EN DE

Perusahaan Gas Negara Persero (PGAS) Fair Value & Analysis

Utilities · ID · Market cap 36.4T IDR (≈ $3.6B) · ISIN ID1000111602

What is Perusahaan Gas Negara Persero really worth?

PG Perusahaan Gas Negara Persero PGAS · JK
Price1,530 IDR
Fair Value2,853 IDR
Upside+86.5%
Quality67/100

A solid business, trading 46% below our fair value of 2,853 IDR.

Watch Perusahaan Gas Negara Persero for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card. Watch for free

Strengths

✓Healthy Growth (revenue 5y +6.4 %/yr)
✓Low debt · generates free cash flow
✓Ranks above peers (12/14)

Risks

!Thin margins · 6.2% net margin
!Moderate moat 47/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range 2,140 IDR – 3,566 IDR

Fair value as of: Aug 19, 2026

From 25 valuation models · updated 12 days ago

Fair value updated Aug 19, 2026, revised from 2,858 IDR to 2,853 IDR (−0.2%) since Aug 13, 2026. Share price +2.0% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

What matters now

  • The price is below even our cautious bear case (2,140 IDR). The market is more pessimistic than our downside scenario.
  • 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 quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

2,271 IDR 620.54 IDR Fair Value 2,853 IDR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range 620.54 IDR – 2,271 IDR · fair‑value band 2,140 IDR – 3,566 IDR · the 1,530 IDR price screens below the 2,853 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.

Full chart & analysis →

Which stocks are undervalued right now? Check free Discover now →

Analysis

Perusahaan Gas Negara Persero (PGAS) currently trades at 1,530 IDR, while our model-based Fair Value estimate is 2,853 IDR, implying the stock looks roughly 46.4% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Utilities sector. Bull case: the Growth DCF group reads highest at a median of 5,884 IDR per share, and 23 of the 25 models we run sit above the 1,530 IDR price. Bear case: the Asset-Based group reads lowest at 1,426 IDR, and 2 of the 25 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Perusahaan Gas Negara Persero generated revenue of 3.9B IDR at a net margin of 6.2%. Revenue declined 3.8% year over year. It earns a return on equity of 10.1%. The balance sheet holds a net cash position of 265M IDR. Fundamentals as of Aug 19, 2026

Our scenario range runs from 2,140 IDR (bear case) to 3,566 IDR (bull case); at 1,530 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 35% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at −24% fair-value upside, at 86%, PGAS screens cheaper 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 120.95 IDR per share, which is 4.2 % 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, family-balanced 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. Every input is real reported data, nothing guessed.

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 best evidence 4,992 IDR 6,954 IDR 9,985 IDR 81
Growth DCF 5,171 IDR 6,954 IDR 9,628 IDR 79
Owner Earnings 3,744 IDR 5,349 IDR 7,489 IDR 77
All 25 models by family
DCF Models
FCF DCF best evidence 4,992 IDR 6,954 IDR 9,985 IDR 81
Owner Earnings 3,744 IDR 5,349 IDR 7,489 IDR 77
5Y Revenue Exit 4,101 IDR 5,706 IDR 7,845 IDR 73
5Y EBITDA Exit 4,814 IDR 7,132 IDR 9,450 IDR 76
5Y P/E Exit 3,388 IDR 4,279 IDR 5,349 IDR 72
10Y Revenue Exit 4,279 IDR 5,884 IDR 7,667 IDR 68
10Y EBITDA Exit 4,814 IDR 6,775 IDR 8,915 IDR 69
10Y P/E Exit 3,923 IDR 4,814 IDR 5,884 IDR 65
Earnings-Based
Graham-Dodd 1,070 IDR 2,318 IDR 3,031 IDR 65
PEG = 1.0 356.60 IDR 534.90 IDR 713.20 IDR 57
EPV 3,209 IDR 3,566 IDR 4,101 IDR 74
Dividend Discount
Gordon GGM 2,675 IDR 4,458 IDR 6,419 IDR 68
DDM Multi-Stage 2,675 IDR 3,923 IDR 5,527 IDR 66
Multiples
P/E Multiple 2,140 IDR 2,853 IDR 3,566 IDR 63
P/S Multiple 1,961 IDR 2,675 IDR 3,388 IDR 58
P/B Multiple 1,961 IDR 2,675 IDR 3,388 IDR 55
EV/EBIT 4,636 IDR 6,062 IDR 7,310 IDR 66
EV/EBITDA 5,349 IDR 6,954 IDR 8,558 IDR 67
EV/Revenue 3,923 IDR 5,349 IDR 6,775 IDR 54
Asset-Based
NCAV (Graham) 1,070 IDR 1,426 IDR 1,961 IDR 54
Growth DCF
Growth DCF 5,171 IDR 6,954 IDR 9,628 IDR 79
Rev-Margin DCF 4,101 IDR 5,884 IDR 7,667 IDR 73
Economic Profit
Residual Income 1,783 IDR 1,783 IDR 2,140 IDR 76
ROIC Compounder 3,209 IDR 3,923 IDR 4,636 IDR 72
Growth Earnings
Growth-Adj P/E 1,605 IDR 2,318 IDR 3,031 IDR 67

Widest divergence: Growth DCF (5,884 IDR) versus Asset-Based (1,426 IDR). Highest evidence: FCF DCF (81).

Notify me when PGAS reaches fair value

Free. You confirm by email (double opt-in) and can unsubscribe anytime in one click.

Key figures & financial health

P/E ratio 8.5
P/S ratio 0.46 P/E × margin
EPS (TTM) 180.14 IDR price ÷ EPS = P/E 8.5
Net margin 5.4% FY2025
Return on equity 10.1% TTM
Return on assets (EBIT) 7.6% avg 5y
More key figures
Profitability
Operating margin 13.2% TTM
Growth
Revenue (TTM) 3.9B IDR TTM
Revenue growth (YoY) −3.8% 3y avg +3.2%
EPS growth (YoY) +45.8%
Balance sheet & cash flow
Free cash flow 533M IDR FY2025
Net cash 265M IDR FY2025

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 65 · Market factors (momentum, volatility) 40

Profitability 33
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 73
Earnings quality: real cash, not paper profit
Fin. Strength 74
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 24
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.

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 Perusahaan Gas Negara (Persero) Tbk, together with its subsidiaries, engages in the transmission and distribution of natural gas in Indonesia. It operates through three segments: Trading and Transmission, Exploration and Production of Oil and Gas, and Other Operations.

Full company description

PT Perusahaan Gas Negara (Persero) Tbk, together with its subsidiaries, engages in the transmission and distribution of natural gas in Indonesia. It operates through three segments: Trading and Transmission, Exploration and Production of Oil and Gas, and Other Operations. The company is involved in the trading and transmission of oil and gas; processing of liquefied natural gas (LNG) to industrial, commercial and household customers; and trading of LNG and natural gas. It also engages in exploration, exploitation, and business development in oil and gas; provision of fiber optic for network services, as well as construction and maintenance services to customers and management; management and leasing buildings and equipment; and distribution of oil and natural gas. In addition, the company provides telecommunication, engineering, consultancy and services. The company was formerly known as PT Perusahaan Gas Negara Tbk and changed its name to PT Perusahaan Gas Negara (Persero) Tbk in January 2026. The company was founded in 1859 and is headquartered in Jakarta, Indonesia. As of April 30, 2018, PT Perusahaan Gas Negara (Persero) Tbk operates as a subsidiary of PT Pertamina (Persero).

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Perusahaan Gas Negara Persero reported revenue of $3.9B in FY2025 versus $3.0B in FY2021, a compound +6.6%/yr. Reported net income was $213M in FY2025, compounding −8.5%/yr from FY2021.

Growth Quality 72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
3.9B IDR
Latest YoY
+3.7%
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.
+3.2%
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.
+6.4%
Avg. revenue growth/yr (23Y) ⓘ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.
−25.2%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+2.8% (2.8 + 0.0)
Revenue +6.6%/yr
FY21 $3.0B
FY22 $3.6B
FY23 $3.6B
FY24 $3.8B
FY25 $3.9B
Net income −8.5%/yr
FY21 $304M
FY22 $326M
FY23 $278M
FY24 $339M
FY25 $213M
Character of growth · EPS growth decomposed (2014-2025) −5.9 % p.a.
Revenue per share +2.1 %

of which total revenue +2.1 % · buybacks/dilution +0.0 %

EBIT margin −4.7 %
Tax rate −2.2 %
Residual (interest, one-offs) −1.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

Watch PGAS: get an alert when its fair value changes →

Run the numbers yourself: free valuation calculators
DCF CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorFama-French ModelIntrinsic Value
Share or link this analysis
𝕏 Post WhatsApp LinkedIn Reddit
For bloggers & editors: embed code + live data

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.

Perusahaan Gas Negara Persero · Fair Value
2,853 IDR +46%Fair Value
Calculator →

Cite: Fair Value Calculator (2026). "Perusahaan Gas Negara Persero Fair Value". https://www.fairvalue-calculator.com/stock/PGAS

Peer Group

Utilities - Regulated Gas · 104 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 67 · Top 25%
Fair Value upside +86% · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 5% · Top 25%
Net margin (TTM) 6% · Below median
Operating margin (TTM) 13% · Above median
Revenue growth −4% · Above median
Debt / equity 0.20× · Lower than median

Valuation Multiples vs Utilities - Regulated Gas median · lower = cheaper

P/E (TTM) 8.5× · Cheaper than 75% of peers
P/B 1.33× · Cheaper than median
P/S (TTM) 0.92× · Cheaper than median
P/FCF 6.8× · Pricier than 75% of peers
EV/EBITDA 3.3× · Cheaper than 75% of peers
PEG 1.01× · Cheaper than 75% of peers

Strength profile in five axes (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
VALUE100 · sector 25
FUTURE0 · sector 0
PAST40 · sector 35
HEALTH90 · sector 85
DIVIDEND0 · sector 72

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 Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
Naturgy Energy Group NTGY €29.60 €31.58 +7%
Atmos Energy Corporation ATO $166.65 $85.67 −49%
NiSource Inc NI $41.13 $28.59 −30%
Uniper SE UN0 €47.45 €48.32 +2%
The Hong Kong and China Gas Company 0003 HK$7.31 HK$4.79 −34%
GAIL (India) Limited GAIL ₹171.10 ₹130.21 −24%
Italgas S.p.A IG €8.67 €8.63 −1%
Adani Total Gas Limited ATGL ₹654.05 ₹101.36 −85%
ENN Natural Gas Co 600803 ¥17.51 ¥25.71 +47%
UGI Corporation UGI $38.01 $26.72 −30%

Compare Perusahaan Gas Negara Persero with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

Explore undervalued stocks

More undervalued Utilities stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names ⭐ Top Rated 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screener Filter by region, size and sector Compare tool Two stocks side by side Fama-French 3-Factor Model Calculator Run the Fama-French 3-factor model in seconds: expected return from the market, size and value factors - free, with formula, betas and an example. Peter Lynch Fair Value Formula & Calculator Apply Peter Lynch's fair value formula in seconds: fair P/E ≈ earnings growth (+ dividend) - free, with formula and example.

Frequently asked questions

Is Perusahaan Gas Negara Persero (PGAS) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of 2,853 IDR versus a price of 1,530 IDR, about +86% upside (undervalued).
What is the fair value of PGAS?
Our model-based fair value for Perusahaan Gas Negara Persero is 2,853 IDR (as of Aug 19, 2026), built from audited fundamentals. The current price: 1,530 IDR.
What is the quality score of PGAS?
Perusahaan Gas Negara Persero has a Quality Score of 67/100. 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 Perusahaan Gas Negara Persero (PGAS)?
Perusahaan Gas Negara Persero reported trailing-twelve-month revenue of about 3.9B IDR (latest available figure, as of Aug 19, 2026).
What is the net profit margin of PGAS?
The net profit margin of Perusahaan Gas Negara Persero is about 6.2%, meaning it keeps roughly 6.2% of revenue as net income. Based on the latest reported figures.
Free · no account needed

Watch Perusahaan Gas Negara Persero in the live analysis

One click puts Perusahaan Gas Negara Persero on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.