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Paninvest Tbk (PNIN) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Paninvest Tbk IDR 1,420, price IDR 690, upside +105.8%, quality 42 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · ID · ISIN ID1000094907

PT Thin data Sep 24, 2026

Paninvest Tbk

PNIN · JK

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value 1,420 IDR · Strongly undervalued (+106%)
!Quality 42/100
!Expensive Growth (revenue 5y +19.8 %/yr)
✓Solidly profitable · 11.2% net margin (TTM)
!Low debt · negative free cash flow
✓Ranks above peers (9/11)
!Moderate moat 56/100
!Evidence only low, so the estimate is less certain
!Weak on past: 22 out of 100
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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

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

Price vs Fair Value

2,150 IDR 650.00 IDR Fair Value 1,420 IDR Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 650.00 IDR – 2,150 IDR · fair‑value band 1,065 IDR – 1,775 IDR · the 690.00 IDR price screens below the 1,420 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

PT Paninvest Tbk provides banking and multi financing products and services in Indonesia. It operates through Life Insurance and Business Consulting Service; Banking and Multi-Finance; Trade and Services; and Tourist segments.

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PT Paninvest Tbk provides banking and multi financing products and services in Indonesia. It operates through Life Insurance and Business Consulting Service; Banking and Multi-Finance; Trade and Services; and Tourist segments. The company offers Sharia banking products and services; financing and mutual funds services; and death, whole life, annuity, endowment, endowment combine, universal life, unit-linked, personal accident, and health insurance products. It also provides business consulting, management, and general administration services; trading and services; and management consulting services in the field of archives. The company was formerly known as Pt Panin Insurance Tbk and changed its name to PT Paninvest Tbk in May 2014. PT Paninvest Tbk was founded in 1973 and is headquartered in Jakarta, Indonesia.

Stock analysis

Paninvest Tbk (PNIN) currently trades at 690.00 IDR, while our model-based Fair Value estimate is 1,420 IDR, implying the stock looks roughly 51.4% undervalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 3,683 IDR per share, and 4 of the 4 models we run sit above the 690.00 IDR price.

Bear case: the Multiples group reads lowest at 2,993 IDR, and 0 of the 4 models stay below the price. Evidence for this calculation is low.

Scenario range: 1,065 IDR (bear) to 1,775 IDR (bull), the price of 690.00 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 42/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Paninvest Tbk reported revenue of 9.5T IDR in FY2025 versus 2.9T IDR in FY2021, a compound +35.0%/yr. Reported net income was 937B IDR in FY2025, compounding +3.4%/yr from FY2021.

Key figures

Market cap 2.8T IDR (≈ $157M) · P/E ratio 2.3 · P/S ratio 0.23 · EPS (TTM) 295.72 IDR · Net margin 9.9% · Return on equity 5.4% · Return on assets (EBIT) 4.9% · Operating margin 47.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 22% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at 106%, PNIN screens cheaper than that median.

Fair Value models

Bear 1,065 IDR Fair Value 1,420 IDR Bull 1,775 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 (217.13 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. 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.
Highest evidence
Residual Income 3,697 IDR 3,526 IDR 2,799 IDR 68
P/E Multiple 2,245 IDR 2,993 IDR 3,741 IDR 63
P/B Multiple 2,936 IDR 3,914 IDR 4,893 IDR 55
All 4 models by family
Multiples
P/E Multiple 2,245 IDR 2,993 IDR 3,741 IDR 63
P/B Multiple 2,936 IDR 3,914 IDR 4,893 IDR 55
Asset-Based
NCAV (Graham) 2,749 IDR 3,683 IDR 5,497 IDR 54
Economic Profit
Residual Income 3,697 IDR 3,526 IDR 2,799 IDR 68

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Quality Score breakdown

Overall quality 42/100

Of which business quality 36 · Market factors (momentum, volatility) 43

Profitability 21
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 9
Earnings quality: real cash, not paper profit
Fin. Strength 22
Balance sheet, leverage, solvency risk
Investment 57
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 16
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+59.2%
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.
+19.8%
Revenue growth 24 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.
+19.6%
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.
−2.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.3%
Dividend (yield on the price)0.0%
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.−2% vs 0%, 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.65% → 47%
Start year 2020 (pandemic)

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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.Insurance - Life · 94 stocks

Beats the industry median on 9/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 42 · Bottom 25%
Fair Value upside +106% · Top 25%
Profitability
Return on equity (TTM) 5% · Below median
Return on assets 2% · Above median
Net margin (TTM) 11% · Above median
Operating margin (TTM) 47% · Top 25%
Growth and dividend
Revenue growth 16% · Above median
Balance sheet
Debt / equity 0.17× · Below median

Valuation Multiplesvs Insurance - Life median · lower = cheaper

P/E (TTM) 2.3× · Cheapest 25%
P/B 0.13× · Cheapest 25%
P/S (TTM) 0.26× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 9
FUTURE (revenue growth)78 · sector 44
PAST (return on equity)22 · sector 43
HEALTH (low debt)91 · sector 84
DIVIDEND (yield)0 · sector 55

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 Insurance - Life stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
China Life Insurance Company 601628 ¥37.43 ¥49.98 +34%
Ping An Insurance (Group) Company 601318 ¥53.25 ¥67.19 +26%
AIA Group 1299 HK$75.35 HK$41.68 −45%
Manulife Financial Corporation MFC $43.60 $27.43 −37%
Aflac Incorporated AFL $115.23 $67.96 −41%
MetLife, Inc MET $97.20 $53.26 −45%
Great-West Lifeco Inc GWO C$92.75 C$41.81 −55%
Life Insurance Corporation LICI ₹407.50 ₹392.93 −4%
Samsung Life Insurance Co 032830 294,500 KRW 191,293 KRW −35%
Cathay Financial Holding 2882 110.50 TWD 72.33 TWD −35%

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Paninvest Tbk · Fair Value
1,420 IDR +51%Fair Value
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Cite: Fair Value Calculator (2026). "Paninvest Tbk Fair Value". https://www.fairvalue-calculator.com/stock/PNIN

Frequently asked questions

Is Paninvest Tbk (PNIN) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 1,420 IDR versus a price of 690.00 IDR, about +106% upside (undervalued).
What is the fair value of PNIN?
Our model-based fair value for Paninvest Tbk is 1,420 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 690.00 IDR.
What is the quality score of PNIN?
Paninvest Tbk has a Quality Score of 42/100. 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 Paninvest Tbk (PNIN)?
Our model-based price target is the fair value of 1,420 IDR (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 1,065 IDR, optimistic scenario 1,775 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Paninvest Tbk stock forecast for 2026?
Our models put fair value at 1,420 IDR, about +106% upside versus a price of 690.00 IDR (undervalued). Cautious scenario 1,065 IDR, optimistic scenario 1,775 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Paninvest Tbk (PNIN)?
Paninvest Tbk reported trailing-twelve-month revenue of about 10.7T IDR (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Paninvest Tbk (PNIN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Paninvest Tbk it is 1,420 IDR per share (as of Sep 24, 2026), against a price of 690.00 IDR. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Paninvest Tbk stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PNIN trades below its calculated fair value: price 690.00 IDR, fair value 1,420 IDR, a gap of about +106% (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 PNIN?
No. The price is what the market pays today (690.00 IDR); the fair value is what the company's own numbers justify (1,420 IDR). For Paninvest Tbk the two are 730.00 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Paninvest Tbk worth?
The market values Paninvest Tbk at about 2.8T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 690.00 IDR; our models calculate a fair value of 1,420 IDR per share.
What do the bullish and bearish scenarios say about PNIN?
Our models span a range for Paninvest Tbk: cautious scenario 1,065 IDR, base 1,420 IDR, optimistic 1,775 IDR per share (as of Sep 24, 2026, price 690.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PNIN?
Paninvest Tbk trades at a price-to-earnings ratio of 2.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1,420 IDR is built from several models across several years. Other multiples: P/B 0.1, P/S 0.3.
How solid is the balance sheet of Paninvest Tbk (PNIN)?
Balance-sheet figures for Paninvest Tbk (as of Sep 24, 2026): return on equity 5.4%, debt of 0.17 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is PNIN from its 52-week high?
Paninvest Tbk trades at 690.00 IDR, about 22% below its 52-week high of 890.00 IDR and 6% above the low of 650.00 IDR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 1,420 IDR is for.
Which stocks are comparable to Paninvest Tbk?
From the same area (Financial Services) we also value China Life Insurance Company, Ping An Insurance (Group) Company, AIA Group, Manulife Financial Corporation, 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 Paninvest Tbk stock attractive at the current price?
The data as of Sep 24, 2026: price 690.00 IDR, calculated fair value 1,420 IDR (+106%), Quality Score 42/100, 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 PNIN calculated?
We run Paninvest 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 1,420 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 14.0 % above its aggregate fair value. Paninvest Tbk currently trades 106 % 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 Paninvest Tbk (PNIN)?
The closing price on Sep 24, 2026 was 690.00 IDR. Our model-based fair value is 1,420 IDR, about +106% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Paninvest Tbk right now?
The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (1,065 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. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Paninvest Tbk (PNIN) come from?
Earnings per share at Paninvest Tbk grew +0.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.5 %, EBIT margin +2.3 %, tax rate −6.4 %, residual (interest, one-offs) −3.4 %. 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 Paninvest Tbk

How large is the market capitalisation of Paninvest Tbk (PNIN)?
The market capitalisation of Paninvest Tbk is 2.8T IDR (≈ $157M). 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 Paninvest Tbk (PNIN)?
The price-to-sales ratio of Paninvest Tbk is 0.23 (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 Paninvest Tbk (PNIN)?
Earnings per share at Paninvest Tbk are 295.72 IDR (price ÷ EPS = P/E 2.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Paninvest Tbk (PNIN)?
The net margin of Paninvest Tbk is 9.9% (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 Paninvest Tbk (PNIN)?
The return on equity (ROE) of Paninvest Tbk is 5.4% (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 Paninvest Tbk (PNIN)?
On an EBIT basis the return on assets of Paninvest Tbk is 4.9% (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 Paninvest Tbk (PNIN)?
The operating margin of Paninvest Tbk is 47.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Paninvest Tbk (PNIN)?
Revenue at Paninvest Tbk is growing +15.5% versus a year earlier (3y avg −5.9%). 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 Paninvest Tbk (PNIN)?
Earnings per share at Paninvest Tbk are growing +123% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Paninvest Tbk (PNIN) generate?
The free cash flow of Paninvest Tbk is −101B 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 cash does Paninvest Tbk (PNIN) hold?
Paninvest Tbk holds more cash than debt, 12.6T IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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