PT Indofood CBP Sukses Makmur Tbk (ICBP) Fair Value & Analysis

Consumer Defensive · ID · Market cap 77.6T IDR

A solid business, screening 103% undervalued on our models.

What matters now

• The price is below even our cautious bear case (8,695 IDR). The market is more pessimistic than our downside scenario.
• Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
• A fairly wide model range (8,695 IDR to 20,765 IDR) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range 5,770 IDR – 12,021 IDR · fair‑value band 8,695 IDR – 20,765 IDR · the 7,750 IDR price screens below the 15,757 IDR fair value. Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

PT Indofood CBP Sukses Makmur Tbk (ICBP) currently trades at 7,750 IDR, while our model-based Fair Value estimate is 15,757 IDR, implying the stock looks roughly 103.3% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Consumer Defensive 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: medium), always confirm before acting.

Over the trailing twelve months, PT Indofood CBP Sukses Makmur Tbk generated revenue of 76.4T IDR at a net margin of 12.0%. Revenue grew 7.6% year over year. It earns a return on equity of 14.6%. Net debt stands at 18.2T IDR. Fundamentals as of Jul 12, 2026

Our scenario range runs from 8,695 IDR (bear case) to 20,765 IDR (bull case); at 7,750 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 24% below its 52-week high and 36% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at 103%, ICBP 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.

Widest divergence: DCF Models (14,729 IDR) versus Asset-Based (2,960 IDR). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

PT Indofood CBP Sukses Makmur Tbk produces and sells food products in Indonesia, the rest of Asia, Africa, and internationally. It operates through six segments: Noodles Division, Dairy Division (dairy products), Food Seasonings Division, Snack Foods Division, Nutrition and Special Foods Division, and Beverages Division.

Full company description

PT Indofood CBP Sukses Makmur Tbk produces and sells food products in Indonesia, the rest of Asia, Africa, and internationally. It operates through six segments: Noodles Division, Dairy Division (dairy products), Food Seasonings Division, Snack Foods Division, Nutrition and Special Foods Division, and Beverages Division. The company offers noodles, sauces, and instant seasonings under the Indomie, Supermi, Sarimi, Pop Mie, Sakura, and Mi Telur Cap 3 Ayam brands; sweetened condensed milk, liquid milk, powdered milk, ice cream, and butter under the Indomilk, Cap Enaak, Tiga Sapi, Kremer, Orchid Butter, Indofood Icecream, and Milkuat brands; chips and non-chips snacks, such as potato biscuits, cassavas, and wheat flour under the Chitato, Qtela, Chiki, Jetz, and Maxicorn brands; and food seasonings, including powdered and liquid seasonings, condiments, and syrups under the Sambal Indofood, Bumbu Special Indofood, Bumbu Racik, Indofood Freiss, and Kecap Indofood brands. It also provides nutrition and special foods, such as baby cereals, follow-on cereals, noodle soups, and baby biscuits, as well as fortified milk for expectant and lactating mothers under the Promina, Govit, SUN, and Gowell brands; and beverages comprising ready-to-drink tea, packaged water, and fruit-flavored drinks under the Ichi Ocha, Club and Fruitamin brands. In addition, the company manufactures packaging materials for beauty and personal care, food, beverage, fabric and home care, and household products; offers non-alcoholic beverages, management consulting, industrial estate, warehousing, and cold storage services; markets and distributes culinary products; processes oil and fats; manages restaurants; and markets and distributes paper diapers products. PT Indofood CBP Sukses Makmur Tbk was founded in 1982 and is based in Jakarta, Indonesia. PT Indofood CBP Sukses Makmur Tbk is a subsidiary of PT Indofood Sukses Makmur Tbk.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Indofood CBP Sukses Makmur Tbk reported revenue of 74.9T IDR in FY2025 versus 56.8T IDR in FY2021, a compound +7.1%/yr. Reported net income was 9.2T IDR in FY2025, compounding +9.6%/yr from FY2021.

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Peer Group

Packaged Foods · 653 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.

Valuation Multiples vs Packaged Foods median · lower = cheaper

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.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

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.