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PT Wismilak Inti Makmur Tbk (WIIM) Fair Value & Analysis

Consumer Defensive · ID · Market cap 3.3T IDR

PW PT Wismilak Inti Makmur Tbk WIIM · JK
Price1,820 IDR
Fair Value3,964 IDR
Upside+117.8%
Quality67/100
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Mixed Growth
Solidly profitable · 13.3% net margin
Low debt · generates free cash flow
Ranks above peers (12/14)
Wide moat 69/100
Evidence: High Range 2,412 IDR – 7,514 IDR Share as image

Fair value as of: Jul 11, 2026

From 26 valuation models · updated 30 days ago

Fair value updated Jul 11, 2026, revised from 3,821 IDR to 3,964 IDR (+3.7%) since Jun 25, 2026. Share price +16.7% over the past month.

A solid business, screening 118% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (2,412 IDR). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (2,412 IDR to 7,514 IDR). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (67/100) 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)

2,910 IDR 255.71 IDR Fair Value 3,964 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range 255.71 IDR – 2,910 IDR · fair‑value band 2,412 IDR – 7,514 IDR · the 1,820 IDR price screens below the 3,964 IDR fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

PT Wismilak Inti Makmur Tbk (WIIM) currently trades at 1,820 IDR, while our model-based Fair Value estimate is 3,964 IDR, implying the stock looks roughly 117.8% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Consumer Defensive 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 Wismilak Inti Makmur Tbk generated revenue of 3.7T IDR at a net margin of 13.3%. Revenue grew 16.1% year over year. It earns a return on equity of 22.8%. Net debt stands at 3.9B IDR. Fundamentals as of Jul 11, 2026

Our scenario range runs from 2,412 IDR (bear case) to 7,514 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 10% below its 52-week high and 165% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 4% fair-value upside, at 118%, WIIM 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 1,261 IDR 2,302 IDR 4,482 IDR 80
Residual Income 1,384 IDR 1,827 IDR 7,514 IDR 76
Rev-Margin DCF 2,412 IDR 5,163 IDR 9,452 IDR 74
All 26 models by family
DCF Models
FCF DCF 1,326 IDR 2,054 IDR 4,405 IDR 38
Owner Earnings 2,325 IDR 5,232 IDR 11,608 IDR 31
5Y Revenue Exit 2,412 IDR 4,605 IDR 9,076 IDR 39
5Y EBITDA Exit 2,682 IDR 5,172 IDR 9,905 IDR 41
5Y P/E Exit 2,823 IDR 6,398 IDR 11,211 IDR 38
10Y Revenue Exit 2,017 IDR 4,960 IDR 7,858 IDR 36
10Y EBITDA Exit 2,326 IDR 5,519 IDR 11,781 IDR 37
10Y P/E Exit 2,429 IDR 5,811 IDR 12,036 IDR 35
Earnings-Based
Graham-Dodd 1,366 IDR 9,526 IDR 13,368 IDR 54
Lynch FV 3,169 IDR 4,528 IDR 5,886 IDR 50
PEG = 1.0 3,169 IDR 4,528 IDR 5,886 IDR 46
EPV 2,220 IDR 2,583 IDR 2,906 IDR 59
Dividend Discount
Gordon GGM 619.99 IDR 1,354 IDR 2,277 IDR 70
DDM Multi-Stage 619.99 IDR 1,109 IDR 1,411 IDR 61
Multiples
P/E Multiple 3,164 IDR 4,218 IDR 5,273 IDR 63
P/S Multiple 2,561 IDR 3,415 IDR 4,269 IDR 58
P/B Multiple 2,561 IDR 3,415 IDR 4,269 IDR 55
EV/EBIT 3,577 IDR 4,716 IDR 5,855 IDR 53
EV/EBITDA 3,136 IDR 4,127 IDR 5,119 IDR 54
EV/Revenue 2,599 IDR 3,644 IDR 4,689 IDR 43
Asset-Based
NCAV (Graham) 530.16 IDR 710.42 IDR 1,060 IDR 50
Growth DCF
Growth DCF 1,261 IDR 2,302 IDR 4,482 IDR 80
Rev-Margin DCF 2,412 IDR 5,163 IDR 9,452 IDR 74
Economic Profit
Residual Income 1,384 IDR 1,827 IDR 7,514 IDR 76
ROIC Compounder 2,835 IDR 4,240 IDR 6,021 IDR 72
Growth Earnings
Growth-Adj P/E 4,186 IDR 5,980 IDR 7,774 IDR 68

Widest divergence: Growth Earnings (5,980 IDR) versus Asset-Based (710.42 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.7T IDR
Revenue growth (YoY) +16.1%
Net margin 13.3%
Return on equity 22.8%
Free cash flow 137B IDR FY2025
P/E ratio 6.6
More key figures
Operating margin 20.7%
EPS (TTM) 237.47 IDR
EPS growth (YoY) +101%
Net debt 3.9B IDR FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 64 · Market factors (momentum, volatility) 67

Profitability 72
Margins and returns on capital today
Quality Growth 75
Are margins and returns improving?
Cashflow 21
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 51
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 65
Price trend over the last 3–12 months (market factor)
52W Momentum 92
Distance to the 52-week high (market factor)
Net Issuance 83
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 Wismilak Inti Makmur Tbk manufactures and sells cigarettes in Indonesia and internationally. The company offers hand-rolled and machine-rolled cigarettes, cigars, filter rods, and other cigarette parts. It also engages in the marketing and distribution of cigarettes.

Full company description

PT Wismilak Inti Makmur Tbk manufactures and sells cigarettes in Indonesia and internationally. The company offers hand-rolled and machine-rolled cigarettes, cigars, filter rods, and other cigarette parts. It also engages in the marketing and distribution of cigarettes. The company markets and sells its products under the Galan Kretek, Wismilak Spesial, Wismilak Slim, Wismilak Satya, Wismilak Diplomat, Galan Prima, Arja, Diplomat Mild, Diplomat Mild Menthol, Diplomat Evo, Wismilak Premium Cigars, and Wismilak Premium Seleccion brand names. PT Wismilak Inti Makmur Tbk was founded in 1962 and is headquartered in Surabaya, Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Wismilak Inti Makmur Tbk reported revenue of 6.4T IDR in FY2025 versus 2.7T IDR in FY2021, a compound +23.6%/yr. Reported net income was 419B IDR in FY2025, compounding +24.1%/yr from FY2021.

Growth Quality 86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
6.4T IDR
Latest YoY
+34.3%
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.
+19.9%
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.
+26.2%
Avg. growth/yr (15Y) 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.
+17.2%
Revenue +23.6%/yr
FY21 2.7T IDR
FY22 3.7T IDR
FY23 4.9T IDR
FY24 4.8T IDR
FY25 6.4T IDR
Net income +24.1%/yr
FY21 177B IDR
FY22 249B IDR
FY23 494B IDR
FY24 299B IDR
FY25 419B IDR
Character of growth · EPS growth decomposed (2014-2025) +15.0 % p.a.
Revenue per share +13.5 pp

of which total revenue +13.3 pp · buybacks/dilution +0.2 pp

EBIT margin +0.1 pp
Tax rate +0.3 pp
Residual (interest, one-offs) +1.0 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 Wismilak Inti Makmur Tbk Fair Value". https://www.fairvalue-calculator.com/stock/WIIM

Peer Group

Tobacco · 34 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 67 · Top 25%
Fair Value upside +118% · Top 25%
Return on equity (TTM) 23% · Above median
Return on assets 12% · Top 25%
Net margin (TTM) 13% · Below median
Operating margin (TTM) 21% · Above median
Revenue growth 16% · Top 25%
Dividend yield (TTM) 0.0% · Below median

Valuation Multiples vs Tobacco median · lower = cheaper

P/E (TTM) 6.6× · Cheaper than 75% of peers
P/B 1.47× · Cheaper than median
P/S (TTM) 0.88× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 4.0× · 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 34
FUTURE 81 · sector 17
PAST 91 · sector 44
HEALTH 100 · sector 99
DIVIDEND 0 · sector 74

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Tobacco

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Tobacco stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
Philip Morris International Inc PM $188.93 $103.71 -45%
British American Tobacco p.l.c. BTI $60.02 $61.14 +2%
Altria Group MO $68.44 $81.81 +20%
ITC Limited ITC ₹281.75 ₹282.04 +0%
KT&G Corporation 033780 179,900 KRW 119,073 KRW -34%
PT Hanjaya Mandala Sampoerna Tbk, HMSP 695.00 IDR 1,193 IDR +72%
Godfrey Phillips India Limited GODFRYPHLP ₹2,337 ₹1,194 -49%
PT Gudang Garam Tbk, GGRM 16,375 IDR 16,988 IDR +4%
TABAK TABAK 18,480 CZK 23,215 CZK +26%
China Tobacco International (HK) Company 6055 HK$23.00 HK$24.09 +5%

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Frequently asked questions

Is PT Wismilak Inti Makmur Tbk (WIIM) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of 3,964 IDR versus a price of 1,820 IDR, about +118% (undervalued).
What is the fair value of WIIM?
Our model-based fair value for PT Wismilak Inti Makmur Tbk is 3,964 IDR (as of Jul 11, 2026), built from audited fundamentals. The current price is 1,820 IDR.
What is the quality score of WIIM?
PT Wismilak Inti Makmur Tbk has a Quality Score of 67/100. 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 Wismilak Inti Makmur Tbk (WIIM)?
PT Wismilak Inti Makmur Tbk reported trailing-twelve-month revenue of about 3.7T IDR (latest available figure, as of Jul 11, 2026).
What is the net profit margin of WIIM?
The net profit margin of PT Wismilak Inti Makmur Tbk is about 13.3%, meaning it keeps roughly 13.3% 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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