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PT Surya Toto Indonesia Tbk (TOTO) Fair Value & Analysis

Industrials · ID · Market cap 2.5T IDR

PS PT Surya Toto Indonesia Tbk TOTO · JK
Price234.00 IDR
Fair Value663.85 IDR
Upside+183.7%
Quality68/100
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Healthy Growth
Solidly profitable · 13.7% net margin
Low debt · generates free cash flow
Ranks above peers (11/14)
Moderate moat 56/100
Evidence: High Range 428.86 IDR – 853.20 IDR Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 24 days ago

Share price −1.7% over the past month.

A solid business, screening 184% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (428.86 IDR). The market is more pessimistic than our downside scenario.
  • Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (428.86 IDR to 853.20 IDR) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

266.47 IDR 132.20 IDR Fair Value 663.85 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 132.20 IDR – 266.47 IDR · fair‑value band 428.86 IDR – 853.20 IDR · the 234.00 IDR price screens below the 663.85 IDR fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

PT Surya Toto Indonesia Tbk (TOTO) currently trades at 234.00 IDR, while our model-based Fair Value estimate is 663.85 IDR, implying the stock looks roughly 183.7% undervalued today. The Quality Score stands at 68/100 (solid quality), in the Industrials 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.

Over the trailing twelve months, PT Surya Toto Indonesia Tbk generated revenue of 2.3T IDR at a net margin of 13.7%. Revenue declined 16.0% year over year. It earns a return on equity of 12.2%. The balance sheet holds a net cash position of 203B IDR. Fundamentals as of Jul 17, 2026

Our scenario range runs from 428.86 IDR (bear case) to 853.20 IDR (bull case); at 234.00 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 19% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -33% fair-value upside, at 184%, TOTO 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 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 397.43 IDR 584.95 IDR 867.62 IDR 80
Residual Income 244.71 IDR 301.82 IDR 620.41 IDR 76
Rev-Margin DCF 338.04 IDR 512.67 IDR 713.83 IDR 74
All 26 models by family
DCF Models
FCF DCF 390.02 IDR 600.25 IDR 937.25 IDR 38
Owner Earnings 497.79 IDR 772.26 IDR 1,212 IDR 31
5Y Revenue Exit 338.04 IDR 511.59 IDR 731.78 IDR 39
5Y EBITDA Exit 454.28 IDR 729.21 IDR 1,050 IDR 41
5Y P/E Exit 473.31 IDR 764.82 IDR 1,071 IDR 38
10Y Revenue Exit 343.87 IDR 509.20 IDR 729.19 IDR 36
10Y EBITDA Exit 428.86 IDR 663.85 IDR 977.89 IDR 37
10Y P/E Exit 441.27 IDR 689.16 IDR 994.35 IDR 35
Earnings-Based
Graham-Dodd 231.38 IDR 721.30 IDR 959.45 IDR 54
Lynch FV 156.96 IDR 224.23 IDR 291.50 IDR 50
PEG = 1.0 156.96 IDR 224.23 IDR 291.50 IDR 46
EPV 344.67 IDR 398.91 IDR 447.12 IDR 59
Dividend Discount
Gordon GGM 202.05 IDR 441.10 IDR 742.17 IDR 70
DDM Multi-Stage 202.05 IDR 340.90 IDR 459.70 IDR 61
Multiples
P/E Multiple 535.91 IDR 714.55 IDR 893.19 IDR 63
P/S Multiple 342.20 IDR 456.27 IDR 570.34 IDR 58
P/B Multiple 433.84 IDR 578.45 IDR 723.06 IDR 55
EV/EBIT 537.44 IDR 704.16 IDR 870.87 IDR 53
EV/EBITDA 541.16 IDR 709.11 IDR 877.07 IDR 54
EV/Revenue 324.75 IDR 447.95 IDR 571.14 IDR 43
Asset-Based
NCAV (Graham) 124.44 IDR 166.75 IDR 248.88 IDR 50
Growth DCF
Growth DCF 397.43 IDR 584.95 IDR 867.62 IDR 80
Rev-Margin DCF 338.04 IDR 512.67 IDR 713.83 IDR 74
Economic Profit
Residual Income 244.71 IDR 301.82 IDR 620.41 IDR 76
ROIC Compounder 364.94 IDR 461.58 IDR 582.01 IDR 72
Growth Earnings
Growth-Adj P/E 443.37 IDR 633.38 IDR 823.40 IDR 68

Widest divergence: DCF Models (663.85 IDR) versus Asset-Based (166.75 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.3T IDR
Revenue growth (YoY) -16.0%
Net margin 13.7%
Return on equity 12.2%
Free cash flow 304B IDR FY2025
P/E ratio 6.9
More key figures
Operating margin 11.2%
EPS (TTM) 33.99 IDR
EPS growth (YoY) -47.2%
Net cash 203B IDR FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 67 · Market factors (momentum, volatility) 55

Profitability 51
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 58
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 40
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 Surya Toto Indonesia Tbk manufactures and sells sanitary, fittings, kitchen systems, and other related products in Indonesia and internationally. It operates through the Sanitary, Fittings, Kitchen systems, and Electrical Appliances and Accessories segments.

Full company description

PT Surya Toto Indonesia Tbk manufactures and sells sanitary, fittings, kitchen systems, and other related products in Indonesia and internationally. It operates through the Sanitary, Fittings, Kitchen systems, and Electrical Appliances and Accessories segments. The company offers neorest; washlet; toilet, lavatory, urinal, bidet, bathtub, sink; automatic, shower and bath, shower spray, faucet, and accessories, such as robe hook, floor drain, door handle, shelf, and tumbler holder; and supplementary parts, including stop valve and flexible hose. It sells its products under the TOTO brand. The company also offers supporting activities such as machinery and machine tools for metalworking, repair of machinery for special purposes, and calibration/metrology services. PT Surya Toto Indonesia Tbk was founded in 1977 and is based in Jakarta Barat, Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Surya Toto Indonesia Tbk reported revenue of 2.4T IDR in FY2025 versus 1.8T IDR in FY2021, a compound +6.5%/yr. Reported net income was 351B IDR in FY2025, compounding +22.3%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.4T IDR
Latest YoY
+1.9%
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.
+4.1%
Avg. growth/yr (5Y) 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.
+7.7%
Avg. growth/yr (25Y) 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.
+8.2%
Revenue +6.5%/yr
FY21 1.8T IDR
FY22 2.1T IDR
FY23 2.1T IDR
FY24 2.3T IDR
FY25 2.4T IDR
Net income +22.3%/yr
FY21 157B IDR
FY22 313B IDR
FY23 242B IDR
FY24 315B IDR
FY25 351B IDR
Character of growth · EPS growth decomposed (2014-2025) +2.0 % p.a.
Revenue per share +0.5 pp

of which total revenue +0.7 pp · buybacks/dilution −0.2 pp

EBIT margin −0.6 pp
Tax rate +0.9 pp
Residual (interest, one-offs) +1.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "PT Surya Toto Indonesia Tbk Fair Value". https://www.fairvalue-calculator.com/stock/TOTO

Peer Group

Building Products & Equipment · 247 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 68 · Top 25%
Fair Value upside +184% · Top 25%
Return on equity (TTM) 12% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 11% · Above median
Revenue growth -16% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Building Products & Equipment median · lower = cheaper

P/E (TTM) 8.1× · Cheaper than 75% of peers
P/B 0.98× · Cheaper than median
P/S (TTM) 1.11× · Pricier than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 4.8× · 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 3
FUTURE 0 · sector 9
PAST 49 · sector 23
HEALTH 100 · sector 94
DIVIDEND 0 · sector 28

Insider activity: 40/100

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 Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Trane Technologies plc TT $469.98 $212.34 -55%
Johnson Controls International plc JCI $142.81 $45.65 -68%
Carrier Global Corporation CARR $68.61 $17.35 -75%
Compagnie de Saint-Gobain S.A SGO €76.62 €101.60 +33%
Geberit AG GEBN CHF 523.20 CHF 307.66 -41%
Lennox International Inc LII $543.93 $363.09 -33%
Kingspan Group KRX €87.30 €70.76 -19%
Masco Corporation MAS $78.04 $54.36 -30%
PT Impack Pratama Industri Tbk, IMPC 1,420 IDR 179.76 IDR -87%
NIBE Industrier AB NIBEB kr 36.03 kr 25.37 -30%

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Frequently asked questions

Is PT Surya Toto Indonesia Tbk (TOTO) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 663.85 IDR versus a price of 234.00 IDR, about +184% (undervalued).
What is the fair value of TOTO?
Our model-based fair value for PT Surya Toto Indonesia Tbk is 663.85 IDR (as of Jul 17, 2026), built from audited fundamentals. The current price is 234.00 IDR.
What is the quality score of TOTO?
PT Surya Toto Indonesia Tbk has a Quality Score of 68/100. 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 Surya Toto Indonesia Tbk (TOTO)?
PT Surya Toto Indonesia Tbk reported trailing-twelve-month revenue of about 2.3T IDR (latest available figure, as of Jul 17, 2026).
What is the net profit margin of TOTO?
The net profit margin of PT Surya Toto Indonesia Tbk is about 13.7%, meaning it keeps roughly 13.7% 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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