Jasa Armada Indonesia Tbk PT (IPCM) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Jasa Armada Indonesia Tbk PT IDR 605, price IDR 288, upside +110.1%, quality 79 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 24, 2026.
How to read this chart
60‑month range 172.09 IDR – 342.26 IDR · fair‑value band 453.82 IDR – 771.02 IDR · the 288.00 IDR price screens below the 605.10 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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PT Jasa Armada Indonesia Tbk offers sea transportation services in Indonesia. The company provides sea port services; domestic and international sea transportation, river and lake transportation, sea transportation in port waters; warehousing and storage; machine repair; and cargo handling services.
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PT Jasa Armada Indonesia Tbk offers sea transportation services in Indonesia. The company provides sea port services; domestic and international sea transportation, river and lake transportation, sea transportation in port waters; warehousing and storage; machine repair; and cargo handling services. It also offers vessel, freight, and fleet management services. The company was founded in 1960 and is headquartered in Jakarta Utara, Indonesia. PT Jasa Armada Indonesia Tbk operates as a subsidiary of PT Pelindo Jasa Maritim.
Stock analysis
Jasa Armada Indonesia Tbk PT (IPCM) currently trades at 288.00 IDR, while our model-based Fair Value estimate is 605.10 IDR, implying the stock looks roughly 52.4% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 1,082 IDR per share, and 22 of the 24 models we run sit above the 288.00 IDR price.
Bear case: the Asset-Based group reads lowest at 172.39 IDR, and 2 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 453.82 IDR (bear) to 771.02 IDR (bull), the price of 288.00 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 79/100 (high quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Jasa Armada Indonesia Tbk PT reported revenue of 1.5T IDR in FY2025 versus 820B IDR in FY2021, a compound +15.8%/yr. Reported net income was 196B IDR in FY2025, compounding +9.5%/yr from FY2021.
Key figures
Market cap 1.5T IDR (≈ $152M) · P/E ratio 8.7 · P/S ratio 1.16 · EPS (TTM) 33.04 IDR · Net margin 13.3% · Return on equity 12.9% · Return on assets (EBIT) 12.3% · Operating margin 6.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 61% fair-value upside, at 110%, IPCM screens cheaper than that median.
Fair Value models
Bear 453.82 IDRFair Value 605.10 IDRBull 771.02 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 (24.26 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.6%
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.
+14.6%
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.
+16.2%
Start year 2020 (pandemic). Over 10 years: +5.4% 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.
+17.6%
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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.
+16.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.9%
Dividend (yield on the price)0.0%
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.17% vs −16%, 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.13% → 17%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 17.4%/yr over ~9Y (margins eroding too) ⓘ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).
−20.2%
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 −22.3% a year for the price.
Compare Jasa Armada Indonesia 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.Marine Shipping · 236 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score79 · Top 25%
Fair Value upside+110% · Top 25%
Profitability
Return on equity (TTM)13% · Above median
Return on assets8% · Top 25%
Net margin (TTM)12% · Above median
Operating margin (TTM)7% · Below median
Growth and dividend
Revenue growth7% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Valuation Multiplesvs Marine Shipping median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Jasa Armada Indonesia Tbk PT Fair Value". https://www.fairvalue-calculator.com/stock/IPCM
Frequently asked questions
Is Jasa Armada Indonesia Tbk PT (IPCM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 605.10 IDR versus a price of 288.00 IDR, about +110% upside (undervalued).
What is the fair value of IPCM?
Our model-based fair value for Jasa Armada Indonesia Tbk PT is 605.10 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 288.00 IDR.
What is the quality score of IPCM?
Jasa Armada Indonesia Tbk PT has a Quality Score of 79/100. 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 Jasa Armada Indonesia Tbk PT (IPCM)?
Our model-based price target is the fair value of 605.10 IDR (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 453.82 IDR, optimistic scenario 771.02 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Jasa Armada Indonesia Tbk PT stock forecast for 2026?
Our models put fair value at 605.10 IDR, about +110% upside versus a price of 288.00 IDR (undervalued). Cautious scenario 453.82 IDR, optimistic scenario 771.02 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Jasa Armada Indonesia Tbk PT (IPCM)?
Jasa Armada Indonesia Tbk PT reported trailing-twelve-month revenue of about 1.5T IDR (latest available figure, as of Sep 24, 2026).
What growth is priced into Jasa Armada Indonesia Tbk PT (IPCM)?
For today's price to be fair in a discounted-cash-flow model, Jasa Armada Indonesia Tbk PT would have to grow free cash flow by -20.2 % 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 +16.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of IPCM use?
Our models discount Jasa Armada Indonesia Tbk PT at 13.5 %: a base by market capitalisation (micro), damped by beta 0.10, 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 Jasa Armada Indonesia Tbk PT that is -20.2 % 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 Jasa Armada Indonesia Tbk PT (IPCM) delivered so far?
Over the past 5 years revenue at Jasa Armada Indonesia Tbk PT grew +16.2 % a year. The price currently implies -20.2 % 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 Jasa Armada Indonesia Tbk PT (IPCM) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Jasa Armada Indonesia Tbk PT (-20.2 % 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 Jasa Armada Indonesia Tbk PT (IPCM)?
The free-cash-flow yield on the price is 21.42 %: that much free cash flow Jasa Armada Indonesia Tbk PT 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 Jasa Armada Indonesia Tbk PT (IPCM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Jasa Armada Indonesia Tbk PT it is 605.10 IDR per share (as of Sep 24, 2026), against a price of 288.00 IDR. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Jasa Armada Indonesia Tbk PT stock overvalued or undervalued in 2026?
As of Sep 24, 2026, IPCM trades below its calculated fair value: price 288.00 IDR, fair value 605.10 IDR, a gap of about +110% (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 IPCM?
No. The price is what the market pays today (288.00 IDR); the fair value is what the company's own numbers justify (605.10 IDR). For Jasa Armada Indonesia Tbk PT the two are 317.10 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Jasa Armada Indonesia Tbk PT worth?
The market values Jasa Armada Indonesia Tbk PT at about 1.5T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 288.00 IDR; our models calculate a fair value of 605.10 IDR per share.
What do the bullish and bearish scenarios say about IPCM?
Our models span a range for Jasa Armada Indonesia Tbk PT: cautious scenario 453.82 IDR, base 605.10 IDR, optimistic 771.02 IDR per share (as of Sep 24, 2026, price 288.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IPCM?
Jasa Armada Indonesia Tbk PT trades at a price-to-earnings ratio of 8.7 (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 605.10 IDR is built from several models across several years. Other multiples: P/B 1.1, P/S 1.0, EV/EBITDA 4.1.
How solid is the balance sheet of Jasa Armada Indonesia Tbk PT (IPCM)?
Balance-sheet figures for Jasa Armada Indonesia Tbk PT (as of Sep 24, 2026): return on equity 12.9%. They feed the Quality Score of 79/100, which measures business quality independently of the share price.
How far is IPCM from its 52-week high?
Jasa Armada Indonesia Tbk PT trades at 288.00 IDR, about 16% below its 52-week high of 342.26 IDR and 5% above the low of 274.56 IDR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 605.10 IDR is for.
Which stocks are comparable to Jasa Armada Indonesia Tbk PT?
From the same area (Industrials) we also value Adani Ports and Special Economic Zone Limited, COSCO SHIPPING Holdings, Hapag-Lloyd Aktiengesellschaft,, Shanghai International Port (Group) Co, 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 Jasa Armada Indonesia Tbk PT stock attractive at the current price?
The data as of Sep 24, 2026: price 288.00 IDR, calculated fair value 605.10 IDR (+110%), Quality Score 79/100, from 24 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 IPCM calculated?
We run Jasa Armada Indonesia Tbk PT through 24 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 605.10 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. Jasa Armada Indonesia Tbk PT currently trades 110 % 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 Jasa Armada Indonesia Tbk PT (IPCM)?
The closing price on Sep 23, 2026 was 288.00 IDR. Our model-based fair value is 605.10 IDR, about +110% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Jasa Armada Indonesia Tbk PT right now?
The rarer combination: high quality (79/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (453.82 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.
Where does the earnings growth of Jasa Armada Indonesia Tbk PT (IPCM) come from?
Earnings per share at Jasa Armada Indonesia Tbk PT grew −20.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share −16.6 %, EBIT margin −4.9 %, tax rate +1.0 %, residual (interest, one-offs) −0.3 %. 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 Jasa Armada Indonesia Tbk PT
How large is the market capitalisation of Jasa Armada Indonesia Tbk PT (IPCM)?
The market capitalisation of Jasa Armada Indonesia Tbk PT is 1.5T IDR (≈ $152M). 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 Jasa Armada Indonesia Tbk PT (IPCM)?
The price-to-sales ratio of Jasa Armada Indonesia Tbk PT is 1.16 (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 Jasa Armada Indonesia Tbk PT (IPCM)?
Earnings per share at Jasa Armada Indonesia Tbk PT are 33.04 IDR (price ÷ EPS = P/E 8.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Jasa Armada Indonesia Tbk PT (IPCM)?
The net margin of Jasa Armada Indonesia Tbk PT is 13.3% (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 Jasa Armada Indonesia Tbk PT (IPCM)?
The return on equity (ROE) of Jasa Armada Indonesia Tbk PT is 12.9% (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 Jasa Armada Indonesia Tbk PT (IPCM)?
On an EBIT basis the return on assets of Jasa Armada Indonesia Tbk PT is 12.3% (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 Jasa Armada Indonesia Tbk PT (IPCM)?
The operating margin of Jasa Armada Indonesia Tbk PT is 6.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Jasa Armada Indonesia Tbk PT (IPCM)?
Revenue at Jasa Armada Indonesia Tbk PT is growing +6.7% versus a year earlier (3y avg +14.6%). 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 Jasa Armada Indonesia Tbk PT (IPCM)?
Earnings per share at Jasa Armada Indonesia Tbk PT are growing −51.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Jasa Armada Indonesia Tbk PT (IPCM) hold?
Jasa Armada Indonesia Tbk PT holds more cash than debt, 481B IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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