Rukun Raharja Tbk (RAJA) fair value: what the stock is really worth
As of Oct 6, 2026: fair value of Rukun Raharja Tbk IDR 187, price IDR 685, upside -72.7%, quality 33 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range 29.60 IDR – 986,700 IDR · fair‑value band 126.62 IDR – 257.44 IDR · the 685.00 IDR price screens above the 187.22 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
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PT Rukun Raharja Tbk, together with its subsidiaries, operates as an integrated energy provider in Indonesia. The company involved in the trading of natural gas and CNG; transportation of gas; maintenance and operations of gas infrastructure; gas compression services, water treatment services; and management of LPG terminal facilities.
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PT Rukun Raharja Tbk, together with its subsidiaries, operates as an integrated energy provider in Indonesia. The company involved in the trading of natural gas and CNG; transportation of gas; maintenance and operations of gas infrastructure; gas compression services, water treatment services; and management of LPG terminal facilities. It also provides management and consultancy services, as well as engages in power generation, mining, trading, and construction activities. PT Rukun Raharja Tbk was founded in 1993 and is headquartered in Jakarta Pusat, Indonesia.
Stock analysis
Rukun Raharja Tbk (RAJA) currently trades at 685.00 IDR, while our model-based Fair Value estimate is 187.22 IDR, 72.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 934.83 IDR per share, and 4 of the 26 models we run sit above the 685.00 IDR price.
Bear case: the Asset-Based group reads lowest at 121.01 IDR, and 22 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 126.62 IDR (bear) to 257.44 IDR (bull), the price of 685.00 IDR sits above 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 33/100 (below-average quality), in the Utilities sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Rukun Raharja Tbk reported revenue of $263M in FY2025 versus $98.1M in FY2021, a compound +28.0%/yr. Reported net income was $26.9M in FY2025, compounding +85.9%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 14.4T IDR (≈ $806M) · P/E ratio 20.8 · P/S ratio 2.12 · EPS (TTM) 32.96 IDR · Dividend yield 0.0% · Net margin 10.2% · Return on equity 19.9% · Return on assets (EBIT) 9.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 90% below its 52-week high and 31% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at 2% fair-value upside, at −73%, RAJA screens richer than that median.
Fair Value models
Bear 126.62 IDRFair Value 187.22 IDRBull 257.44 IDR
Price 685.00 IDR · Upside -72.7%
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 (25.28 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.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.78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+3.5%
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.
+27.6%
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.
+21.7%
Start year 2020 (pandemic). Over 10 years: +3.1% a year
Revenue growth 21 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.
−11.2%
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What shareholders gained per year (last 5 years) ⓘ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.
+60.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+60.5%
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.60.5% vs 12.8%, 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.7% → 15%
Start year 2020 (pandemic)
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).
+43.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +39.9% 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.Utilities - Regulated Gas · 103 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score33 · Bottom 25%
Fair Value upside−72.7% · Bottom 25%
Profitability
Return on equity (TTM)19.9% · Top 25%
Return on assets7.2% · Top 25%
Net margin (TTM)18.4% · Top 25%
Operating margin (TTM)23.4% · Top 25%
Growth and dividend
Revenue growth23.4% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.51× · Above median
Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper
P/E (TTM)20.8× · Priciest 25%
P/B3.78× · Priciest 25%
P/S (TTM)3.84× · Priciest 25%
P/FCF61.4× · Priciest 25%
EV/EBITDA16.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 41
FUTURE (revenue growth)100· sector 18
PAST (return on equity)80· sector 35
HEALTH (low debt)74· sector 83
DIVIDEND (yield)0· sector 72
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Rukun Raharja Tbk (RAJA) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 187.22 IDR versus a price of 685.00 IDR, about −73% upside (overvalued).
What is the fair value of RAJA?
Our model-based fair value for Rukun Raharja Tbk is 187.22 IDR (as of Oct 3, 2026), built from audited fundamentals. The current price: 685.00 IDR.
What is the quality score of RAJA?
Rukun Raharja Tbk has a Quality Score of 33/100. 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 Rukun Raharja Tbk (RAJA)?
Our model-based price target is the fair value of 187.22 IDR (as of Oct 3, 2026) from 26 valuation models. Cautious scenario 126.62 IDR, optimistic scenario 257.44 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Rukun Raharja Tbk stock forecast for 2026?
Our models put fair value at 187.22 IDR, about −73% upside versus a price of 685.00 IDR (overvalued). Cautious scenario 126.62 IDR, optimistic scenario 257.44 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Rukun Raharja Tbk (RAJA)?
Rukun Raharja Tbk reported trailing-twelve-month revenue of about $270M (latest available figure, as of Oct 3, 2026).
Does Rukun Raharja Tbk pay a dividend?
Rukun Raharja Tbk currently shows a dividend yield of about 0.00% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Rukun Raharja Tbk (RAJA)?
For today's price to be fair in a discounted-cash-flow model, Rukun Raharja Tbk would have to grow free cash flow by +43.3 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.7 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of RAJA use?
Our models discount Rukun Raharja Tbk at 13.5 %: a base by market capitalisation (small), 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 Rukun Raharja Tbk that is +43.3 % per year a year over ten years, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Rukun Raharja Tbk (RAJA) delivered so far?
Over the past 5 years revenue at Rukun Raharja Tbk grew +21.7 % a year. The price currently implies +43.3 % 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 Rukun Raharja Tbk (RAJA) growing?
The median revenue growth in the sector is +11.1 % a year. That is the yardstick for the growth priced into Rukun Raharja Tbk (+43.3 % 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 Rukun Raharja Tbk (RAJA)?
The free-cash-flow yield on the price is 1.63 %: that much free cash flow Rukun Raharja Tbk produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Rukun Raharja Tbk (RAJA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Rukun Raharja Tbk it is 187.22 IDR per share (as of Oct 3, 2026), against a price of 685.00 IDR. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Rukun Raharja Tbk stock overvalued or undervalued in 2026?
As of Oct 3, 2026, RAJA trades above its calculated fair value: price 685.00 IDR, fair value 187.22 IDR, a gap of about −73% (overvalued). 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 RAJA?
No. The price is what the market pays today (685.00 IDR); the fair value is what the company's own numbers justify (187.22 IDR). For Rukun Raharja Tbk the two are 497.78 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Rukun Raharja Tbk worth?
The market values Rukun Raharja Tbk at about 14.4T IDR (market capitalisation, as of Oct 3, 2026). Per share that is 685.00 IDR; our models calculate a fair value of 187.22 IDR per share.
What do the bullish and bearish scenarios say about RAJA?
Our models span a range for Rukun Raharja Tbk: cautious scenario 126.62 IDR, base 187.22 IDR, optimistic 257.44 IDR per share (as of Oct 3, 2026, price 685.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RAJA?
Rukun Raharja Tbk trades at a price-to-earnings ratio of 20.8 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 187.22 IDR is built from several models across several years. Other multiples: P/B 3.8, P/S 3.8, EV/EBITDA 16.8.
How solid is the balance sheet of Rukun Raharja Tbk (RAJA)?
Balance-sheet figures for Rukun Raharja Tbk (as of Oct 3, 2026): return on equity 19.9%, debt of 0.51 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is RAJA from its 52-week high?
Rukun Raharja Tbk trades at 685.00 IDR, about 90% below its 52-week high of 6,632 IDR and 31% above the low of 522.68 IDR (as of Oct 6, 2026). Distance from the high says nothing about value: that is what the fair value of 187.22 IDR is for.
Which stocks are comparable to Rukun Raharja Tbk?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, Uniper SE, NiSource Inc, 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 Rukun Raharja Tbk stock attractive at the current price?
The data as of Oct 3, 2026: price 685.00 IDR, calculated fair value 187.22 IDR (−73%), Quality Score 33/100, from 26 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 RAJA calculated?
We run Rukun Raharja Tbk through 26 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 187.22 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 15.4 % above its aggregate fair value. Rukun Raharja Tbk itself currently trades above fair value. 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 Rukun Raharja Tbk (RAJA)?
The closing price on Oct 6, 2026 was 685.00 IDR. Our model-based fair value is 187.22 IDR, about −73% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Rukun Raharja Tbk right now?
The price sits above even our optimistic bull case (257.44 IDR). The favourable scenario is already priced in. Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (126.62 IDR to 257.44 IDR) leaves room in how you read the outcome.
Where does the earnings growth of Rukun Raharja Tbk (RAJA) come from?
Earnings per share at Rukun Raharja Tbk grew +14.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.1 %, EBIT margin +9.2 %, tax rate +0.6 %, residual (interest, one-offs) +2.2 %. 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 Rukun Raharja Tbk
How large is the market capitalisation of Rukun Raharja Tbk (RAJA)?
The market capitalisation of Rukun Raharja Tbk is 14.4T IDR (≈ $806M). 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 Rukun Raharja Tbk (RAJA)?
The price-to-sales ratio of Rukun Raharja Tbk is 2.12 (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 Rukun Raharja Tbk (RAJA)?
Earnings per share at Rukun Raharja Tbk are 32.96 IDR (price ÷ EPS = P/E 20.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Rukun Raharja Tbk (RAJA)?
The dividend yield of Rukun Raharja Tbk is 0.0% (payout 0.0%). 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 Rukun Raharja Tbk (RAJA)?
The net margin of Rukun Raharja Tbk is 10.2% (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 Rukun Raharja Tbk (RAJA)?
The return on equity (ROE) of Rukun Raharja Tbk is 19.9% (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 Rukun Raharja Tbk (RAJA)?
On an EBIT basis the return on assets of Rukun Raharja Tbk is 9.4% (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 Rukun Raharja Tbk (RAJA)?
The operating margin of Rukun Raharja Tbk is 23.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Rukun Raharja Tbk (RAJA)?
Revenue at Rukun Raharja Tbk is growing +23.4% versus a year earlier (3y avg +27.6%). 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 Rukun Raharja Tbk (RAJA)?
Earnings per share at Rukun Raharja Tbk are growing +208% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Rukun Raharja Tbk (RAJA) carry?
The net debt of Rukun Raharja Tbk is $62.7M (fiscal year 2025, ≈ 4.8 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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