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PT Wijaya Karya Beton Tbk, (WTON) Fair Value & Analysis

Basic Materials · ID · Market cap 645B IDR

PW PT Wijaya Karya Beton Tbk, WTON · JK
Price75.00 IDR
Fair Value118.40 IDR
Upside+57.9%
Quality52/100
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Weak Growth
Thin margins · 1.2% net margin
Low debt · generates free cash flow
Mixed vs. peers (8/14)
Narrow moat 25/100
Evidence: High Range 88.81 IDR – 148.01 IDR Share as image

Fair value as of: Jul 16, 2026

From 24 valuation models · updated 25 days ago

Fair value updated Jul 16, 2026, revised from 78.06 IDR to 118.40 IDR (+51.7%) since Jun 25, 2026. Share price +4.2% over the past month.

A solid business, screening 58% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (88.81 IDR). The market is more pessimistic than our downside scenario.
  • Solid quality (52/100) 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)

336.54 IDR 56.20 IDR Fair Value 118.40 IDR Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 56.20 IDR – 336.54 IDR · fair‑value band 88.81 IDR – 148.01 IDR · the 75.00 IDR price screens below the 118.40 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

PT Wijaya Karya Beton Tbk, (WTON) currently trades at 75.00 IDR, while our model-based Fair Value estimate is 118.40 IDR, implying the stock looks roughly 57.9% undervalued today. The Quality Score stands at 52/100 (solid quality), in the Basic Materials 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 Wijaya Karya Beton Tbk, generated revenue of 3.4T IDR at a net margin of 1.2%. Revenue declined 22.3% year over year. It earns a return on equity of 0.1%. The balance sheet holds a net cash position of 199B IDR. Fundamentals as of Jul 16, 2026

Our scenario range runs from 88.81 IDR (bear case) to 148.01 IDR (bull case); at 75.00 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 39% below its 52-week high and 27% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -59% fair-value upside, at 58%, WTON 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 132.02 IDR 167.93 IDR 236.45 IDR 80
Residual Income 289.05 IDR 269.00 IDR 202.33 IDR 76
Rev-Margin DCF 119.04 IDR 159.68 IDR 211.24 IDR 74
All 24 models by family
DCF Models
FCF DCF 127.68 IDR 163.97 IDR 239.65 IDR 38
Owner Earnings 232.81 IDR 308.91 IDR 467.59 IDR 31
5Y Revenue Exit 119.04 IDR 157.58 IDR 215.68 IDR 39
5Y EBITDA Exit 173.21 IDR 249.54 IDR 353.97 IDR 41
5Y P/E Exit 98.78 IDR 123.20 IDR 153.78 IDR 38
10Y Revenue Exit 118.90 IDR 153.25 IDR 192.06 IDR 36
10Y EBITDA Exit 155.41 IDR 215.04 IDR 282.98 IDR 37
10Y P/E Exit 108.73 IDR 130.15 IDR 151.36 IDR 35
Earnings-Based
Graham-Dodd 31.22 IDR 50.20 IDR 60.53 IDR 54
EPV 111.65 IDR 125.74 IDR 138.26 IDR 59
Dividend Discount
Gordon GGM 7.21 IDR 8.78 IDR 10.51 IDR 70
DDM Multi-Stage 7.21 IDR 9.75 IDR 13.06 IDR 61
Multiples
P/E Multiple 58.55 IDR 78.06 IDR 97.58 IDR 63
P/S Multiple 58.55 IDR 78.06 IDR 97.58 IDR 58
P/B Multiple 58.55 IDR 78.06 IDR 97.58 IDR 55
EV/EBIT 134.60 IDR 168.86 IDR 203.12 IDR 53
EV/EBITDA 225.94 IDR 290.64 IDR 355.35 IDR 54
EV/Revenue 120.90 IDR 159.07 IDR 197.25 IDR 43
Asset-Based
NCAV (Graham) 208.12 IDR 278.88 IDR 416.24 IDR 50
Growth DCF
Growth DCF 132.02 IDR 167.93 IDR 236.45 IDR 80
Rev-Margin DCF 119.04 IDR 159.68 IDR 211.24 IDR 74
Economic Profit
Residual Income 289.05 IDR 269.00 IDR 202.33 IDR 76
ROIC Compounder 111.65 IDR 125.74 IDR 138.26 IDR 72
Growth Earnings
Growth-Adj P/E 41.71 IDR 59.58 IDR 77.46 IDR 68

Widest divergence: Asset-Based (278.88 IDR) versus Dividend Discount (8.78 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.4T IDR
Revenue growth (YoY) -22.3%
Net margin 1.2%
Return on equity 0.1%
Free cash flow 79.1B IDR FY2025
P/E ratio 14.4
More key figures
Operating margin 1.8%
EPS (TTM) 4.58 IDR
EPS growth (YoY) -5.6%
Net cash 199B IDR FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 51 · Market factors (momentum, volatility) 34

Profitability 20
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 57
Earnings quality: real cash, not paper profit
Fin. Strength 45
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 82
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 Wijaya Karya Beton Tbk, together with its subsidiaries provides pre-stressed concrete (PC) products in Indonesia and internationally. The company operates through Concrete, Quarry, and Service segments. It also offers pile products comprising of hollow round and box piles, massive box piles, cylinder pile, and triangular piles.

Full company description

PT Wijaya Karya Beton Tbk, together with its subsidiaries provides pre-stressed concrete (PC) products in Indonesia and internationally. The company operates through Concrete, Quarry, and Service segments. It also offers pile products comprising of hollow round and box piles, massive box piles, cylinder pile, and triangular piles. In addition, the company provides PC piles, such as spun, square, and triangular piles; and railway concrete products, such as PC turnout sleepers, catenary poles, concrete level crossing, and slab track; and bridge concrete products. Further, it offers wall concrete product comprising of corrugated concrete sheet pile, flat prestressed concrete sheet pile, flat reinforced concrete sheet pile, and PC wall; and dock components Pile Caps; RC cylinder pipes, such as reinforced box culvert, sabodam modular, reinforced U-ditch, and precast concrete infiltration well products; precast wall, hollow core slab, concrete slab, column, and beams ladders; and maritime concrete products, such as concrete beams, concrete floor slabs breakwaters, modular system precast dock, and tetrapod. Additionally, the company provides fences, concrete underground utility ducting, segment tunneling, precast pier, rigid pavement, floating pontoon, pipe rack, manhole, buttress wall, and ready-mix concrete products. Furthermore, it offers split, screening, and fly ash products; construction, precast concrete delivery, and concrete installation services. It also provides engineering, procurement, construction, piling, post-tension stressing, and launcher gantry services, as well as innerbore system, post-tensioning system, and launching gantry installation. The company was founded in 1997 and is headquartered in Jakarta, Indonesia. PT Wijaya Karya Beton Tbk operates as a subsidiary of PT Wijaya Karya (Persero) Tbk.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Wijaya Karya Beton Tbk, reported revenue of 3.6T IDR in FY2025 versus 4.3T IDR in FY2021, a compound −4.5%/yr. Reported net income was 40.0B IDR in FY2025, compounding −16.6%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
3.6T IDR
Latest YoY
−26.8%
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.
−15.8%
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.
−5.7%
Avg. growth/yr (14Y) 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.
+5.8%
Revenue −4.5%/yr
FY21 4.3T IDR
FY22 6.0T IDR
FY23 4.2T IDR
FY24 4.9T IDR
FY25 3.6T IDR
Net income −16.6%/yr
FY21 82.9B IDR
FY22 163B IDR
FY23 34.1B IDR
FY24 65.0B IDR
FY25 40.0B IDR
Character of growth · EPS growth decomposed (2014-2025) −17.4 % p.a.
Revenue per share +3.4 pp

of which total revenue +3.4 pp · buybacks/dilution +0.0 pp

EBIT margin −11.2 pp
Tax rate −1.7 pp
Residual (interest, one-offs) −7.8 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 Wijaya Karya Beton Tbk, Fair Value". https://www.fairvalue-calculator.com/stock/WTON

Peer Group

Building Materials · 253 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 52 · Above median
Fair Value upside +58% · Top 25%
Return on equity (TTM) 0% · Below median
Return on assets 1% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 2% · Below median
Revenue growth -22% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.04× · Lower than median

Valuation Multiples vs Building Materials median · lower = cheaper

P/E (TTM) 16.2× · Cheaper than median
P/B 0.18× · Cheaper than 75% of peers
P/S (TTM) 0.19× · Cheaper than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 1.6× · 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 27
FUTURE 0 · sector 2
PAST 0 · sector 15
HEALTH 98 · sector 92
DIVIDEND 0 · sector 42

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 Building Materials stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
CRH plc CRH $102.92 $70.57 -31%
UltraTech Cement Limited ULTRACEMCO ₹11,711 ₹4,719 -60%
China Jushi Co 600176 ¥54.52 ¥13.95 -74%
Grasim Industries Limited GRASIM ₹3,073 ₹1,245 -59%
CEMEX, S.A. CEMEXCPO 21.71 MXN 15.42 MXN -29%
Anhui Conch Cement Company 600585 ¥16.99 ¥26.14 +54%
Ambuja Cements Limited AMBUJACEM ₹435.25 ₹227.96 -48%
Shree Cement Limited SHREECEM ₹26,930 ₹8,215 -69%
TCC Group 1101B 43.70 TWD 10.48 TWD -76%
Taiwan Glass Ind. Corp 1802 53.30 TWD 13.98 TWD -74%

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Frequently asked questions

Is PT Wijaya Karya Beton Tbk, (WTON) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 118.40 IDR versus a price of 75.00 IDR, about +58% (undervalued).
What is the fair value of WTON?
Our model-based fair value for PT Wijaya Karya Beton Tbk, is 118.40 IDR (as of Jul 16, 2026), built from audited fundamentals. The current price is 75.00 IDR.
What is the quality score of WTON?
PT Wijaya Karya Beton Tbk, has a Quality Score of 52/100. 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 Wijaya Karya Beton Tbk, (WTON)?
PT Wijaya Karya Beton Tbk, reported trailing-twelve-month revenue of about 3.4T IDR (latest available figure, as of Jul 16, 2026).
What is the net profit margin of WTON?
The net profit margin of PT Wijaya Karya Beton Tbk, is about 1.2%, meaning it keeps roughly 1.2% 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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