PT DFI Retail Nusantara Tbk (HERO) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of PT DFI Retail Nusantara Tbk IDR 652, price IDR 324, upside +101.1%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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.
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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.
Stock analysis
PT DFI Retail Nusantara Tbk (HERO) currently trades at 324.00 IDR, while our model-based Fair Value estimate is 651.52 IDR, implying the stock looks roughly 50.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 1,190 IDR per share, and 21 of the 22 models we run sit above the 324.00 IDR price.
Bear case: the Asset-Based group reads lowest at 265.63 IDR, and 1 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 488.64 IDR (bear) to 814.40 IDR (bull), the price of 324.00 IDR sits below 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 58/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap 1.4T IDR (≈ $75.8M) · P/E ratio 18.0 · P/S ratio 0.60 · EPS (TTM) 18.01 IDR · Net margin 3.3% · Return on equity 4.9% · Return on assets (EBIT) −0.1% · Operating margin 8.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 58% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at 101%, HERO screens cheaper than that median.
Fair Value models
Bear 488.64 IDRFair Value 651.52 IDRBull 814.40 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 (13.22 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.
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.73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
What shareholders gained per year (last 3 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 3 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. 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.
+39.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+39.5%
Dividend (yield on the price)0.0%
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.−10% → 4%
⚠ Revenue per share shrinking 9.4%/yr over ~10Y (margins intact) ⓘ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.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−8.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about −11.0% a year for the price.
Compare PT DFI Retail Nusantara Tbk with another stock
Price, fair value, quality and upside side by side.
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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.Department Stores · 119 stocks
Beats the industry median on 13/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+101% · Top 25%
Profitability
Return on equity (TTM)5% · Above median
Return on assets4% · Top 25%
Net margin (TTM)4% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth16% · Top 25%
Balance sheet
Debt / equity0.09× · Below median
Valuation Multiplesvs Department Stores median · lower = cheaper
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Is PT DFI Retail Nusantara Tbk (HERO) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 651.52 IDR versus a price of 324.00 IDR, about +101% upside (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 Sep 24, 2026), built from audited fundamentals. The current price: 324.00 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 price target for PT DFI Retail Nusantara Tbk (HERO)?
Our model-based price target is the fair value of 651.52 IDR (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 488.64 IDR, optimistic scenario 814.40 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the PT DFI Retail Nusantara Tbk stock forecast for 2026?
Our models put fair value at 651.52 IDR, about +101% upside versus a price of 324.00 IDR (undervalued). Cautious scenario 488.64 IDR, optimistic scenario 814.40 IDR. The calculation is refreshed regularly with new filings.
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 Sep 24, 2026).
What growth is priced into PT DFI Retail Nusantara Tbk (HERO)?
For today's price to be fair in a discounted-cash-flow model, PT DFI Retail Nusantara Tbk would have to grow free cash flow by -8.7 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of HERO use?
Our models discount PT DFI Retail Nusantara Tbk at 13.5 %: a base by market capitalisation (micro), damped by beta 0.26, country premium for Indonesia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For PT DFI Retail Nusantara Tbk that is -8.7 % per year a year over ten years, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has PT DFI Retail Nusantara Tbk (HERO) delivered so far?
Over the past 5 years revenue at PT DFI Retail Nusantara Tbk grew +6.4 % a year. The price currently implies -8.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of PT DFI Retail Nusantara Tbk (HERO) growing?
The median revenue growth in the sector is +2.9 % a year. That is the yardstick for the growth priced into PT DFI Retail Nusantara Tbk (-8.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of PT DFI Retail Nusantara Tbk (HERO)?
The free-cash-flow yield on the price is 33.56 %: that much free cash flow PT DFI Retail Nusantara Tbk produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PT DFI Retail Nusantara Tbk (HERO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PT DFI Retail Nusantara Tbk it is 651.52 IDR per share (as of Sep 24, 2026), against a price of 324.00 IDR. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is PT DFI Retail Nusantara Tbk stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HERO trades below its calculated fair value: price 324.00 IDR, fair value 651.52 IDR, a gap of about +101% (undervalued). 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 HERO?
No. The price is what the market pays today (324.00 IDR); the fair value is what the company's own numbers justify (651.52 IDR). For PT DFI Retail Nusantara Tbk the two are 327.52 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is PT DFI Retail Nusantara Tbk worth?
The market values PT DFI Retail Nusantara Tbk at about 1.4T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 324.00 IDR; our models calculate a fair value of 651.52 IDR per share.
What do the bullish and bearish scenarios say about HERO?
Our models span a range for PT DFI Retail Nusantara Tbk: cautious scenario 488.64 IDR, base 651.52 IDR, optimistic 814.40 IDR per share (as of Sep 24, 2026, price 324.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HERO?
PT DFI Retail Nusantara Tbk trades at a price-to-earnings ratio of 18.0 (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 651.52 IDR is built from several models across several years. Other multiples: P/B 0.8, P/S 0.3, EV/EBITDA 3.2.
How solid is the balance sheet of PT DFI Retail Nusantara Tbk (HERO)?
Balance-sheet figures for PT DFI Retail Nusantara Tbk (as of Sep 24, 2026): return on equity 4.9%, debt of 0.09 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is HERO from its 52-week high?
PT DFI Retail Nusantara Tbk trades at 324.00 IDR, about 58% below its 52-week high of 775.00 IDR and 9% above the low of 298.00 IDR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 651.52 IDR is for.
Which stocks are comparable to PT DFI Retail Nusantara Tbk?
From the same area (Consumer Cyclical) we also value Falabella S.A, Dillard's, Inc, 99 Speed Mart Retail Holdings, Cencosud S.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 PT DFI Retail Nusantara Tbk stock attractive at the current price?
The data as of Sep 24, 2026: price 324.00 IDR, calculated fair value 651.52 IDR (+101%), Quality Score 58/100, from 22 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 HERO calculated?
We run PT DFI Retail Nusantara Tbk through 22 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 651.52 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. PT DFI Retail Nusantara Tbk currently trades 101 % below its own fair value, and the market average says nothing about that. 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 PT DFI Retail Nusantara Tbk (HERO)?
The closing price on Sep 24, 2026 was 324.00 IDR. Our model-based fair value is 651.52 IDR, about +101% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PT DFI Retail Nusantara Tbk right now?
The price is below even our cautious bear case (488.64 IDR). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of PT DFI Retail Nusantara Tbk
How large is the market capitalisation of PT DFI Retail Nusantara Tbk (HERO)?
The market capitalisation of PT DFI Retail Nusantara Tbk is 1.4T IDR (≈ $75.8M). 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 PT DFI Retail Nusantara Tbk (HERO)?
The price-to-sales ratio of PT DFI Retail Nusantara Tbk is 0.60 (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 PT DFI Retail Nusantara Tbk (HERO)?
Earnings per share at PT DFI Retail Nusantara Tbk are 18.01 IDR (price ÷ EPS = P/E 18.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of PT DFI Retail Nusantara Tbk (HERO)?
The net margin of PT DFI Retail Nusantara Tbk is 3.3% (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 PT DFI Retail Nusantara Tbk (HERO)?
The return on equity (ROE) of PT DFI Retail Nusantara Tbk is 4.9% (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 PT DFI Retail Nusantara Tbk (HERO)?
On an EBIT basis the return on assets of PT DFI Retail Nusantara Tbk is −0.1% (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 PT DFI Retail Nusantara Tbk (HERO)?
The operating margin of PT DFI Retail Nusantara Tbk is 8.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PT DFI Retail Nusantara Tbk (HERO)?
Revenue at PT DFI Retail Nusantara Tbk is growing +16.3% versus a year earlier (3y avg +3.0%). 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 PT DFI Retail Nusantara Tbk (HERO)?
Earnings per share at PT DFI Retail Nusantara Tbk are growing +221% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does PT DFI Retail Nusantara Tbk (HERO) carry?
The net debt of PT DFI Retail Nusantara Tbk is 1.2T IDR (fiscal year 2025, ≈ 2.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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