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PT United Tractors Tbk, (UNTR) Fair Value & Analysis

Basic Materials · ID · Market cap 93.6T IDR

PU PT United Tractors Tbk, UNTR · JK
Price23,275 IDR
Fair Value48,379 IDR
Upside+107.9%
Quality58/100
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Mixed Growth
Thin margins · 9.8% net margin
Low debt · generates free cash flow
6.18% dividend yield
Ranks above peers (14/15)
Moderate moat 50/100
Evidence: High Range 36,284 IDR – 60,474 IDR Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from 58,790 IDR to 48,379 IDR (−17.7%) since Jul 19, 2026. Share price −15.1% over the past month.

A solid business, screening 108% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (36,284 IDR). The market is more pessimistic than our downside scenario.
  • Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

31,382 IDR 10,906 IDR Fair Value 48,379 IDR Feb 2021 Aug 2026

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 10,906 IDR – 31,382 IDR · fair‑value band 36,284 IDR – 60,474 IDR · the 23,275 IDR price screens below the 48,379 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.

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Analysis

PT United Tractors Tbk, (UNTR) currently trades at 23,275 IDR, while our model-based Fair Value estimate is 48,379 IDR, implying the stock looks roughly 107.9% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Basic Materials 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 United Tractors Tbk, generated revenue of 126T IDR at a net margin of 9.8%. Revenue declined 16.7% year over year. It earns a return on equity of 12.3%. The balance sheet holds a net cash position of 6.7T IDR. Fundamentals as of Aug 13, 2026

Our scenario range runs from 36,284 IDR (bear case) to 60,474 IDR (bull case); at 23,275 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 27% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -40% fair-value upside, at 108%, UNTR 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 56,091 IDR 92,085 IDR 154,488 IDR 80
Residual Income 28,940 IDR 36,933 IDR 93,654 IDR 76
Rev-Margin DCF 42,456 IDR 65,199 IDR 93,279 IDR 74
All 26 models by family
DCF Models
FCF DCF 55,744 IDR 92,692 IDR 156,365 IDR 38
Owner Earnings 54,168 IDR 89,952 IDR 151,619 IDR 31
5Y Revenue Exit 42,456 IDR 65,277 IDR 95,068 IDR 39
5Y EBITDA Exit 48,790 IDR 77,804 IDR 112,836 IDR 41
5Y P/E Exit 49,018 IDR 78,256 IDR 110,334 IDR 38
10Y Revenue Exit 45,429 IDR 68,383 IDR 101,036 IDR 36
10Y EBITDA Exit 50,718 IDR 77,556 IDR 115,659 IDR 37
10Y P/E Exit 50,870 IDR 77,887 IDR 113,599 IDR 35
Earnings-Based
Graham-Dodd 28,555 IDR 113,406 IDR 154,078 IDR 54
Lynch FV 28,102 IDR 40,145 IDR 52,189 IDR 50
PEG = 1.0 28,102 IDR 40,145 IDR 52,189 IDR 46
EPV 54,108 IDR 62,644 IDR 70,231 IDR 59
Dividend Discount
Gordon GGM 20,307 IDR 44,333 IDR 74,592 IDR 70
DDM Multi-Stage 20,307 IDR 36,316 IDR 46,202 IDR 61
Multiples
P/E Multiple 44,092 IDR 58,790 IDR 73,487 IDR 63
P/S Multiple 33,505 IDR 44,674 IDR 55,842 IDR 58
P/B Multiple 37,425 IDR 49,900 IDR 62,375 IDR 55
EV/EBIT 52,659 IDR 68,300 IDR 83,941 IDR 53
EV/EBITDA 49,461 IDR 64,035 IDR 78,610 IDR 54
EV/Revenue 37,009 IDR 50,411 IDR 63,813 IDR 43
Asset-Based
NCAV (Graham) 13,861 IDR 18,574 IDR 27,722 IDR 50
Growth DCF
Growth DCF 56,091 IDR 92,085 IDR 154,488 IDR 80
Rev-Margin DCF 42,456 IDR 65,199 IDR 93,279 IDR 74
Economic Profit
Residual Income 28,940 IDR 36,933 IDR 93,654 IDR 76
ROIC Compounder 59,840 IDR 77,887 IDR 101,016 IDR 72
Growth Earnings
Growth-Adj P/E 39,842 IDR 56,917 IDR 73,992 IDR 68

Widest divergence: DCF Models (77,804 IDR) versus Asset-Based (18,574 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 126T IDR
Revenue growth (YoY) -16.7%
Net margin 9.8%
Return on equity 12.3%
Free cash flow 13.7T IDR FY2025
P/E ratio 6.9
More key figures
Operating margin 7.7%
EPS (TTM) 3,385 IDR
Dividend yield 6.2%
EPS growth (YoY) -79.4%
Net cash 6.7T IDR FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 59 · Market factors (momentum, volatility) 48

Profitability 50
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 60
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 31
Distance to the 52-week high (market factor)
Net Issuance 85
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 United Tractors Tbk, together with its subsidiaries, provides coal mining services in Indonesia. The company operates in five segments: Construction Machinery, Mining Contracting, Thermal and Metallurgical Coal Mining, Gold and Other Mineral Mining, and Other segments.

Full company description

PT United Tractors Tbk, together with its subsidiaries, provides coal mining services in Indonesia. The company operates in five segments: Construction Machinery, Mining Contracting, Thermal and Metallurgical Coal Mining, Gold and Other Mineral Mining, and Other segments. It also distributes heavy equipment, trucks, cranes, and buses under the Komatsu, UD Trucks, Scania, Bomag, Tadano, and United Tractors names for mining, agriculture, construction, forestry, material handling, and transportation applications; and offers after sale services. In addition, it sells and leases farm tractors, generators, forklifts, and mini excavators, as well as sells commodity parts. Further, the company offers mining services that supports coal companies, such as mining design and implementation, initial assessment and feasibility study, mining infrastructure and facilities development, land removal and waste management, production and transportation of mining materials, expansion of mine/facility, reclamation and re-vegetation, and shipping and marketing; and technical and construction services for building, civil, and maritime work, as well as owns interests in various coal mine concessions. Additionally, it engages in the engineering, planning, assembling, and manufacturing components of machinery, tools, parts, and heavy equipment; provision of vessel construction and related repair services; provision of vessel charter and shipping; exploration, mining, and mineral processing of gold and silver; ship manufacturing, construction, and repair business; fishery business; remanufacturing of heavy equipment components; operating hydro and solar power plants; and trading and rental of used heavy equipment, as well as trades in spare parts. The company was founded in 1972 and is headquartered in Jakarta Timur, Indonesia. PT United Tractors Tbk is a subsidiary of PT Astra International Tbk.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT United Tractors Tbk, reported revenue of 131T IDR in FY2025 versus 79.5T IDR in FY2021, a compound +13.4%/yr. Reported net income was 14.8T IDR in FY2025, compounding +9.6%/yr from FY2021.

Growth Quality 89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
131T IDR
Latest YoY
−2.3%
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.
+2.0%
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.
+16.8%
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.
+13.8%
Revenue +13.4%/yr
FY21 79.5T IDR
FY22 124T IDR
FY23 129T IDR
FY24 134T IDR
FY25 131T IDR
Net income +9.6%/yr
FY21 10.3T IDR
FY22 21.0T IDR
FY23 20.6T IDR
FY24 19.5T IDR
FY25 14.8T IDR
Character of growth · EPS growth decomposed (2014-2025) +16.6 % p.a.
Revenue per share +11.8 pp

of which total revenue +11.5 pp · buybacks/dilution +0.3 pp

EBIT margin +2.3 pp
Tax rate +0.1 pp
Residual (interest, one-offs) +2.3 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 United Tractors Tbk, Fair Value". https://www.fairvalue-calculator.com/stock/UNTR

Peer Group

Other Industrial Metals & Mining · 478 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 58 · Top 25%
Fair Value upside +108% · Top 25%
Return on equity (TTM) 12% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 10% · Top 25%
Operating margin (TTM) 8% · Above median
Revenue growth -17% · Below median
Dividend yield (TTM) 6.2% · Top 25%
Debt / equity 0.07× · Lower than median

Valuation Multiples vs Other Industrial Metals & Mining median · lower = cheaper

P/E (TTM) 6.9× · Cheaper than 75% of peers
P/B 0.96× · Cheaper than median
P/S (TTM) 0.75× · Cheaper than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 2.5× · Cheaper than 75% of peers
PEG 0.43× · 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 0
FUTURE 0 · sector 24
PAST 49 · sector 0
HEALTH 97 · sector 96
DIVIDEND 100 · sector 21

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 Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Grupo México, S.A. GMEXICOB 222.38 MXN 172.99 MXN -22%
Vale S.A VALE $14.89 $8.95 -40%
Saudi Arabian Mining Company 1211 58.05 SAR 33.87 SAR -42%
CMOC Group 603993 ¥19.00 ¥19.80 +4%
China Tungsten And Hightech Materials Co 000657 ¥70.43 ¥9.55 -86%
Hindustan Zinc Limited HINDZINC ₹584.60 ₹501.98 -14%
China Northern Rare Earth (Group) High-Tech Co 600111 ¥41.02 ¥10.59 -74%
Boliden AB BOL kr 527.80 kr 461.48 -13%

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Frequently asked questions

Is PT United Tractors Tbk, (UNTR) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 48,379 IDR versus a price of 23,275 IDR, about +108% (undervalued).
What is the fair value of UNTR?
Our model-based fair value for PT United Tractors Tbk, is 48,379 IDR (as of Aug 13, 2026), built from audited fundamentals. The current price is 23,275 IDR.
What is the quality score of UNTR?
PT United Tractors Tbk, has a Quality Score of 58/100. 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 United Tractors Tbk, (UNTR)?
PT United Tractors Tbk, reported trailing-twelve-month revenue of about 126T IDR (latest available figure, as of Aug 13, 2026).
What is the net profit margin of UNTR?
The net profit margin of PT United Tractors Tbk, is about 9.8%, meaning it keeps roughly 9.8% of revenue as net income. Based on the latest reported figures.
Does PT United Tractors Tbk, pay a dividend?
PT United Tractors Tbk, currently shows a dividend yield of about 7.97% relative to its recent price (as of Aug 13, 2026).

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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