Jaya Konstruksi Manggala Pratama (JKON) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Jaya Konstruksi Manggala Pratama IDR 143, price IDR 80, upside +79.0%, quality 56 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 58.54 IDR – 190.64 IDR · fair‑value band 126.21 IDR – 179.01 IDR · the 80.00 IDR price screens below the 143.21 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 Jaya Konstruksi Manggala Pratama Tbk engages in the construction business in Indonesia.
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PT Jaya Konstruksi Manggala Pratama Tbk engages in the construction business in Indonesia. The company is involved in pertamina asphalt and liquefied petroleum gas trading; station LPG and bulk transportation; chartering of vessels; supply of electricity, gas, and steam; transportation, warehousing, professional, scientific, and engineering activities; construction and trading, building services, and industry activities; provision of contractor and services; and general trading, manufacturing, and workshop and industry activities. It also engages in the production and trading of building goods, production of prestressed concrete piles, directing of concrete piles, and design and planning of pile foundations, as well as carrying out and analyzing load bearing tests. In addition, the company owns or leases real estate properties; and trades in materials and chemical goods. The company was founded in 1982 and is based in Jakarta, Indonesia. PT Jaya Konstruksi Manggala Pratama Tbk operates as a subsidiary of PT Pembangunan Jaya.
Stock analysis
Jaya Konstruksi Manggala Pratama (JKON) currently trades at 80.00 IDR, while our model-based Fair Value estimate is 143.21 IDR, implying the stock looks roughly 44.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 167.64 IDR per share, and 10 of the 12 models we run sit above the 80.00 IDR price.
Bear case: the Dividend Discount group reads lowest at 27.14 IDR, and 2 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: 126.21 IDR (bear) to 179.01 IDR (bull), the price of 80.00 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 56/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Jaya Konstruksi Manggala Pratama reported revenue of 3.9T IDR in FY2025 versus 3.5T IDR in FY2021, a compound +2.6%/yr. Reported net income was 111B IDR in FY2025.
Key figures
Market cap 1.3T IDR (≈ $72.9M) · P/E ratio 9.1 · P/S ratio 0.26 · EPS (TTM) 8.77 IDR · Dividend yield 4.7% · Net margin 2.9% · Return on equity 4.5% · Return on assets (EBIT) 3.4%.
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 11% below its 52-week high and 35% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 16% fair-value upside, at 79%, JKON screens cheaper than that median.
Fair Value models
Bear 126.21 IDRFair Value 143.21 IDRBull 179.01 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 (6.44 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−0.6%
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.
−4.8%
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.
+5.0%
Start year 2020 (pandemic). Over 10 years: −1.9% a year
Revenue growth 19 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.
+5.1%
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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.
+2.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.5%
Dividend (yield on the price)4.7%
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.−3% vs −7%, 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.5% → 1%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 1.8%/yr over ~10Y (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).
−19.1%
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 −21.2% a year for the price.
Compare Jaya Konstruksi Manggala Pratama 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.Conglomerates · 377 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+79% · Top 25%
Profitability
Return on equity (TTM)5% · Below median
Return on assets2% · Above median
Net margin (TTM)3% · Below median
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth46% · Top 25%
Dividend yield (TTM)4.7% · Top 25%
Valuation Multiplesvs Conglomerates median · lower = cheaper
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Is Jaya Konstruksi Manggala Pratama (JKON) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 143.21 IDR versus a price of 80.00 IDR, about +79% upside (undervalued).
What is the fair value of JKON?
Our model-based fair value for Jaya Konstruksi Manggala Pratama is 143.21 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 80.00 IDR.
What is the quality score of JKON?
Jaya Konstruksi Manggala Pratama has a Quality Score of 56/100. 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 Jaya Konstruksi Manggala Pratama (JKON)?
Our model-based price target is the fair value of 143.21 IDR (as of Sep 24, 2026) from 12 valuation models. Cautious scenario 126.21 IDR, optimistic scenario 179.01 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Jaya Konstruksi Manggala Pratama stock forecast for 2026?
Our models put fair value at 143.21 IDR, about +79% upside versus a price of 80.00 IDR (undervalued). Cautious scenario 126.21 IDR, optimistic scenario 179.01 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Jaya Konstruksi Manggala Pratama (JKON)?
Jaya Konstruksi Manggala Pratama reported trailing-twelve-month revenue of about 4.1T IDR (latest available figure, as of Sep 24, 2026).
Does Jaya Konstruksi Manggala Pratama pay a dividend?
Jaya Konstruksi Manggala Pratama currently shows a dividend yield of about 4.71% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Jaya Konstruksi Manggala Pratama (JKON)?
For today's price to be fair in a discounted-cash-flow model, Jaya Konstruksi Manggala Pratama would have to grow free cash flow by -19.1 % 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 +5.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of JKON use?
Our models discount Jaya Konstruksi Manggala Pratama at 13.5 %: a base by market capitalisation (micro), damped by beta 0.18, 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 Jaya Konstruksi Manggala Pratama that is -19.1 % 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 Jaya Konstruksi Manggala Pratama (JKON) delivered so far?
Over the past 5 years revenue at Jaya Konstruksi Manggala Pratama grew +5.0 % a year. The price currently implies -19.1 % 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 Jaya Konstruksi Manggala Pratama (JKON) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Jaya Konstruksi Manggala Pratama (-19.1 % 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 Jaya Konstruksi Manggala Pratama (JKON)?
The free-cash-flow yield on the price is 16.56 %: that much free cash flow Jaya Konstruksi Manggala Pratama 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 Jaya Konstruksi Manggala Pratama (JKON)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Jaya Konstruksi Manggala Pratama it is 143.21 IDR per share (as of Sep 24, 2026), against a price of 80.00 IDR. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Jaya Konstruksi Manggala Pratama stock overvalued or undervalued in 2026?
As of Sep 24, 2026, JKON trades below its calculated fair value: price 80.00 IDR, fair value 143.21 IDR, a gap of about +79% (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 JKON?
No. The price is what the market pays today (80.00 IDR); the fair value is what the company's own numbers justify (143.21 IDR). For Jaya Konstruksi Manggala Pratama the two are 63.21 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Jaya Konstruksi Manggala Pratama worth?
The market values Jaya Konstruksi Manggala Pratama at about 1.3T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 80.00 IDR; our models calculate a fair value of 143.21 IDR per share.
What do the bullish and bearish scenarios say about JKON?
Our models span a range for Jaya Konstruksi Manggala Pratama: cautious scenario 126.21 IDR, base 143.21 IDR, optimistic 179.01 IDR per share (as of Sep 24, 2026, price 80.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JKON?
Jaya Konstruksi Manggala Pratama trades at a price-to-earnings ratio of 9.1 (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 143.21 IDR is built from several models across several years. Other multiples: P/B 0.4, P/S 0.3, EV/EBITDA 3.0.
How solid is the balance sheet of Jaya Konstruksi Manggala Pratama (JKON)?
Balance-sheet figures for Jaya Konstruksi Manggala Pratama (as of Sep 24, 2026): return on equity 4.5%. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is JKON from its 52-week high?
Jaya Konstruksi Manggala Pratama trades at 80.00 IDR, about 11% below its 52-week high of 90.22 IDR and 35% above the low of 59.18 IDR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 143.21 IDR is for.
Which stocks are comparable to Jaya Konstruksi Manggala Pratama?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Poste Italiane S.p.A, 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 Jaya Konstruksi Manggala Pratama stock attractive at the current price?
The data as of Sep 24, 2026: price 80.00 IDR, calculated fair value 143.21 IDR (+79%), Quality Score 56/100, from 12 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 JKON calculated?
We run Jaya Konstruksi Manggala Pratama through 12 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 143.21 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 14.0 % above its aggregate fair value. Jaya Konstruksi Manggala Pratama currently trades 79 % 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 Jaya Konstruksi Manggala Pratama (JKON)?
The closing price on Sep 24, 2026 was 80.00 IDR. Our model-based fair value is 143.21 IDR, about +79% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Jaya Konstruksi Manggala Pratama right now?
The price is below even our cautious bear case (126.21 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 (56/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Jaya Konstruksi Manggala Pratama (JKON) come from?
Earnings per share at Jaya Konstruksi Manggala Pratama grew −4.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share −1.5 %, EBIT margin −8.6 %, tax rate +0.7 %, residual (interest, one-offs) +5.9 %. 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 Jaya Konstruksi Manggala Pratama
How large is the market capitalisation of Jaya Konstruksi Manggala Pratama (JKON)?
The market capitalisation of Jaya Konstruksi Manggala Pratama is 1.3T IDR (≈ $72.9M). 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 Jaya Konstruksi Manggala Pratama (JKON)?
The price-to-sales ratio of Jaya Konstruksi Manggala Pratama is 0.26 (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 Jaya Konstruksi Manggala Pratama (JKON)?
Earnings per share at Jaya Konstruksi Manggala Pratama are 8.77 IDR (price ÷ EPS = P/E 9.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Jaya Konstruksi Manggala Pratama (JKON)?
The dividend yield of Jaya Konstruksi Manggala Pratama is 4.7% (payout 43.0%). 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 Jaya Konstruksi Manggala Pratama (JKON)?
The net margin of Jaya Konstruksi Manggala Pratama is 2.9% (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 Jaya Konstruksi Manggala Pratama (JKON)?
The return on equity (ROE) of Jaya Konstruksi Manggala Pratama is 4.5% (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 Jaya Konstruksi Manggala Pratama (JKON)?
On an EBIT basis the return on assets of Jaya Konstruksi Manggala Pratama is 3.4% (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 Jaya Konstruksi Manggala Pratama (JKON)?
The operating margin of Jaya Konstruksi Manggala Pratama is 2.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Jaya Konstruksi Manggala Pratama (JKON)?
Revenue at Jaya Konstruksi Manggala Pratama is growing +45.9% versus a year earlier (3y avg −4.8%). 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 Jaya Konstruksi Manggala Pratama (JKON)?
Earnings per share at Jaya Konstruksi Manggala Pratama are growing −5.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Jaya Konstruksi Manggala Pratama (JKON) hold?
Jaya Konstruksi Manggala Pratama holds more cash than debt, 628B IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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