PT Darma Henwa Tbk

IDX:DEWA Stock Report

Market Cap: Rp30.5t

Darma Henwa Valuation

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-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales 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 (IDR750) is trading below our estimate of fair value (IDR951.5)

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 barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for DEWA. This is calculated by dividing DEWA's market cap by their current revenue.
What is DEWA's PS Ratio?
PS Ratio4.9x
SalesRp6.22t
Market CapRp30.52t

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for DEWA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.8x
TINS TIMAH
2.5x40.13%Rp23.4t
INCO Vale Indonesia
3.5x25.20%Rp55.9t
NICL PAM Mineral
7.5xn/aRp14.7t
MDKA Merdeka Copper Gold
1.8x16.64%Rp56.9t
DEWA Darma Henwa
4.9x14.23%Rp30.5t

Price-To-Sales vs Peers: DEWA is expensive based on its Price-To-Sales Ratio (4.9x) compared to the peer average (3.8x).

Price to Sales Ratio vs Industry

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

5 CompaniesPrice / SalesEstimated GrowthMarket Cap
KRAS Krakatau Steel (Persero)
0.4xn/aUS$394.67m
NIKL Pelat Timah Nusantara
0.4xn/aUS$53.90m
BAJA Saranacentral Bajatama
0.4xn/aUS$17.82m
INAI Indal Aluminium Industry
0.1xn/aUS$5.70m
DEWA 4.9xIndustry Avg. 2.5xNo. of Companies7PS0246810+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: DEWA is expensive based on its Price-To-Sales Ratio (4.9x) compared to the ID Metals and Mining industry average (2.4x).

Price to Sales Ratio vs Fair Ratio

What is DEWA's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DEWA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.9x
Fair PS Ratio1.6x

Price-To-Sales vs Fair Ratio: DEWA is expensive based on its Price-To-Sales Ratio (4.9x) compared to the estimated Fair Price-To-Sales Ratio (1.6x).

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 DEWA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRp750.00
Rp677.52
-9.66%
11.11%Rp752.81Rp602.24n/a2
Dec ’26Rp462.00
Rp551.69
+19.41%
9.09%Rp601.85Rp501.54n/a2
Nov ’26Rp334.00
Rp388.12
+16.20%
21.39%Rp499.08Rp299.45n/a3
Oct ’26Rp294.00
Rp340.55
+15.83%
8.36%Rp368.52Rp301.52n/a3
Sep ’26Rp218.00
Rp333.68
+53.06%
12.20%Rp374.37Rp292.99n/a2
Aug ’26Rp222.00
Rp334.81
+50.81%
12.20%Rp375.64Rp293.98n/a2
Rp677.52
Fair Value
10.7% overvalued intrinsic discount
2
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/01/02 13:39
End of Day Share Price 2026/01/02 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

PT Darma Henwa Tbk is covered by 3 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Timothy WijayaPT BRI Danareksa Sekuritas, Research Division
Irsyady Hanief SnowerdiPT Henan Putihrai
Benyamin MikaelUOB Kay Hian Research Pte Ltd