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PT Mulia Boga Raya Tbk (KEJU) Fair Value & Analysis

Consumer Defensive · ID · Market cap 3.1T IDR

PM PT Mulia Boga Raya Tbk KEJU · JK
Price595.00 IDR
Fair Value560.05 IDR
Upside-5.9%
Quality56/100
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Expensive Growth
Solidly profitable · 11.1% net margin
Low debt · generates free cash flow
Mixed vs. peers (8/14)
Moderate moat 62/100
Evidence: High Range 299.21 IDR – 732.21 IDR Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 24 days ago

Share price +8.2% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (299.21 IDR to 732.21 IDR) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

1,131 IDR 258.13 IDR Fair Value 560.05 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 258.13 IDR – 1,131 IDR · fair‑value band 299.21 IDR – 732.21 IDR · the 595.00 IDR price screens above the 560.05 IDR fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

PT Mulia Boga Raya Tbk (KEJU) currently trades at 595.00 IDR, while our model-based Fair Value estimate is 560.05 IDR, implying the stock looks roughly 5.9% fairly valued today. The Quality Score stands at 56/100 (solid quality), in the Consumer Defensive 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: high).

Over the trailing twelve months, PT Mulia Boga Raya Tbk generated revenue of 1.6T IDR at a net margin of 11.1%. Revenue grew 29.0% year over year. It earns a return on equity of 21.2%. The balance sheet holds a net cash position of 259B IDR. Fundamentals as of Jul 17, 2026

Our scenario range runs from 299.21 IDR (bear case) to 732.21 IDR (bull case); at 595.00 IDR, the current price sits within 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 27% below its 52-week high and 23% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at -6%, KEJU screens richer 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 150.80 IDR 233.71 IDR 382.22 IDR 80
Residual Income 215.95 IDR 279.86 IDR 1,156 IDR 76
Rev-Margin DCF 270.35 IDR 468.59 IDR 721.71 IDR 74
All 26 models by family
DCF Models
FCF DCF 151.02 IDR 239.09 IDR 397.88 IDR 38
Owner Earnings 131.01 IDR 202.36 IDR 331.00 IDR 31
5Y Revenue Exit 270.35 IDR 477.24 IDR 763.15 IDR 39
5Y EBITDA Exit 340.50 IDR 620.77 IDR 976.39 IDR 41
5Y P/E Exit 398.65 IDR 739.73 IDR 1,133 IDR 38
10Y Revenue Exit 220.98 IDR 407.83 IDR 702.50 IDR 36
10Y EBITDA Exit 278.40 IDR 514.97 IDR 883.81 IDR 37
10Y P/E Exit 317.71 IDR 603.77 IDR 1,017 IDR 35
Earnings-Based
Graham-Dodd 217.15 IDR 979.84 IDR 1,343 IDR 54
Lynch FV 255.73 IDR 365.33 IDR 474.93 IDR 50
PEG = 1.0 255.73 IDR 365.33 IDR 474.93 IDR 46
EPV 336.41 IDR 387.73 IDR 433.35 IDR 59
Dividend Discount
Gordon GGM 125.18 IDR 273.28 IDR 459.81 IDR 70
DDM Multi-Stage 125.18 IDR 223.86 IDR 284.80 IDR 61
Multiples
P/E Multiple 502.97 IDR 670.62 IDR 838.28 IDR 63
P/S Multiple 321.67 IDR 428.90 IDR 536.12 IDR 58
P/B Multiple 407.16 IDR 542.89 IDR 678.61 IDR 55
EV/EBIT 523.27 IDR 682.49 IDR 841.70 IDR 53
EV/EBITDA 457.31 IDR 594.54 IDR 731.77 IDR 54
EV/Revenue 327.08 IDR 447.71 IDR 568.34 IDR 43
Asset-Based
NCAV (Graham) 75.20 IDR 100.76 IDR 150.39 IDR 50
Growth DCF
Growth DCF 150.80 IDR 233.71 IDR 382.22 IDR 80
Rev-Margin DCF 270.35 IDR 468.59 IDR 721.71 IDR 74
Economic Profit
Residual Income 215.95 IDR 279.86 IDR 1,156 IDR 76
ROIC Compounder 374.75 IDR 486.00 IDR 627.73 IDR 72
Growth Earnings
Growth-Adj P/E 414.86 IDR 592.66 IDR 770.46 IDR 68

Widest divergence: Growth Earnings (592.66 IDR) versus Asset-Based (100.76 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.6T IDR
Revenue growth (YoY) +29.0%
Net margin 11.1%
Return on equity 21.2%
Free cash flow 43.9B IDR FY2025
P/E ratio 17.2
More key figures
Operating margin 14.3%
EPS (TTM) 31.91 IDR
EPS growth (YoY) +0.2%
Net cash 259B IDR FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 58 · Market factors (momentum, volatility) 43

Profitability 74
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 40
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 Mulia Boga Raya Tbk manufactures and sells cheese and mayonnaise under the Prochiz and TopChiz brand names in Indonesia. The company operates through the Block Cheese, Sliced Cheese, and Others segments. It sells its products through a network of distributors. The company was founded in 2006 and is headquartered in Jakarta Selatan, Indonesia.

Full company description

PT Mulia Boga Raya Tbk manufactures and sells cheese and mayonnaise under the Prochiz and TopChiz brand names in Indonesia. The company operates through the Block Cheese, Sliced Cheese, and Others segments. It sells its products through a network of distributors. The company was founded in 2006 and is headquartered in Jakarta Selatan, Indonesia. PT Mulia Boga Raya Tbk is a subsidiary of PT Garudafood Putra Putri Jaya Tbk.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Mulia Boga Raya Tbk reported revenue of 1.5T IDR in FY2025 versus 1.0T IDR in FY2021, a compound +9.6%/yr. Reported net income was 179B IDR in FY2025, compounding +5.5%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
1.5T IDR
Latest YoY
+19.1%
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.
+13.0%
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.
+10.8%
Avg. growth/yr (9Y) ⓘ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.
+8.5%
Revenue +9.6%/yr
FY21 1.0T IDR
FY22 1.0T IDR
FY23 1.0T IDR
FY24 1.3T IDR
FY25 1.5T IDR
Net income +5.5%/yr
FY21 145B IDR
FY22 117B IDR
FY23 80.3B IDR
FY24 147B IDR
FY25 179B IDR

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PT Mulia Boga Raya Tbk · Fair Value
560.05 IDR −6%Fair Value
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Cite: Fair Value Calculator (2026). "PT Mulia Boga Raya Tbk Fair Value". https://www.fairvalue-calculator.com/stock/KEJU

Peer Group

Packaged Foods · 649 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 56 · Above median
Fair Value upside −6% · Below median
Return on equity (TTM) 21% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 14% · Top 25%
Revenue growth 29% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 17.2× · Pricier than median
P/B 3.66× · Pricier than 75% of peers
P/S (TTM) 1.92× · Pricier than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 12.0× · Pricier than median

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 25 · sector 28
FUTURE 100 · sector 20
PAST 85 · sector 27
HEALTH 100 · sector 96
DIVIDEND 0 · sector 47

Insider activity: 35/100

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 Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is PT Mulia Boga Raya Tbk (KEJU) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 560.05 IDR versus a price of 595.00 IDR, about −6% (fairly valued).
What is the fair value of KEJU?
Our model-based fair value for PT Mulia Boga Raya Tbk is 560.05 IDR (as of Jul 17, 2026), built from audited fundamentals. The current price is 595.00 IDR.
What is the quality score of KEJU?
PT Mulia Boga Raya Tbk 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 revenue of PT Mulia Boga Raya Tbk (KEJU)?
PT Mulia Boga Raya Tbk reported trailing-twelve-month revenue of about 1.6T IDR (latest available figure, as of Jul 17, 2026).
What is the net profit margin of KEJU?
The net profit margin of PT Mulia Boga Raya Tbk is about 11.1%, meaning it keeps roughly 11.1% 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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