PT Bank Tabungan Negara (Persero) Tbk

DB:TA2 Stock Report

Market Cap: €1.1b

Bank Tabungan Negara (Persero) Valuation

Is TA2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TA2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TA2 (€0.04) is trading below our estimate of fair value (€0.12)

Significantly Below Fair Value: TA2 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TA2?

Key metric: As TA2 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TA2. This is calculated by dividing TA2's market cap by their current earnings.
What is TA2's PE Ratio?
PE Ratio5.2x
EarningsRp3.53t
Market CapRp18.17t

Price to Earnings Ratio vs Peers

How does TA2's PE Ratio compare to its peers?

The above table shows the PE ratio for TA2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7.3x
PCZ ProCredit Holding
4.3x10.7%€451.2m
MBK Merkur PrivatBank KgaA
10.2x8.6%€108.9m
CBK Commerzbank
8x8.8%€17.1b
MSB Vietnam Maritime Commercial Bank
6.8x16.8%₫29.6t
TA2 Bank Tabungan Negara (Persero)
5.2x10.9%€18.2t

Price-To-Earnings vs Peers: TA2 is good value based on its Price-To-Earnings Ratio (5.2x) compared to the peer average (7.3x).

Price to Earnings Ratio vs Industry

How does TA2's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TA2 5.2xIndustry Avg. 7.3xNo. of Companies47PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TA2 is good value based on its Price-To-Earnings Ratio (5.2x) compared to the European Banks industry average (7.3x).

Price to Earnings Ratio vs Fair Ratio

What is TA2's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TA2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TA2's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TA2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.038
€0.10
+164.5%
13.5%€0.13€0.073n/a14
Nov ’25n/a
€0.098
0%
14.0%€0.12€0.072n/a14
Oct ’25n/a
€0.099
0%
13.5%€0.12€0.073n/a14
Sep ’25n/a
€0.097
0%
13.2%€0.12€0.071n/a14
Aug ’25n/a
€0.095
0%
13.1%€0.11€0.07n/a14
Jul ’25n/a
€0.098
0%
12.7%€0.11€0.074n/a16
Jun ’25n/a
€0.099
0%
12.3%€0.11€0.074n/a17
May ’25n/a
€0.10
0%
12.6%€0.12€0.075n/a17
Apr ’25n/a
€0.10
0%
13.7%€0.13€0.077n/a17
Mar ’25n/a
€0.10
0%
13.9%€0.13€0.077n/a17
Feb ’25n/a
€0.10
0%
15.1%€0.13€0.076n/a16
Jan ’25n/a
€0.11
0%
14.8%€0.13€0.078n/a14
Dec ’24n/a
€0.11
0%
14.2%€0.13€0.077n/a13
Nov ’24n/a
€0.11
0%
11.7%€0.13€0.084n/a15
Oct ’24n/a
€0.11
0%
12.0%€0.13€0.086n/a16
Sep ’24n/a
€0.11
0%
12.0%€0.13€0.084n/a17
Aug ’24n/a
€0.11
0%
12.0%€0.13€0.084n/a17
Jul ’24n/a
€0.11
0%
13.7%€0.14€0.086n/a16
Jun ’24n/a
€0.11
0%
13.2%€0.14€0.087n/a17
May ’24n/a
€0.11
0%
14.4%€0.14€0.08n/a17
Apr ’24n/a
€0.11
0%
17.8%€0.15€0.079n/a18
Mar ’24n/a
€0.12
0%
17.2%€0.16€0.081n/a18
Feb ’24n/a
€0.12
0%
18.8%€0.15€0.08n/a17
Jan ’24n/a
€0.12
0%
18.8%€0.15€0.078n/a17
Dec ’23n/a
€0.12
0%
18.6%€0.15€0.081n/a16
Nov ’23n/a
€0.13
0%
20.4%€0.17€0.085n/a15

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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