Pembangunan Jaya Ancol Tbk (PJAA) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Pembangunan Jaya Ancol Tbk IDR 1,349, price IDR 458, upside +194.4%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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PT Pembangunan Jaya Ancol Tbk, together with its subsidiaries, engages in the Tourism, Real Estate, and Trading and Services business in Indonesia. It manages entrance gates, recreational parks and beaches, fantasy world, swimming pool, animal shows, and lodging facilities, as well as engages in merchandise selling activities.
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PT Pembangunan Jaya Ancol Tbk, together with its subsidiaries, engages in the Tourism, Real Estate, and Trading and Services business in Indonesia. It manages entrance gates, recreational parks and beaches, fantasy world, swimming pool, animal shows, and lodging facilities, as well as engages in merchandise selling activities. The company also develops, sells, and rents various real estate properties. In addition, it is involved in souvenirs trading, marine transportation, water supply, and restaurant management activities; water purification and management, drainage, supply, and distribution of clean water; and provision of highway construction and services, as well as consulting services. Further, the company engages in professional, scientific and technical, arts, entertainment and recreation activities; and construction activities, as well as manages tourist area, travel show, and lodging. PT Pembangunan Jaya Ancol Tbk was founded in 1966 and is headquartered in Jakarta Utara, Indonesia.
Stock analysis
Pembangunan Jaya Ancol Tbk (PJAA) currently trades at 458.00 IDR, while our model-based Fair Value estimate is 1,349 IDR, implying the stock looks roughly 66.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 2,081 IDR per share, and 24 of the 26 models we run sit above the 458.00 IDR price.
Bear case: the Dividend Discount group reads lowest at 321.89 IDR, and 2 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 787.39 IDR (bear) to 2,004 IDR (bull), the price of 458.00 IDR sits below 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 51/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Pembangunan Jaya Ancol Tbk reported revenue of 1.1T IDR in FY2025 versus 389B IDR in FY2021, a compound +30.3%/yr. Reported net income was 180B IDR in FY2025.
Key figures
Market cap 733B IDR (≈ $40.9M) · P/E ratio 4.8 · P/S ratio 0.77 · EPS (TTM) 96.00 IDR · Dividend yield 5.2% · Net margin 16.1% · Return on equity 8.6% · Return on assets (EBIT) 6.5%.
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 30% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 36% fair-value upside, at 194%, PJAA screens cheaper than that median.
Fair Value models
Bear 787.39 IDRFair Value 1,349 IDRBull 2,004 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 (71.28 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−11.0%
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.
+5.4%
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.
+22.0%
Start year 2020 (pandemic). Over 10 years: −0.1% a year
Revenue growth 22 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.
+4.4%
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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.
+0.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.8%
Dividend (yield on the price)5.2%
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.−4.8% vs −2.6%, steady
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.−62% → 17%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
+6.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about +4.0% a year for the price.
Compare Pembangunan Jaya Ancol Tbk with another stock
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.Leisure · 185 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside+194.4% · Top 25%
Profitability
Return on equity (TTM)8.6% · Above median
Return on assets5.6% · Above median
Net margin (TTM)13.7% · Top 25%
Operating margin (TTM)−8.8% · Bottom 25%
Growth and dividend
Revenue growth−1.5% · Below median
Dividend yield (TTM)5.2% · Above median
Balance sheet
Debt / equity0.36× · Highest 25%
Valuation Multiplesvs Leisure median · lower = cheaper
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Is Pembangunan Jaya Ancol Tbk (PJAA) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of 1,349 IDR versus a price of 458.00 IDR, about +194% upside (undervalued).
What is the fair value of PJAA?
Our model-based fair value for Pembangunan Jaya Ancol Tbk is 1,349 IDR (as of Sep 28, 2026), built from audited fundamentals. The current price: 458.00 IDR.
What is the quality score of PJAA?
Pembangunan Jaya Ancol Tbk has a Quality Score of 51/100. 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 Pembangunan Jaya Ancol Tbk (PJAA)?
Our model-based price target is the fair value of 1,349 IDR (as of Sep 28, 2026) from 26 valuation models. Cautious scenario 787.39 IDR, optimistic scenario 2,004 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Pembangunan Jaya Ancol Tbk stock forecast for 2026?
Our models put fair value at 1,349 IDR, about +194% upside versus a price of 458.00 IDR (undervalued). Cautious scenario 787.39 IDR, optimistic scenario 2,004 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Pembangunan Jaya Ancol Tbk (PJAA)?
Pembangunan Jaya Ancol Tbk reported trailing-twelve-month revenue of about 1.1T IDR (latest available figure, as of Sep 28, 2026).
Does Pembangunan Jaya Ancol Tbk pay a dividend?
Pembangunan Jaya Ancol Tbk currently shows a dividend yield of about 5.24% relative to its recent price (as of Sep 28, 2026).
What growth is priced into Pembangunan Jaya Ancol Tbk (PJAA)?
For today's price to be fair in a discounted-cash-flow model, Pembangunan Jaya Ancol Tbk would have to grow free cash flow by +6.7 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +22.0 % per year. As of Sep 28, 2026.
What discount rate (WACC) does the fair value of PJAA use?
Our models discount Pembangunan Jaya Ancol Tbk at 12.0 %: a base by market capitalisation (nano), 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 Pembangunan Jaya Ancol Tbk that is +6.7 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Pembangunan Jaya Ancol Tbk (PJAA) delivered so far?
Over the past 5 years revenue at Pembangunan Jaya Ancol Tbk grew +22.0 % a year. The price currently implies +6.7 % 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 Pembangunan Jaya Ancol Tbk (PJAA) growing?
The median revenue growth in the sector is +2.3 % a year. That is the yardstick for the growth priced into Pembangunan Jaya Ancol Tbk (+6.7 % 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 Pembangunan Jaya Ancol Tbk (PJAA)?
The free-cash-flow yield on the price is 12.59 %: that much free cash flow Pembangunan Jaya Ancol Tbk produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Pembangunan Jaya Ancol Tbk (PJAA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pembangunan Jaya Ancol Tbk it is 1,349 IDR per share (as of Sep 28, 2026), against a price of 458.00 IDR. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Pembangunan Jaya Ancol Tbk stock overvalued or undervalued in 2026?
As of Sep 28, 2026, PJAA trades below its calculated fair value: price 458.00 IDR, fair value 1,349 IDR, a gap of about +194% (undervalued). 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 PJAA?
No. The price is what the market pays today (458.00 IDR); the fair value is what the company's own numbers justify (1,349 IDR). For Pembangunan Jaya Ancol Tbk the two are 890.55 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Pembangunan Jaya Ancol Tbk worth?
The market values Pembangunan Jaya Ancol Tbk at about 733B IDR (market capitalisation, as of Sep 28, 2026). Per share that is 458.00 IDR; our models calculate a fair value of 1,349 IDR per share.
What do the bullish and bearish scenarios say about PJAA?
Our models span a range for Pembangunan Jaya Ancol Tbk: cautious scenario 787.39 IDR, base 1,349 IDR, optimistic 2,004 IDR per share (as of Sep 28, 2026, price 458.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PJAA?
Pembangunan Jaya Ancol Tbk trades at a price-to-earnings ratio of 4.8 (as of Sep 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1,349 IDR is built from several models across several years. Other multiples: P/B 0.4, P/S 0.7, EV/EBITDA 2.5.
How solid is the balance sheet of Pembangunan Jaya Ancol Tbk (PJAA)?
Balance-sheet figures for Pembangunan Jaya Ancol Tbk (as of Sep 28, 2026): return on equity 8.6%, debt of 0.36 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is PJAA from its 52-week high?
Pembangunan Jaya Ancol Tbk trades at 458.00 IDR, about 30% below its 52-week high of 657.61 IDR and 11% above the low of 412.00 IDR (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of 1,349 IDR is for.
Which stocks are comparable to Pembangunan Jaya Ancol Tbk?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, ANTA Sports Products Limited, Amer Sports, Inc, Hasbro, Inc, 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 Pembangunan Jaya Ancol Tbk stock attractive at the current price?
The data as of Sep 28, 2026: price 458.00 IDR, calculated fair value 1,349 IDR (+194%), Quality Score 51/100, 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 PJAA calculated?
We run Pembangunan Jaya Ancol Tbk 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 1,349 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 16.1 % above its aggregate fair value. Pembangunan Jaya Ancol Tbk currently trades 194 % below its own fair value, and the market average says nothing about that. 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 Pembangunan Jaya Ancol Tbk (PJAA)?
The closing price on Sep 25, 2026 was 458.00 IDR. Our model-based fair value is 1,349 IDR, about +194% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pembangunan Jaya Ancol Tbk right now?
The price is below even our cautious bear case (787.39 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 (51/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (787.39 IDR to 2,004 IDR) leaves room in how you read the outcome.
Where does the earnings growth of Pembangunan Jaya Ancol Tbk (PJAA) come from?
Earnings per share at Pembangunan Jaya Ancol Tbk grew −1.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.4 %, EBIT margin +0.4 %, tax rate −0.1 %, residual (interest, one-offs) −1.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Pembangunan Jaya Ancol Tbk
How large is the market capitalisation of Pembangunan Jaya Ancol Tbk (PJAA)?
The market capitalisation of Pembangunan Jaya Ancol Tbk is 733B IDR (≈ $40.9M). 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 Pembangunan Jaya Ancol Tbk (PJAA)?
The price-to-sales ratio of Pembangunan Jaya Ancol Tbk is 0.77 (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 Pembangunan Jaya Ancol Tbk (PJAA)?
Earnings per share at Pembangunan Jaya Ancol Tbk are 96.00 IDR (price ÷ EPS = P/E 4.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Pembangunan Jaya Ancol Tbk (PJAA)?
The dividend yield of Pembangunan Jaya Ancol Tbk is 5.2% (payout 25.0%). 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 Pembangunan Jaya Ancol Tbk (PJAA)?
The net margin of Pembangunan Jaya Ancol Tbk is 16.1% (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 Pembangunan Jaya Ancol Tbk (PJAA)?
The return on equity (ROE) of Pembangunan Jaya Ancol Tbk is 8.6% (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 Pembangunan Jaya Ancol Tbk (PJAA)?
On an EBIT basis the return on assets of Pembangunan Jaya Ancol Tbk is 6.5% (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 Pembangunan Jaya Ancol Tbk (PJAA)?
The operating margin of Pembangunan Jaya Ancol Tbk is −8.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pembangunan Jaya Ancol Tbk (PJAA)?
Revenue at Pembangunan Jaya Ancol Tbk is growing −1.5% versus a year earlier (3y avg +5.4%). 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 Pembangunan Jaya Ancol Tbk (PJAA)?
Earnings per share at Pembangunan Jaya Ancol Tbk are growing +58.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Pembangunan Jaya Ancol Tbk (PJAA) carry?
The net debt of Pembangunan Jaya Ancol Tbk is 645B IDR (fiscal year 2025, ≈ 7.0 yrs of FCF). 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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