Saratoga Investama Sedaya (SRTG) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Saratoga Investama Sedaya IDR 3,600, price IDR 1,800, upside +100.0%, quality 79 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 936.76 IDR – 3,309 IDR · fair‑value band 2,377 IDR – 5,748 IDR · the 1,800 IDR price screens below the 3,600 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 Saratoga Investama Sedaya Tbk is a private equity firm specializing in growth stage and special situations investments.
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PT Saratoga Investama Sedaya Tbk is a private equity firm specializing in growth stage and special situations investments. It primarily invests in healthcare, digital infrastructure, green economy, precious metals, specialty logistics, cold-chain logistics, carbon off-set credit, energy transition and mineral processing, precious metal and mineral processing, solar energy, automotive, construction, consumer and industrial gas, digital media advertising, natural resources, renewable energy and consumer goods sectors. The firm seeks to make investments in Indonesia. Saratoga Capital Investment was founded in 1997 and is based in Jakarta, Indonesia with an additional office in Singapore, Singapore.
Stock analysis
Saratoga Investama Sedaya (SRTG) currently trades at 1,800 IDR, while our model-based Fair Value estimate is 3,600 IDR, implying the stock looks roughly 50.0% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 6,085 IDR per share, and 8 of the 12 models we run sit above the 1,800 IDR price.
Bear case: the Growth DCF group reads lowest at 808.62 IDR, and 4 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: 2,377 IDR (bear) to 5,748 IDR (bull), the price of 1,800 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 79/100 (high quality), in the Financial Services sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Saratoga Investama Sedaya reported revenue of 3.8T IDR in FY2025 versus 26.1T IDR in FY2021, a compound −38.2%/yr. Reported net income was 7.3T IDR in FY2025, compounding −26.4%/yr from FY2021.
Key figures
Market cap 24.5T IDR (≈ $2.4B) · P/E ratio 1.3 · P/S ratio 2.51 · EPS (TTM) 1,378 IDR · Dividend yield 0.9% · Net margin 90.4% · Return on equity 34.1% · Return on assets (EBIT) 9.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 44% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 100%, SRTG screens cheaper than that median.
Fair Value models
Bear 2,377 IDRFair Value 3,600 IDRBull 5,748 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 (1,008 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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
−41.1%
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.
−8.4%
Revenue growth 12 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.
+7.0%
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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. Basis: EBIT basis. 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.
≈ −4.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.8%
Dividend (yield on the price)0.9%
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.−4% vs 23%, 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.98% → 174%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 4.7%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Rate on operating basis: 2025 sits 87% above its own trend.
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).
+9.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Indonesia: IMF forecast 2.6% a year to 2030, 2.9% from 2016 to 2025) that is about +6.8% a year for the price.
Compare Saratoga Investama Sedaya with another stock
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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.Asset Management · 659 stocks
Beats the industry median on 13/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score78 · Top 25%
Fair Value upside+100% · Top 25%
Profitability
Return on equity (TTM)34% · Top 25%
Return on assets21% · Top 25%
Net margin (TTM)90% · Top 25%
Operating margin (TTM)99% · Top 25%
Growth and dividend
Revenue growth168% · Top 25%
Dividend yield (TTM)0.9% · Bottom 25%
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Asset Management median · lower = cheaper
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Is Saratoga Investama Sedaya (SRTG) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3,600 IDR versus a price of 1,800 IDR, about +100% upside (undervalued).
What is the fair value of SRTG?
Our model-based fair value for Saratoga Investama Sedaya is 3,600 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 1,800 IDR.
What is the quality score of SRTG?
Saratoga Investama Sedaya has a Quality Score of 79/100. 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 Saratoga Investama Sedaya (SRTG)?
Our model-based price target is the fair value of 3,600 IDR (as of Sep 24, 2026) from 12 valuation models. Cautious scenario 2,377 IDR, optimistic scenario 5,748 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Saratoga Investama Sedaya stock forecast for 2026?
Our models put fair value at 3,600 IDR, about +100% upside versus a price of 1,800 IDR (undervalued). Cautious scenario 2,377 IDR, optimistic scenario 5,748 IDR. The calculation is refreshed regularly with new filings.
Does Saratoga Investama Sedaya pay a dividend?
Saratoga Investama Sedaya currently shows a dividend yield of about 0.86% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Saratoga Investama Sedaya (SRTG)?
For today's price to be fair in a discounted-cash-flow model, Saratoga Investama Sedaya would have to grow free cash flow by +9.6 % per year for five years (discount rate 10.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -16.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of SRTG use?
Our models discount Saratoga Investama Sedaya at 10.5 %: a base by market capitalisation (mid), damped by beta 0.27, 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 Saratoga Investama Sedaya that is +9.6 % per year a year over ten years, using the same discount rate (10.5 %) and the same formula as our fair value.
How much growth has Saratoga Investama Sedaya (SRTG) delivered so far?
Over the past 5 years revenue at Saratoga Investama Sedaya grew -16.2 % a year. The price currently implies +9.6 % 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 Saratoga Investama Sedaya (SRTG) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Saratoga Investama Sedaya (+9.6 % 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 Saratoga Investama Sedaya (SRTG)?
The free-cash-flow yield on the price is 5.61 %: that much free cash flow Saratoga Investama Sedaya produces per unit of market value. When it exceeds the discount rate of our models (10.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Saratoga Investama Sedaya (SRTG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Saratoga Investama Sedaya it is 3,600 IDR per share (as of Sep 24, 2026), against a price of 1,800 IDR. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Saratoga Investama Sedaya stock overvalued or undervalued in 2026?
As of Sep 24, 2026, SRTG trades below its calculated fair value: price 1,800 IDR, fair value 3,600 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 SRTG?
No. The price is what the market pays today (1,800 IDR); the fair value is what the company's own numbers justify (3,600 IDR). For Saratoga Investama Sedaya the two are 1,800 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Saratoga Investama Sedaya worth?
The market values Saratoga Investama Sedaya at about 24.5T IDR (market capitalisation, as of Sep 24, 2026). Per share that is 1,800 IDR; our models calculate a fair value of 3,600 IDR per share.
What do the bullish and bearish scenarios say about SRTG?
Our models span a range for Saratoga Investama Sedaya: cautious scenario 2,377 IDR, base 3,600 IDR, optimistic 5,748 IDR per share (as of Sep 24, 2026, price 1,800 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SRTG?
Saratoga Investama Sedaya trades at a price-to-earnings ratio of 1.3 (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 3,600 IDR is built from several models across several years. Other multiples: P/B 0.4, P/S 1.2, EV/EBITDA 1.2.
How solid is the balance sheet of Saratoga Investama Sedaya (SRTG)?
Balance-sheet figures for Saratoga Investama Sedaya (as of Sep 24, 2026): return on equity 34.1%, debt of 0.03 per unit of equity. They feed the Quality Score of 79/100, which measures business quality independently of the share price.
How far is SRTG from its 52-week high?
Saratoga Investama Sedaya trades at 1,800 IDR, about 8% below its 52-week high of 1,955 IDR and 44% above the low of 1,250 IDR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 3,600 IDR is for.
Which stocks are comparable to Saratoga Investama Sedaya?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, 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 Saratoga Investama Sedaya stock attractive at the current price?
The data as of Sep 24, 2026: price 1,800 IDR, calculated fair value 3,600 IDR (+100%), Quality Score 79/100, from 12 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 SRTG calculated?
We run Saratoga Investama Sedaya through 12 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 3,600 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. Saratoga Investama Sedaya currently trades 100 % 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 Saratoga Investama Sedaya (SRTG)?
The closing price on Sep 23, 2026 was 1,800 IDR. Our model-based fair value is 3,600 IDR, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Saratoga Investama Sedaya right now?
The rarer combination: high quality (79/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (2,377 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. A fairly wide model range (2,377 IDR to 5,748 IDR) leaves room in how you read the outcome.
Where does the earnings growth of Saratoga Investama Sedaya (SRTG) come from?
Earnings per share at Saratoga Investama Sedaya grew +8.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.7 %, EBIT margin +10.1 %, tax rate +0.8 %, residual (interest, one-offs) +1.6 %. 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 Saratoga Investama Sedaya
How large is the market capitalisation of Saratoga Investama Sedaya (SRTG)?
The market capitalisation of Saratoga Investama Sedaya is 24.5T IDR (≈ $2.4B). 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 Saratoga Investama Sedaya (SRTG)?
The price-to-sales ratio of Saratoga Investama Sedaya is 2.51 (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 Saratoga Investama Sedaya (SRTG)?
Earnings per share at Saratoga Investama Sedaya are 1,378 IDR (price ÷ EPS = P/E 1.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Saratoga Investama Sedaya (SRTG)?
The dividend yield of Saratoga Investama Sedaya is 0.9% (payout 1.1%). 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 Saratoga Investama Sedaya (SRTG)?
The net margin of Saratoga Investama Sedaya is 90.4% (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 Saratoga Investama Sedaya (SRTG)?
The return on equity (ROE) of Saratoga Investama Sedaya is 34.1% (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 Saratoga Investama Sedaya (SRTG)?
On an EBIT basis the return on assets of Saratoga Investama Sedaya is 9.9% (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 Saratoga Investama Sedaya (SRTG)?
The operating margin of Saratoga Investama Sedaya is 98.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Saratoga Investama Sedaya (SRTG)?
Revenue at Saratoga Investama Sedaya is growing +168% versus a year earlier (3y avg −15.6%). 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 Saratoga Investama Sedaya (SRTG)?
Earnings per share at Saratoga Investama Sedaya are growing +181% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Saratoga Investama Sedaya (SRTG) carry?
The net debt of Saratoga Investama Sedaya is 471B IDR (fiscal year 2025, ≈ 0.3 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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