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PT Sarana Menara (TOWR) Fair Value & Analysis

Real Estate · ID · Market cap 21.7T IDR (≈ $2.2B) · ISIN ID1000128804

What is PT Sarana Menara really worth?

PS PT Sarana Menara TOWR · JK
Price446.00 IDR
Fair Value1,012 IDR
Upside+126.9%
Quality44/100

Below-average quality, trading 56% below our fair value of 1,012 IDR.

As of Aug 19, 2026, the fair value of PT Sarana Menara is 1,012 IDR per share against a price of 446.00 IDR, so the fair value sits 127% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Highly profitable · 27.9% net margin
✓Moderate debt · generates free cash flow
✓Ranks above peers (10/14)
✓Wide moat 75/100

Risks

!Expensive Growth (revenue 5y +12.4 %/yr)
!Evidence only low, so the estimate is less certain
!The models disagree: range 429.68 IDR to 1,701 IDR

For context

·3.09% dividend yield
Evidence: Low Range 429.68 IDR – 1,701 IDR

Fair value as of: Aug 19, 2026

From 26 valuation models · updated 17 days ago

Share price +9.9% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain.
  • The model range is unusually wide (429.68 IDR to 1,701 IDR). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

1,389 IDR 316.00 IDR Fair Value 1,012 IDR Mar 2021 Sep 2026

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

How to read this chart

60‑month range 316.00 IDR – 1,389 IDR · fair‑value band 429.68 IDR – 1,701 IDR · the 446.00 IDR price screens below the 1,012 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

PT Sarana Menara (TOWR) currently trades at 446.00 IDR, while our model-based Fair Value estimate is 1,012 IDR, implying the stock looks roughly 55.9% undervalued today. The Quality Score stands at 44/100 (below-average quality), in the Real Estate sector. Bull case: the Growth Earnings group reads highest at a median of 1,325 IDR per share, and 22 of the 26 models we run sit above the 446.00 IDR price. Bear case: the Asset-Based group reads lowest at 310.45 IDR, and 4 of the 26 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, PT Sarana Menara generated revenue of 13.7T IDR at a net margin of 27.9%. Revenue grew 10.8% year over year. It earns a return on equity of 16.0%. Net debt stands at 44.6T IDR. Fundamentals as of Aug 19, 2026

Our scenario range runs from 429.68 IDR (bear case) to 1,701 IDR (bull case); at 446.00 IDR, the current price sits within 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 34% below its 52-week high and 44% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at 127%, TOWR screens cheaper 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 37.54 IDR per share, which is 3.7 % 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.

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
EPV 622.63 IDR 818.54 IDR 992.68 IDR 74
FCF DCF 562.63 IDR 1,563 IDR 3,460 IDR 73
Growth DCF 549.63 IDR 1,458 IDR 3,145 IDR 72
All 26 models by family
DCF Models
FCF DCF 562.63 IDR 1,563 IDR 3,460 IDR 73
Owner Earnings 335.29 IDR 1,119 IDR 2,606 IDR 68
5Y Revenue Exit 164.92 IDR 611.98 IDR 1,216 IDR 67
5Y EBITDA Exit 858.66 IDR 2,087 IDR 3,674 IDR 71
5Y P/E Exit 511.54 IDR 1,349 IDR 2,330 IDR 67
10Y Revenue Exit 265.92 IDR 748.94 IDR 1,492 IDR 62
10Y EBITDA Exit 760.29 IDR 1,874 IDR 3,661 IDR 64
10Y P/E Exit 521.88 IDR 1,311 IDR 2,475 IDR 60
Earnings-Based
Graham-Dodd 429.68 IDR 2,204 IDR 3,047 IDR 64
Lynch FV 601.11 IDR 858.73 IDR 1,116 IDR 61
PEG = 1.0 601.11 IDR 858.73 IDR 1,116 IDR 57
EPV 622.63 IDR 818.54 IDR 992.68 IDR 74
Dividend Discount
Gordon GGM 197.03 IDR 430.15 IDR 723.74 IDR 65
DDM Multi-Stage 197.03 IDR 352.36 IDR 448.28 IDR 66
Multiples
P/E Multiple 1,043 IDR 1,390 IDR 1,738 IDR 63
P/S Multiple 601.01 IDR 801.35 IDR 1,002 IDR 58
P/B Multiple 805.66 IDR 1,074 IDR 1,343 IDR 55
EV/EBIT 992.68 IDR 1,486 IDR 1,979 IDR 65
EV/EBITDA 1,083 IDR 1,607 IDR 2,131 IDR 66
EV/Revenue — 199.34 IDR 405.40 IDR 50
Asset-Based
NCAV (Graham) 231.68 IDR 310.45 IDR 463.35 IDR 54
Growth DCF
Growth DCF 549.63 IDR 1,458 IDR 3,145 IDR 72
Rev-Margin DCF 164.92 IDR 605.29 IDR 1,194 IDR 67
Economic Profit
Residual Income 454.80 IDR 581.77 IDR 1,490 IDR 68
ROIC Compounder 715.33 IDR 1,234 IDR 1,787 IDR 70
Growth Earnings
Growth-Adj P/E 927.84 IDR 1,325 IDR 1,723 IDR 67

Widest divergence: Growth Earnings (1,325 IDR) versus Asset-Based (310.45 IDR). Highest evidence: EPV (74).

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Key figures & financial health

P/E ratio 6.5
P/S ratio 1.78 P/E × margin
EPS (TTM) 69.01 IDR price ÷ EPS = P/E 6.5
Dividend yield 3.1% payout 19.9%
Net margin 27.6% FY2025
Return on equity 16.0% TTM
More key figures
Profitability
Return on assets (EBIT) 9.5% avg 5y
Operating margin 52.4% TTM
Growth
Revenue (TTM) 13.7T IDR TTM
Revenue growth (YoY) +10.8% 3y avg +6.5%
Balance sheet & cash flow
Free cash flow 4.3T IDR FY2025
Net debt 44.6T IDR FY2025 · ≈ 10.4 yrs of FCF

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

Quality Score breakdown

Overall quality 44/100

Of which business quality 44 · Market factors (momentum, volatility) 46

Profitability 44
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 84
Earnings quality: real cash, not paper profit
Fin. Strength 20
Balance sheet, leverage, solvency risk
Investment 24
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 31
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.

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 Sarana Menara Nusantara Tbk. owns and operates telecommunication towers for wireless operators in Indonesia. It operates in two segments, Tower Rental, and Other Services.

Full company description

PT Sarana Menara Nusantara Tbk. owns and operates telecommunication towers for wireless operators in Indonesia. It operates in two segments, Tower Rental, and Other Services. The company offers wireline telecommunication services to provide internet broadband and virtual private network; fiber to the home (FTTH) telecommunication services to build and manage fiber optic infrastructure; and very small aperture terminal (VSAT) solution to facilitate telecommunication services using satellite technology to remote locations. It also provides telecommunication equipment trading, construction, and installation services; and system communication data, internet interconnection, cable-free telecommunication, satellite telecommunication, payment, and hosting and related services. In addition, the company owns and rents real estate properties; trades in various goods; and wholesales and retails computer and computer equipment. Further, it engages in management consulting; offers web portals; software publishing; electrical power support and installation; and electric power generation activities. PT Sarana Menara Nusantara Tbk. was founded in 2008 and is headquartered in Kudus, Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Sarana Menara reported revenue of 13.3T IDR in FY2025 versus 8.6T IDR in FY2021, a compound +11.5%/yr. Reported net income was 3.7T IDR in FY2025, compounding +1.8%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
13.3T IDR
Latest YoY
+4.6%
Avg. revenue 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.
+6.5%
Avg. revenue 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.
+12.4%
Avg. revenue growth/yr (17Y) ⓘ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.
+25.7%
Value creation/yr (5Y, in IDR) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+7.0% · in IDR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+3.9%
Dividend yield3.1%
Trend ⓘ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.5Y 3.9% vs 10Y 1.7%, steady
Operating margin (EBIT) ⓘ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.61.3% (2020) → 53.9% (2025) · falling
Worst earnings drop51% (2013) · in IDR
Revenue +11.5%/yr
FY21 8.6T IDR
FY22 11.0T IDR
FY23 11.7T IDR
FY24 12.7T IDR
FY25 13.3T IDR
Net income +1.8%/yr
FY21 3.4T IDR
FY22 3.4T IDR
FY23 3.3T IDR
FY24 3.3T IDR
FY25 3.7T IDR
Character of growth · EPS growth decomposed (2014-2025) +4.6 % p.a.
Revenue per share +12.0 %

of which total revenue +12.0 % · buybacks/dilution +0.0 %

EBIT margin −3.8 %
Tax rate +2.9 %
Residual (interest, one-offs) −5.7 %

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).

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PT Sarana Menara · Fair Value
1,012 IDR +56%Fair Value
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Cite: Fair Value Calculator (2026). "PT Sarana Menara Fair Value". https://www.fairvalue-calculator.com/stock/TOWR

Peer Group

Real Estate Services · 523 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 45 · Below median
Fair Value upside +127% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 28% · Above median
Operating margin (TTM) 52% · Above median
Revenue growth 11% · Above median
Dividend yield (TTM) 3.1% · Below median
Debt / equity 1.08× · Higher than 75% of peers

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 6.5× · Cheaper than 75% of peers
P/B 0.80× · Pricier than median
P/S (TTM) 1.58× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 5.1× · Cheaper than 75% of peers

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 30
FUTURE54 · sector 11
PAST64 · sector 17
HEALTH46 · sector 84
DIVIDEND62 · sector 63

Insider activity: 45/100

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

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
CBRE Group CBRE $148.74 $69.47 −53%
Vonovia SE VNA €19.85 €36.67 +85%
Cellnex Telecom, S.A CLNX €27.47 €25.46 −7%
KE Holdings BEKE $17.42 $6.57 −62%
Jones Lang LaSalle Incorporated JLL $378.01 $290.25 −23%
Swire Properties Limited 1972 HK$24.84 HK$5.12 −79%
CoStar Group CSGP $32.22 $4.64 −86%
China Resources Mixc Lifestyle Services Limited 1209 HK$39.84 HK$34.95 −12%
CapitaLand Investment Limited 9CI 2.66 SGD 0.4900 SGD −82%
Plaza S.A MALLPLAZA 4,040 CLP 4,571 CLP +13%

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Frequently asked questions

Is PT Sarana Menara (TOWR) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of 1,012 IDR versus a price of 446.00 IDR, about +127% upside (undervalued).
What is the fair value of TOWR?
Our model-based fair value for PT Sarana Menara is 1,012 IDR (as of Aug 19, 2026), built from audited fundamentals. The current price: 446.00 IDR.
What is the quality score of TOWR?
PT Sarana Menara has a Quality Score of 44/100. 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 Sarana Menara (TOWR)?
PT Sarana Menara reported trailing-twelve-month revenue of about 13.7T IDR (latest available figure, as of Aug 19, 2026).
What is the net profit margin of TOWR?
The net profit margin of PT Sarana Menara is about 27.9%, meaning it keeps roughly 27.9% of revenue as net income. Based on the latest reported figures.
Does PT Sarana Menara pay a dividend?
PT Sarana Menara currently shows a dividend yield of about 3.09% relative to its recent price (as of Aug 19, 2026).
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