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Nusantara Almazia (NZIA) Fair Value & Analysis

Real Estate · ID · Market cap 325B IDR (≈ $32.5M) · ISIN ID1000151400

NA Nusantara Almazia NZIA · JK
Price149.00 IDR
Fair Value12.96 IDR
Upside-91.3%
Quality35/100
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Strengths

Low debt · generates free cash flow

Risks

!Trades 1049% ABOVE our fair value of 12.96 IDR
!Weak Growth (revenue 5y −7.8 %/yr)
!Loss-making · -29.6% net margin
!Trails peers (3/10)
Weak Growth (revenue 5y −7.8 %/yr)
Loss-making · -29.6% net margin
Low debt · generates free cash flow
Trails peers (3/10)
Narrow moat 20/100
Evidence: Low Range 4.09 IDR – 21.84 IDR Share as image

Fair value as of: Aug 27, 2026

From 7 valuation models · updated 4 days ago

Share price +8.8% over the past month.

Below-average quality, and trading another 1,049% above our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price sits above even our optimistic bull case (21.84 IDR). The favourable scenario is already priced in.
  • Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (4.09 IDR to 21.84 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.
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Price vs Fair Value (5 years)

380.00 IDR 50.00 IDR Fair Value 12.96 IDR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range 50.00 IDR – 380.00 IDR · fair‑value band 4.09 IDR – 21.84 IDR · the 149.00 IDR price screens above the 12.96 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Nusantara Almazia (NZIA) currently trades at 149.00 IDR, while our model-based Fair Value estimate is 12.96 IDR, implying the stock looks roughly 91.3% overvalued today. The Quality Score stands at 35/100 (below-average quality), in the Real Estate 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: low).

Over the trailing twelve months, Nusantara Almazia generated revenue of 40.6B IDR at a net margin of -33.8%. Revenue declined 74.9% year over year. It earns a return on equity of -2.9%. Net debt stands at 43.0B IDR. Fundamentals as of Aug 27, 2026

Our scenario range runs from 4.09 IDR (bear case) to 21.84 IDR (bull case); at 149.00 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 53% below its 52-week high and 113% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -19% fair-value upside, at -91%, NZIA screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.88 IDR per share, which is 6.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (5.71 IDR to 140.83 IDR). Read the values as a conservative anchor, not as a price target.
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
FCF DCF 0.1200 IDR 11.71 IDR 34.02 IDR 69
5Y Revenue Exit 7.93 IDR 23.88 IDR 69
Rev-Margin DCF 8.55 IDR 22.79 IDR 69
All 7 models by family
DCF Models
FCF DCF 0.1200 IDR 11.71 IDR 34.02 IDR 69
5Y Revenue Exit 7.93 IDR 23.88 IDR 69
10Y Revenue Exit 5.71 IDR 14.76 IDR 64
Multiples
EV/Revenue 7.55 IDR 17.99 IDR 50
Asset-Based
NCAV (Graham) 105.10 IDR 140.83 IDR 210.20 IDR 54
Growth DCF
Growth DCF 1.52 IDR 12.87 IDR 33.07 IDR 67
Rev-Margin DCF 8.55 IDR 22.79 IDR 69

Widest divergence: Asset-Based (140.83 IDR) versus Multiples (7.55 IDR). Highest evidence: FCF DCF (69).

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Key figures & financial health

P/E ratio 112.5 as of Jul 16, 2026
P/S ratio 10.6 TTM
EPS (TTM) 1.32 IDR price ÷ EPS = P/E 112.5
Net margin -25.5% FY2025
Return on equity -2.9% TTM
Return on assets (EBIT) -0.3% avg 5y
More key figures
Profitability
Operating margin -65.9% TTM
Growth
Revenue (TTM) 40.6B IDR TTM
Revenue growth (YoY) -74.9% 3y avg -14.1%
EPS growth (YoY) -86.9%
Balance sheet & cash flow
Free cash flow 5.9B IDR FY2025
Net debt 43.0B IDR FY2025 · ≈ 7.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 35/100

Of which business quality 36 · Market factors (momentum, volatility) 45

Profitability 5
Margins and returns on capital today
Quality Growth 19
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 41
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 61
Distance to the 52-week high (market factor)
Net Issuance 0
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

PT Nusantara Almazia Tbk engages in the property development business in Indonesia. It develops residential property for the lower middle-class society; and apartments. The company was founded in 2007 and is headquartered in Karawang, Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Nusantara Almazia reported revenue of 53.6B IDR in FY2025 versus 100B IDR in FY2021, a compound −14.5%/yr. Reported net income was −13.7B IDR in FY2025.

Growth Quality 23/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
53.6B IDR
Latest YoY
−15.8%
Avg. revenue 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.
−14.1%
Avg. revenue 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.
−7.8%
Avg. revenue 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.
−12.2%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue −14.5%/yr
FY21 100B IDR
FY22 84.7B IDR
FY23 45.1B IDR
FY24 63.7B IDR
FY25 53.6B IDR
Net income
FY21 1.3B IDR
FY22 −37.6M IDR
FY23 −9.1B IDR
FY24 −8.9B IDR
FY25 −13.7B IDR

NZIA screens 1,049% overvalued. Compare with Sun Hung Kai Properties Limited →

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Cite: Fair Value Calculator (2026). "Nusantara Almazia Fair Value". https://www.fairvalue-calculator.com/stock/NZIA

Peer Group

Real Estate - Development · 594 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 33 · Bottom 25%
Fair Value upside −91% · Bottom 25%
Return on assets -1% · Bottom 25%
Net margin (TTM) -30% · Bottom 25%
Operating margin (TTM) 8% · Below median
Revenue growth 25% · Above median
Debt / equity 0.14× · Lower than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 112.5× · Pricier than 75% of peers
P/FCF 0.0× · 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 47
FUTURE100 · sector 0
PAST0 · sector 10
HEALTH93 · sector 85
DIVIDEND0 · sector 55

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

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

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 80016 HK$109.70 HK$88.93 -19%
China Resources Land Limited 1109 HK$35.24 HK$72.16 +105%
Vinhomes Joint Stock Company VHM 71,700 VND 109,431 VND +53%
CK Asset Holdings 1113 HK$46.12 HK$68.85 +49%
Hongkong Land Holdings H78 $8.20 $1.52 -81%
DLF Limited DLF ₹667.10 ₹170.24 -74%
China Overseas Land & Investment Limited 0688 HK$13.76 HK$22.92 +67%
Macrotech Developers Limited LODHA ₹1,244 ₹583.42 -53%
Sino Land Company 0083 HK$10.33 HK$6.99 -32%
PT Pantai Indah Kapuk Dua Tbk, PANI 5,925 IDR 1,325 IDR -78%

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Frequently asked questions

Is Nusantara Almazia (NZIA) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of 12.96 IDR versus a price of 149.00 IDR, about −91% (overvalued).
What is the fair value of NZIA?
Our model-based fair value for Nusantara Almazia is 12.96 IDR (as of Aug 27, 2026), built from audited fundamentals. The current price: 149.00 IDR.
What is the quality score of NZIA?
Nusantara Almazia has a Quality Score of 35/100. 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 Nusantara Almazia (NZIA)?
Nusantara Almazia reported trailing-twelve-month revenue of about 40.6B IDR (latest available figure, as of Aug 27, 2026).
What is the net profit margin of NZIA?
The net profit margin of Nusantara Almazia is about -33.8%, meaning it is currently running at a net loss. 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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