Update shared on 05 Dec 2025
Fair value Decreased 0.43%Analysts have made a marginal downward revision to their price target on GoTo Gojek Tokopedia, trimming fair value to the equivalent of approximately $91.81 from $92.20. This reflects slightly lower profit margin expectations that more than offset modestly higher projected revenue growth and a marginally lower discount rate.
What's in the News
- Indonesia is discussing a potential merger or acquisition between Grab and GoTo Gojek, which together could control over 91 percent of the local market if combined (Reuters).
- Grab and GoTo are in talks to offer Indonesia's sovereign wealth fund, Danantara, a golden share with special rights over Indonesian operations to help secure approval for a possible 29 billion dollar merger (Financial Times).
- GoTo announced that chief executive officer Patrick Walujo will step down after two and a half years, with chief operating officer Hans Patuwo nominated as his successor, pending approval at an extraordinary shareholders meeting on December 17, 2025 (company announcement).
- GoTo will hold a special or extraordinary shareholders meeting on December 17, 2025, in Jakarta. Key items are expected to include leadership transition and governance matters linked to its profitability push (company filing).
Valuation Changes
- Fair Value: reduced slightly to the equivalent of approximately 91.81 dollars from 92.20 dollars, reflecting a marginally less optimistic outlook.
- Discount Rate: edged down modestly to about 14.75 percent from 14.78 percent, indicating a slightly lower perceived risk profile.
- Revenue Growth: revised up slightly to around 17.78 percent from 17.75 percent, signaling a marginally stronger top line outlook.
- Net Profit Margin: trimmed marginally to roughly 12.21 percent from 12.23 percent, pointing to slightly weaker profitability assumptions.
- Future P/E: eased slightly to about 42.26 times from 42.44 times, suggesting a small downward adjustment in the valuation multiple.
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