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PT Kencana Energi Lestari Tbk, (KEEN) Fair Value & Analysis

Utilities · ID · Market cap 3.2T IDR

PK PT Kencana Energi Lestari Tbk, KEEN · JK
Price895.00 IDR
Fair Value538.80 IDR
Upside-39.8%
Quality61/100
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Healthy Growth
Highly profitable · 22.0% net margin
Moderate debt · generates free cash flow
Trails peers (5/14)
Moderate moat 58/100
Evidence: Medium Range 359.20 IDR – 718.40 IDR Share as image

Fair value as of: Jul 20, 2026

From 25 valuation models · updated 21 days ago

Fair value updated Jul 20, 2026, revised from 541.08 IDR to 538.80 IDR (−0.4%) since Jul 17, 2026. Share price +8.5% over the past month.

A solid business, but screening 40% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (718.40 IDR). The favourable scenario is already priced in.
  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (359.20 IDR to 718.40 IDR) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

1,272 IDR 282.24 IDR Fair Value 538.80 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.

How to read this chart

60‑month range 282.24 IDR – 1,272 IDR · fair‑value band 359.20 IDR – 718.40 IDR · the 895.00 IDR price screens above the 538.80 IDR fair value. Dashed = 300-day average. As of Jul 20, 2026.

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Analysis

PT Kencana Energi Lestari Tbk, (KEEN) currently trades at 895.00 IDR, while our model-based Fair Value estimate is 538.80 IDR, implying the stock looks roughly 39.8% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, PT Kencana Energi Lestari Tbk, generated revenue of 33.4M IDR at a net margin of 22.0%. Revenue declined 9.3% year over year. It earns a return on equity of 4.1%. Net debt stands at 104M IDR. Fundamentals as of Jul 20, 2026

Our scenario range runs from 359.20 IDR (bear case) to 718.40 IDR (bull case); at 895.00 IDR, the current price sits above 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 40% below its 52-week high and 26% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -59% fair-value upside, at -40%, KEEN 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.

Model 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
Highest evidence
Growth DCF 359.20 IDR 80
Residual Income 718.40 IDR 718.40 IDR 538.80 IDR 76
Rev-Margin DCF 179.60 IDR 74
All 25 models by family
DCF Models
FCF DCF 359.20 IDR 38
Owner Earnings 179.60 IDR 538.80 IDR 31
5Y Revenue Exit 179.60 IDR 39
5Y EBITDA Exit 179.60 IDR 359.20 IDR 718.40 IDR 41
5Y P/E Exit 179.60 IDR 359.20 IDR 38
10Y Revenue Exit 179.60 IDR 36
10Y EBITDA Exit 359.20 IDR 538.80 IDR 37
10Y P/E Exit 179.60 IDR 359.20 IDR 35
Earnings-Based
Graham-Dodd 179.60 IDR 538.80 IDR 718.40 IDR 54
PEG = 1.0 179.60 IDR 179.60 IDR 179.60 IDR 46
EPV 359.20 IDR 538.80 IDR 718.40 IDR 59
Dividend Discount
Gordon GGM 179.60 IDR 179.60 IDR 70
DDM Multi-Stage 179.60 IDR 179.60 IDR 61
Multiples
P/E Multiple 538.80 IDR 718.40 IDR 898.00 IDR 63
P/S Multiple 359.20 IDR 359.20 IDR 538.80 IDR 58
P/B Multiple 538.80 IDR 718.40 IDR 718.40 IDR 55
EV/EBIT 538.80 IDR 898.00 IDR 1,257 IDR 53
EV/EBITDA 359.20 IDR 538.80 IDR 718.40 IDR 54
EV/Revenue 179.60 IDR 43
Asset-Based
NCAV (Graham) 359.20 IDR 538.80 IDR 898.00 IDR 50
Growth DCF
Growth DCF 359.20 IDR 80
Rev-Margin DCF 179.60 IDR 74
Economic Profit
Residual Income 718.40 IDR 718.40 IDR 538.80 IDR 76
ROIC Compounder 359.20 IDR 538.80 IDR 718.40 IDR 72
Growth Earnings
Growth-Adj P/E 359.20 IDR 538.80 IDR 718.40 IDR 68

Widest divergence: Multiples (718.40 IDR) versus DCF Models (179.60 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 33.4M IDR
Revenue growth (YoY) -9.3%
Net margin 22.0%
Return on equity 4.1%
Free cash flow 6.2M IDR FY2025
P/E ratio 20.9
More key figures
Operating margin 70.6%
EPS (TTM) 36.10 IDR
EPS growth (YoY) -10.7%
Net debt 104M IDR FY2025

Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 60 · Market factors (momentum, volatility) 41

Profitability 32
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 66
Earnings quality: real cash, not paper profit
Fin. Strength 52
Balance sheet, leverage, solvency risk
Investment 86
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 36
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

PT Kencana Energi Lestari Tbk, together with its subsidiaries, operates as a renewable energy company in Indonesia. It operates through 5 reportable segments: The 3x6 MW hydroelectric powerplant in Pakkat (North Sumatera), The 3x7 MW hydroelectric powerplant in Air Putih (Bengkulu), The 2x5 MW hydroelectric powerplant in Madong (South Sulawesi), The 2x5 MW …

Full company description

PT Kencana Energi Lestari Tbk, together with its subsidiaries, operates as a renewable energy company in Indonesia. It operates through 5 reportable segments: The 3x6 MW hydroelectric powerplant in Pakkat (North Sumatera), The 3x7 MW hydroelectric powerplant in Air Putih (Bengkulu), The 2x5 MW hydroelectric powerplant in Madong (South Sulawesi), The 2x5 MW hydroelectric powerplant in Ordi Hulu (North Sumatera), and The 2x5 MW hydroelectric powerplant in Salu Noling (South Sulawesi). The company was founded in 2008 and is based in Jakarta Barat, Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Kencana Energi Lestari Tbk, reported revenue of 33.9M IDR in FY2025 versus 36.5M IDR in FY2021, a compound −1.9%/yr. Reported net income was 7.7M IDR in FY2025, compounding +3.5%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
33.9M IDR
Avg. growth/yr (3Y) 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.
+1.2%
Avg. growth/yr (5Y) 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.
+9.8%
Avg. growth/yr (8Y) 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.
+4.6%
Revenue −1.9%/yr
FY21 36.5M IDR
FY22 41.8M IDR
FY23 48.0M IDR
FY24 37.9M IDR
FY25 33.9M IDR
Net income +3.5%/yr
FY21 6.7M IDR
FY22 12.6M IDR
FY23 12.9M IDR
FY24 6.2M IDR
FY25 7.7M IDR

KEEN screens 40% overvalued. Compare with Constellation Energy Corporation →

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Cite: Fair Value Calculator (2026). "PT Kencana Energi Lestari Tbk, Fair Value". https://www.fairvalue-calculator.com/stock/KEEN

Peer Group

Utilities - Independent Power Producers · 77 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.

Quality Score 61 · Top 25%
Fair Value upside −40% · Below median
Return on equity (TTM) 4% · Below median
Return on assets 3% · Above median
Net margin (TTM) 22% · Top 25%
Operating margin (TTM) 71% · Top 25%
Revenue growth -9% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.50× · Lower than median

Valuation Multiples vs Utilities - Independent Power Producers median · lower = cheaper

P/E (TTM) 24.0× · Pricier than median
P/B 1.81× · Pricier than median
P/S (TTM) 9.49× · Pricier than 75% of peers
P/FCF 51.4× · Pricier than 75% of peers
EV/EBITDA 22.7× · Pricier than 75% of peers

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.

VALUE 0 · sector 23
FUTURE 0 · sector 0
PAST 17 · sector 32
HEALTH 75 · sector 70
DIVIDEND 0 · sector 52

VALUE 0: the price sits above our fair-value range.

Insider activity: 25/100

Values & ESG

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

None of the checked exposures detected

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

Similar stocks

10 more Utilities - Independent Power Producers stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).

Stock Price Fair Value vs Fair Value
Constellation Energy Corporation CEG $257.57 $89.08 -65%
Vistra Corp VST $158.86 $47.59 -70%
Adani Power Limited ADANIPOWER ₹218.45 ₹75.57 -65%
CGN Power Co 003816 ¥3.88 ¥3.13 -19%
NRG Energy, Inc NRG $137.90 $56.02 -59%
Gulf Development Public Company GULF 67.50 THB 40.44 THB -40%
Adani Energy Solutions Limited ADANIENSOL ₹1,730 ₹342.02 -80%
Talen Energy Corporation TLN $372.37 $44.67 -88%
Datang International Power Generation Co 601991 ¥5.80 ¥4.95 -15%
Power Assets Holdings 0006 HK$58.45 HK$31.90 -45%

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Frequently asked questions

Is PT Kencana Energi Lestari Tbk, (KEEN) overvalued or undervalued?
As of Jul 20, 2026, our model estimates a fair value of 538.80 IDR versus a price of 895.00 IDR, about −40% (overvalued).
What is the fair value of KEEN?
Our model-based fair value for PT Kencana Energi Lestari Tbk, is 538.80 IDR (as of Jul 20, 2026), built from audited fundamentals. The current price is 895.00 IDR.
What is the quality score of KEEN?
PT Kencana Energi Lestari Tbk, has a Quality Score of 61/100. 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 revenue of PT Kencana Energi Lestari Tbk, (KEEN)?
PT Kencana Energi Lestari Tbk, reported trailing-twelve-month revenue of about 33.4M IDR (latest available figure, as of Jul 20, 2026).
What is the net profit margin of KEEN?
The net profit margin of PT Kencana Energi Lestari Tbk, is about 22.0%, meaning it keeps roughly 22.0% of revenue as net income. Based on the latest reported figures.

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.

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