Sinar Mas Multiartha Tbk (SMMA) Fair Value & Analysis
Financial Services · ID · Market cap 131T IDR (≈ $13.1B) · ISIN ID1000094501
What is Sinar Mas Multiartha Tbk really worth?
A solid business, but trading 337% above our fair value of 4,617 IDR.
Risks
Fair value as of: Aug 13, 2026
From 4 valuation models · updated 21 days ago
Fair value updated Aug 13, 2026, revised from 4,176 IDR to 4,617 IDR (+10.6%) since Jul 19, 2026. Share price +0.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (5,772 IDR). The favourable scenario is already priced in.
- Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 9,900 IDR – 24,000 IDR · fair‑value band 3,463 IDR – 5,772 IDR · the 20,200 IDR price screens above the 4,617 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Sinar Mas Multiartha Tbk (SMMA) currently trades at 20,200 IDR, while our model-based Fair Value estimate is 4,617 IDR, implying the stock looks roughly 337.4% overvalued today. The Quality Score stands at 52/100 (solid quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of 4,176 IDR per share, and 0 of the 4 models we run sit above the 20,200 IDR price. Bear case: the Asset-Based group reads lowest at 2,476 IDR, and 4 of the 4 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Sinar Mas Multiartha Tbk generated revenue of 27.6T IDR at a net margin of 10.9%. Revenue grew 1.6% year over year. It earns a return on equity of 11.3%. Net debt stands at 10.7B IDR. Fundamentals as of Aug 13, 2026
Our scenario range runs from 3,463 IDR (bear case) to 5,772 IDR (bull case); at 20,200 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 26% below its 52-week high and 76% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −77%, SMMA screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 217.73 IDR per share, which is 4.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 4 models by family
Widest divergence: Multiples (4,176 IDR) versus Asset-Based (2,476 IDR). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 44 · Market factors (momentum, volatility) 72
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
PT Sinar Mas Multiartha Tbk provides various financial products and services to individual and corporate clients in Indonesia.
Full company description
PT Sinar Mas Multiartha Tbk provides various financial products and services to individual and corporate clients in Indonesia. The company engages in the banking, life insurance, loss insurance, multi finance, securities, technology based lending and borrowing service, venture capital, share register, money changer, workshop, property, information service, and trading and service businesses. Further, It is involved in the reinsurance, asset management, forestry, on-line insurance, commodity trading, data processing, and credit guarantor services, as well as operation of auction and pawnshop businesses, and real estate business. The company was formerly known as PT Internas Artha Finance Company and changed its name to PT Sinar Mas Multiartha Tbk in February 1995. The company was founded in 1982 and is headquartered in Jakarta, Indonesia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Sinar Mas Multiartha Tbk reported revenue of 36.6T IDR in FY2025 versus 36.0T IDR in FY2021, a compound +0.4%/yr. Reported net income was 2.0T IDR in FY2025, compounding +21.2%/yr from FY2021.
of which total revenue +3.4 % · buybacks/dilution −0.1 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
SMMA screens 337% overvalued. Compare with Berkshire Hathaway Inc →
Peer Group
Insurance - Diversified · 84 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.
Valuation Multiples vs Insurance - Diversified median · lower = cheaper
Strength profile in five axes (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: 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.
Similar stocks
10 more Insurance - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Berkshire Hathaway Inc BRKB80 | 1.67 THB | 1.48 THB | −11% |
| Allianz SE ALV | €453.00 | €266.04 | −41% |
| Zurich Insurance Group ZURN | CHF 596.00 | CHF 335.07 | −44% |
| AXA SA CS | €43.61 | €39.90 | −9% |
| Assicurazioni Generali S.p.A G | €44.11 | €10.92 | −75% |
| Sun Life Financial Inc SLF | C$108.85 | C$57.05 | −48% |
| American International Group AIG | $76.14 | $80.91 | +6% |
| The Hartford Insurance Group HIG | $137.38 | $133.10 | −3% |
| Arch Capital Group ACGL | $98.76 | $124.45 | +26% |
| Swiss Life Holding SLHN | CHF 919.00 | CHF 425.23 | −54% |
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