Mulia Boga Raya PT (KEJU) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Mulia Boga Raya PT IDR 417, price IDR 600, upside -30.5%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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.
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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.
Stock analysis
Mulia Boga Raya PT (KEJU) currently trades at 600.00 IDR, while our model-based Fair Value estimate is 416.97 IDR, implying the stock looks roughly 43.9% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 592.66 IDR per share, and 4 of the 26 models we run sit above the 600.00 IDR price.
Bear case: the Asset-Based group reads lowest at 100.76 IDR, and 22 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 240.25 IDR (bear) to 666.40 IDR (bull), the price of 600.00 IDR sits inside 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 Consumer Defensive sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Mulia Boga Raya PT 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.
Key figures
Market cap 3.4T IDR (≈ $189M) · P/E ratio 17.4 · P/S ratio 2.08 · EPS (TTM) 34.40 IDR · Dividend yield 2.7% · Net margin 11.9% · Return on equity 24.0% · Return on assets (EBIT) 17.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 22% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −3% fair-value upside, at −31%, KEJU screens richer than that median.
Fair Value models
Bear 240.25 IDRFair Value 416.97 IDRBull 666.40 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 (13.51 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+19.1%
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.
+13.0%
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.
+10.8%
Start year 2020 (pandemic)
Revenue growth 9 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.
+8.5%
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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.
−14.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−16.9%
Dividend (yield on the price)2.7%
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.−17% vs 5%, slowing
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.17% → 14%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 9.2%/yr over ~7Y (margins intact) ⓘ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
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+44.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+12.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about +41.2% a year for the price and +9.4% for the forecasts.
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.Packaged Foods · 668 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−31% · Below median
Profitability
Return on equity (TTM)24% · Top 25%
Return on assets12% · Top 25%
Net margin (TTM)11% · Top 25%
Operating margin (TTM)12% · Top 25%
Growth and dividend
Revenue growth55% · Top 25%
Dividend yield (TTM)2.7% · Below median
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Packaged Foods median · lower = cheaper
P/E (TTM)17.4× · Pricier than median
P/B3.99× · Priciest 25%
P/S (TTM)1.89× · Priciest 25%
P/FCF0.0× · Cheapest 25%
EV/EBITDA12.3× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 31
FUTURE (revenue growth)100· sector 20
PAST (return on equity)96· sector 29
HEALTH (low debt)100· sector 96
DIVIDEND (yield)53· sector 58
VALUE 0: the price sits above our fair-value range.
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). "Mulia Boga Raya PT Fair Value". https://www.fairvalue-calculator.com/stock/KEJU
Frequently asked questions
Is Mulia Boga Raya PT (KEJU) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 416.97 IDR versus a price of 600.00 IDR, about −31% upside (overvalued).
What is the fair value of KEJU?
Our model-based fair value for Mulia Boga Raya PT is 416.97 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 600.00 IDR.
What is the quality score of KEJU?
Mulia Boga Raya PT 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 Mulia Boga Raya PT (KEJU)?
Our model-based price target is the fair value of 416.97 IDR (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 240.25 IDR, optimistic scenario 666.40 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Mulia Boga Raya PT stock forecast for 2026?
Our models put fair value at 416.97 IDR, about −31% upside versus a price of 600.00 IDR (overvalued). Cautious scenario 240.25 IDR, optimistic scenario 666.40 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Mulia Boga Raya PT (KEJU)?
Mulia Boga Raya PT reported trailing-twelve-month revenue of about 1.8T IDR (latest available figure, as of Sep 24, 2026).
Does Mulia Boga Raya PT pay a dividend?
Mulia Boga Raya PT currently shows a dividend yield of about 2.67% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Mulia Boga Raya PT (KEJU)?
For today's price to be fair in a discounted-cash-flow model, Mulia Boga Raya PT would have to grow free cash flow by +44.9 % 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 +10.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of KEJU use?
Our models discount Mulia Boga Raya PT at 13.5 %: a base by market capitalisation (micro), damped by beta 0.06, 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 Mulia Boga Raya PT that is +44.9 % 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 Mulia Boga Raya PT (KEJU) delivered so far?
Over the past 5 years revenue at Mulia Boga Raya PT grew +10.8 % a year. The price currently implies +44.9 % 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 Mulia Boga Raya PT (KEJU) growing?
The median revenue growth in the sector is +2.9 % a year. That is the yardstick for the growth priced into Mulia Boga Raya PT (+44.9 % 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 Mulia Boga Raya PT (KEJU)?
The free-cash-flow yield on the price is 1.30 %: that much free cash flow Mulia Boga Raya 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 Mulia Boga Raya PT (KEJU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mulia Boga Raya PT it is 416.97 IDR per share (as of Sep 24, 2026), against a price of 600.00 IDR. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Mulia Boga Raya PT stock overvalued or undervalued in 2026?
As of Sep 24, 2026, KEJU trades above its calculated fair value: price 600.00 IDR, fair value 416.97 IDR, a gap of about −31% (overvalued). 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 KEJU?
No. The price is what the market pays today (600.00 IDR); the fair value is what the company's own numbers justify (416.97 IDR). For Mulia Boga Raya PT the two are 183.03 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Mulia Boga Raya PT worth?
The market values Mulia Boga Raya PT at about 3.4T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 600.00 IDR; our models calculate a fair value of 416.97 IDR per share.
What do the bullish and bearish scenarios say about KEJU?
Our models span a range for Mulia Boga Raya PT: cautious scenario 240.25 IDR, base 416.97 IDR, optimistic 666.40 IDR per share (as of Sep 24, 2026, price 600.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KEJU?
Mulia Boga Raya PT trades at a price-to-earnings ratio of 17.4 (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 416.97 IDR is built from several models across several years. Other multiples: P/B 4.0, P/S 1.9, EV/EBITDA 12.3.
How solid is the balance sheet of Mulia Boga Raya PT (KEJU)?
Balance-sheet figures for Mulia Boga Raya PT (as of Sep 24, 2026): return on equity 24.0%, debt of 0.00 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is KEJU from its 52-week high?
Mulia Boga Raya PT trades at 600.00 IDR, about 21% below its 52-week high of 762.37 IDR and 22% above the low of 490.44 IDR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 416.97 IDR is for.
Which stocks are comparable to Mulia Boga Raya PT?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, The Kraft Heinz Company, Foshan Haitian Flavouring and Food 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 Mulia Boga Raya PT stock attractive at the current price?
The data as of Sep 24, 2026: price 600.00 IDR, calculated fair value 416.97 IDR (−31%), Quality Score 56/100, from 26 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 KEJU calculated?
We run Mulia Boga Raya PT through 26 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 416.97 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. Mulia Boga Raya PT itself currently trades above fair value. 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 Mulia Boga Raya PT (KEJU)?
The closing price on Sep 24, 2026 was 600.00 IDR. Our model-based fair value is 416.97 IDR, about −31% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mulia Boga Raya PT right now?
The model range is unusually wide (240.25 IDR to 666.40 IDR). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Mulia Boga Raya PT
How large is the market capitalisation of Mulia Boga Raya PT (KEJU)?
The market capitalisation of Mulia Boga Raya PT is 3.4T IDR (≈ $189M). 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 Mulia Boga Raya PT (KEJU)?
The price-to-sales ratio of Mulia Boga Raya PT is 2.08 (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 Mulia Boga Raya PT (KEJU)?
Earnings per share at Mulia Boga Raya PT are 34.40 IDR (price ÷ EPS = P/E 17.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mulia Boga Raya PT (KEJU)?
The dividend yield of Mulia Boga Raya PT is 2.7% (payout 46.5%). 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 Mulia Boga Raya PT (KEJU)?
The net margin of Mulia Boga Raya PT is 11.9% (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 Mulia Boga Raya PT (KEJU)?
The return on equity (ROE) of Mulia Boga Raya PT is 24.0% (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 Mulia Boga Raya PT (KEJU)?
On an EBIT basis the return on assets of Mulia Boga Raya PT is 17.8% (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 Mulia Boga Raya PT (KEJU)?
The operating margin of Mulia Boga Raya PT is 12.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mulia Boga Raya PT (KEJU)?
Revenue at Mulia Boga Raya PT is growing +55.0% versus a year earlier (3y avg +13.0%). 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 Mulia Boga Raya PT (KEJU)?
Earnings per share at Mulia Boga Raya PT are growing +39.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Mulia Boga Raya PT (KEJU) hold?
Mulia Boga Raya PT holds more cash than debt, 259B IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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