Darma Henwa Valuation

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

DEWA (IDR119) is trading below our estimate of [[fair value]] (IDR469.26)

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: DEWA (IDR119) is trading below our estimate of fair value (IDR469.26)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for DEWA. This is calculated by dividing DEWA's market cap by their current earnings.
What is DEWA's PE Ratio?
PE Ratio	70.7x
Earnings	Rp36.78b
Market Cap	Rp2.60t

DEWA 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	0.5x
Enterprise Value/EBITDA	4.2x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for DEWA 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	26.6x
NICE Adhi Kartiko Pratama	45.4x	n/a	Rp2.3t
NICL PAM Mineral	22.1x	n/a	Rp3.1t
IFSH Ifishdeco	10.2x	n/a	Rp1.5t
HILL Hillcon	28.6x	25.8%	Rp6.2t
DEWA Darma Henwa	70.7x	n/a	Rp2.6t

Price-To-Earnings vs Peers: DEWA is expensive based on its Price-To-Earnings Ratio (70.7x) compared to the peer average (26.6x).

Price to Earnings Ratio vs Industry

How does DEWA's PE Ratio compare vs other companies in the ID Metals and Mining Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap
GGRP Gunung Raja Paksi	2.6x	n/a	US$161.76m
ISSP Steel Pipe Industry of Indonesia	4x	n/a	US$125.52m
DKFT Central Omega Resources	4.4x	n/a	US$79.20m

No more companies available in this PE range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: DEWA is expensive based on its Price-To-Earnings Ratio (70.7x) compared to the ID Metals and Mining industry average (18.1x).

Price to Earnings Ratio vs Fair Ratio

What is DEWA'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.

DEWA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	70.7x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate DEWA's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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