Panin Financial Tbk (PNLF) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Panin Financial Tbk stock IDR 314, price IDR 157, upside +100.0%, quality 38 out of 100. Rating: strongly undervalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 154.00 IDR – 745.00 IDR · fair‑value band 234.33 IDR – 324.54 IDR · the 157.00 IDR price screens below the 314.00 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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PT Panin Financial Tbk provides Sharia banking and financial services in Indonesia. It operates in two segments, Life Insurance and Business Consulting Service; and Banking and Multi-finance.
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The company offers life insurance products, including death, whole life, annuity, endowment, endowment combine, universal life, unit-linked, personal accident, and health insurance, as well as business consulting, management, and administration services.
It also provides management consulting services in the field of archives; and mutual fund and investing services. The company was formerly known as PT Panin Life Tbk and changed its name to PT Panin Financial Tbk in 2010.
PT Panin Financial Tbk was founded in 1974 and is headquartered in Jakarta, Indonesia. PT Panin Financial Tbk operates as a subsidiary of PT Paninvest Tbk.
Stock analysis
Panin Financial Tbk (PNLF) currently trades at 157.00 IDR, while our model-based Fair Value estimate is 314.00 IDR, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 651.58 IDR per share, and 4 of the 4 models we run sit above the 157.00 IDR price.
Bear case: the Multiples group reads lowest at 510.23 IDR, and 0 of the 4 models stay below the price. Data coverage for this calculation is low.
Scenario range: 234.33 IDR (bear) to 324.54 IDR (bull), the price of 157.00 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 38/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Panin Financial Tbk reported revenue of 18.3T IDR in FY2025 versus 2.9T IDR in FY2021, a compound +59.1%/yr. Reported net income was 1.7T IDR in FY2025, compounding +7.1%/yr from FY2021.
Key figures
Market cap 5.0T IDR (≈ $278M) Micro · P/E ratio 2.9 · P/S ratio 0.52 · EPS (TTM) 54.90 IDR · Net margin 18.2% · Return on equity 5.2% · Return on assets (EBIT) 4.9% (5-year average) · Operating margin 29.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (low confidence).
What moves the price
The share trades about 53% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 100%, PNLF screens cheaper than that median.
Fair Value models
Bear234.33 IDRFair Value 314.00 IDRBull324.54 IDR
Price 157.00 IDR · Upside +100.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (46.93 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.Coverage ⓘCoverage = 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+42.3%
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.
+18.6%
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.
+43.8%
Start year 2020 (pandemic). Over 10 years: +15.4% a year
Revenue growth 25 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.
+21.8%
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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.
−1.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.3%
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.−1.3% vs 2.1%, slowing
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.69% → 25%
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.Banks - Regional · 998 stocks
Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score38 · Bottom 25%
Fair Value upside+100.0% · Top 25%
Profitability
Return on equity (12 months)5.2% · Bottom 25%
Return on assets0.7% · Below median
Net margin (12 months)18.2% · Bottom 25%
Operating margin (12 months)29.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)−36.2% · Bottom 25%
Balance sheet
Debt / equity0.12× · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (12 months)2.9× · Cheapest 25%
P/B0.16× · Cheapest 25%
P/S (12 months)0.52× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)100· sector 8
FUTURE (revenue growth)0· sector 47
PAST (return on equity)21· sector 43
HEALTH (low debt)–
DIVIDEND (yield)0· sector 53
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
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Is Panin Financial Tbk (PNLF) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 314.00 IDR versus a price of 157.00 IDR, about +100% upside (undervalued).
What is the fair value of PNLF?
Our model-based fair value for Panin Financial Tbk is 314.00 IDR (as of Nov 8, 2026), built from audited fundamentals. The current price: 157.00 IDR.
What is the quality score of PNLF?
Panin Financial Tbk has a Quality Score of 38/100. 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 Panin Financial Tbk (PNLF)?
Our model-based price target is the fair value of 314.00 IDR (as of Nov 8, 2026) from 4 valuation models. Cautious scenario 234.33 IDR, optimistic scenario 324.54 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Panin Financial Tbk stock forecast for 2026?
Our models put fair value at 314.00 IDR, about +100% upside versus a price of 157.00 IDR (undervalued). Cautious scenario 234.33 IDR, optimistic scenario 324.54 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Panin Financial Tbk (PNLF)?
Panin Financial Tbk reported trailing-twelve-month revenue of about 9.7T IDR (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Panin Financial Tbk (PNLF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Panin Financial Tbk it is 314.00 IDR per share (as of Nov 8, 2026), against a price of 157.00 IDR. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is Panin Financial Tbk stock overvalued or undervalued in 2026?
As of Nov 8, 2026, PNLF trades below its calculated fair value: price 157.00 IDR, fair value 314.00 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 PNLF?
No. The price is what the market pays today (157.00 IDR); the fair value is what the company's own numbers justify (314.00 IDR). For Panin Financial Tbk the two are 157.00 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Panin Financial Tbk worth?
The market values Panin Financial Tbk at about 5.0T IDR (market capitalisation, as of Nov 8, 2026). Per share that is 157.00 IDR; our models calculate a fair value of 314.00 IDR per share.
What do the bullish and bearish scenarios say about PNLF?
Our models span a range for Panin Financial Tbk: cautious scenario 234.33 IDR, base 314.00 IDR, optimistic 324.54 IDR per share (as of Nov 8, 2026, price 157.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PNLF?
Panin Financial Tbk trades at a price-to-earnings ratio of 2.9 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 314.00 IDR is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 4.8. Other multiples: P/B 0.2, P/S 0.5.
How solid is the balance sheet of Panin Financial Tbk (PNLF)?
Balance-sheet figures for Panin Financial Tbk (as of Nov 8, 2026): return on equity 5.2%, debt of 0.12 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is PNLF from its 52-week high?
Panin Financial Tbk trades at 157.00 IDR, about 53% below its 52-week high of 334.00 IDR and 2% above the low of 154.00 IDR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 314.00 IDR is for.
Which stocks are comparable to Panin Financial Tbk?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, 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 Panin Financial Tbk stock attractive at the current price?
The data as of Nov 8, 2026: price 157.00 IDR, calculated fair value 314.00 IDR (+100%), Quality Score 38/100, 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 PNLF calculated?
We run Panin Financial Tbk through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 314.00 IDR builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Panin Financial 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 Panin Financial Tbk (PNLF)?
The closing price on Nov 6, 2026 was 157.00 IDR. Our model-based fair value is 314.00 IDR, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Panin Financial Tbk right now?
The large discount to fair value meets weak quality (38/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (234.33 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 Panin Financial Tbk (PNLF) come from?
Earnings per share at Panin Financial Tbk grew +2.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +13.8 %, EBIT margin −0.4 %, tax rate −4.7 %, residual (interest, one-offs) −4.9 %. 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 Panin Financial Tbk
How large is the market capitalisation of Panin Financial Tbk (PNLF)?
The market capitalisation of Panin Financial Tbk is 5.0T IDR (≈ $278M). 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 Panin Financial Tbk (PNLF)?
The price-to-sales ratio of Panin Financial Tbk is 0.52 (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 Panin Financial Tbk (PNLF)?
Earnings per share at Panin Financial Tbk are 54.90 IDR (price ÷ EPS = P/E 2.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Panin Financial Tbk (PNLF)?
The net margin of Panin Financial Tbk is 18.2% (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 Panin Financial Tbk (PNLF)?
The return on equity (ROE) of Panin Financial Tbk is 5.2% (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 Panin Financial Tbk (PNLF)?
On an EBIT basis the return on assets of Panin Financial 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 Panin Financial Tbk (PNLF)?
The operating margin of Panin Financial Tbk is 29.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Panin Financial Tbk (PNLF)?
Revenue at Panin Financial Tbk is growing −36.2% versus a year earlier (3y avg +18.6%). 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 Panin Financial Tbk (PNLF)?
Earnings per share at Panin Financial Tbk are growing −96.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Panin Financial Tbk (PNLF) generate?
The free cash flow of Panin Financial Tbk is −1.5T 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 Panin Financial Tbk (PNLF) hold?
Panin Financial Tbk holds more cash than debt, 9.8T IDR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 8, 2026