PT Winner Nusantara Jaya Tbk (WINR) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of PT Winner Nusantara Jaya Tbk IDR 49, price IDR 28, upside +73.4%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
53‑month range 8.00 IDR – 242.00 IDR · fair‑value band 26.69 IDR – 87.14 IDR · the 28.00 IDR price screens below the 48.56 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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.
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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.
Stock analysis
PT Winner Nusantara Jaya Tbk (WINR) currently trades at 28.00 IDR, while our model-based Fair Value estimate is 48.56 IDR, implying the stock looks roughly 42.3% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 57.26 IDR per share, and 14 of the 14 models we run sit above the 28.00 IDR price.
Bear case: the Asset-Based group reads lowest at 46.79 IDR, and 0 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: 26.69 IDR (bear) to 87.14 IDR (bull), the price of 28.00 IDR sits inside 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 63/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap 147B IDR (≈ $8.2M) · P/E ratio 0.0 · P/S ratio 0.01 · EPS (TTM) 907.82 IDR · Net margin 34.8% · Return on equity 4.8% · Return on assets (EBIT) 2.1% · Operating margin 33.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 63% below its 52-week high and 56% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 73%, WINR screens cheaper than that median.
Fair Value models
Bear 26.69 IDRFair Value 48.56 IDRBull 87.14 IDR
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (666.57 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.Evidence ⓘEvidence = 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.95/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year (last 5 years), in IDR (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
−68.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−68.0%
Dividend (yield on the price)0.0%
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.25% → 28%
2025 sits 126% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Revenue per share shrinking 68.8%/yr over ~5Y (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
Little optimism in the price
The price assumes less 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).
+5.7%
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 +3.0% a year for the price.
Compare PT Winner Nusantara Jaya Tbk with another stock
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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.Real Estate - Development · 577 stocks
Beats the industry median on 10/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+87% · Top 25%
Profitability
Return on equity (TTM)5% · Above median
Return on assets2% · Above median
Net margin (TTM)34% · Top 25%
Operating margin (TTM)34% · Top 25%
Growth and dividend
Revenue growth23% · Above median
Balance sheet
Debt / equity0.06× · Lowest 25%
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
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Is PT Winner Nusantara Jaya Tbk (WINR) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 48.56 IDR versus a price of 28.00 IDR, about +73% upside (undervalued).
What is the fair value of WINR?
Our model-based fair value for PT Winner Nusantara Jaya Tbk is 48.56 IDR (as of Sep 24, 2026), built from audited fundamentals. The current price: 28.00 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 price target for PT Winner Nusantara Jaya Tbk (WINR)?
Our model-based price target is the fair value of 48.56 IDR (as of Sep 24, 2026) from 14 valuation models. Cautious scenario 26.69 IDR, optimistic scenario 87.14 IDR. It is a calculation from audited fundamentals, not an analyst target.
What is the PT Winner Nusantara Jaya Tbk stock forecast for 2026?
Our models put fair value at 48.56 IDR, about +73% upside versus a price of 28.00 IDR (undervalued). Cautious scenario 26.69 IDR, optimistic scenario 87.14 IDR. The calculation is refreshed regularly with new filings.
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 Sep 24, 2026).
What growth is priced into PT Winner Nusantara Jaya Tbk (WINR)?
For today's price to be fair in a discounted-cash-flow model, PT Winner Nusantara Jaya Tbk would have to grow free cash flow by +5.7 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of WINR use?
Our models discount PT Winner Nusantara Jaya Tbk at 10.8 %: a base by market capitalisation (nano), damped by beta 0.61, 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 PT Winner Nusantara Jaya Tbk that is +5.7 % per year a year over ten years, using the same discount rate (10.8 %) and the same formula as our fair value.
How much growth has PT Winner Nusantara Jaya Tbk (WINR) delivered so far?
Over the past 5 years revenue at PT Winner Nusantara Jaya Tbk grew +13.9 % a year. The price currently implies +5.7 % 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 PT Winner Nusantara Jaya Tbk (WINR) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into PT Winner Nusantara Jaya Tbk (+5.7 % 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 PT Winner Nusantara Jaya Tbk (WINR)?
The free-cash-flow yield on the price is 7.88 %: that much free cash flow PT Winner Nusantara Jaya Tbk produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PT Winner Nusantara Jaya Tbk (WINR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PT Winner Nusantara Jaya Tbk it is 48.56 IDR per share (as of Sep 24, 2026), against a price of 28.00 IDR. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is PT Winner Nusantara Jaya Tbk stock overvalued or undervalued in 2026?
As of Sep 24, 2026, WINR trades below its calculated fair value: price 28.00 IDR, fair value 48.56 IDR, a gap of about +73% (undervalued). 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 WINR?
No. The price is what the market pays today (28.00 IDR); the fair value is what the company's own numbers justify (48.56 IDR). For PT Winner Nusantara Jaya Tbk the two are 20.56 IDR per share apart. That gap is exactly why we show both numbers side by side.
How much is PT Winner Nusantara Jaya Tbk worth?
The market values PT Winner Nusantara Jaya Tbk at about 147B IDR (market capitalisation, as of Sep 24, 2026). Per share that is 28.00 IDR; our models calculate a fair value of 48.56 IDR per share.
What do the bullish and bearish scenarios say about WINR?
Our models span a range for PT Winner Nusantara Jaya Tbk: cautious scenario 26.69 IDR, base 48.56 IDR, optimistic 87.14 IDR per share (as of Sep 24, 2026, price 28.00 IDR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WINR?
PT Winner Nusantara Jaya Tbk trades at a price-to-earnings ratio of 0.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 48.56 IDR is built from several models across several years.
How solid is the balance sheet of PT Winner Nusantara Jaya Tbk (WINR)?
Balance-sheet figures for PT Winner Nusantara Jaya Tbk (as of Sep 24, 2026): return on equity 4.8%, debt of 0.06 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is WINR from its 52-week high?
PT Winner Nusantara Jaya Tbk trades at 28.00 IDR, about 63% below its 52-week high of 75.00 IDR and 56% above the low of 18.00 IDR (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 48.56 IDR is for.
Which stocks are comparable to PT Winner Nusantara Jaya Tbk?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 PT Winner Nusantara Jaya Tbk stock attractive at the current price?
The data as of Sep 24, 2026: price 28.00 IDR, calculated fair value 48.56 IDR (+73%), Quality Score 63/100, from 14 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 WINR calculated?
We run PT Winner Nusantara Jaya Tbk through 14 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 48.56 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 13.0 % above its aggregate fair value. PT Winner Nusantara Jaya Tbk currently trades 73 % below its own fair value, and the market average says nothing about that. 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 PT Winner Nusantara Jaya Tbk (WINR)?
The closing price on Sep 24, 2026 was 28.00 IDR. Our model-based fair value is 48.56 IDR, about +73% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PT Winner Nusantara Jaya Tbk right now?
The model range is unusually wide (26.69 IDR to 87.14 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 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.
Key figures of PT Winner Nusantara Jaya Tbk
How large is the market capitalisation of PT Winner Nusantara Jaya Tbk (WINR)?
The market capitalisation of PT Winner Nusantara Jaya Tbk is 147B IDR (≈ $8.2M). 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 PT Winner Nusantara Jaya Tbk (WINR)?
The price-to-sales ratio of PT Winner Nusantara Jaya Tbk is 0.01 (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 PT Winner Nusantara Jaya Tbk (WINR)?
Earnings per share at PT Winner Nusantara Jaya Tbk are 907.82 IDR (price ÷ EPS = P/E 0.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of PT Winner Nusantara Jaya Tbk (WINR)?
The net margin of PT Winner Nusantara Jaya Tbk is 34.8% (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 PT Winner Nusantara Jaya Tbk (WINR)?
The return on equity (ROE) of PT Winner Nusantara Jaya Tbk is 4.8% (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 PT Winner Nusantara Jaya Tbk (WINR)?
On an EBIT basis the return on assets of PT Winner Nusantara Jaya Tbk is 2.1% (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 PT Winner Nusantara Jaya Tbk (WINR)?
The operating margin of PT Winner Nusantara Jaya Tbk is 33.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PT Winner Nusantara Jaya Tbk (WINR)?
Revenue at PT Winner Nusantara Jaya Tbk is growing +23.1% versus a year earlier (3y avg +13.3%). 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 PT Winner Nusantara Jaya Tbk (WINR)?
Earnings per share at PT Winner Nusantara Jaya Tbk are growing +11.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does PT Winner Nusantara Jaya Tbk (WINR) carry?
The net debt of PT Winner Nusantara Jaya Tbk is 92.4B IDR (fiscal year 2025, ≈ 8.0 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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