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PT Saratoga Investama Sedaya Tbk (SRTG) Fair Value & Analysis

Financial Services · ID · Market cap 23.2T IDR

PS PT Saratoga Investama Sedaya Tbk SRTG · JK
Price1,820 IDR
Fair Value3,420 IDR
Upside+87.9%
Quality79/100
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Mixed Growth
Highly profitable · 90.4% net margin
Low debt · generates free cash flow
Ranks above peers (13/14)
Wide moat 90/100
Evidence: High Range 2,565 IDR – 4,275 IDR Share as image

Fair value as of: Jul 19, 2026

From 12 valuation models · updated 21 days ago

Fair value updated Jul 19, 2026, revised from 2,970 IDR to 3,420 IDR (+15.2%) since Jun 26, 2026. Share price +17.8% over the past month.

A strong business, screening 88% undervalued on our models.

What matters 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 (2,565 IDR). The market is more pessimistic than our downside scenario.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

3,309 IDR 855.24 IDR Fair Value 3,420 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range 855.24 IDR – 3,309 IDR · fair‑value band 2,565 IDR – 4,275 IDR · the 1,820 IDR price screens below the 3,420 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

Full chart & analysis →

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Analysis

PT Saratoga Investama Sedaya Tbk (SRTG) currently trades at 1,820 IDR, while our model-based Fair Value estimate is 3,420 IDR, implying the stock looks roughly 87.9% undervalued today. The Quality Score stands at 79/100 (high quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Trailing-twelve-month revenue stands at 7.0T IDR. Revenue grew 168.2% year over year. It earns a return on equity of 13.2%. Net debt stands at 471B IDR. Fundamentals as of Jul 19, 2026

Our scenario range runs from 2,565 IDR (bear case) to 4,275 IDR (bull case); at 1,820 IDR, the current price sits below 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 12% below its 52-week high and 47% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at 88%, SRTG screens cheaper 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 BearBaseBull Evidence
Highest evidence
Growth DCF 1,054 IDR 1,485 IDR 2,250 IDR 80
Residual Income 4,127 IDR 5,185 IDR 13,791 IDR 76
Rev-Margin DCF 575.63 IDR 791.79 IDR 1,066 IDR 74
All 12 models by family
DCF Models
Owner Earnings 5,481 IDR 7,819 IDR 12,317 IDR 31
5Y P/E Exit 3,183 IDR 5,284 IDR 7,782 IDR 38
10Y P/E Exit 2,347 IDR 3,735 IDR 5,090 IDR 35
Earnings-Based
Graham-Dodd 3,673 IDR 4,489 IDR 5,050 IDR 54
Dividend Discount
Gordon GGM 141.88 IDR 156.04 IDR 177.79 IDR 70
DDM Multi-Stage 141.88 IDR 181.08 IDR 237.77 IDR 61
Multiples
P/E Multiple 5,266 IDR 7,022 IDR 8,777 IDR 63
P/B Multiple 4,564 IDR 6,085 IDR 7,606 IDR 55
Asset-Based
NCAV (Graham) 2,173 IDR 2,912 IDR 4,346 IDR 50
Growth DCF
Growth DCF 1,054 IDR 1,485 IDR 2,250 IDR 80
Rev-Margin DCF 575.63 IDR 791.79 IDR 1,066 IDR 74
Economic Profit
Residual Income 4,127 IDR 5,185 IDR 13,791 IDR 76

Widest divergence: Multiples (6,085 IDR) versus Dividend Discount (156.04 IDR). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 20.7T IDR
Revenue growth (YoY) +168%
Net margin 90.4%
Return on equity 34.1%
Free cash flow 1.4T IDR FY2025
P/E ratio 1.2
More key figures
Operating margin 98.9%
EPS (TTM) 1,378 IDR
EPS growth (YoY) +181%
Net debt 471B IDR FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 79/100

Of which business quality 71 · Market factors (momentum, volatility) 54

Profitability 47
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 54
Distance to the 52-week high (market factor)
Net Issuance 87
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 Saratoga Investama Sedaya Tbk is a private equity firm specializing in growth stage and special situations investments.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Saratoga Investama Sedaya Tbk 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.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.8T IDR
Avg. growth/yr (3Y)
−41.1%
Avg. growth/yr (5Y)
−8.4%
Avg. growth/yr (12Y)
+7.0%
Revenue −38.2%/yr
FY21 26.1T IDR
FY22 6.3T IDR
FY23 −11.0T IDR
FY24 5.3T IDR
FY25 3.8T IDR
Net income −26.4%/yr
FY21 24.9T IDR
FY22 4.6T IDR
FY23 −10.1T IDR
FY24 3.3T IDR
FY25 7.3T IDR

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Cite: Fair Value Calculator (2026). "PT Saratoga Investama Sedaya Tbk Fair Value". https://www.fairvalue-calculator.com/stock/SRTG

Peer Group

Asset Management · 973 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 78 · Top 25%
Fair Value upside +88% · Top 25%
Return on equity (TTM) 34% · Top 25%
Return on assets 21% · Top 25%
Net margin (TTM) 90% · Top 25%
Operating margin (TTM) 99% · Top 25%
Revenue growth 168% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 1.2× · Cheaper than 75% of peers
P/B 0.39× · Cheaper than 75% of peers
P/S (TTM) 1.12× · Cheaper than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 1.2× · 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 100 · sector 37
FUTURE 100 · sector 6
PAST 100 · sector 26
HEALTH 99 · sector 95
DIVIDEND 0 · sector 69

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 Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
Fondul Proprietatea SA FP $0.0420 $0.0800 +90%
BlackRock, Inc BLK $1,136 $465.75 -59%
Blackstone Inc BX $124.56 $16.35 -87%
Investor AB INVEB kr 423.70 kr 847.40 +100%
Brookfield Corporation BN C$62.45 C$10.12 -84%
KKR & Co KKR $100.94 $44.88 -56%
AB Industrivärden INDUA kr 532.50 kr 1,065 +100%
Jio Financial Services Limited JIOFIN ₹242.98 ₹40.19 -83%
Hedef Holding HEDEF 267.25 TRY 320.98 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹10,398 ₹9,202 -12%

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Frequently asked questions

Is PT Saratoga Investama Sedaya Tbk (SRTG) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 3,420 IDR versus a price of 1,820 IDR, about +88% (undervalued).
What is the fair value of SRTG?
Our model-based fair value for PT Saratoga Investama Sedaya Tbk is 3,420 IDR (as of Jul 19, 2026), built from audited fundamentals. The current price is 1,820 IDR.
What is the quality score of SRTG?
PT Saratoga Investama Sedaya Tbk 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 revenue of PT Saratoga Investama Sedaya Tbk (SRTG)?
PT Saratoga Investama Sedaya Tbk reported trailing-twelve-month revenue of about 7.0T IDR (latest available figure, as of Jul 19, 2026).
What is the net profit margin of SRTG?
The net profit margin of PT Saratoga Investama Sedaya Tbk is about 104.3%, meaning it keeps roughly 104.3% 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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