Verena Multi Finance Tbk (VRNA) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Verena Multi Finance Tbk stock IDR 48, price IDR 72, upside -32.8%, quality 53 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value 30%+ above price?No
Quality 50+?Yes
In an uptrend?No
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 24, 2026.
How to read this chart
60‑month range 66.00 IDR – 230.00 IDR · fair‑value band 9.68 IDR – 65.10 IDR · the 72.00 IDR price screens above the 48.40 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 24, 2026.
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PT Mizuho Leasing Indonesia Tbk provides consumer finance and finance leasing services to individuals and financial institutions in Indonesia. The company offers a retail business unit, which includes investment financing, working capital financing, and multipurpose financing.
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The company also provides corporate business units, such as investment financing through direct lease or sale and lease back schemes for purchasing assets such as vehicles, machinery, heavy equipment, IT equipment, medical equipment, and others; accounts payable financing / account receivable financing, and invoice financing; and other financing business activities.
The company was formerly known as PT. Verena Multi Finance Tbk and changed its name to PT Mizuho Leasing Indonesia Tbk in September 2022. The company was founded in 1993 and is headquartered in Jakarta, Indonesia. PT Mizuho Leasing Indonesia Tbk is a subsidiary of Mizuho Leasing Company, Limited.
Stock analysis
Verena Multi Finance Tbk (VRNA) currently trades at 72.00 IDR, while our model-based Fair Value estimate is 48.40 IDR, 32.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 114.43 IDR per share, and 1 of the 6 models we run sit above the 72.00 IDR price.
Bear case: the Multiples group reads lowest at 6.61 IDR, and 5 of the 6 models stay below the price. Data coverage for this calculation is low.
Scenario range: 9.68 IDR (bear) to 65.10 IDR (bull), the price of 72.00 IDR sits above 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 53/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Verena Multi Finance Tbk reported revenue of 449B IDR in FY2025 versus 303B IDR in FY2021, a compound +10.3%/yr. Reported net income was 2.9B IDR in FY2025.
Key figures
Market cap 400B IDR (≈ $22.0M) Micro · P/E ratio 104.5 · P/S ratio 0.67 · EPS (TTM) 0.6890 IDR · Net margin 0.6% · Return on equity 1.8% · Return on assets (EBIT) 3.9% · Operating margin 10.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at 10% fair-value upside, at −33%, VRNA screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (3.87 IDR to 114.43 IDR). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear9.68 IDRFair Value 48.40 IDRBull65.10 IDR
Price 72.00 IDR · Upside -32.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.5701 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.2%
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.
+10.5%
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.
+7.7%
Start year 2020 (pandemic). Over 10 years: +1.7% a year
Revenue growth 18 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.
+10.9%
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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.
+5.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.4%
Dividend (yield on the price)0.0%
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.base effect: 3.6% / −25.2%
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.35% → 31%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 6.1%/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.
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).
+24.3%
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 +21.2% a year for the price.
Compare Verena Multi Finance Tbk with another stock
Price, fair value, quality and upside side by side.
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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.Credit Services · 327 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score53 · Above median
Fair Value upside−32.8% · Below median
Profitability
Return on equity (12 months)1.8% · Below median
Return on assets0.1% · Bottom 25%
Net margin (12 months)6.7% · Bottom 25%
Operating margin (12 months)10.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)43.3% · Top 25%
Balance sheet
Debt / equity3.09× · Highest 25%
Valuation Multiplesvs Credit Services median · lower = cheaper
P/E (12 months)104.5× · Priciest 25%
P/B0.54× · Cheapest 25%
P/S (12 months)2.07× · Cheaper than median
Price / free cash flow4.6× · Cheaper than median
EV/EBITDA16.9× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 62
FUTURE (revenue growth)100· sector 48
PAST (return on equity)7· sector 32
HEALTH (low debt)0· sector 56
DIVIDEND (yield)0· sector 63
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Verena Multi Finance Tbk Fair Value". https://www.fairvalue-calculator.com/stock/VRNA
Frequently asked questions
Is Verena Multi Finance Tbk (VRNA) overvalued or undervalued?
As of Oct 24, 2026, our model estimates a fair value of 48.40 IDR versus a price of 72.00 IDR, about −33% upside (overvalued).
What is the fair value of VRNA?
Our model-based fair value for Verena Multi Finance Tbk is 48.40 IDR (as of Oct 24, 2026), built from audited fundamentals. The current price: 72.00 IDR.
What is the quality score of VRNA?
Verena Multi Finance Tbk has a Quality Score of 53/100. 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 Verena Multi Finance Tbk (VRNA)?
Our model-based price target is the fair value of 48.40 IDR (as of Oct 24, 2026) from 6 valuation models. Cautious scenario 9.68 IDR, optimistic scenario 65.10 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the Verena Multi Finance Tbk stock forecast for 2026?
Our models put fair value at 48.40 IDR, about −33% upside versus a price of 72.00 IDR (overvalued). Cautious scenario 9.68 IDR, optimistic scenario 65.10 IDR. The calculation is refreshed regularly with new filings.
What is the revenue of Verena Multi Finance Tbk (VRNA)?
Verena Multi Finance Tbk reported trailing-twelve-month revenue of about 193B IDR (latest available figure, as of Oct 24, 2026).
What growth is priced into Verena Multi Finance Tbk (VRNA)?
For today's price to be fair in a discounted-cash-flow model, Verena Multi Finance Tbk would have to grow free cash flow by +24.3 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.7 % per year. As of Oct 24, 2026.
What discount rate (WACC) does the fair value of VRNA use?
Our models discount Verena Multi Finance Tbk at 12.0 %: a base by market capitalisation (nano), 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 Verena Multi Finance Tbk that is +24.3 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Verena Multi Finance Tbk (VRNA) delivered so far?
Over the past 5 years revenue at Verena Multi Finance Tbk grew +7.7 % a year. The price currently implies +24.3 % 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 Verena Multi Finance Tbk (VRNA) growing?
The median revenue growth in the sector is +9.0 % a year. That is the yardstick for the growth priced into Verena Multi Finance Tbk (+24.3 % 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 Verena Multi Finance Tbk (VRNA)?
The free-cash-flow yield on the price is 21.85 %: that much free cash flow Verena Multi Finance Tbk produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Verena Multi Finance Tbk (VRNA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Verena Multi Finance Tbk it is 48.40 IDR per share (as of Oct 24, 2026), against a price of 72.00 IDR. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Verena Multi Finance Tbk stock overvalued or undervalued in 2026?
As of Oct 24, 2026, VRNA trades above its calculated fair value: price 72.00 IDR, fair value 48.40 IDR, a gap of about −33% (overvalued). 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 VRNA?
No. The price is what the market pays today (72.00 IDR); the fair value is what the company's own numbers justify (48.40 IDR). For Verena Multi Finance Tbk the two are 23.60 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is Verena Multi Finance Tbk worth?
The market values Verena Multi Finance Tbk at about 400B IDR (market capitalisation, as of Oct 24, 2026). Per share that is 72.00 IDR; our models calculate a fair value of 48.40 IDR per share.
What do the bullish and bearish scenarios say about VRNA?
Our models span a range for Verena Multi Finance Tbk: cautious scenario 9.68 IDR, base 48.40 IDR, optimistic 65.10 IDR per share (as of Oct 24, 2026, price 72.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VRNA?
Verena Multi Finance Tbk trades at a price-to-earnings ratio of 104.5 (as of Oct 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 48.40 IDR is built from several models across several years. Other multiples: P/B 0.5, P/S 2.1, EV/EBITDA 16.9.
How solid is the balance sheet of Verena Multi Finance Tbk (VRNA)?
Balance-sheet figures for Verena Multi Finance Tbk (as of Oct 24, 2026): return on equity 1.8%, debt of 3.09 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is VRNA from its 52-week high?
Verena Multi Finance Tbk trades at 72.00 IDR, about 29% below its 52-week high of 102.00 IDR and 9% above the low of 66.00 IDR (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of 48.40 IDR is for.
Which stocks are comparable to Verena Multi Finance Tbk?
From the same area (Financial Services) we also value Visa Inc, Mastercard Incorporated, American Express Company, Capital One Financial Corporation, 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 Verena Multi Finance Tbk stock attractive at the current price?
The data as of Oct 24, 2026: price 72.00 IDR, calculated fair value 48.40 IDR (−33%), Quality Score 53/100, from 6 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 VRNA calculated?
We run Verena Multi Finance Tbk through 6 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 48.40 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 13.4 % above its aggregate fair value. Verena Multi Finance Tbk itself currently trades above fair value. 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 Verena Multi Finance Tbk (VRNA)?
The closing price on Oct 28, 2026 was 72.00 IDR. Our model-based fair value is 48.40 IDR, about −33% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Verena Multi Finance Tbk right now?
The price sits above even our optimistic bull case (65.10 IDR). The favourable scenario is already priced in. The model range is unusually wide (9.68 IDR to 65.10 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. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Verena Multi Finance Tbk (VRNA) come from?
Earnings per share at Verena Multi Finance Tbk grew −8.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share −15.7 %, EBIT margin +28.1 %, tax rate +3.9 %, residual (interest, one-offs) −18.1 %. 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 Verena Multi Finance Tbk
How large is the market capitalisation of Verena Multi Finance Tbk (VRNA)?
The market capitalisation of Verena Multi Finance Tbk is 400B IDR (≈ $22.0M). 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 Verena Multi Finance Tbk (VRNA)?
The price-to-sales ratio of Verena Multi Finance Tbk is 0.67 (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 Verena Multi Finance Tbk (VRNA)?
Earnings per share at Verena Multi Finance Tbk are 0.6890 IDR (price ÷ EPS = P/E 104.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Verena Multi Finance Tbk (VRNA)?
The net margin of Verena Multi Finance Tbk is 0.6% (fiscal year 2025). 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 Verena Multi Finance Tbk (VRNA)?
The return on equity (ROE) of Verena Multi Finance Tbk is 1.8% (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 Verena Multi Finance Tbk (VRNA)?
On an EBIT basis the return on assets of Verena Multi Finance Tbk is 3.9% (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 Verena Multi Finance Tbk (VRNA)?
The operating margin of Verena Multi Finance Tbk is 10.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Verena Multi Finance Tbk (VRNA)?
Revenue at Verena Multi Finance Tbk is growing +43.3% versus a year earlier (3y avg +10.5%). 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 Verena Multi Finance Tbk (VRNA)?
Earnings per share at Verena Multi Finance Tbk are growing −49.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Verena Multi Finance Tbk (VRNA) carry?
The net debt of Verena Multi Finance Tbk is 2.2T IDR (fiscal year 2025, ≈ 25.7 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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Thin data
Oct 24, 2026