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PT Pembangunan Jaya Ancol Tbk, (PJAA) Fair Value & Analysis

Consumer Cyclical · ID · Market cap 733B IDR

PP PT Pembangunan Jaya Ancol Tbk, PJAA · JK
Price458.00 IDR
Fair Value1,237 IDR
Upside+170.2%
Quality51/100
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Mixed Growth
Solidly profitable · 13.7% net margin
Low debt · generates free cash flow
Ranks above peers (9/14)
Narrow moat 40/100
Evidence: High Range 943.98 IDR – 1,928 IDR Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated today

Fair value updated Aug 13, 2026, revised from 1,558 IDR to 1,237 IDR (−20.6%) since Jul 20, 2026.

A solid business, screening 170% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (943.98 IDR). The market is more pessimistic than our downside scenario.
  • 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 (943.98 IDR to 1,928 IDR) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

903.84 IDR 395.11 IDR Fair Value 1,237 IDR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 395.11 IDR – 903.84 IDR · fair‑value band 943.98 IDR – 1,928 IDR · the 458.00 IDR price screens below the 1,237 IDR fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

PT Pembangunan Jaya Ancol Tbk, (PJAA) currently trades at 458.00 IDR, while our model-based Fair Value estimate is 1,237 IDR, implying the stock looks roughly 170.2% undervalued today. The Quality Score stands at 51/100 (solid quality), in the Consumer Cyclical 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 Pembangunan Jaya Ancol Tbk, generated revenue of 1.1T IDR at a net margin of 13.7%. Revenue declined 1.5% year over year. It earns a return on equity of 8.6%. Net debt stands at 645B IDR. Fundamentals as of Aug 13, 2026

Our scenario range runs from 943.98 IDR (bear case) to 1,928 IDR (bull case); at 458.00 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 38% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 11% fair-value upside, at 170%, PJAA 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 439.72 IDR 761.61 IDR 1,234 IDR 80
Residual Income 1,020 IDR 1,139 IDR 1,941 IDR 76
Rev-Margin DCF 349.09 IDR 676.33 IDR 1,039 IDR 74
All 26 models by family
DCF Models
FCF DCF 420.96 IDR 772.03 IDR 1,314 IDR 38
Owner Earnings 1,455 IDR 2,351 IDR 3,734 IDR 31
5Y Revenue Exit 349.09 IDR 671.73 IDR 1,074 IDR 39
5Y EBITDA Exit 1,075 IDR 1,991 IDR 3,043 IDR 41
5Y P/E Exit 1,061 IDR 1,967 IDR 2,896 IDR 38
10Y Revenue Exit 350.52 IDR 651.60 IDR 1,036 IDR 36
10Y EBITDA Exit 836.57 IDR 1,575 IDR 2,535 IDR 37
10Y P/E Exit 827.98 IDR 1,558 IDR 2,422 IDR 35
Earnings-Based
Graham-Dodd 765.82 IDR 2,050 IDR 2,683 IDR 54
Lynch FV 398.90 IDR 569.86 IDR 740.82 IDR 50
PEG = 1.0 398.90 IDR 569.86 IDR 740.82 IDR 46
EPV 680.26 IDR 843.54 IDR 988.69 IDR 59
Dividend Discount
Gordon GGM 230.86 IDR 504.00 IDR 848.00 IDR 70
DDM Multi-Stage 230.86 IDR 365.44 IDR 515.87 IDR 61
Multiples
P/E Multiple 1,858 IDR 2,478 IDR 3,097 IDR 63
P/S Multiple 630.68 IDR 840.91 IDR 1,051 IDR 58
P/B Multiple 1,436 IDR 1,915 IDR 2,393 IDR 55
EV/EBIT 1,383 IDR 1,926 IDR 2,469 IDR 53
EV/EBITDA 1,636 IDR 2,263 IDR 2,890 IDR 54
EV/Revenue 343.60 IDR 595.88 IDR 848.15 IDR 43
Asset-Based
NCAV (Graham) 575.22 IDR 770.79 IDR 1,150 IDR 50
Growth DCF
Growth DCF 439.72 IDR 761.61 IDR 1,234 IDR 80
Rev-Margin DCF 349.09 IDR 676.33 IDR 1,039 IDR 74
Economic Profit
Residual Income 1,020 IDR 1,139 IDR 1,941 IDR 76
ROIC Compounder 680.26 IDR 843.54 IDR 988.69 IDR 72
Growth Earnings
Growth-Adj P/E 1,457 IDR 2,081 IDR 2,705 IDR 68

Widest divergence: Growth Earnings (2,081 IDR) versus Dividend Discount (365.44 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.1T IDR
Revenue growth (YoY) -1.5%
Net margin 13.7%
Return on equity 8.6%
Free cash flow 92.3B IDR FY2025
P/E ratio 4.8
More key figures
Operating margin -8.8%
EPS (TTM) 96.00 IDR
EPS growth (YoY) +58.4%
Net debt 645B IDR FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 49 · Market factors (momentum, volatility) 44

Profitability 39
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 41
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 26
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.

About the company

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT 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.

Growth Quality 80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.1T IDR
Latest YoY
−11.0%
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.
+5.4%
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.
+22.0%
Avg. growth/yr (22Y) 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.
+4.4%
Revenue +30.3%/yr
FY21 389B IDR
FY22 958B IDR
FY23 1.3T IDR
FY24 1.3T IDR
FY25 1.1T IDR
Net income
FY21 −276B IDR
FY22 154B IDR
FY23 235B IDR
FY24 178B IDR
FY25 180B IDR
Character of growth · EPS growth decomposed (2014-2025) −1.1 % p.a.
Revenue per share +0.4 pp

of which total revenue +0.4 pp · buybacks/dilution +0.0 pp

EBIT margin +0.4 pp
Tax rate −0.1 pp
Residual (interest, one-offs) −1.8 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 Pembangunan Jaya Ancol Tbk, Fair Value". https://www.fairvalue-calculator.com/stock/PJAA

Peer Group

Leisure · 189 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 51 · Below median
Fair Value upside +170% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 6% · Above median
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) -9% · Bottom 25%
Revenue growth -2% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.36× · Higher than 75% of peers

Valuation Multiples vs Leisure median · lower = cheaper

P/E (TTM) 4.8× · Cheaper than 75% of peers
P/B 0.40× · Cheaper than 75% of peers
P/S (TTM) 0.66× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 2.5× · 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 18
FUTURE 0 · sector 17
PAST 35 · sector 19
HEALTH 82 · sector 95
DIVIDEND 0 · sector 51

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.

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Frequently asked questions

Is PT Pembangunan Jaya Ancol Tbk, (PJAA) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 1,237 IDR versus a price of 458.00 IDR, about +170% (undervalued).
What is the fair value of PJAA?
Our model-based fair value for PT Pembangunan Jaya Ancol Tbk, is 1,237 IDR (as of Aug 13, 2026), built from audited fundamentals. The current price is 458.00 IDR.
What is the quality score of PJAA?
PT 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 revenue of PT Pembangunan Jaya Ancol Tbk, (PJAA)?
PT Pembangunan Jaya Ancol Tbk, reported trailing-twelve-month revenue of about 1.1T IDR (latest available figure, as of Aug 13, 2026).
What is the net profit margin of PJAA?
The net profit margin of PT Pembangunan Jaya Ancol Tbk, is about 13.7%, meaning it keeps roughly 13.7% 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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