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Multi Makmur Lemindo (PIPA) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Multi Makmur Lemindo stock IDR 53, price IDR 82, that is 35.1% below the price, quality 45 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Industrials ID

MM Multi Makmur Lemindo logo Thin data Nov 10, 2026

Multi Makmur Lemindo

PIPA · JK
Very expensive, weak quality

Our calculation puts a fair price 35% below what the stock costs today.

Low debt
Revenue last quarter +27% vs. a year ago.
Quality 45/100
Fair value 53.23 IDR · Strongly overvalued
Weak Growth (revenue 5y −9.4 %/yr in IDR)
Loss-making · -76.3% net margin (TTM)
Negative free cash flow
Trails peers (3/10)
Narrow moat 27/100
Thin data
Estimate
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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

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Price vs Fair Value

625.00 IDR 6.00 IDR Fair Value 53.23 IDR Apr 2023 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

43‑month range 6.00 IDR – 625.00 IDR · fair‑value band 39.92 IDR – 66.53 IDR · the 82.00 IDR price screens above the 53.23 IDR fair value. As of Nov 10, 2026.

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Company profile

PT. Multi Makmur Lemindo engages in the production and sale of polymer vinyl chloride (PVC)-based plastic in Indonesia. The company offers PVC pipes, HDPE pipes, Rubicon PVC fittings, PVC glue, PVC gutters, casting buckets, and other accessories.

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It serves the industry, trade, construction, services, transportation, agriculture, printing, and workshops sectors. The company was founded in 2005 and is based in Tangerang, Indonesia.

Stock analysis

Multi Makmur Lemindo (PIPA) currently trades at 82.00 IDR, while our estimate is 53.23 IDR, 35% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: 39.92 IDR (bear) to 66.53 IDR (bull), the price of 82.00 IDR sits above 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 45/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Multi Makmur Lemindo reported revenue of 23.9B IDR in FY2025 versus 38.5B IDR in FY2021, a compound −11.3%/yr. Reported net income was −17.6B IDR in FY2025.

Key figures

Market cap 281B IDR (≈ $15.6M) Micro · P/S ratio 11.9 · EPS (TTM) −4.85 IDR · Net margin −76.3% · Return on equity −16.6% · Return on assets (EBIT) 3.2% (5-year average) · Operating margin 25.5% · Revenue (TTM) 23.3B IDR.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (medium confidence).

What moves the price

The share trades about 75% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −33% fair-value upside, at −35%, PIPA screens richer than that median.

Fair Value

Bear 39.92 IDR Fair Value 53.23 IDR Bull 66.53 IDR
Price 82.00 IDR · Downside -35.1%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 45/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 4
How much profit the company makes from its sales and capital
Quality Growth 19
Are margins and returns getting better?
Cashflow 21
Do the profits arrive as real cash?
Financial strength 84
Debt, balance sheet and risk of trouble
Investment 84
Does it invest with discipline instead of growing at any price?
Low Volatility 24
How calm the share price moves, does not count
Price momentum 4
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 2
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−11.6%
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.
−15.2%
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.
−9.4%
Start year 2020 (pandemic)
Revenue growth 6 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.
−13.8%
Profit margin (trend) ⓘ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.
8.9% (2020) → −21.8% (2025)
What shareholders gained per year ⓘ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

PIPA screens overvalued: fair value 35% below the price. Compare with Johnson Controls International plc →

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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.Building Products & Equipment · 263 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 45 · Below median
Fair Value upside −35.1% · Below median
Profitability
Return on assets −17.6% · Bottom 25%
Net margin (12 months) −76.3% · Bottom 25%
Operating margin (12 months) 25.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 27.0% · Top 25%
Balance sheet
Debt / equity 0.01× · Lowest 25%

Valuation Multiplesvs Building Products & Equipment median · lower = cheaper

P/B 4.35× · Priciest 25%
P/S (12 months) 12.08× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 19
FUTURE (revenue growth)100 · sector 26
PAST (return on equity)0 · sector 23
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)0 · sector 41

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

Context: sector, industry, market

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 Building Products & Equipment stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Compagnie de Saint-Gobain S.A SGO €76.34 €93.79 +23% vs PIPA
Carlisle Companies Incorporated CSL $395.23 $347.14 −12% vs PIPA
Madison Air Solutions Corporation MAIR $23.94 $20.32 −15% vs PIPA
Kingspan Group KRX €96.70 €68.99 −29% vs PIPA
Masco Corporation MAS $84.80 $56.97 −33% vs PIPA
Trane Technologies plc TT $420.82 $223.94 −47% vs PIPA
Johnson Controls International plc JCI $141.12 $73.99 −48% vs PIPA
Geberit AG GEBN CHF 595.60 CHF 303.40 −49% vs PIPA
Carrier Global Corporation CARR $53.01 $19.35 −64% vs PIPA
BELIMO Holding BEAN CHF 758.00 CHF 236.88 −69% vs PIPA

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Multi Makmur Lemindo: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Multi Makmur Lemindo Fair Value". https://www.fairvalue-calculator.com/stock/PIPA

Frequently asked questions

Is Multi Makmur Lemindo (PIPA) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is 53.23 IDR versus a price of 82.00 IDR, about 35% lower (overvalued).
What is the fair value of PIPA?
Our estimate for Multi Makmur Lemindo is 53.23 IDR (as of Nov 10, 2026), built from audited fundamentals. The current price: 82.00 IDR.
What is the quality score of PIPA?
Multi Makmur Lemindo has a Quality Score of 45/100. 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 Multi Makmur Lemindo (PIPA)?
Our calculated price target is the estimate of 53.23 IDR (as of Nov 10, 2026). Cautious scenario 39.92 IDR, optimistic scenario 66.53 IDR. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Multi Makmur Lemindo stock forecast for 2026?
Our estimate puts fair value at 53.23 IDR, about 35% lower versus a price of 82.00 IDR (overvalued). Cautious scenario 39.92 IDR, optimistic scenario 66.53 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Multi Makmur Lemindo (PIPA)?
Multi Makmur Lemindo reported trailing-twelve-month revenue of about 23.3B IDR (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Multi Makmur Lemindo (PIPA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Multi Makmur Lemindo it is 53.23 IDR per share (as of Nov 10, 2026), against a price of 82.00 IDR.
Is Multi Makmur Lemindo stock overvalued or undervalued in 2026?
As of Nov 10, 2026, PIPA trades above its calculated fair value: price 82.00 IDR, fair value 53.23 IDR, a gap of about −35% (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 PIPA?
No. The price is what the market pays today (82.00 IDR); the fair value is what the company's own numbers justify (53.23 IDR). For Multi Makmur Lemindo the two are 28.77 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Multi Makmur Lemindo worth?
The market values Multi Makmur Lemindo at about 281B IDR (market capitalisation, as of Nov 10, 2026). Per share that is 82.00 IDR; our models calculate a fair value of 53.23 IDR per share.
What do the bullish and bearish scenarios say about PIPA?
Our models span a range for Multi Makmur Lemindo: cautious scenario 39.92 IDR, base 53.23 IDR, optimistic 66.53 IDR per share (as of Nov 10, 2026, price 82.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Multi Makmur Lemindo (PIPA)?
Balance-sheet figures for Multi Makmur Lemindo (as of Nov 10, 2026): return on equity −16.6%, debt of 0.01 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is PIPA from its 52-week high?
Multi Makmur Lemindo trades at 82.00 IDR, about 75% below its 52-week high of 330.00 IDR and 14% above the low of 72.00 IDR (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 53.23 IDR is for.
Which stocks are comparable to Multi Makmur Lemindo?
From the same area (Industrials) we also value Johnson Controls International plc, Trane Technologies plc, Carrier Global Corporation, Compagnie de Saint-Gobain S.A, 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 Multi Makmur Lemindo stock attractive at the current price?
The data as of Nov 10, 2026: price 82.00 IDR, calculated fair value 53.23 IDR (−35%), Quality Score 45/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Multi Makmur Lemindo 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 Multi Makmur Lemindo (PIPA)?
The closing price on Nov 10, 2026 was 82.00 IDR. Our estimate is 53.23 IDR, about 35% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Multi Makmur Lemindo right now?
The price sits above even our optimistic bull case (66.53 IDR). The favourable scenario is already priced in. Weak quality (45/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Multi Makmur Lemindo

How large is the market capitalisation of Multi Makmur Lemindo (PIPA)?
The market capitalisation of Multi Makmur Lemindo is 281B IDR (≈ $15.6M). 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 Multi Makmur Lemindo (PIPA)?
The price-to-sales ratio of Multi Makmur Lemindo is 11.9 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Multi Makmur Lemindo (PIPA)?
Earnings per share at Multi Makmur Lemindo are −4.85 IDR. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Multi Makmur Lemindo (PIPA)?
The net margin of Multi Makmur Lemindo is −76.3% (last twelve months). 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 Multi Makmur Lemindo (PIPA)?
The return on equity (ROE) of Multi Makmur Lemindo is −16.6% (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 Multi Makmur Lemindo (PIPA)?
On an EBIT basis the return on assets of Multi Makmur Lemindo is 3.2% (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 Multi Makmur Lemindo (PIPA)?
The operating margin of Multi Makmur Lemindo is 25.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Multi Makmur Lemindo (PIPA)?
Revenue at Multi Makmur Lemindo is growing +27.0% versus a year earlier (3y avg −15.2%). 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 Multi Makmur Lemindo (PIPA)?
Earnings per share at Multi Makmur Lemindo are growing +10.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Multi Makmur Lemindo (PIPA) generate?
The free cash flow of Multi Makmur Lemindo is −4.9B IDR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Multi Makmur Lemindo (PIPA) carry?
The net debt of Multi Makmur Lemindo is 5.0B IDR (fiscal year 2024). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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