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PT Winner Nusantara Jaya Tbk, (WINR) Fair Value & Analysis

Real Estate · ID · Market cap 105B IDR

PW PT Winner Nusantara Jaya Tbk, WINR · JK
Price23.00 IDR
Fair Value50.00 IDR
Upside+117.4%
Quality63/100
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Healthy Growth
Highly profitable · 34.2% net margin
Low debt · generates free cash flow
Ranks above peers (10/10)
Moderate moat 64/100
Evidence: Medium Range 29.83 IDR – 51.66 IDR Share as image

Fair value as of: Jul 18, 2026

From 14 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from 21.28 IDR to 50.00 IDR (+135.0%) since Jun 26, 2026. Share price +9.5% over the past month.

A solid business, screening 117% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (29.83 IDR). The market is more pessimistic than our downside scenario.
  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (4 years)

242.00 IDR 8.00 IDR Fair Value 50.00 IDR Apr 2022 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

52‑month range 8.00 IDR – 242.00 IDR · fair‑value band 29.83 IDR – 51.66 IDR · the 23.00 IDR price screens below the 50.00 IDR fair value. Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

PT Winner Nusantara Jaya Tbk, (WINR) currently trades at 23.00 IDR, while our model-based Fair Value estimate is 50.00 IDR, implying the stock looks roughly 117.4% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Real Estate 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: medium), always confirm before acting.

Over the trailing twelve months, PT Winner Nusantara Jaya Tbk, generated revenue of 53.3B IDR at a net margin of 34.2%. Revenue grew 23.1% year over year. It earns a return on equity of 4.8%. Net debt stands at 92.4B IDR. Fundamentals as of Jul 18, 2026

Our scenario range runs from 29.83 IDR (bear case) to 51.66 IDR (bull case); at 23.00 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 69% below its 52-week high and 28% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at 117%, WINR 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 29.03 IDR 61.83 IDR 122.54 IDR 80
Rev-Margin DCF 24.98 IDR 50.63 IDR 88.01 IDR 74
Residual Income 53.37 IDR 53.83 IDR 51.17 IDR 61
All 14 models by family
DCF Models
FCF DCF 30.33 IDR 55.29 IDR 123.10 IDR 38
5Y Revenue Exit 24.98 IDR 49.72 IDR 91.36 IDR 39
5Y EBITDA Exit 32.12 IDR 65.51 IDR 118.22 IDR 41
10Y Revenue Exit 25.49 IDR 53.19 IDR 91.95 IDR 36
10Y EBITDA Exit 31.45 IDR 66.15 IDR 127.52 IDR 37
Multiples
P/S Multiple 43.52 IDR 58.03 IDR 72.53 IDR 58
P/B Multiple 43.52 IDR 58.03 IDR 72.53 IDR 55
EV/EBIT 42.17 IDR 57.26 IDR 72.36 IDR 53
EV/EBITDA 33.98 IDR 46.35 IDR 58.71 IDR 54
EV/Revenue 21.85 IDR 32.56 IDR 43.26 IDR 43
Asset-Based
NCAV (Graham) 34.92 IDR 46.79 IDR 69.83 IDR 50
Growth DCF
Growth DCF 29.03 IDR 61.83 IDR 122.54 IDR 80
Rev-Margin DCF 24.98 IDR 50.63 IDR 88.01 IDR 74
Economic Profit
Residual Income 53.37 IDR 53.83 IDR 51.17 IDR 61

Widest divergence: Multiples (57.26 IDR) versus Asset-Based (46.79 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 53.3B IDR
Revenue growth (YoY) +23.1%
Net margin 34.2%
Return on equity 4.8%
Free cash flow 11.5B IDR FY2025
P/E ratio 0.0
More key figures
Operating margin 33.6%
EPS (TTM) 907.82 IDR
EPS growth (YoY) +11.8%
Net debt 92.4B IDR FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 62 · Market factors (momentum, volatility) 23

Profitability 35
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 71
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 46
Calm price path (market factor)
Momentum 12
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 66
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 Winner Nusantara Jaya Tbk, together with its subsidiaries, operates as a property developer in Indonesia. The company operates through Residential House and Marketing Services segments. It is involved in the provision of real estate development services, residential house sales, and other services.

Full company description

PT Winner Nusantara Jaya Tbk, together with its subsidiaries, operates as a property developer in Indonesia. The company operates through Residential House and Marketing Services segments. It is involved in the provision of real estate development services, residential house sales, and other services. The company also offers marketing services and management consulting services, as well as provides real estate agent and broker services, intermediary purchases, sales and rentals of real estate. The company was founded in 2007 and is headquartered in Batam, Indonesia. PT Winner Nusantara Jaya Tbk operates as a subsidiary of PT Pemenang Nusantara Internasional.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Winner Nusantara Jaya Tbk, reported revenue of 51.3B IDR in FY2025 versus 37.3B IDR in FY2021, a compound +8.3%/yr. Reported net income was 17.9B IDR in FY2025, compounding −34.4%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
51.3B IDR
Latest YoY
+62.8%
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.
+13.3%
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.
+13.9%
Avg. growth/yr (7Y) 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.
+38.9%
Revenue +8.3%/yr
FY21 37.3B IDR
FY22 35.3B IDR
FY23 35.6B IDR
FY24 31.5B IDR
FY25 51.3B IDR
Net income −34.4%/yr
FY21 96.6B IDR
FY22 4.6B IDR
FY23 24.7B IDR
FY24 7.9B IDR
FY25 17.9B IDR

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Cite: Fair Value Calculator (2026). "PT Winner Nusantara Jaya Tbk, Fair Value". https://www.fairvalue-calculator.com/stock/WINR

Peer Group

Real Estate - Development · 588 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 65 · Top 25%
Fair Value upside +117% · Top 25%
Return on equity (TTM) 5% · Above median
Return on assets 2% · Above median
Net margin (TTM) 34% · Top 25%
Operating margin (TTM) 34% · Top 25%
Revenue growth 23% · Above median
Debt / equity 0.06× · Lower than 75% of peers

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 0.0× · Cheaper than 75% of peers
P/FCF 0.0× · 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 48
FUTURE 100 · sector 0
PAST 19 · sector 10
HEALTH 97 · sector 84
DIVIDEND 0 · sector 38

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 Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is PT Winner Nusantara Jaya Tbk, (WINR) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 50.00 IDR versus a price of 23.00 IDR, about +117% (undervalued).
What is the fair value of WINR?
Our model-based fair value for PT Winner Nusantara Jaya Tbk, is 50.00 IDR (as of Jul 18, 2026), built from audited fundamentals. The current price is 23.00 IDR.
What is the quality score of WINR?
PT Winner Nusantara Jaya Tbk, has a Quality Score of 63/100. 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 Winner Nusantara Jaya Tbk, (WINR)?
PT Winner Nusantara Jaya Tbk, reported trailing-twelve-month revenue of about 53.3B IDR (latest available figure, as of Jul 18, 2026).
What is the net profit margin of WINR?
The net profit margin of PT Winner Nusantara Jaya Tbk, is about 34.2%, meaning it keeps roughly 34.2% 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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