PT GoTo Gojek Tokopedia Tbk

DB:CK8 Stock Report

Market Cap: €4.3b

GoTo Gojek Tokopedia Valuation

Is CK8 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CK8 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CK8 (€0) is trading below our estimate of fair value (€0.01)

Significantly Below Fair Value: CK8 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CK8?

Key metric: As CK8 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CK8. This is calculated by dividing CK8's market cap by their current revenue.
What is CK8's PS Ratio?
PS Ratio4.6x
SalesRp15.94t
Market CapRp72.77t

Price to Sales Ratio vs Peers

How does CK8's PS Ratio compare to its peers?

The above table shows the PS ratio for CK8 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.9x
ECK LUDWIG BECK am Rathauseck - Textilhaus Feldmeier
0.9xn/a€63.9m
FIE Fielmann Group
1.6x6.7%€3.4b
DOU Douglas
0.5x6.2%€2.0b
ZAL Zalando
0.7x5.8%€7.0b
CK8 GoTo Gojek Tokopedia
4.6x10.9%€72.8t

Price-To-Sales vs Peers: CK8 is expensive based on its Price-To-Sales Ratio (4.6x) compared to the peer average (0.9x).

Price to Sales Ratio vs Industry

How does CK8's PS Ratio compare vs other companies in the European Multiline Retail Industry?

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
CK8 4.6xIndustry Avg. 0.8xNo. of Companies6PS00.61.21.82.43+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: CK8 is expensive based on its Price-To-Sales Ratio (4.6x) compared to the European Multiline Retail industry average (0.8x).

Price to Sales Ratio vs Fair Ratio

What is CK8's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CK8 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.6x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate CK8's Price-To-Sales 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 CK8 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.0025
€0.0053
+111.2%
18.2%€0.0089€0.0041n/a28
Nov ’25€0.0055
€0.0051
-7.1%
19.7%€0.0088€0.0032n/a29
Oct ’25€0.0025
€0.0051
+102.5%
23.4%€0.0089€0.0033n/a29
Sep ’25n/a
€0.0048
0%
23.3%€0.0087€0.0032n/a28
Aug ’25€0.0025
€0.0049
+95.4%
23.9%€0.0086€0.0031n/a27
Jul ’25€0.002
€0.0051
+157.0%
23.9%€0.0085€0.0037n/a26
Jun ’25n/a
€0.0056
0%
29.3%€0.011€0.0037n/a28
May ’25€0.005
€0.0056
+12.9%
29.3%€0.011€0.0037n/a28
Apr ’25n/a
€0.0058
0%
28.4%€0.011€0.0038n/a28
Mar ’25€0.0055
€0.006
+9.3%
27.7%€0.011€0.0035n/a28
Feb ’25€0.0065
€0.0061
-6.1%
30.9%€0.011€0.0029n/a28
Jan ’25€0.0035
€0.0064
+81.7%
35.1%€0.011€0.0029n/a28
Dec ’24€0.0058
€0.0062
+7.4%
37.3%€0.012€0.003n/a29
Nov ’24n/a
€0.0066
0%
36.8%€0.012€0.003€0.005529
Oct ’24n/a
€0.0078
0%
24.2%€0.012€0.0046€0.002526
Sep ’24n/a
€0.0078
0%
23.3%€0.012€0.0046n/a28
Aug ’24n/a
€0.0084
0%
20.8%€0.013€0.0045€0.002526
Jul ’24n/a
€0.0086
0%
24.6%€0.015€0.0046€0.00224
Jun ’24n/a
€0.0091
0%
24.9%€0.015€0.0046n/a22
May ’24n/a
€0.0092
0%
25.3%€0.016€0.0047€0.00522
Apr ’24n/a
€0.0095
0%
24.7%€0.015€0.0049n/a21
Mar ’24n/a
€0.01
0%
32.4%€0.02€0.0049€0.005520
Feb ’24n/a
€0.011
0%
34.9%€0.02€0.0049€0.006519
Jan ’24n/a
€0.014
0%
37.2%€0.026€0.0048€0.003519
Dec ’23n/a
€0.017
0%
35.9%€0.031€0.0089€0.005817
Nov ’23n/a
€0.021
0%
28.3%€0.033€0.013n/a16

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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