PT Semen Indonesia (Persero) Tbk

DB:SMS2 Stock Report

Market Cap: €464.7m

Semen Indonesia (Persero) Valuation

Is SMS2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of SMS2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: SMS2 (€0.05) is trading below our estimate of future cash flow value (€0.14)

Significantly Below Future Cash Flow Value: SMS2 is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SMS2?

Key metric: As SMS2 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SMS2. This is calculated by dividing SMS2's market cap by their current earnings.
What is SMS2's PE Ratio?
PE Ratio41.7x
EarningsRp228.61b
Market CapRp9.53t

Price to Earnings Ratio vs Peers

How does SMS2's PE Ratio compare to its peers?

The above table shows the PE ratio for SMS2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15.1x
STO3 Sto SE KGaA
15x19.97%€586.7m
HEI Heidelberg Materials
14.8x9.65%€29.5b
SIM0 SIMONA
18.3x27.16%€366.0m
UZU Uzin Utz
12.2x11.16%€321.8m
SMS2 Semen Indonesia (Persero)
41.7x49.49%€9.5t

Price-To-Earnings vs Peers: SMS2 is expensive based on its Price-To-Earnings Ratio (41.7x) compared to the peer average (15.1x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does SMS2's PE Ratio compare vs other companies in the European Basic Materials Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SMS2 41.7xIndustry Avg. 15.1xNo. of Companies5PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SMS2 is expensive based on its Price-To-Earnings Ratio (41.7x) compared to the European Basic Materials industry average (15x).

Price to Earnings Ratio vs Fair Ratio

What is SMS2'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.

SMS2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio41.7x
Fair PE Ratio50.8x

Price-To-Earnings vs Fair Ratio: SMS2 is good value based on its Price-To-Earnings Ratio (41.7x) compared to the estimated Fair Price-To-Earnings Ratio (50.8x).

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 SMS2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.05
€0.13
+161.95%
26.62%€0.19€0.058n/a11
Jun ’27€0.061
€0.13
+119.37%
22.03%€0.18€0.075n/a12
May ’27€0.10
€0.14
+37.71%
22.05%€0.19€0.077n/a12
Apr ’27€0.11
€0.15
+40.61%
25.66%€0.23€0.079n/a12
Mar ’27€0.13
€0.14
+11.09%
28.34%€0.23€0.078n/a11
Feb ’27€0.11
€0.14
+28.62%
28.77%€0.22€0.077n/a12
Jan ’27€0.11
€0.14
+25.22%
27.05%€0.23€0.08n/a13
Dec ’26€0.13
€0.14
+5.36%
22.20%€0.18€0.08n/a13
Nov ’26€0.12
€0.14
+15.87%
23.31%€0.20€0.081n/a13
Oct ’26€0.13
€0.14
+8.85%
23.12%€0.19€0.079n/a13
Sep ’26€0.12
€0.14
+16.12%
22.92%€0.20€0.081n/a13
Aug ’26€0.14
€0.14
+2.23%
22.28%€0.20€0.089n/a13
Jul ’26€0.15
€0.15
+0.27%
25.23%€0.23€0.089€0.0513
Jun ’26€0.13
€0.16
+23.20%
26.57%€0.24€0.092€0.06114
May ’26€0.12
€0.17
+38.21%
26.44%€0.24€0.088€0.1013
Apr ’26€0.14
€0.20
+44.84%
22.58%€0.25€0.10€0.1112
Mar ’26€0.14
€0.22
+57.85%
18.85%€0.29€0.15€0.1315
Feb ’26€0.15
€0.24
+56.94%
17.66%€0.30€0.17€0.1115
Jan ’26€0.18
€0.27
+47.33%
29.67%€0.52€0.18€0.1115
Dec ’25€0.19
€0.27
+40.78%
29.33%€0.52€0.18€0.1315
Nov ’25€0.21
€0.29
+38.50%
23.30%€0.50€0.22€0.1214
Oct ’25€0.22
€0.30
+34.27%
24.61%€0.51€0.22€0.1316
Sep ’25€0.22
€0.29
+34.61%
24.61%€0.50€0.22€0.1216
Aug ’25€0.20
€0.31
+54.99%
24.39%€0.49€0.21€0.1415
Jul ’25€0.20
€0.33
+61.93%
24.60%€0.49€0.21€0.1516
€0.094
Fair Value
47.0% undervalued intrinsic discount
11
Number of Analysts

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/30 05:01
End of Day Share Price 2026/06/30 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

PT Semen Indonesia (Persero) Tbk is covered by 31 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Swati ChopraBofA Global Research
Bob SetiadiCGS International
Jonathan Steven MardjukiCLSA