Indah Kiat Pulp & Paper Tbk (INKP) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of Indah Kiat Pulp & Paper Tbk stock IDR 12,657, price IDR 6,500, upside +94.7%, quality 52 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 19, 2026.
How to read this chart
60‑month range 4,266 IDR – 11,871 IDR · fair‑value band 10,417 IDR – 16,203 IDR · the 6,500 IDR price screens below the 12,657 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 19, 2026.
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PT Indah Kiat Pulp & Paper Tbk manufactures and sells cultural paper, pulp, tissue, and industrial paper in Indonesia, Asia, the United States, Australia, the Middle East, Africa, and Europe.
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The company provides cigarette packaging board, corrugated carton box, corrugated carton sheet, folding box, ivory, triplex, duplex, food packaging board, corrugating medium, test liner, single face box, and converted food service packaging products.
It also offers color woodfree paper, color industrial paper, color book printing, Quran paper, color photo copy paper, color stationery, and duplicating paper. In addition, the company engages in manufacturing, trading, mining, and forestry; and provides financing, investment, and trading services.
PT Indah Kiat Pulp & Paper Tbk was founded in 1976 and is headquartered in Jakarta, Indonesia. PT Indah Kiat Pulp & Paper Tbk is a subsidiary of PT APP Purinusa Ekapersada.
Stock analysis
Indah Kiat Pulp & Paper Tbk (INKP) currently trades at 6,500 IDR, while our model-based Fair Value estimate is 12,657 IDR, implying the stock looks roughly 48.6% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 19,154 IDR per share, and 17 of the 21 models we run sit above the 6,500 IDR price.
Bear case: the Asset-Based group reads lowest at 2,033 IDR, and 4 of the 21 models stay below the price. Data coverage for this calculation is low.
Scenario range: 10,417 IDR (bear) to 16,203 IDR (bull), the price of 6,500 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 52/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Indah Kiat Pulp & Paper Tbk reported revenue of $3.1B in FY2025 versus $3.5B in FY2021, a compound −2.9%/yr. Reported net income was $448M in FY2025, compounding −4.0%/yr from FY2021.
Key figures
Market cap 36.7T IDR (≈ $2.0B) Mid · P/E ratio 3.0 · P/S ratio 0.43 · EPS (TTM) 2,174 IDR · Dividend yield 0.9% · Net margin 14.3% · Return on equity 9.6% · Return on assets (EBIT) 8.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (low confidence).
What moves the price
The share trades about 45% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 22% fair-value upside, at 95%, INKP screens cheaper than that median.
Fair Value models
Bear10,417 IDRFair Value 12,657 IDRBull16,203 IDR
Price 6,500 IDR · Upside +94.7%
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 (1,699 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.32/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−2.0%
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.
−7.8%
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.
+1.0%
Start year 2020 (pandemic). Over 10 years: +1.0% 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.
+2.9%
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What shareholders gained per year (last 5 years) ⓘ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.
+9.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.8%
Dividend (yield on the price)0.9%
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.8.8% vs 8.2%, steady
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.18% → 21%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+43.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +40.1% a year for the price.
Compare Indah Kiat Pulp & Paper 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.Paper & Paper Products · 120 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score52 · Above median
Fair Value upside+94.7% · Top 25%
Profitability
Return on equity (12 months)9.6% · Top 25%
Return on assets3.6% · Top 25%
Net margin (12 months)20.0% · Top 25%
Operating margin (12 months)17.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)13.2% · Above median
Dividend yield (12 months)0.9% · Below median
Balance sheet
Debt / equity0.43× · Above median
Valuation Multiplesvs Paper & Paper Products 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). "Indah Kiat Pulp & Paper Tbk Fair Value". https://www.fairvalue-calculator.com/stock/INKP
Frequently asked questions
Is Indah Kiat Pulp & Paper Tbk (INKP) overvalued or undervalued?
As of Oct 19, 2026, our model estimates a fair value of 12,657 IDR versus a price of 6,500 IDR, about +95% upside (undervalued).
What is the fair value of INKP?
Our model-based fair value for Indah Kiat Pulp & Paper Tbk is 12,657 IDR (as of Oct 19, 2026), built from audited fundamentals. The current price: 6,500 IDR.
What is the quality score of INKP?
Indah Kiat Pulp & Paper Tbk has a Quality Score of 52/100. 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 Indah Kiat Pulp & Paper Tbk (INKP)?
Our model-based price target is the fair value of 12,657 IDR (as of Oct 19, 2026) from 21 valuation models. Cautious scenario 10,417 IDR, optimistic scenario 16,203 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Indah Kiat Pulp & Paper Tbk stock forecast for 2026?
Our models put fair value at 12,657 IDR, about +95% upside versus a price of 6,500 IDR (undervalued). Cautious scenario 10,417 IDR, optimistic scenario 16,203 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Indah Kiat Pulp & Paper Tbk (INKP)?
Indah Kiat Pulp & Paper Tbk reported trailing-twelve-month revenue of about $3.3B (latest available figure, as of Oct 19, 2026).
Does Indah Kiat Pulp & Paper Tbk pay a dividend?
Indah Kiat Pulp & Paper Tbk currently shows a dividend yield of 0.87% relative to its recent price (as of Oct 19, 2026).
What growth is priced into Indah Kiat Pulp & Paper Tbk (INKP)?
For today's price to be fair in a discounted-cash-flow model, Indah Kiat Pulp & Paper Tbk would have to grow free cash flow by +43.5 % 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 +1.0 % per year. As of Oct 19, 2026.
What discount rate (WACC) does the fair value of INKP use?
Our models discount Indah Kiat Pulp & Paper Tbk at 10.5 %: a base by market capitalisation (mid), damped by beta 0.20, 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 Indah Kiat Pulp & Paper Tbk that is +43.5 % 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 Indah Kiat Pulp & Paper Tbk (INKP) delivered so far?
Over the past 5 years revenue at Indah Kiat Pulp & Paper Tbk grew +1.0 % a year. The price currently implies +43.5 % 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 Indah Kiat Pulp & Paper Tbk (INKP) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into Indah Kiat Pulp & Paper Tbk (+43.5 % 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 Indah Kiat Pulp & Paper Tbk (INKP)?
The free-cash-flow yield on the price is 1.68 %: that much free cash flow Indah Kiat Pulp & Paper 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 Indah Kiat Pulp & Paper Tbk (INKP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Indah Kiat Pulp & Paper Tbk it is 12,657 IDR per share (as of Oct 19, 2026), against a price of 6,500 IDR. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Indah Kiat Pulp & Paper Tbk stock overvalued or undervalued in 2026?
As of Oct 19, 2026, INKP trades below its calculated fair value: price 6,500 IDR, fair value 12,657 IDR, a gap of about +95% (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 INKP?
No. The price is what the market pays today (6,500 IDR); the fair value is what the company's own numbers justify (12,657 IDR). For Indah Kiat Pulp & Paper Tbk the two are 6,157 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Indah Kiat Pulp & Paper Tbk worth?
The market values Indah Kiat Pulp & Paper Tbk at about 36.7T IDR (market capitalisation, as of Oct 19, 2026). Per share that is 6,500 IDR; our models calculate a fair value of 12,657 IDR per share.
What do the bullish and bearish scenarios say about INKP?
Our models span a range for Indah Kiat Pulp & Paper Tbk: cautious scenario 10,417 IDR, base 12,657 IDR, optimistic 16,203 IDR per share (as of Oct 19, 2026, price 6,500 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INKP?
Indah Kiat Pulp & Paper Tbk trades at a price-to-earnings ratio of 3.0 (as of Oct 19, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 12,657 IDR is built from several models across several years. Other multiples: P/B 0.3, P/S 0.6, EV/EBITDA 3.7.
How solid is the balance sheet of Indah Kiat Pulp & Paper Tbk (INKP)?
Balance-sheet figures for Indah Kiat Pulp & Paper Tbk (as of Oct 19, 2026): return on equity 9.6%, debt of 0.43 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is INKP from its 52-week high?
Indah Kiat Pulp & Paper Tbk trades at 6,500 IDR, about 45% below its 52-week high of 11,871 IDR and 1% above the low of 6,430 IDR (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of 12,657 IDR is for.
Which stocks are comparable to Indah Kiat Pulp & Paper Tbk?
From the same area (Basic Materials) we also value UPM-Kymmene Oyj, Shandong Sunpaper Co, Nine Dragons Paper (Holdings) Limited, The Navigator Company, 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 Indah Kiat Pulp & Paper Tbk stock attractive at the current price?
The data as of Oct 19, 2026: price 6,500 IDR, calculated fair value 12,657 IDR (+95%), Quality Score 52/100, from 21 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 INKP calculated?
We run Indah Kiat Pulp & Paper Tbk through 21 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 12,657 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 13.9 % above its aggregate fair value. Indah Kiat Pulp & Paper Tbk currently trades 49 % 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 Indah Kiat Pulp & Paper Tbk (INKP)?
The closing price on Oct 19, 2026 was 6,500 IDR. Our model-based fair value is 12,657 IDR, about +95% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Indah Kiat Pulp & Paper Tbk right now?
The price is below even our cautious bear case (10,417 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 (52/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Indah Kiat Pulp & Paper Tbk
How large is the market capitalisation of Indah Kiat Pulp & Paper Tbk (INKP)?
The market capitalisation of Indah Kiat Pulp & Paper Tbk is 36.7T IDR (≈ $2.0B). 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 Indah Kiat Pulp & Paper Tbk (INKP)?
The price-to-sales ratio of Indah Kiat Pulp & Paper Tbk is 0.43 (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 Indah Kiat Pulp & Paper Tbk (INKP)?
Earnings per share at Indah Kiat Pulp & Paper Tbk are 2,174 IDR (price ÷ EPS = P/E 3.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Indah Kiat Pulp & Paper Tbk (INKP)?
The dividend yield of Indah Kiat Pulp & Paper Tbk is 0.9% (payout 2.6%). 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 Indah Kiat Pulp & Paper Tbk (INKP)?
The net margin of Indah Kiat Pulp & Paper Tbk is 14.3% (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 Indah Kiat Pulp & Paper Tbk (INKP)?
The return on equity (ROE) of Indah Kiat Pulp & Paper Tbk is 9.6% (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 Indah Kiat Pulp & Paper Tbk (INKP)?
On an EBIT basis the return on assets of Indah Kiat Pulp & Paper Tbk is 8.0% (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 Indah Kiat Pulp & Paper Tbk (INKP)?
The operating margin of Indah Kiat Pulp & Paper Tbk is 17.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Indah Kiat Pulp & Paper Tbk (INKP)?
Revenue at Indah Kiat Pulp & Paper Tbk is growing +13.2% versus a year earlier (3y avg −7.8%). 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 Indah Kiat Pulp & Paper Tbk (INKP)?
Earnings per share at Indah Kiat Pulp & Paper Tbk are growing +817% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Indah Kiat Pulp & Paper Tbk (INKP) carry?
The net debt of Indah Kiat Pulp & Paper Tbk is $3.4B (fiscal year 2025). 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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Oct 19, 2026