1,140 IDR 1,409 IDR 35
Earnings-Based
Graham-Dodd 260.61 IDR 515.63 IDR 646.60 IDR 54
EPV 416.37 IDR 493.98 IDR 562.97 IDR 59
Dividend Discount
Gordon GGM 0.8400 IDR 1.21 IDR 1.62 IDR 70
DDM Multi-Stage 0.8400 IDR 1.20 IDR 1.64 IDR 61
Multiples
P/E Multiple 603.61 IDR 804.82 IDR 1,006 IDR 63
P/S Multiple 488.64 IDR 651.52 IDR 814.40 IDR 58
P/B Multiple 488.64 IDR 651.52 IDR 814.40 IDR 55
EV/EBIT 599.62 IDR 807.29 IDR 1,015 IDR 53
EV/EBITDA 1,254 IDR 1,680 IDR 2,106 IDR 54
EV/Revenue 421.26 IDR 611.83 IDR 802.40 IDR 43
Asset-Based
NCAV (Graham) 198.23 IDR 265.63 IDR 396.46 IDR 50
Growth DCF
Growth DCF 1,207 IDR 1,691 IDR 2,427 IDR 80
Rev-Margin DCF 664.73 IDR 912.04 IDR 1,192 IDR 74
Economic Profit
Residual Income 349.20 IDR 390.08 IDR 702.01 IDR 76
ROIC Compounder 418.71 IDR 516.53 IDR 625.68 IDR 72
Growth Earnings
Growth-Adj P/E 436.27 IDR 623.24 IDR 810.22 IDR 68

Widest divergence: DCF Models (1,140 IDR) versus Dividend Discount (1.20 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 5.0T IDR
Revenue growth (YoY) +16.3%
Net margin 4.4%
Return on equity 4.9%
Free cash flow 455B IDR FY2025
P/E ratio 17.9
More key figures
Operating margin 8.5%
EPS (TTM) 18.00 IDR
EPS growth (YoY) +221%
Net debt 1.2T IDR FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 57 · Market factors (momentum, volatility) 23

Profitability 52
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 68
Earnings quality: real cash, not paper profit
Fin. Strength 25
Balance sheet, leverage, solvency risk
Investment 66
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 12
Price trend over the last 3–12 months (market factor)
52W Momentum 12
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 DFI Retail Nusantara Tbk engages in the special retail business in Indonesia. It operates pharmacies; drugs stores; health and beauty stores, that offers skin, personal, and baby care products; as well as home furnishing stores under the Guardian and IKEA brands.

Full company description

PT DFI Retail Nusantara Tbk engages in the special retail business in Indonesia. It operates pharmacies; drugs stores; health and beauty stores, that offers skin, personal, and baby care products; as well as home furnishing stores under the Guardian and IKEA brands. The company was formerly known as PT Hero Supermarket Tbk and changed its name to PT DFI Retail Nusantara Tbk in December 2024. The company was founded in 1971 and is based in Tangerang Selatan, Indonesia. PT DFI Retail Nusantara Tbk is a subsidiary of Mulgrave Corporation B.V.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT DFI Retail Nusantara Tbk reported revenue of 4.8T IDR in FY2025 versus 3.5T IDR in FY2021, a compound +8.6%/yr. Reported net income was 160B IDR in FY2025.

Growth Quality 72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
4.8T IDR
Latest YoY
+6.7%
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.
+3.0%
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.
+6.4%
Avg. growth/yr (25Y) ⓘ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%
Revenue +8.6%/yr
FY21 3.5T IDR
FY22 4.4T IDR
FY23 5.1T IDR
FY24 4.5T IDR
FY25 4.8T IDR
Net income
FY21 −964B IDR
FY22 59.1B IDR
FY23 −132B IDR
FY24 −5.6B IDR
FY25 160B IDR

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PT DFI Retail Nusantara Tbk · Fair Value
651.52 IDR +94%Fair Value
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Cite: Fair Value Calculator (2026). "PT DFI Retail Nusantara Tbk Fair Value". https://www.fairvalue-calculator.com/stock/HERO

Peer Group

Department Stores · 127 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 58 · Above median
Fair Value upside +94% · Top 25%
Return on equity (TTM) 5% · Above median
Return on assets 4% · Top 25%
Net margin (TTM) 4% · Above median
Operating margin (TTM) 8% · Above median
Revenue growth 16% · Top 25%
Debt / equity 0.09× · Higher than median

Valuation Multiples vs Department Stores median · lower = cheaper

P/E (TTM) 18.7× · Cheaper than median
P/B 0.85× · Cheaper than median
P/S (TTM) 0.28× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 3.3× · 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 100 · sector 26
FUTURE 82 · sector 2
PAST 19 · sector 16
HEALTH 96 · sector 96
DIVIDEND 0 · sector 37

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 Department Stores stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
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99 Speed Mart Retail Holdings 5326 3.70 MYR 1.45 MYR -61%
Cencosud S.A CENCOSUD 2,040 CLP 2,516 CLP +23%
Vishal Mega Mart Limited VMM ₹113.94 ₹37.39 -67%
SHINSEGAE Inc 004170 610,000 KRW 200,259 KRW -67%
Organización Soriana, S. A. B. de C. V., SORIANAB 30.04 MXN 59.59 MXN +98%
Lotte Shopping Co 023530 155,300 KRW 81,725 KRW -47%
Lojas Renner S.A LREN3 R$14.10 R$33.36 +137%
La Comer, S.A. LACOMERUBC 34.37 MXN 51.49 MXN +50%

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Frequently asked questions

Is PT DFI Retail Nusantara Tbk (HERO) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 651.52 IDR versus a price of 336.00 IDR, about +94% (undervalued).
What is the fair value of HERO?
Our model-based fair value for PT DFI Retail Nusantara Tbk is 651.52 IDR (as of Jul 19, 2026), built from audited fundamentals. The current price is 336.00 IDR.
What is the quality score of HERO?
PT DFI Retail Nusantara Tbk has a Quality Score of 58/100. 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 DFI Retail Nusantara Tbk (HERO)?
PT DFI Retail Nusantara Tbk reported trailing-twelve-month revenue of about 5.0T IDR (latest available figure, as of Jul 19, 2026).
What is the net profit margin of HERO?
The net profit margin of PT DFI Retail Nusantara Tbk is about 4.4%, meaning it keeps roughly 4.4% 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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