PT Indofood Sukses Makmur Tbk

IDX:INDF Stock Report

Mkt Cap: Rp58.8t

We’ve recently updated our valuation analysis.

Indofood Sukses Makmur Valuation

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

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

INDF key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.3x
Enterprise Value/EBITDA6.4x
PEG Ratio0.5x

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.
CompanyPEEstimated GrowthMarket Cap
Peer Average30.5x
MYOR Mayora Indah
43.2x27.9%Rp55.9t
ICBP Indofood CBP Sukses Makmur
25.8x25.7%Rp122.2t
GOOD Garudafood Putra Putri Jaya
45.2xn/aRp17.8t
JPFA Japfa Comfeed Indonesia
8.2x13.4%Rp15.9t
INDF Indofood Sukses Makmur
8.6x16.4%Rp58.8t

Price-To-Earnings vs Peers: INDF is good value based on its Price-To-Earnings Ratio (8.6x) compared to the peer average (30.5x).


Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a17.3%
n/an/an/a

Price-To-Earnings vs Industry: INDF is good value based on its Price-To-Earnings Ratio (8.6x) compared to the ID Food industry average (15.1x)


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 Ratio8.6x
Fair PE Ratio14.7x

Price-To-Earnings vs Fair Ratio: INDF is good value based on its Price-To-Earnings Ratio (8.6x) compared to the estimated Fair Price-To-Earnings Ratio (14.7x).


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 (IDR6700) is trading below our estimate of fair value (IDR11103.6)

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


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
CurrentRp6,700.00
Rp8,710.00
+30.0%
11.7%Rp10,850.00Rp6,200.00n/a15
Jan ’24Rp6,725.00
Rp8,492.14
+26.3%
12.7%Rp10,850.00Rp6,200.00n/a14
Dec ’23Rp6,675.00
Rp8,199.29
+22.8%
13.3%Rp10,850.00Rp6,200.00n/a14
Nov ’23Rp6,450.00
Rp8,171.25
+26.7%
13.3%Rp10,850.00Rp6,200.00n/a16
Oct ’23Rp6,025.00
Rp8,296.47
+37.7%
11.6%Rp10,850.00Rp7,140.00n/a17
Sep ’23Rp6,275.00
Rp8,350.83
+33.1%
11.5%Rp10,850.00Rp7,140.00n/a18
Aug ’23Rp6,900.00
Rp8,193.00
+18.7%
8.0%Rp9,400.00Rp7,150.00n/a15
Jul ’23Rp7,025.00
Rp8,058.00
+14.7%
9.2%Rp9,400.00Rp7,000.00n/a15
Jun ’23Rp6,600.00
Rp7,788.57
+18.0%
11.7%Rp9,400.00Rp5,900.00n/a14
May ’23Rp6,300.00
Rp7,788.57
+23.6%
11.7%Rp9,400.00Rp5,900.00n/a14
Apr ’23Rp6,050.00
Rp7,792.00
+28.8%
7.2%Rp8,675.00Rp6,925.00n/a15
Mar ’23Rp6,175.00
Rp8,053.57
+30.4%
8.6%Rp9,600.00Rp6,925.00n/a14
Feb ’23Rp6,325.00
Rp8,056.67
+27.4%
8.3%Rp9,600.00Rp6,925.00Rp6,650.0015
Jan ’23Rp6,325.00
Rp8,150.00
+28.9%
8.1%Rp9,600.00Rp6,925.00Rp6,725.0016
Dec ’22Rp6,525.00
Rp8,162.50
+25.1%
7.9%Rp9,600.00Rp6,925.00Rp6,675.0016
Nov ’22Rp6,275.00
Rp8,239.06
+31.3%
8.0%Rp9,600.00Rp6,925.00Rp6,450.0016
Oct ’22Rp6,250.00
Rp8,239.06
+31.8%
8.0%Rp9,600.00Rp6,925.00Rp6,025.0016
Sep ’22Rp6,350.00
Rp8,314.06
+30.9%
8.4%Rp9,600.00Rp6,925.00Rp6,275.0016
Aug ’22Rp6,075.00
Rp8,513.33
+40.1%
10.9%Rp10,900.00Rp6,925.00Rp6,900.0015
Jul ’22Rp6,550.00
Rp8,653.13
+32.1%
9.0%Rp10,900.00Rp7,600.00Rp7,025.0016
Jun ’22Rp6,350.00
Rp8,708.82
+37.1%
9.2%Rp10,900.00Rp7,600.00Rp6,600.0017
May ’22Rp6,525.00
Rp8,711.76
+33.5%
9.2%Rp10,900.00Rp7,600.00Rp6,300.0017
Apr ’22Rp6,725.00
Rp8,740.00
+30.0%
9.6%Rp10,900.00Rp7,600.00Rp6,050.0018
Mar ’22Rp6,100.00
Rp8,628.68
+41.5%
8.5%Rp9,950.00Rp7,500.00Rp6,175.0019
Feb ’22Rp6,250.00
Rp8,667.25
+38.7%
7.7%Rp9,950.00Rp7,600.00Rp6,325.0020

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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