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PT Graha Mitra Asia Tbk (RELF) Fair Value & Analysis

Real Estate · ID · Market cap 200B IDR

PG PT Graha Mitra Asia Tbk RELF · JK
Price35.00 IDR
Fair Value25.39 IDR
Upside-27.5%
Quality50/100
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Mixed Growth
Highly profitable · 21.6% net margin
Low debt
Ranks above peers (7/10)
Moderate moat 57/100
Evidence: High Range 19.04 IDR – 30.33 IDR Share as image

Fair value as of: Jul 18, 2026

From 13 valuation models · updated 23 days ago

Share price +6.1% over the past month.

A solid business, but screening 27% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (30.33 IDR). The favourable scenario is already priced in.
  • Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (3 years)

209.76 IDR 12.80 IDR Fair Value 25.39 IDR Jun 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

38‑month range 12.80 IDR – 209.76 IDR · fair‑value band 19.04 IDR – 30.33 IDR · the 35.00 IDR price screens above the 25.39 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

PT Graha Mitra Asia Tbk (RELF) currently trades at 35.00 IDR, while our model-based Fair Value estimate is 25.39 IDR, implying the stock looks roughly 27.5% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, PT Graha Mitra Asia Tbk generated revenue of 39.6B IDR at a net margin of 21.6%. Revenue declined 30.8% year over year. It earns a return on equity of 3.6%. Fundamentals as of Jul 18, 2026

Our scenario range runs from 19.04 IDR (bear case) to 30.33 IDR (bull case); at 35.00 IDR, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 58% below its 52-week high and 95% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at -27%, RELF screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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. Evidence
Highest evidence
Growth DCF 3.83 IDR 6.27 IDR 10.07 IDR 80
Residual Income 31.78 IDR 31.18 IDR 27.59 IDR 76
Rev-Margin DCF 8.65 IDR 15.36 IDR 22.75 IDR 74
All 13 models by family
DCF Models
FCF DCF 3.59 IDR 6.11 IDR 10.27 IDR 38
5Y Revenue Exit 8.65 IDR 15.34 IDR 24.12 IDR 39
10Y Revenue Exit 6.30 IDR 12.00 IDR 18.90 IDR 36
Dividend Discount
Gordon GGM 2.12 IDR 3.01 IDR 3.96 IDR 70
DDM Multi-Stage 2.12 IDR 3.01 IDR 4.10 IDR 61
Multiples
P/S Multiple 19.04 IDR 25.39 IDR 31.73 IDR 58
P/B Multiple 19.04 IDR 25.39 IDR 31.73 IDR 55
EV/EBIT 24.63 IDR 33.65 IDR 42.68 IDR 53
EV/Revenue 12.49 IDR 18.89 IDR 25.29 IDR 43
Asset-Based
NCAV (Graham) 21.36 IDR 28.62 IDR 42.72 IDR 50
Growth DCF
Growth DCF 3.83 IDR 6.27 IDR 10.07 IDR 80
Rev-Margin DCF 8.65 IDR 15.36 IDR 22.75 IDR 74
Economic Profit
Residual Income 31.78 IDR 31.18 IDR 27.59 IDR 76

Widest divergence: Economic Profit (31.18 IDR) versus Dividend Discount (3.01 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 39.6B IDR
Revenue growth (YoY) -30.8%
Net margin 21.6%
Return on equity 3.6%
Operating margin 25.3%
EPS growth (YoY) -40.2%

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 46 · Market factors (momentum, volatility) 41

Profitability 32
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 52
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 44
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

PT Graha Mitra Asia Tbk provides real estate and property development services in Indonesia. The company provides real estate agency, real estate brokers, and intermediaries for buying, selling, leasing real estate on a fee or contract basis; real estate management services; and real estate appraisal services, as well as real estate probate agent services.

Full company description

PT Graha Mitra Asia Tbk provides real estate and property development services in Indonesia. The company provides real estate agency, real estate brokers, and intermediaries for buying, selling, leasing real estate on a fee or contract basis; real estate management services; and real estate appraisal services, as well as real estate probate agent services. PT Graha Mitra Asia Tbk was founded in 2018 and is headquartered in Bogor, Indonesia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

PT Graha Mitra Asia Tbk reported revenue of 39.6B IDR in FY2025 versus 18.3B IDR in FY2022, a compound +29.2%/yr. Reported net income was 8.6B IDR in FY2025, compounding +24.0%/yr from FY2022.

Growth Quality 80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
39.6B IDR
Latest YoY
−17.7%
Avg. growth/yr (3Y) 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.
+29.2%
Revenue +29.2%/yr
FY22 18.3B IDR
FY23 45.4B IDR
FY24 48.1B IDR
FY25 39.6B IDR
Net income +24.0%/yr
FY22 4.5B IDR
FY23 10.5B IDR
FY24 10.5B IDR
FY25 8.6B IDR

RELF screens 27% overvalued. Compare with DLF Limited →

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Cite: Fair Value Calculator (2026). "PT Graha Mitra Asia Tbk Fair Value". https://www.fairvalue-calculator.com/stock/RELF

Peer Group

Real Estate - Development · 588 stocks

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.

Quality Score 48 · Above median
Fair Value upside −28% · Below median
Return on equity (TTM) 4% · Above median
Return on assets 2% · Above median
Net margin (TTM) 22% · Top 25%
Operating margin (TTM) 25% · Top 25%
Revenue growth -31% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.08× · Lower than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

EV/EBITDA 1.4× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 48
FUTURE 0 · sector 0
PAST 14 · sector 10
HEALTH 96 · sector 84
DIVIDEND 0 · sector 38

VALUE 0: the price sits above our fair-value range.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is PT Graha Mitra Asia Tbk (RELF) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 25.39 IDR versus a price of 35.00 IDR, about −27% (overvalued).
What is the fair value of RELF?
Our model-based fair value for PT Graha Mitra Asia Tbk is 25.39 IDR (as of Jul 18, 2026), built from audited fundamentals. The current price is 35.00 IDR.
What is the quality score of RELF?
PT Graha Mitra Asia Tbk has a Quality Score of 50/100. 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 revenue of PT Graha Mitra Asia Tbk (RELF)?
PT Graha Mitra Asia Tbk reported trailing-twelve-month revenue of about 39.6B IDR (latest available figure, as of Jul 18, 2026).
What is the net profit margin of RELF?
The net profit margin of PT Graha Mitra Asia Tbk is about 21.6%, meaning it keeps roughly 21.6% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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