Hartadinata Abadi Tbk PT (HRTA) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Hartadinata Abadi Tbk PT IDR 6,308, price IDR 2,300, upside +174.3%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range 161.41 IDR – 3,177 IDR · fair‑value band 3,529 IDR – 11,964 IDR · the 2,300 IDR price screens below the 6,308 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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PT Hartadinata Abadi Tbk manufactures and sells gold jewelry in Indonesia. The company offers necklaces, rings, pendants, earrings, and bracelets. It is also involved in e-commerce and pawnshop activities.
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PT Hartadinata Abadi Tbk manufactures and sells gold jewelry in Indonesia. The company offers necklaces, rings, pendants, earrings, and bracelets. It is also involved in e-commerce and pawnshop activities. The company operates a retail chain of stores under the Aurum Collection Center, ACC Premium, Claudia Perfect Jewellery, Celine Jewellery, and Hartadinata Abadi Store names. It distributes its products through wholesalers, retail stores, independent stores, and franchise stores, as well as through online. The company was founded in 1989 and is based in Bandung, Indonesia. PT Hartadinata Abadi Tbk operates as a subsidiary of PT Terang Anugrah Abadi.
Stock analysis
Hartadinata Abadi Tbk PT (HRTA) currently trades at 2,300 IDR, while our model-based Fair Value estimate is 6,308 IDR, implying the stock looks roughly 63.5% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 9,871 IDR per share, and 23 of the 26 models we run sit above the 2,300 IDR price.
Bear case: the Economic Profit group reads lowest at 2,712 IDR, and 3 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 3,529 IDR (bear) to 11,964 IDR (bull), the price of 2,300 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 55/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Hartadinata Abadi Tbk PT reported revenue of 44.5T IDR in FY2025 versus 5.2T IDR in FY2021, a compound +70.8%/yr. Reported net income was 978B IDR in FY2025, compounding +49.9%/yr from FY2021.
Key figures
Market cap 10.6T IDR (≈ $1.1B) · P/E ratio 8.4 · P/S ratio 0.18 · EPS (TTM) 274.00 IDR · Dividend yield 1.1% · Net margin 2.2% · Return on equity 41.0% · Return on assets (EBIT) 13.4%.
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 28% below its 52-week high and 166% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 9% fair-value upside, at 174%, HRTA screens cheaper than that median.
Fair Value models
Bear 3,529 IDRFair Value 6,308 IDRBull 11,964 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 (200.44 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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+144.4%
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.
+86.0%
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.
+60.8%
Start year 2020 (pandemic). Over 10 years: +38.4% a year
Revenue growth 11 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.
+37.6%
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What shareholders gained per year (last 5 years), in IDR (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+32.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+31.6%
Dividend (yield on the price)1.1%
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.42% vs 30%, 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.9% → 4%
2025 sits 220% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
+5.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+23.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about +2.6% a year for the price and +20.2% for the forecasts.
Compare Hartadinata Abadi Tbk PT 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.Luxury Goods · 130 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside+174% · Top 25%
Profitability
Return on equity (TTM)41% · Top 25%
Return on assets12% · Top 25%
Net margin (TTM)2% · Below median
Operating margin (TTM)3% · Below median
Growth and dividend
Revenue growth197% · Top 25%
Dividend yield (TTM)1.1% · Below median
Balance sheet
Debt / equity0.38× · Highest 25%
Valuation Multiplesvs Luxury Goods median · lower = cheaper
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Is Hartadinata Abadi Tbk PT (HRTA) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 6,308 IDR versus a price of 2,300 IDR, about +174% upside (undervalued).
What is the fair value of HRTA?
Our model-based fair value for Hartadinata Abadi Tbk PT is 6,308 IDR (as of Sep 23, 2026), built from audited fundamentals. The current price: 2,300 IDR.
What is the quality score of HRTA?
Hartadinata Abadi Tbk PT has a Quality Score of 55/100. 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 Hartadinata Abadi Tbk PT (HRTA)?
Our model-based price target is the fair value of 6,308 IDR (as of Sep 23, 2026) from 26 valuation models. Cautious scenario 3,529 IDR, optimistic scenario 11,964 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Hartadinata Abadi Tbk PT stock forecast for 2026?
Our models put fair value at 6,308 IDR, about +174% upside versus a price of 2,300 IDR (undervalued). Cautious scenario 3,529 IDR, optimistic scenario 11,964 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Hartadinata Abadi Tbk PT (HRTA)?
Hartadinata Abadi Tbk PT reported trailing-twelve-month revenue of about 57.9T IDR (latest available figure, as of Sep 23, 2026).
Does Hartadinata Abadi Tbk PT pay a dividend?
Hartadinata Abadi Tbk PT currently shows a dividend yield of about 1.07% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Hartadinata Abadi Tbk PT (HRTA)?
For today's price to be fair in a discounted-cash-flow model, Hartadinata Abadi Tbk PT would have to grow free cash flow by +5.3 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +60.8 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of HRTA use?
Our models discount Hartadinata Abadi Tbk PT at 9.8 %: a base by market capitalisation (mega), damped by beta 0.57, 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 Hartadinata Abadi Tbk PT that is +5.3 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Hartadinata Abadi Tbk PT (HRTA) delivered so far?
Over the past 5 years revenue at Hartadinata Abadi Tbk PT grew +60.8 % a year. The price currently implies +5.3 % 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 Hartadinata Abadi Tbk PT (HRTA) growing?
The median revenue growth in the sector is +2.5 % a year. That is the yardstick for the growth priced into Hartadinata Abadi Tbk PT (+5.3 % 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 Hartadinata Abadi Tbk PT (HRTA)?
The free-cash-flow yield on the price is 7.87 %: that much free cash flow Hartadinata Abadi Tbk PT produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Hartadinata Abadi Tbk PT (HRTA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hartadinata Abadi Tbk PT it is 6,308 IDR per share (as of Sep 23, 2026), against a price of 2,300 IDR. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Hartadinata Abadi Tbk PT stock overvalued or undervalued in 2026?
As of Sep 23, 2026, HRTA trades below its calculated fair value: price 2,300 IDR, fair value 6,308 IDR, a gap of about +174% (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 HRTA?
No. The price is what the market pays today (2,300 IDR); the fair value is what the company's own numbers justify (6,308 IDR). For Hartadinata Abadi Tbk PT the two are 4,008 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Hartadinata Abadi Tbk PT worth?
The market values Hartadinata Abadi Tbk PT at about 10.6T IDR (market capitalisation, as of Sep 23, 2026). Per share that is 2,300 IDR; our models calculate a fair value of 6,308 IDR per share.
What do the bullish and bearish scenarios say about HRTA?
Our models span a range for Hartadinata Abadi Tbk PT: cautious scenario 3,529 IDR, base 6,308 IDR, optimistic 11,964 IDR per share (as of Sep 23, 2026, price 2,300 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HRTA?
Hartadinata Abadi Tbk PT trades at a price-to-earnings ratio of 8.4 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 6,308 IDR is built from several models across several years. Other multiples: P/B 3.3, P/S 0.2, EV/EBITDA 5.2.
How solid is the balance sheet of Hartadinata Abadi Tbk PT (HRTA)?
Balance-sheet figures for Hartadinata Abadi Tbk PT (as of Sep 23, 2026): return on equity 41.0%, debt of 0.38 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is HRTA from its 52-week high?
Hartadinata Abadi Tbk PT trades at 2,300 IDR, about 28% below its 52-week high of 3,177 IDR and 166% above the low of 865.22 IDR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 6,308 IDR is for.
Which stocks are comparable to Hartadinata Abadi Tbk PT?
From the same area (Consumer Cyclical) we also value Hermès International Société en commandite par actions, Compagnie Financière Richemont SA, Christian Dior SE, Kering SA, 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 Hartadinata Abadi Tbk PT stock attractive at the current price?
The data as of Sep 23, 2026: price 2,300 IDR, calculated fair value 6,308 IDR (+174%), Quality Score 55/100, from 26 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 HRTA calculated?
We run Hartadinata Abadi Tbk PT through 26 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 6,308 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 14.1 % above its aggregate fair value. Hartadinata Abadi Tbk PT currently trades 174 % 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 Hartadinata Abadi Tbk PT (HRTA)?
The closing price on Sep 23, 2026 was 2,300 IDR. Our model-based fair value is 6,308 IDR, about +174% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hartadinata Abadi Tbk PT right now?
The price is below even our cautious bear case (3,529 IDR). The market is more pessimistic than our downside scenario. The model range is unusually wide (3,529 IDR to 11,964 IDR). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 (55/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Hartadinata Abadi Tbk PT (HRTA) come from?
Earnings per share at Hartadinata Abadi Tbk PT grew +21.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +34.5 %, EBIT margin −7.0 %, tax rate −2.8 %, residual (interest, one-offs) +0.0 %. 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 Hartadinata Abadi Tbk PT
How large is the market capitalisation of Hartadinata Abadi Tbk PT (HRTA)?
The market capitalisation of Hartadinata Abadi Tbk PT is 10.6T IDR (≈ $1.1B). 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 Hartadinata Abadi Tbk PT (HRTA)?
The price-to-sales ratio of Hartadinata Abadi Tbk PT is 0.18 (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 Hartadinata Abadi Tbk PT (HRTA)?
Earnings per share at Hartadinata Abadi Tbk PT are 274.00 IDR (price ÷ EPS = P/E 8.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hartadinata Abadi Tbk PT (HRTA)?
The dividend yield of Hartadinata Abadi Tbk PT is 1.1% (payout 9.0%). 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 Hartadinata Abadi Tbk PT (HRTA)?
The net margin of Hartadinata Abadi Tbk PT is 2.2% (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 Hartadinata Abadi Tbk PT (HRTA)?
The return on equity (ROE) of Hartadinata Abadi Tbk PT is 41.0% (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 Hartadinata Abadi Tbk PT (HRTA)?
On an EBIT basis the return on assets of Hartadinata Abadi Tbk PT is 13.4% (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 Hartadinata Abadi Tbk PT (HRTA)?
The operating margin of Hartadinata Abadi Tbk PT is 3.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hartadinata Abadi Tbk PT (HRTA)?
Revenue at Hartadinata Abadi Tbk PT is growing +197% versus a year earlier (3y avg +86.0%). 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 Hartadinata Abadi Tbk PT (HRTA)?
Earnings per share at Hartadinata Abadi Tbk PT are growing +190% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hartadinata Abadi Tbk PT (HRTA) carry?
The net debt of Hartadinata Abadi Tbk PT is 2.5T IDR (fiscal year 2025, ≈ 3.0 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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