PT Indofood Sukses Makmur Tbk

IDX:INDF Stock Report

Market Cap: Rp67.0t

Indofood Sukses Makmur Valuation

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: INDF (IDR7625) is trading below our estimate of fair value (IDR18834.72)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for INDF. This is calculated by dividing INDF's market cap by their current earnings.
What is INDF's PE Ratio?
PE Ratio6.8x
EarningsRp9.83t
Market CapRp66.95t

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for INDF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.8x
MYOR Mayora Indah
19.2x12.4%Rp61.0t
ICBP Indofood CBP Sukses Makmur
17x15.0%Rp137.6t
CMRY Cisarua Mountain Dairy
29.5x15.1%Rp42.3t
JPFA Japfa Comfeed Indonesia
9.5x10.8%Rp19.8t
INDF Indofood Sukses Makmur
6.8x11.2%Rp67.0t

Price-To-Earnings vs Peers: INDF is good value based on its Price-To-Earnings Ratio (6.8x) compared to the peer average (18.8x).

Price to Earnings Ratio vs Industry

How does INDF'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
INDF 6.8xIndustry Avg. 16.1xNo. of Companies11PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: INDF is good value based on its Price-To-Earnings Ratio (6.8x) compared to the ID Food industry average (16.4x).

Price to Earnings Ratio vs Fair Ratio

What is INDF'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.

INDF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.8x
Fair PE Ratio13.8x

Price-To-Earnings vs Fair Ratio: INDF is good value based on its Price-To-Earnings Ratio (6.8x) compared to the estimated Fair Price-To-Earnings Ratio (13.8x).

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 INDF forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRp7,625.00
Rp9,001.43
+18.1%
16.1%Rp12,000.00Rp6,650.00n/a14
Nov ’25Rp7,300.00
Rp8,380.71
+14.8%
17.9%Rp11,850.00Rp6,400.00n/a14
Oct ’25Rp7,175.00
Rp8,159.29
+13.7%
18.7%Rp11,850.00Rp6,400.00n/a14
Sep ’25Rp6,850.00
Rp8,195.00
+19.6%
18.1%Rp11,850.00Rp6,400.00n/a14
Aug ’25Rp6,150.00
Rp8,127.14
+32.1%
16.1%Rp11,850.00Rp6,200.00n/a14
Jul ’25Rp6,100.00
Rp8,127.14
+33.2%
16.1%Rp11,850.00Rp6,200.00n/a14
Jun ’25Rp5,875.00
Rp8,140.00
+38.6%
16.0%Rp11,850.00Rp6,200.00n/a14
May ’25Rp6,250.00
Rp8,460.00
+35.4%
16.0%Rp11,850.00Rp6,900.00n/a14
Apr ’25Rp6,425.00
Rp8,540.00
+32.9%
15.9%Rp11,850.00Rp6,900.00n/a14
Mar ’25Rp6,675.00
Rp8,575.71
+28.5%
13.8%Rp11,850.00Rp7,000.00n/a14
Feb ’25Rp6,350.00
Rp8,560.67
+34.8%
12.9%Rp11,600.00Rp7,000.00n/a15
Jan ’25Rp6,450.00
Rp8,754.29
+35.7%
13.3%Rp11,600.00Rp7,000.00n/a14
Dec ’24Rp6,325.00
Rp8,754.29
+38.4%
13.3%Rp11,600.00Rp7,000.00n/a14
Nov ’24Rp6,650.00
Rp8,989.23
+35.2%
11.6%Rp11,600.00Rp7,860.00Rp7,300.0013
Oct ’24Rp6,625.00
Rp8,927.69
+34.8%
13.0%Rp11,600.00Rp6,900.00Rp7,175.0013
Sep ’24Rp7,000.00
Rp8,925.00
+27.5%
12.5%Rp11,600.00Rp6,900.00Rp6,850.0014
Aug ’24Rp7,000.00
Rp8,626.92
+23.2%
9.4%Rp9,850.00Rp6,900.00Rp6,150.0013
Jul ’24Rp7,350.00
Rp8,800.00
+19.7%
11.4%Rp10,850.00Rp6,900.00Rp6,100.0013
Jun ’24Rp7,100.00
Rp8,710.71
+22.7%
10.7%Rp10,850.00Rp6,900.00Rp5,875.0014
May ’24Rp6,450.00
Rp8,620.00
+33.6%
11.1%Rp10,850.00Rp6,900.00Rp6,250.0014
Apr ’24Rp6,200.00
Rp8,689.29
+40.1%
10.4%Rp10,850.00Rp6,900.00Rp6,425.0014
Mar ’24Rp6,275.00
Rp8,710.00
+38.8%
11.7%Rp10,850.00Rp6,200.00Rp6,675.0015
Feb ’24Rp6,650.00
Rp8,710.00
+31.0%
11.7%Rp10,850.00Rp6,200.00Rp6,350.0015
Jan ’24Rp6,725.00
Rp8,492.14
+26.3%
12.7%Rp10,850.00Rp6,200.00Rp6,450.0014
Dec ’23Rp6,675.00
Rp8,199.29
+22.8%
13.3%Rp10,850.00Rp6,200.00Rp6,325.0014
Nov ’23Rp6,450.00
Rp8,171.25
+26.7%
13.3%Rp10,850.00Rp6,200.00Rp6,650.0016

Analyst Forecast: Target price is less than 20% higher than the current share price.

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