PT Indocement Tunggal Prakarsa Tbk

DB:ITP Stock Report

Market Cap: €1.4b

Indocement Tunggal Prakarsa Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • 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 ITP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ITP (€0.39) is trading below our estimate of fair value (€0.67)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ITP. This is calculated by dividing ITP's market cap by their current earnings.
What is ITP's PE Ratio?
PE Ratio13.3x
EarningsRp1.74t
Market CapRp23.13t

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ITP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average28.3x
STO3 Sto SE KGaA
11.2x3.5%€736.4m
HEI Heidelberg Materials
11.4x7.8%€21.2b
SDF K+S
78.8x61.1%€2.0b
ACT AlzChem Group
11.9x12.6%€598.4m
ITP Indocement Tunggal Prakarsa
13.3x6.0%€23.1t

Price-To-Earnings vs Peers: ITP is good value based on its Price-To-Earnings Ratio (13.3x) compared to the peer average (28.3x).

Price to Earnings Ratio vs Industry

How does ITP's PE Ratio compare vs other companies in the European Basic Materials Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ITP 13.3xIndustry Avg. 12.8xNo. of Companies9PE01632486480+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ITP is expensive based on its Price-To-Earnings Ratio (13.3x) compared to the European Basic Materials industry average (13.1x).

Price to Earnings Ratio vs Fair Ratio

What is ITP'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.

ITP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.3x
Fair PE Ratio15.6x

Price-To-Earnings vs Fair Ratio: ITP is good value based on its Price-To-Earnings Ratio (13.3x) compared to the estimated Fair Price-To-Earnings Ratio (15.6x).

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 ITP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.39
€0.53
+35.6%
20.2%€0.81€0.42n/a17
Nov ’25€0.40
€0.53
+31.4%
21.7%€0.79€0.34n/a15
Oct ’25€0.38
€0.52
+36.4%
20.4%€0.75€0.34n/a16
Sep ’25€0.39
€0.52
+31.7%
20.4%€0.74€0.33n/a16
Aug ’25€0.43
€0.54
+26.5%
22.8%€0.77€0.32n/a17
Jul ’25€0.40
€0.56
+39.5%
21.7%€0.77€0.32n/a18
Jun ’25€0.35
€0.57
+62.2%
20.6%€0.77€0.32n/a18
May ’25€0.43
€0.66
+54.9%
12.0%€0.78€0.50n/a18
Apr ’25€0.49
€0.69
+40.1%
12.5%€0.83€0.50n/a18
Mar ’25€0.52
€0.70
+36.9%
12.5%€0.85€0.50n/a18
Feb ’25€0.52
€0.70
+35.8%
13.3%€0.85€0.49n/a18
Jan ’25€0.53
€0.72
+35.9%
12.8%€0.85€0.49n/a19
Dec ’24€0.54
€0.74
+37.3%
12.6%€0.87€0.50n/a19
Nov ’24€0.56
€0.72
+29.9%
12.6%€0.83€0.50€0.4016
Oct ’24€0.59
€0.76
+29.4%
9.3%€0.86€0.56€0.3818
Sep ’24€0.62
€0.75
+20.7%
9.9%€0.84€0.55€0.3918
Aug ’24€0.63
€0.74
+17.5%
12.4%€0.86€0.55€0.4317
Jul ’24€0.59
€0.74
+25.5%
12.4%€0.86€0.55€0.4017
Jun ’24€0.60
€0.75
+25.4%
12.2%€0.87€0.56€0.3517
May ’24€0.63
€0.76
+20.3%
12.3%€0.86€0.56€0.4315
Apr ’24€0.63
€0.75
+20.1%
12.6%€0.92€0.55€0.4916
Mar ’24€0.67
€0.71
+5.9%
14.4%€0.92€0.56€0.5216
Feb ’24€0.59
€0.70
+17.5%
14.4%€0.90€0.54€0.5217
Jan ’24€0.58
€0.72
+23.3%
14.7%€0.92€0.56€0.5317
Dec ’23€0.59
€0.71
+20.3%
14.7%€0.91€0.55€0.5417
Nov ’23€0.63
€0.75
+18.8%
16.4%€1.00€0.58€0.5618

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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