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PT Nusa Raya Cipta Tbk (NRCA) Fair Value & Analysis

Industrials · ID · Market cap 1.2T IDR

PN PT Nusa Raya Cipta Tbk NRCA · JK
Price525.00 IDR
Fair Value1,097 IDR
Upside+108.9%
Quality57/100
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Expensive Growth
Thin margins · 4.9% net margin
Low debt · generates free cash flow
Ranks above peers (12/14)
Moderate moat 45/100
Evidence: High Range 705.46 IDR – 1,494 IDR Share as image

Fair value as of: Jul 18, 2026

From 25 valuation models · updated 23 days ago

Share price +15.6% over the past month.

A solid business, screening 109% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (705.46 IDR). The market is more pessimistic than our downside scenario.
  • Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (705.46 IDR to 1,494 IDR) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

1,839 IDR 176.65 IDR Fair Value 1,097 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 176.65 IDR – 1,839 IDR · fair‑value band 705.46 IDR – 1,494 IDR · the 525.00 IDR price screens below the 1,097 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

PT Nusa Raya Cipta Tbk (NRCA) currently trades at 525.00 IDR, while our model-based Fair Value estimate is 1,097 IDR, implying the stock looks roughly 108.9% undervalued today. The Quality Score stands at 57/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, PT Nusa Raya Cipta Tbk generated revenue of 3.6T IDR at a net margin of 4.9%. Revenue grew 14.2% year over year. It earns a return on equity of 13.7%. The balance sheet holds a net cash position of 328B IDR. Fundamentals as of Jul 18, 2026

Our scenario range runs from 705.46 IDR (bear case) to 1,494 IDR (bull case); at 525.00 IDR, the current price sits below 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 73% below its 52-week high and 91% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 109%, NRCA 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 302.58 IDR 326.23 IDR 362.40 IDR 80
Residual Income 526.53 IDR 653.86 IDR 1,525 IDR 76
ROIC Compounder 979.73 IDR 1,186 IDR 1,433 IDR 72
All 25 models by family
DCF Models
FCF DCF 301.85 IDR 328.74 IDR 372.73 IDR 38
Owner Earnings 1,133 IDR 1,687 IDR 2,593 IDR 31
5Y Revenue Exit 705.46 IDR 1,097 IDR 1,614 IDR 39
5Y EBITDA Exit 732.03 IDR 1,147 IDR 1,645 IDR 41
5Y P/E Exit 938.66 IDR 1,540 IDR 2,188 IDR 38
10Y Revenue Exit 544.53 IDR 875.42 IDR 1,351 IDR 36
10Y EBITDA Exit 583.78 IDR 911.63 IDR 1,376 IDR 37
10Y P/E Exit 719.36 IDR 1,193 IDR 1,807 IDR 35
Earnings-Based
Graham-Dodd 478.14 IDR 1,603 IDR 2,148 IDR 54
Lynch FV 364.72 IDR 521.03 IDR 677.34 IDR 50
PEG = 1.0 364.72 IDR 521.03 IDR 677.34 IDR 46
EPV 923.35 IDR 1,041 IDR 1,145 IDR 59
Dividend Discount
Gordon GGM 206.24 IDR 450.27 IDR 757.59 IDR 70
DDM Multi-Stage 206.24 IDR 359.99 IDR 469.25 IDR 61
Multiples
P/E Multiple 1,107 IDR 1,477 IDR 1,846 IDR 63
P/S Multiple 896.52 IDR 1,195 IDR 1,494 IDR 58
P/B Multiple 896.52 IDR 1,195 IDR 1,494 IDR 55
EV/EBIT 1,200 IDR 1,513 IDR 1,827 IDR 53
EV/EBITDA 1,023 IDR 1,277 IDR 1,532 IDR 54
EV/Revenue 930.72 IDR 1,218 IDR 1,506 IDR 43
Asset-Based
NCAV (Graham) 273.73 IDR 366.79 IDR 547.45 IDR 50
Growth DCF
Growth DCF 302.58 IDR 326.23 IDR 362.40 IDR 80
Economic Profit
Residual Income 526.53 IDR 653.86 IDR 1,525 IDR 76
ROIC Compounder 979.73 IDR 1,186 IDR 1,433 IDR 72
Growth Earnings
Growth-Adj P/E 940.19 IDR 1,343 IDR 1,746 IDR 68

Widest divergence: Growth Earnings (1,343 IDR) versus Growth DCF (326.23 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.6T IDR
Revenue growth (YoY) +14.2%
Net margin 4.9%
Return on equity 13.7%
Free cash flow 8.7B IDR FY2025
P/E ratio 5.8
More key figures
Operating margin 3.9%
EPS (TTM) 71.01 IDR
EPS growth (YoY) +219%
Net cash 328B IDR FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 55 · Market factors (momentum, volatility) 24

Profitability 49
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 15
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 72
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 Nusa Raya Cipta Tbk provides construction services to commercial building and infrastructure in Indonesia. The company constructs hotels; offers wholesale and retail services; car and motorcycle repair and maintenance; processing industry; transportation and warehousing; and finance and insurance services.

Full company description

PT Nusa Raya Cipta Tbk provides construction services to commercial building and infrastructure in Indonesia. The company constructs hotels; offers wholesale and retail services; car and motorcycle repair and maintenance; processing industry; transportation and warehousing; and finance and insurance services. It is also involved in real estate sector; provision of accommodation, food, and beverage; rental and leasing; employment; travel agent and other supporting businesses; professional, scientific, and technical activities; arts, entertainment and recreation activities; agriculture, forestry, and fisheries business; and information and communication business. The company was founded in 1968 and is headquartered in Jakarta, Indonesia. PT Nusa Raya Cipta Tbk is a subsidiary of PT Surya Semesta Internusa Tbk.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Nusa Raya Cipta Tbk reported revenue of 3.6T IDR in FY2025 versus 1.7T IDR in FY2021, a compound +21.3%/yr. Reported net income was 176B IDR in FY2025, compounding +59.4%/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)
3.6T IDR
Latest YoY
+7.1%
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.
+13.6%
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.
+11.6%
Avg. growth/yr (15Y) 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.
+8.9%
Revenue +21.3%/yr
FY21 1.7T IDR
FY22 2.5T IDR
FY23 2.9T IDR
FY24 3.4T IDR
FY25 3.6T IDR
Net income +59.4%/yr
FY21 27.2B IDR
FY22 74.7B IDR
FY23 99.5B IDR
FY24 81.6B IDR
FY25 176B IDR
Character of growth · EPS growth decomposed (2014-2025) −5.0 % p.a.
Revenue per share +0.8 pp

of which total revenue +0.6 pp · buybacks/dilution +0.2 pp

EBIT margin +0.2 pp
Tax rate +2.8 pp
Residual (interest, one-offs) −8.8 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "PT Nusa Raya Cipta Tbk Fair Value". https://www.fairvalue-calculator.com/stock/NRCA

Peer Group

Engineering & Construction · 839 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 57 · Above median
Fair Value upside +109% · Top 25%
Return on equity (TTM) 13% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 5% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth -6% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 7.0× · Cheaper than 75% of peers
P/B 0.91× · Cheaper than median
P/S (TTM) 0.35× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 2.2× · Cheaper 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 100 · sector 16
FUTURE 0 · sector 17
PAST 52 · sector 26
HEALTH 100 · sector 94
DIVIDEND 0 · sector 33

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is PT Nusa Raya Cipta Tbk (NRCA) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 1,097 IDR versus a price of 525.00 IDR, about +109% (undervalued).
What is the fair value of NRCA?
Our model-based fair value for PT Nusa Raya Cipta Tbk is 1,097 IDR (as of Jul 18, 2026), built from audited fundamentals. The current price is 525.00 IDR.
What is the quality score of NRCA?
PT Nusa Raya Cipta Tbk has a Quality Score of 57/100. 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 Nusa Raya Cipta Tbk (NRCA)?
PT Nusa Raya Cipta Tbk reported trailing-twelve-month revenue of about 3.6T IDR (latest available figure, as of Jul 18, 2026).
What is the net profit margin of NRCA?
The net profit margin of PT Nusa Raya Cipta Tbk is about 4.9%, meaning it keeps roughly 4.9% 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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