PT Pertamina Geothermal Energy Tbk

DB:NJ9 Stock Report

Market Cap: €2.5b

Pertamina Geothermal Energy Valuation

Is NJ9 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 NJ9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NJ9 (€0.06) is trading above our estimate of fair value (€0.03)

Significantly Below Fair Value: NJ9 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NJ9?

Key metric: As NJ9 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NJ9. This is calculated by dividing NJ9's market cap by their current earnings.
What is NJ9's PE Ratio?
PE Ratio16x
EarningsUS$164.08m
Market CapUS$2.63b

Price to Earnings Ratio vs Peers

How does NJ9's PE Ratio compare to its peers?

The above table shows the PE ratio for NJ9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average35.2x
HRPK 7C Solarparken
61.9x58.7%€154.8m
ABO clearvise
19.4x-47.3%€131.5m
LEC Lechwerke
25.8xn/a€2.5b
MNV6 Mainova
33.7xn/a€1.9b
NJ9 Pertamina Geothermal Energy
16x1.7%€41.7t

Price-To-Earnings vs Peers: NJ9 is good value based on its Price-To-Earnings Ratio (16x) compared to the peer average (35.2x).

Price to Earnings Ratio vs Industry

How does NJ9's PE Ratio compare vs other companies in the European Renewable Energy Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
NJ9 16.0xIndustry Avg. 16.1xNo. of Companies8PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NJ9 is good value based on its Price-To-Earnings Ratio (16x) compared to the European Renewable Energy industry average (16.2x).

Price to Earnings Ratio vs Fair Ratio

What is NJ9'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.

NJ9 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16x
Fair PE Ratio21.3x

Price-To-Earnings vs Fair Ratio: NJ9 is good value based on its Price-To-Earnings Ratio (16x) compared to the estimated Fair Price-To-Earnings Ratio (21.3x).

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 NJ9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.057
€0.088
+54.2%
14.4%€0.11€0.065n/a8
Nov ’25€0.06
€0.084
+39.9%
14.5%€0.11€0.062n/a8
Oct ’25€0.064
€0.084
+32.2%
14.5%€0.11€0.062n/a8
Sep ’25€0.064
€0.084
+32.2%
14.5%€0.11€0.062n/a8
Aug ’25€0.07
€0.084
+20.8%
14.5%€0.11€0.062n/a8
Jul ’25€0.066
€0.083
+25.4%
15.3%€0.11€0.062n/a8
Jun ’25n/a
€0.083
0%
13.8%€0.11€0.068n/a8
May ’25€0.067
€0.085
+28.0%
14.5%€0.11€0.07n/a7
Apr ’25n/a
€0.085
0%
14.5%€0.11€0.07n/a7
Mar ’25€0.068
€0.084
+22.6%
18.8%€0.11€0.057n/a7
Feb ’25€0.073
€0.084
+14.3%
18.8%€0.11€0.057n/a7
Jan ’25€0.066
€0.079
+20.7%
23.9%€0.11€0.058n/a5
Dec ’24€0.059
€0.079
+33.1%
23.9%€0.11€0.058n/a5
Nov ’24€0.08
€0.07
-11.6%
12.9%€0.083€0.058€0.064
Oct ’24n/a
€0.07
0%
13.6%€0.085€0.059€0.0644
Sep ’24n/a
€0.064
0%
7.6%€0.07€0.058€0.0643
Aug ’24n/a
€0.063
0%
5.4%€0.066€0.059€0.073
Jul ’24n/a
€0.067
0%
1.9%€0.068€0.066€0.0662

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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