Polaris Investama Tbk (PLAS) fair value: what the stock is really worth
As of Jul 17, 2026: fair value of Polaris Investama Tbk IDR 100, price IDR 50, upside +100.0%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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PT Polaris Investama Tbk operates in the investment business in Indonesia. It engages in securities broker-dealing and underwriting, property development, and trading businesses. The company was formerly known as PT. Redland Asia Capital Tbk No. 1 and changed its name to PT Polaris Investama Tbk in December 2008.
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PT Polaris Investama Tbk operates in the investment business in Indonesia. It engages in securities broker-dealing and underwriting, property development, and trading businesses. The company was formerly known as PT. Redland Asia Capital Tbk No. 1 and changed its name to PT Polaris Investama Tbk in December 2008. PT Polaris Investama Tbk was founded in 1992 and is headquartered in Jakarta, Indonesia.
Stock analysis
Polaris Investama Tbk (PLAS) currently trades at 50.00 IDR, while our model-based Fair Value estimate is 100.00 IDR, implying the stock looks roughly 50.0% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 93.25 IDR per share, and 2 of the 4 models we run sit above the 50.00 IDR price.
Bear case: the Economic Profit group reads lowest at 85.50 IDR, and 2 of the 4 models stay below the price. Evidence for this calculation is low.
Scenario range: 75.00 IDR (bear) to 125.00 IDR (bull), the price of 50.00 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 57/100 (solid quality), in the Financials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Polaris Investama Tbk reported revenue of 8.2B IDR in FY2019 versus 23.5B IDR in FY2015, a compound −23.3%/yr. Reported net income was 372M IDR in FY2019.
Key figures
Market cap 59.2B IDR (≈ $3.3M) · P/S ratio 14.6 · EPS (TTM) −0.3170 IDR · Net margin 4.6% · Return on equity −0.2% · Return on assets (EBIT) 1.1% · Operating margin −2.9% · Revenue (TTM) 4.1B IDR.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and at its 52-week low, currently above its 200-day average.
For context, the median of 10 Financials peers we cover trades at −6% fair-value upside, at 100%, PLAS screens cheaper than that median.
Fair Value models
Bear 75.00 IDRFair Value 100.00 IDRBull 125.00 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.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.38/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−69.7%
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.
−39.8%
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.
−22.5%
Revenue growth 7 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.
−22.2%
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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.
−36.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−36.8%
Dividend (yield on the price)0.0%
Profit margin 2014 to 2019 ⓘ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.14% → 46%
⚠ Revenue per share shrinking 1.6%/yr over ~5Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
−3.7%
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 −6.2% a year for the price.
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.Investment Banking & Investment Services · 18 stocks
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Is Polaris Investama Tbk (PLAS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 100.00 IDR versus the last price from Jul 17, 2026 of 50.00 IDR, about +100% upside (undervalued).
What is the fair value of PLAS?
Our model-based fair value for Polaris Investama Tbk is 100.00 IDR (as of Sep 24, 2026), built from audited fundamentals. Last price (from Jul 17, 2026): 50.00 IDR.
What is the quality score of PLAS?
Polaris Investama Tbk has a Quality Score of 57/100. 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 Polaris Investama Tbk (PLAS)?
Our model-based price target is the fair value of 100.00 IDR (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 75.00 IDR, optimistic scenario 125.00 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Polaris Investama Tbk stock forecast for 2026?
Our models put fair value at 100.00 IDR, about +100% upside versus the last price from Jul 17, 2026 of 50.00 IDR (undervalued). Cautious scenario 75.00 IDR, optimistic scenario 125.00 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Polaris Investama Tbk (PLAS)?
Polaris Investama Tbk reported trailing-twelve-month revenue of about 4.1B IDR (latest available figure, as of Sep 24, 2026).
What growth is priced into Polaris Investama Tbk (PLAS)?
For today's price to be fair in a discounted-cash-flow model, Polaris Investama Tbk would have to grow free cash flow by -3.7 % 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 -22.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of PLAS use?
Our models discount Polaris Investama 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 Polaris Investama Tbk that is -3.7 % 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 Polaris Investama Tbk (PLAS) delivered so far?
Over the past 5 years revenue at Polaris Investama Tbk grew -22.5 % a year. The price currently implies -3.7 % 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 Polaris Investama Tbk (PLAS) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Polaris Investama Tbk (-3.7 % 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 Polaris Investama Tbk (PLAS)?
The free-cash-flow yield on the price is 16.15 %: that much free cash flow Polaris Investama 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 Polaris Investama Tbk (PLAS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Polaris Investama Tbk it is 100.00 IDR per share (as of Sep 24, 2026), against a price of 50.00 IDR. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Polaris Investama Tbk stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PLAS trades below its calculated fair value: price 50.00 IDR, fair value 100.00 IDR, a gap of about +100% (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 PLAS?
No. The price is what the market pays today (50.00 IDR); the fair value is what the company's own numbers justify (100.00 IDR). For Polaris Investama Tbk the two are 50.00 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Polaris Investama Tbk worth?
The market values Polaris Investama Tbk at about 59.2B IDR (market capitalisation, as of Sep 24, 2026). Per share that is 50.00 IDR; our models calculate a fair value of 100.00 IDR per share.
What do the bullish and bearish scenarios say about PLAS?
Our models span a range for Polaris Investama Tbk: cautious scenario 75.00 IDR, base 100.00 IDR, optimistic 125.00 IDR per share (as of Sep 24, 2026, price 50.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Polaris Investama Tbk (PLAS)?
Balance-sheet figures for Polaris Investama Tbk (as of Sep 24, 2026): return on equity −0.2%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is PLAS from its 52-week high?
Polaris Investama Tbk trades at 50.00 IDR, at its 52-week high of 50.00 IDR and at the low of 50.00 IDR (as of Jul 17, 2026). Distance from the high says nothing about value: that is what the fair value of 100.00 IDR is for.
Which stocks are comparable to Polaris Investama Tbk?
From the same area (Financials) we also value Mirae Asset Venture Investment Co, Aju IB Investment Co, EBEST Investment & Securities Co, PSE, 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 Polaris Investama Tbk stock attractive at the current price?
The data as of Sep 24, 2026: price 50.00 IDR, calculated fair value 100.00 IDR (+100%), Quality Score 57/100, from 4 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 PLAS calculated?
We run Polaris Investama Tbk through 4 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 100.00 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 14.5 % above its aggregate fair value. Polaris Investama Tbk currently trades 50 % 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 Polaris Investama Tbk (PLAS)?
The latest price we hold is from Jul 17, 2026 and stands at 50.00 IDR. Our model-based fair value is 100.00 IDR, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Polaris Investama Tbk right now?
The price is below even our cautious bear case (75.00 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 (57/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Polaris Investama Tbk
How large is the market capitalisation of Polaris Investama Tbk (PLAS)?
The market capitalisation of Polaris Investama Tbk is 59.2B IDR (≈ $3.3M). 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 Polaris Investama Tbk (PLAS)?
The price-to-sales ratio of Polaris Investama Tbk is 14.6 (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 Polaris Investama Tbk (PLAS)?
Earnings per share at Polaris Investama Tbk are −0.3170 IDR. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Polaris Investama Tbk (PLAS)?
The net margin of Polaris Investama Tbk is 4.6% (fiscal year 2019). 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 Polaris Investama Tbk (PLAS)?
The return on equity (ROE) of Polaris Investama Tbk is −0.2% (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 Polaris Investama Tbk (PLAS)?
On an EBIT basis the return on assets of Polaris Investama Tbk is 1.1% (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 Polaris Investama Tbk (PLAS)?
The operating margin of Polaris Investama Tbk is −2.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Polaris Investama Tbk (PLAS)?
Revenue at Polaris Investama Tbk is growing −96.1% versus a year earlier (3y avg −39.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Polaris Investama Tbk (PLAS) carry?
The net debt of Polaris Investama Tbk is 13.4B IDR (fiscal year 2019, ≈ 1.4 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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