Industri Jamu dan Farmasi Sido Muncul Valuation

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

SIDO (IDR570) is trading below our estimate of [[fair value]] (IDR577.91)

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

Below Fair Value: SIDO (IDR570) is trading below our estimate of fair value (IDR577.91)

Significantly Below Fair Value: SIDO is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SIDO. This is calculated by dividing SIDO's market cap by their current earnings.
What is SIDO's PE Ratio?
PE Ratio	15x
Earnings	Rp1.14t
Market Cap	Rp17.10t

SIDO 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/Revenue	4.2x
Enterprise Value/EBITDA	10.2x
PEG Ratio	2.1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SIDO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	58.3x
VICI Victoria Care Indonesia	24.9x	n/a	Rp4.2t
KINO Kino Indonesia	51.6x	n/a	Rp1.7t
TCID PT. Mandom Indonesia	106.2x	n/a	Rp880.7b
IKPM Ikapharmindo Putramas	50.5x	n/a	Rp444.8b
SIDO Industri Jamu dan Farmasi Sido Muncul	15x	7.2%	Rp17.1t

Price-To-Earnings vs Peers: SIDO is good value based on its Price-To-Earnings Ratio (15x) compared to the peer average (58.3x).

Price to Earnings Ratio vs Industry

How does SIDO's PE Ratio compare vs other companies in the Asian Personal Products Industry?

5 Companies	Price / Earnings	Estimated Growth	Market Cap

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SIDO is good value based on its Price-To-Earnings Ratio (15x) compared to the Asian Personal Products industry average (24.9x).

Price to Earnings Ratio vs Fair Ratio

What is SIDO'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.

SIDO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	15x
Fair PE Ratio	16.1x

Price-To-Earnings vs Fair Ratio: SIDO is good value based on its Price-To-Earnings Ratio (15x) compared to the estimated Fair Price-To-Earnings Ratio (16.1x).

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 SIDO forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	Rp570.00	Rp740.00 +29.8%	9.2%	Rp850.00	Rp630.00	n/a	15
Nov ’25	Rp605.00	Rp749.33 +23.9%	9.8%	Rp850.00	Rp570.00	n/a	15
Oct ’25	Rp675.00	Rp807.50 +19.6%	6.7%	Rp900.00	Rp700.00	n/a	16
Sep ’25	Rp660.00	Rp799.41 +21.1%	6.9%	Rp900.00	Rp700.00	n/a	17
Aug ’25	Rp735.00	Rp799.41 +8.8%	6.9%	Rp900.00	Rp700.00	n/a	17
Jul ’25	Rp755.00	Rp757.94 +0.4%	9.6%	Rp850.00	Rp570.00	n/a	17
Jun ’25	Rp710.00	Rp736.56 +3.7%	11.5%	Rp850.00	Rp550.00	n/a	16
May ’25	Rp730.00	Rp734.69 +0.6%	11.3%	Rp840.00	Rp550.00	n/a	16
Apr ’25	Rp610.00	Rp629.06 +3.1%	12.0%	Rp710.00	Rp475.00	n/a	16
Mar ’25	Rp610.00	Rp639.06 +4.8%	17.7%	Rp970.00	Rp475.00	n/a	16
Feb ’25	Rp505.00	Rp588.75 +16.6%	20.9%	Rp970.00	Rp475.00	n/a	16
Jan ’25	Rp525.00	Rp644.38 +22.7%	23.6%	Rp1,000.00	Rp475.00	n/a	16
Dec ’24	Rp498.00	Rp655.00 +31.5%	24.0%	Rp1,000.00	Rp475.00	n/a	15
Nov ’24	Rp486.00	Rp727.00 +49.6%	22.3%	Rp1,000.00	Rp480.00	Rp605.00	15
Oct ’24	Rp590.00	Rp758.93 +28.6%	20.1%	Rp1,000.00	Rp550.00	Rp675.00	14
Sep ’24	Rp615.00	Rp768.67 +25.0%	19.8%	Rp1,000.00	Rp550.00	Rp660.00	15
Aug ’24	Rp640.00	Rp820.33 +28.2%	19.1%	Rp1,000.00	Rp550.00	Rp735.00	15
Jul ’24	Rp730.00	Rp935.63 +28.2%	6.4%	Rp1,050.00	Rp840.00	Rp755.00	16
Jun ’24	Rp725.00	Rp923.75 +27.4%	7.6%	Rp1,050.00	Rp780.00	Rp710.00	16
May ’24	Rp790.00	Rp926.56 +17.3%	7.7%	Rp1,050.00	Rp780.00	Rp730.00	16
Apr ’24	Rp870.00	Rp918.13 +5.5%	9.1%	Rp1,050.00	Rp760.00	Rp610.00	16
Mar ’24	Rp885.00	Rp891.25 +0.7%	11.0%	Rp1,000.00	Rp650.00	Rp610.00	16
Feb ’24	Rp780.00	Rp825.33 +5.8%	9.8%	Rp1,000.00	Rp650.00	Rp505.00	15
Jan ’24	Rp755.00	Rp826.88 +9.5%	12.4%	Rp1,100.00	Rp650.00	Rp525.00	16
Dec ’23	Rp790.00	Rp840.00 +6.3%	13.4%	Rp1,100.00	Rp650.00	Rp498.00	17
Nov ’23	Rp750.00	Rp840.00 +12.0%	13.4%	Rp1,100.00	Rp650.00	Rp486.00	17

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.