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PT Wintermar Offshore Marine Tbk (WINS) Fair Value & Analysis

Industrials · ID · Market cap 2.4T IDR

PW PT Wintermar Offshore Marine Tbk WINS · JK
Price500.00 IDR
Fair Value896.95 IDR
Upside+79.4%
Quality58/100
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Expensive Growth
Highly profitable · 26.0% net margin
Low debt · negative free cash flow
Ranks above peers (10/13)
Wide moat 76/100
Evidence: Medium Range 717.56 IDR – 1,076 IDR Share as image

Fair value as of: Jul 18, 2026

From 13 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from 897.50 IDR to 896.95 IDR (−0.1%) since Jun 24, 2026. Share price −8.3% over the past month.

A solid business, screening 79% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (717.56 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)

589.62 IDR 85.02 IDR Fair Value 896.95 IDR Feb 2021 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

60‑month range 85.02 IDR – 589.62 IDR · fair‑value band 717.56 IDR – 1,076 IDR · the 500.00 IDR price screens below the 896.95 IDR fair value. Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

PT Wintermar Offshore Marine Tbk (WINS) currently trades at 500.00 IDR, while our model-based Fair Value estimate is 896.95 IDR, implying the stock looks roughly 79.4% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Industrials 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 Wintermar Offshore Marine Tbk generated revenue of 89.3M IDR at a net margin of 26.0%. Revenue grew 47.8% year over year. It earns a return on equity of 16.0%. The stock trades on a trailing P/E of 5.1. Fundamentals as of Jul 18, 2026

Our scenario range runs from 717.56 IDR (bear case) to 1,076 IDR (bull case); at 500.00 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 14% below its 52-week high and 50% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 67% fair-value upside, at 79%, WINS 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
Residual Income 717.56 IDR 717.56 IDR 1,794 IDR 76
ROIC Compounder 896.95 IDR 1,076 IDR 1,256 IDR 72
Growth-Adj P/E 538.17 IDR 896.95 IDR 1,076 IDR 68
All 13 models by family
Earnings-Based
Graham-Dodd 538.17 IDR 717.56 IDR 717.56 IDR 54
EPV 896.95 IDR 1,076 IDR 1,076 IDR 59
Dividend Discount
DDM Multi-Stage 179.39 IDR 179.39 IDR 61
Multiples
P/E Multiple 896.95 IDR 1,076 IDR 1,435 IDR 63
P/S Multiple 358.78 IDR 358.78 IDR 538.17 IDR 58
P/B Multiple 896.95 IDR 1,256 IDR 1,615 IDR 55
EV/EBIT 717.56 IDR 896.95 IDR 1,256 IDR 53
EV/EBITDA 717.56 IDR 896.95 IDR 1,256 IDR 54
EV/Revenue 358.78 IDR 358.78 IDR 538.17 IDR 43
Asset-Based
NCAV (Graham) 358.78 IDR 538.17 IDR 717.56 IDR 50
Economic Profit
Residual Income 717.56 IDR 717.56 IDR 1,794 IDR 76
ROIC Compounder 896.95 IDR 1,076 IDR 1,256 IDR 72
Growth Earnings
Growth-Adj P/E 538.17 IDR 896.95 IDR 1,076 IDR 68

Widest divergence: Multiples (896.95 IDR) versus Dividend Discount (179.39 IDR). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 89.3M IDR
Revenue growth (YoY) +47.8%
Net margin 26.0%
Return on equity 16.0%
Free cash flow −771K IDR FY2025
P/E ratio 5.1
More key figures
Operating margin 42.1%
EPS (TTM) 93.81 IDR
EPS growth (YoY) +196%
Net debt 741K IDR FY2025

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

Quality Score breakdown

Overall quality 58/100

Of which business quality 57 · Market factors (momentum, volatility) 58

Profitability 46
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 87
Balance sheet, leverage, solvency risk
Investment 26
Disciplined investing over empire-building
Low Volatility 62
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 71
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 Wintermar Offshore Marine Tbk provides supporting services for the offshore transportation for the oil and gas industry in Indonesia, Malaysia, Brunei, Myanmar, Thailand, India, Vietnam, the Philippines, the Middle East, and Taiwan. The company operates through three segments: Charter of Own Vessels, Charter of Third Party Vessels, and Other Services.

Full company description

PT Wintermar Offshore Marine Tbk provides supporting services for the offshore transportation for the oil and gas industry in Indonesia, Malaysia, Brunei, Myanmar, Thailand, India, Vietnam, the Philippines, the Middle East, and Taiwan. The company operates through three segments: Charter of Own Vessels, Charter of Third Party Vessels, and Other Services. Its fleet includes platform supply vessels, anchor handling tug supply vessels, anchor handling tug vessels, fast utility vessels, fast multi-purpose supply vessels, azimuth stern drive tugs, utility vessels, and heavy load barges. The company also offers rig moving and anchor handling, crew transport and rig supply, firefighting and emergency rescue, air diving and remotely operated vehicle support, offshore windfarm installation support, pipe tailing support, seismic survey support, cable laying support, and harbour towage services. The company was formerly known as PT Swakarya Mulia Shipping and changed its name to PT Wintermar Offshore Marine Tbk in September 2010. PT Wintermar Offshore Marine Tbk was founded in 1970 and is based in Jakarta, Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Wintermar Offshore Marine Tbk reported revenue of 80.3M IDR in FY2025 versus 42.3M IDR in FY2021, a compound +17.4%/yr. Reported net income was 19.8M IDR in FY2025, compounding +251.2%/yr from FY2021.

Growth Quality 54/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
80.3M IDR
Latest YoY
−2.5%
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.
+9.6%
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.
+13.1%
Avg. growth/yr (18Y) 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.
−36.2%
Revenue +17.4%/yr
FY21 42.3M IDR
FY22 61.0M IDR
FY23 72.6M IDR
FY24 82.4M IDR
FY25 80.3M IDR
Net income +251.2%/yr
FY21 130K IDR
FY22 861K IDR
FY23 6.7M IDR
FY24 22.5M IDR
FY25 19.8M IDR

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Cite: Fair Value Calculator (2026). "PT Wintermar Offshore Marine Tbk Fair Value". https://www.fairvalue-calculator.com/stock/WINS

Peer Group

Marine Shipping · 231 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 · Above median
Fair Value upside +79% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 26% · Top 25%
Operating margin (TTM) 42% · Top 25%
Revenue growth 48% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.19× · Lower than median

Valuation Multiples vs Marine Shipping median · lower = cheaper

P/E (TTM) 5.7× · Cheaper than 75% of peers
P/B 1.38× · Pricier than median
P/S (TTM) 2.65× · Pricier than 75% of peers
EV/EBITDA 4.8× · Cheaper than median

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 29
FUTURE 100 · sector 18
PAST 64 · sector 27
HEALTH 91 · sector 88
DIVIDEND 0 · sector 47

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 Marine Shipping stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Adani Ports and Special Economic Zone Limited ADANIPORTS ₹1,828 ₹1,041 -43%
A.P. Møller - Mærsk A/S MAERSKA kr 16,520 kr 3,033 -82%
COSCO SHIPPING Holdings 601919 ¥13.98 ¥40.37 +189%
Shanghai International Port (Group) Co 600018 ¥5.17 ¥6.57 +27%
HMM Co 011200 20,050 KRW 33,855 KRW +69%
Ningbo Zhoushan Port Company 601018 ¥3.35 ¥5.58 +67%
Qingdao Port International Co 601298 ¥8.88 ¥15.97 +80%
JSW Infrastructure Limited JSWINFRA ₹330.05 ₹126.31 -62%
Wan Hai Lines Ltd 2615 80.70 TWD 212.79 TWD +164%
Wallenius Wilhelmsen ASA WAWI kr 137.70 kr 50.56 -63%

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Frequently asked questions

Is PT Wintermar Offshore Marine Tbk (WINS) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 896.95 IDR versus a price of 500.00 IDR, about +79% (undervalued).
What is the fair value of WINS?
Our model-based fair value for PT Wintermar Offshore Marine Tbk is 896.95 IDR (as of Jul 18, 2026), built from audited fundamentals. The current price is 500.00 IDR.
What is the quality score of WINS?
PT Wintermar Offshore Marine 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 Wintermar Offshore Marine Tbk (WINS)?
PT Wintermar Offshore Marine Tbk reported trailing-twelve-month revenue of about 89.3M IDR (latest available figure, as of Jul 18, 2026).
What is the net profit margin of WINS?
The net profit margin of PT Wintermar Offshore Marine Tbk is about 26.0%, meaning it keeps roughly 26.0% 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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