Pakuwon Jati Tbk (PWON) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Pakuwon Jati Tbk IDR 695, price IDR 278, upside +150.0%, quality 68 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 229.31 IDR – 506.26 IDR · fair‑value band 485.90 IDR – 868.75 IDR · the 278.00 IDR price screens below the 695.00 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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PT Pakuwon Jati Tbk operates as a real estate developer in Indonesia. It operates through Shopping, Office Center, and Service Apartments; Residential and Office Building for Sale; Hospitality; and Construction segments.
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PT Pakuwon Jati Tbk operates as a real estate developer in Indonesia. It operates through Shopping, Office Center, and Service Apartments; Residential and Office Building for Sale; Hospitality; and Construction segments. The company engages in space rental, hotel operations, construction, land acquisition, property development, marketing, and operational management activities. Its property portfolio comprises shopping malls and retail shopping centers, residential properties, office buildings, and hospitality developments, as well as condominiums, hotels, and serviced apartments. The company was founded in 1982 and is based in Surabaya, Indonesia. PT Pakuwon Jati Tbk operates as a subsidiary of PT. Pakuwon Arthaniaga.
Stock analysis
Pakuwon Jati Tbk (PWON) currently trades at 278.00 IDR, while our model-based Fair Value estimate is 695.00 IDR, implying the stock looks roughly 60.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 1,101 IDR per share, and 14 of the 16 models we run sit above the 278.00 IDR price.
Bear case: the Dividend Discount group reads lowest at 165.96 IDR, and 2 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: 485.90 IDR (bear) to 868.75 IDR (bull), the price of 278.00 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 68/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Pakuwon Jati Tbk reported revenue of 7.1T IDR in FY2025 versus 5.7T IDR in FY2021, a compound +5.6%/yr. Reported net income was 2.3T IDR in FY2025, compounding +14.1%/yr from FY2021.
Key figures
Market cap 13.4T IDR (≈ $1.3B) · P/E ratio 5.5 · P/S ratio 1.81 · EPS (TTM) 50.57 IDR · Dividend yield 5.0% · Net margin 33.0% · Return on equity 11.0% · Return on assets (EBIT) 7.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −9% fair-value upside, at 150%, PWON screens cheaper than that median.
Fair Value models
Bear 485.90 IDRFair Value 695.00 IDRBull 868.75 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 (36.99 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.
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.91/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.6%
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.
+5.9%
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.
+12.3%
Start year 2020 (pandemic). Over 10 years: +4.4% 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.
+16.5%
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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.
+16.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.2%
Dividend (yield on the price)5.0%
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.11% vs 4%, picking up
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.35% → 41%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
−11.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about −13.6% a year for the price and +2.2% for the forecasts.
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.Real Estate - Diversified · 132 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside+150% · Top 25%
Profitability
Return on equity (TTM)11% · Top 25%
Return on assets5% · Top 25%
Net margin (TTM)34% · Above median
Operating margin (TTM)43% · Above median
Growth and dividend
Revenue growth6% · Below median
Dividend yield (TTM)5.0% · Above median
Balance sheet
Debt / equity0.25× · Below median
Valuation Multiplesvs Real Estate - Diversified median · lower = cheaper
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Is Pakuwon Jati Tbk (PWON) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 695.00 IDR versus a price of 278.00 IDR, about +150% upside (undervalued).
What is the fair value of PWON?
Our model-based fair value for Pakuwon Jati Tbk is 695.00 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 278.00 IDR.
What is the quality score of PWON?
Pakuwon Jati Tbk has a Quality Score of 68/100. 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 Pakuwon Jati Tbk (PWON)?
Our model-based price target is the fair value of 695.00 IDR (as of Sep 24, 2026) from 16 valuation models. Cautious scenario 485.90 IDR, optimistic scenario 868.75 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Pakuwon Jati Tbk stock forecast for 2026?
Our models put fair value at 695.00 IDR, about +150% upside versus a price of 278.00 IDR (undervalued). Cautious scenario 485.90 IDR, optimistic scenario 868.75 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Pakuwon Jati Tbk (PWON)?
Pakuwon Jati Tbk reported trailing-twelve-month revenue of about 7.2T IDR (latest available figure, as of Sep 24, 2026).
Does Pakuwon Jati Tbk pay a dividend?
Pakuwon Jati Tbk currently shows a dividend yield of about 4.99% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Pakuwon Jati Tbk (PWON)?
For today's price to be fair in a discounted-cash-flow model, Pakuwon Jati Tbk would have to grow free cash flow by -11.3 % 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 +12.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of PWON use?
Our models discount Pakuwon Jati Tbk at 12.0 %: a base by market capitalisation (small), damped by beta 0.28, 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 Pakuwon Jati Tbk that is -11.3 % 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 Pakuwon Jati Tbk (PWON) delivered so far?
Over the past 5 years revenue at Pakuwon Jati Tbk grew +12.3 % a year. The price currently implies -11.3 % 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 Pakuwon Jati Tbk (PWON) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Pakuwon Jati Tbk (-11.3 % 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 Pakuwon Jati Tbk (PWON)?
The free-cash-flow yield on the price is 19.61 %: that much free cash flow Pakuwon Jati 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 Pakuwon Jati Tbk (PWON)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pakuwon Jati Tbk it is 695.00 IDR per share (as of Sep 24, 2026), against a price of 278.00 IDR. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Pakuwon Jati Tbk stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PWON trades below its calculated fair value: price 278.00 IDR, fair value 695.00 IDR, a gap of about +150% (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 PWON?
No. The price is what the market pays today (278.00 IDR); the fair value is what the company's own numbers justify (695.00 IDR). For Pakuwon Jati Tbk the two are 417.00 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Pakuwon Jati Tbk worth?
The market values Pakuwon Jati Tbk at about 13.4T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 278.00 IDR; our models calculate a fair value of 695.00 IDR per share.
What do the bullish and bearish scenarios say about PWON?
Our models span a range for Pakuwon Jati Tbk: cautious scenario 485.90 IDR, base 695.00 IDR, optimistic 868.75 IDR per share (as of Sep 24, 2026, price 278.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PWON?
Pakuwon Jati Tbk trades at a price-to-earnings ratio of 5.5 (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 695.00 IDR is built from several models across several years. Other multiples: P/B 0.6, P/S 1.9, EV/EBITDA 3.6.
How solid is the balance sheet of Pakuwon Jati Tbk (PWON)?
Balance-sheet figures for Pakuwon Jati Tbk (as of Sep 24, 2026): return on equity 11.0%, debt of 0.25 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is PWON from its 52-week high?
Pakuwon Jati Tbk trades at 278.00 IDR, about 25% below its 52-week high of 369.56 IDR and 21% above the low of 229.31 IDR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 695.00 IDR is for.
Which stocks are comparable to Pakuwon Jati Tbk?
From the same area (Real Estate) we also value Swiss Prime Site AG, Central Pattana Public Company, Prestige Estates Projects Limited, The Phoenix Mills Limited, 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 Pakuwon Jati Tbk stock attractive at the current price?
The data as of Sep 24, 2026: price 278.00 IDR, calculated fair value 695.00 IDR (+150%), Quality Score 68/100, from 16 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 PWON calculated?
We run Pakuwon Jati Tbk through 16 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 695.00 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 14.1 % above its aggregate fair value. Pakuwon Jati Tbk currently trades 150 % 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 Pakuwon Jati Tbk (PWON)?
The closing price on Sep 23, 2026 was 278.00 IDR. Our model-based fair value is 695.00 IDR, about +150% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pakuwon Jati Tbk right now?
The price is below even our cautious bear case (485.90 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 (68/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Pakuwon Jati Tbk (PWON) come from?
Earnings per share at Pakuwon Jati Tbk grew +2.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.6 %, EBIT margin −1.8 %, tax rate +0.3 %, residual (interest, one-offs) −0.9 %. 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 Pakuwon Jati Tbk
How large is the market capitalisation of Pakuwon Jati Tbk (PWON)?
The market capitalisation of Pakuwon Jati Tbk is 13.4T IDR (≈ $1.3B). 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 Pakuwon Jati Tbk (PWON)?
The price-to-sales ratio of Pakuwon Jati Tbk is 1.81 (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 Pakuwon Jati Tbk (PWON)?
Earnings per share at Pakuwon Jati Tbk are 50.57 IDR (price ÷ EPS = P/E 5.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Pakuwon Jati Tbk (PWON)?
The dividend yield of Pakuwon Jati Tbk is 5.0% (payout 27.4%). 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 Pakuwon Jati Tbk (PWON)?
The net margin of Pakuwon Jati Tbk is 33.0% (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 Pakuwon Jati Tbk (PWON)?
The return on equity (ROE) of Pakuwon Jati Tbk is 11.0% (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 Pakuwon Jati Tbk (PWON)?
On an EBIT basis the return on assets of Pakuwon Jati Tbk is 7.5% (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 Pakuwon Jati Tbk (PWON)?
The operating margin of Pakuwon Jati Tbk is 43.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pakuwon Jati Tbk (PWON)?
Revenue at Pakuwon Jati Tbk is growing +5.8% 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 Pakuwon Jati Tbk (PWON)?
Earnings per share at Pakuwon Jati Tbk are growing +29.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Pakuwon Jati Tbk (PWON) carry?
The net debt of Pakuwon Jati Tbk is 396B IDR (fiscal year 2025, ≈ 0.2 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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