Intanwijaya Internasional Tbk (INCI) fair value: what the stock is really worth
As of Oct 20, 2026: fair value (intrinsic value) of Intanwijaya Internasional Tbk stock IDR 1,638, price IDR 755, upside +116.9%, quality 66 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
PT Intanwijaya Internasional Tbk manufactures formalin and formalin derivative products in Indonesia.
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It offers formalin, urea formaldehyde resins, melamine urea formaldehyde resins, phenol formaldehyde resins, UFP 1001 powder resins, one-step glue powder resins, and MFP 134 powder resins, as well as UF RIW CARB, hardeners, and catchers. The company is also involved in the real estate activities.
The company was formerly known as PT Intan Wijaya Chemical Industry and changed its name to PT Intanwijaya Internasional Tbk in June 2000. PT Intanwijaya Internasional Tbk was incorporated in 1981 and is headquartered in Jakarta Barat, Indonesia.
Stock analysis
Intanwijaya Internasional Tbk (INCI) currently trades at 755.00 IDR, while our model-based Fair Value estimate is 1,638 IDR, implying the stock looks roughly 53.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 2,829 IDR per share, and 24 of the 26 models we run sit above the 755.00 IDR price.
Bear case: the Dividend Discount group reads lowest at 454.54 IDR, and 2 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: 1,228 IDR (bear) to 2,047 IDR (bull), the price of 755.00 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 66/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Intanwijaya Internasional Tbk reported revenue of 385B IDR in FY2025 versus 521B IDR in FY2021, a compound −7.3%/yr. Reported net income was 25.9B IDR in FY2025, compounding +23.8%/yr from FY2021.
Key figures
Market cap 157B IDR (≈ $8.7M) Micro · P/E ratio 9.0 · P/S ratio 0.60 · EPS (TTM) 84.16 IDR · Dividend yield 4.3% · Net margin 6.7% · Return on equity 9.4% · Return on assets (EBIT) 4.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 28% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −37% fair-value upside, at 117%, INCI screens cheaper than that median.
Fair Value models
Bear1,228 IDRFair Value 1,638 IDRBull2,047 IDR
Price 755.00 IDR · Upside +116.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (67.79 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−1.5%
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.
−7.0%
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.
−0.5%
Start year 2020 (pandemic). Over 10 years: +10.9% a year
Revenue growth 25 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.
+6.5%
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What shareholders gained per year (last 5 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 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. 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.
+17.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.4%
Dividend (yield on the price)4.3%
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.13.4% vs 8.9%, 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% → 6%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
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).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
Compare Intanwijaya Internasional 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.Specialty Chemicals · 710 stocks
Beats the industry median on 13/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+116.9% · Top 25%
Profitability
Return on equity (12 months)9.4% · Above median
Return on assets4.6% · Above median
Net margin (12 months)10.0% · Above median
Operating margin (12 months)10.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)75.0% · Top 25%
Dividend yield (12 months)4.3% · Top 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Intanwijaya Internasional Tbk Fair Value". https://www.fairvalue-calculator.com/stock/INCI
Frequently asked questions
Is Intanwijaya Internasional Tbk (INCI) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 1,638 IDR versus a price of 755.00 IDR, about +117% upside (undervalued).
What is the fair value of INCI?
Our model-based fair value for Intanwijaya Internasional Tbk is 1,638 IDR (as of Oct 3, 2026), built from audited fundamentals. The current price: 755.00 IDR.
What is the quality score of INCI?
Intanwijaya Internasional Tbk has a Quality Score of 66/100. 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 Intanwijaya Internasional Tbk (INCI)?
Our model-based price target is the fair value of 1,638 IDR (as of Oct 3, 2026) from 26 valuation models. Cautious scenario 1,228 IDR, optimistic scenario 2,047 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Intanwijaya Internasional Tbk stock forecast for 2026?
Our models put fair value at 1,638 IDR, about +117% upside versus a price of 755.00 IDR (undervalued). Cautious scenario 1,228 IDR, optimistic scenario 2,047 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Intanwijaya Internasional Tbk (INCI)?
Intanwijaya Internasional Tbk reported trailing-twelve-month revenue of about 451B IDR (latest available figure, as of Oct 3, 2026).
Does Intanwijaya Internasional Tbk pay a dividend?
Intanwijaya Internasional Tbk currently shows a dividend yield of 4.29% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Intanwijaya Internasional Tbk (INCI)?
For today's price to be fair in a discounted-cash-flow model, Intanwijaya Internasional Tbk would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 10.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.5 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of INCI use?
Our models discount Intanwijaya Internasional Tbk at 10.5 %: a base by market capitalisation (nano), damped by beta 0.13, 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 Intanwijaya Internasional Tbk that is less than minus 40 % per year a year over ten years, using the same discount rate (10.5 %) and the same formula as our fair value.
How much growth has Intanwijaya Internasional Tbk (INCI) delivered so far?
Over the past 5 years revenue at Intanwijaya Internasional Tbk grew -0.5 % a year. The price currently implies less than minus 40 % 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 Intanwijaya Internasional Tbk (INCI) growing?
The median revenue growth in the sector is +9.3 % a year. That is the yardstick for the growth priced into Intanwijaya Internasional Tbk (less than minus 40 % 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 Intanwijaya Internasional Tbk (INCI)?
The free-cash-flow yield on the price is 24.75 %: that much free cash flow Intanwijaya Internasional Tbk produces per unit of market value. When it exceeds the discount rate of our models (10.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Intanwijaya Internasional Tbk (INCI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Intanwijaya Internasional Tbk it is 1,638 IDR per share (as of Oct 3, 2026), against a price of 755.00 IDR. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Intanwijaya Internasional Tbk stock overvalued or undervalued in 2026?
As of Oct 3, 2026, INCI trades below its calculated fair value: price 755.00 IDR, fair value 1,638 IDR, a gap of about +117% (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 INCI?
No. The price is what the market pays today (755.00 IDR); the fair value is what the company's own numbers justify (1,638 IDR). For Intanwijaya Internasional Tbk the two are 882.62 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Intanwijaya Internasional Tbk worth?
The market values Intanwijaya Internasional Tbk at about 157B IDR (market capitalisation, as of Oct 3, 2026). Per share that is 755.00 IDR; our models calculate a fair value of 1,638 IDR per share.
What do the bullish and bearish scenarios say about INCI?
Our models span a range for Intanwijaya Internasional Tbk: cautious scenario 1,228 IDR, base 1,638 IDR, optimistic 2,047 IDR per share (as of Oct 3, 2026, price 755.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INCI?
Intanwijaya Internasional Tbk trades at a price-to-earnings ratio of 9.0 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1,638 IDR is built from several models across several years. Other multiples: P/B 0.3, P/S 0.3.
How solid is the balance sheet of Intanwijaya Internasional Tbk (INCI)?
Balance-sheet figures for Intanwijaya Internasional Tbk (as of Oct 3, 2026): return on equity 9.4%, debt of 0.00 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is INCI from its 52-week high?
Intanwijaya Internasional Tbk trades at 755.00 IDR, about 28% below its 52-week high of 1,050 IDR and 28% above the low of 590.00 IDR (as of Oct 20, 2026). Distance from the high says nothing about value: that is what the fair value of 1,638 IDR is for.
Which stocks are comparable to Intanwijaya Internasional Tbk?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, 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 Intanwijaya Internasional Tbk stock attractive at the current price?
The data as of Oct 3, 2026: price 755.00 IDR, calculated fair value 1,638 IDR (+117%), Quality Score 66/100, 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 INCI calculated?
We run Intanwijaya Internasional Tbk 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 1,638 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 13.8 % above its aggregate fair value. Intanwijaya Internasional Tbk currently trades 54 % 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 Intanwijaya Internasional Tbk (INCI)?
The closing price on Oct 20, 2026 was 755.00 IDR. Our model-based fair value is 1,638 IDR, about +117% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Intanwijaya Internasional Tbk right now?
The price is below even our cautious bear case (1,228 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 (66/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Intanwijaya Internasional Tbk (INCI) come from?
Earnings per share at Intanwijaya Internasional Tbk grew +6.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.8 %, EBIT margin −2.9 %, tax rate −0.8 %, residual (interest, one-offs) −0.7 %. 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 Intanwijaya Internasional Tbk
How large is the market capitalisation of Intanwijaya Internasional Tbk (INCI)?
The market capitalisation of Intanwijaya Internasional Tbk is 157B IDR (≈ $8.7M). 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 Intanwijaya Internasional Tbk (INCI)?
The price-to-sales ratio of Intanwijaya Internasional 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 Intanwijaya Internasional Tbk (INCI)?
Earnings per share at Intanwijaya Internasional Tbk are 84.16 IDR (price ÷ EPS = P/E 9.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Intanwijaya Internasional Tbk (INCI)?
The dividend yield of Intanwijaya Internasional Tbk is 4.3% (payout 38.5%). 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 Intanwijaya Internasional Tbk (INCI)?
The net margin of Intanwijaya Internasional Tbk is 6.7% (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 Intanwijaya Internasional Tbk (INCI)?
The return on equity (ROE) of Intanwijaya Internasional Tbk is 9.4% (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 Intanwijaya Internasional Tbk (INCI)?
On an EBIT basis the return on assets of Intanwijaya Internasional Tbk is 4.2% (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 Intanwijaya Internasional Tbk (INCI)?
The operating margin of Intanwijaya Internasional Tbk is 10.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Intanwijaya Internasional Tbk (INCI)?
Revenue at Intanwijaya Internasional Tbk is growing +75.0% versus a year earlier (3y avg −7.0%). 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 Intanwijaya Internasional Tbk (INCI)?
Earnings per share at Intanwijaya Internasional Tbk are growing +655% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Intanwijaya Internasional Tbk (INCI) hold?
Intanwijaya Internasional Tbk holds more cash than debt, 169B IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Oct 3, 2026