PT Indofood CBP Sukses Makmur Tbk

IDX:ICBP Stock Report

Market Cap: Rp137.6t

Indofood CBP Sukses Makmur Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: ICBP (IDR11800) is trading below our estimate of fair value (IDR17775.47)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ICBP. This is calculated by dividing ICBP's market cap by their current earnings.
What is ICBP's PE Ratio?
PE Ratio17x
EarningsRp8.08t
Market CapRp137.61t

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ICBP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.2x
INDF Indofood Sukses Makmur
6.8x11.2%Rp67.0t
MYOR Mayora Indah
19.2x12.4%Rp61.0t
CMRY Cisarua Mountain Dairy
29.5x15.1%Rp42.3t
JPFA Japfa Comfeed Indonesia
9.5x10.8%Rp19.8t
ICBP Indofood CBP Sukses Makmur
17x15.0%Rp137.6t

Price-To-Earnings vs Peers: ICBP is expensive based on its Price-To-Earnings Ratio (17x) compared to the peer average (16.2x).

Price to Earnings Ratio vs Industry

How does ICBP's PE Ratio compare vs other companies in the ID Food Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
UNSP Bakrie Sumatera Plantations
0.2xn/aUS$20.32m
PSDN Prasidha Aneka Niaga
1xn/aUS$7.62m
No more companies available in this PE range
ICBP 17.0xIndustry Avg. 16.1xNo. of Companies11PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ICBP is expensive based on its Price-To-Earnings Ratio (17x) compared to the ID Food industry average (16.4x).

Price to Earnings Ratio vs Fair Ratio

What is ICBP'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.

ICBP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17x
Fair PE Ratio15.9x

Price-To-Earnings vs Fair Ratio: ICBP is expensive based on its Price-To-Earnings Ratio (17x) compared to the estimated Fair Price-To-Earnings Ratio (15.9x).

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 ICBP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRp11,800.00
Rp14,167.50
+20.1%
7.9%Rp18,000.00Rp12,400.00n/a20
Nov ’25Rp12,100.00
Rp13,738.75
+13.5%
8.8%Rp18,000.00Rp12,300.00n/a20
Oct ’25Rp12,450.00
Rp13,612.50
+9.3%
9.2%Rp18,000.00Rp12,225.00n/a20
Sep ’25Rp11,475.00
Rp13,542.50
+18.0%
9.1%Rp18,000.00Rp12,225.00n/a20
Aug ’25Rp11,000.00
Rp13,255.26
+20.5%
9.8%Rp18,000.00Rp11,700.00n/a19
Jul ’25Rp10,300.00
Rp13,182.22
+28.0%
10.7%Rp18,000.00Rp11,250.00n/a18
Jun ’25Rp9,750.00
Rp13,201.67
+35.4%
10.5%Rp18,000.00Rp11,600.00n/a18
May ’25Rp10,875.00
Rp13,380.56
+23.0%
9.5%Rp18,000.00Rp11,600.00n/a18
Apr ’25Rp11,225.00
Rp13,527.78
+20.5%
9.0%Rp18,000.00Rp12,500.00n/a18
Mar ’25Rp11,625.00
Rp13,659.21
+17.5%
9.4%Rp18,000.00Rp11,525.00n/a19
Feb ’25Rp11,575.00
Rp13,700.00
+18.4%
6.5%Rp16,500.00Rp12,500.00n/a20
Jan ’25Rp10,575.00
Rp13,647.62
+29.1%
6.4%Rp16,500.00Rp12,500.00n/a21
Dec ’24Rp10,525.00
Rp13,647.62
+29.7%
6.4%Rp16,500.00Rp12,500.00n/a21
Nov ’24Rp10,375.00
Rp13,744.21
+32.5%
6.2%Rp16,500.00Rp13,000.00Rp12,100.0019
Oct ’24Rp11,075.00
Rp13,596.84
+22.8%
6.9%Rp16,500.00Rp12,000.00Rp12,450.0019
Sep ’24Rp11,200.00
Rp13,522.00
+20.7%
7.2%Rp16,500.00Rp12,000.00Rp11,475.0020
Aug ’24Rp11,075.00
Rp13,125.79
+18.5%
7.1%Rp16,500.00Rp12,000.00Rp11,000.0019
Jul ’24Rp11,325.00
Rp12,929.50
+14.2%
4.1%Rp14,000.00Rp12,000.00Rp10,300.0020
Jun ’24Rp11,700.00
Rp12,929.50
+10.5%
4.1%Rp14,000.00Rp12,000.00Rp9,750.0020
May ’24Rp10,575.00
Rp12,261.50
+15.9%
4.6%Rp13,600.00Rp11,200.00Rp10,875.0020
Apr ’24Rp9,975.00
Rp12,058.50
+20.9%
5.8%Rp13,600.00Rp10,100.00Rp11,225.0020
Mar ’24Rp9,900.00
Rp11,953.33
+20.7%
4.7%Rp13,000.00Rp10,400.00Rp11,625.0021
Feb ’24Rp10,375.00
Rp11,914.05
+14.8%
4.8%Rp13,000.00Rp10,400.00Rp11,575.0021
Jan ’24Rp10,000.00
Rp11,621.19
+16.2%
5.7%Rp12,700.00Rp9,870.00Rp10,575.0021
Dec ’23Rp10,150.00
Rp11,254.75
+10.9%
6.4%Rp12,100.00Rp9,870.00Rp10,525.0020
Nov ’23Rp9,500.00
Rp11,166.43
+17.5%
8.6%Rp13,800.00Rp9,600.00Rp10,375.0021

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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