PT GoTo Gojek Tokopedia Tbk

IDX:GOTO Stock Report

Market Cap: Rp79.2t

GoTo Gojek Tokopedia Valuation

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

Below Fair Value: GOTO (IDR74) is trading below our estimate of fair value (IDR113.97)

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

Key Valuation Metric

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

Key metric: As GOTO is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for GOTO. This is calculated by dividing GOTO's market cap by their current revenue.
What is GOTO's PS Ratio?
PS Ratio5x
SalesRp15.94t
Market CapRp79.19t

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for GOTO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.9x
BELI Global Digital Niaga
3.7x24.8%Rp57.6t
MAPI PT. Mitra Adiperkasa
0.7x11.5%Rp26.2t
BUKA Bukalapak.com
2.8x12.5%Rp12.5t
LPPF Matahari Department Store
0.5x4.5%Rp3.2t
GOTO GoTo Gojek Tokopedia
5x10.9%Rp79.2t

Price-To-Sales vs Peers: GOTO is expensive based on its Price-To-Sales Ratio (5x) compared to the peer average (1.9x).

Price to Sales Ratio vs Industry

How does GOTO's PS Ratio compare vs other companies in the Asian Multiline Retail Industry?

20 CompaniesPrice / SalesEstimated GrowthMarket Cap
GOTO 5.0xIndustry Avg. 0.9xNo. of Companies20PS00.81.62.43.24+
20 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: GOTO is expensive based on its Price-To-Sales Ratio (5x) compared to the Asian Multiline Retail industry average (0.9x).

Price to Sales Ratio vs Fair Ratio

What is GOTO'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.

GOTO PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5x
Fair PS Ratio3.6x

Price-To-Sales vs Fair Ratio: GOTO is expensive based on its Price-To-Sales Ratio (5x) compared to the estimated Fair Price-To-Sales Ratio (3.6x).

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 GOTO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRp74.00
Rp88.61
+19.7%
18.2%Rp150.00Rp68.00n/a28
Nov ’25Rp68.00
Rp87.21
+28.2%
19.8%Rp150.00Rp55.00n/a29
Oct ’25Rp67.00
Rp85.48
+27.6%
23.3%Rp150.00Rp55.00n/a29
Sep ’25Rp52.00
Rp83.66
+60.9%
23.3%Rp150.00Rp55.00n/a28
Aug ’25Rp53.00
Rp85.56
+61.4%
23.9%Rp150.00Rp55.00n/a27
Jul ’25Rp50.00
Rp90.23
+80.5%
23.9%Rp150.00Rp65.00n/a26
Jun ’25Rp65.00
Rp96.29
+48.1%
29.3%Rp195.00Rp65.00n/a28
May ’25Rp63.00
Rp98.00
+55.6%
29.3%Rp195.00Rp65.00n/a28
Apr ’25Rp68.00
Rp100.14
+47.3%
28.4%Rp195.00Rp65.00n/a28
Mar ’25Rp69.00
Rp102.36
+48.3%
27.7%Rp195.00Rp60.00n/a28
Feb ’25Rp90.00
Rp104.07
+15.6%
31.0%Rp195.00Rp50.00n/a28
Jan ’25Rp86.00
Rp108.04
+25.6%
35.1%Rp195.00Rp50.00n/a28
Dec ’24Rp109.00
Rp104.24
-4.4%
37.3%Rp195.00Rp50.00n/a29
Nov ’24Rp62.00
Rp111.17
+79.3%
36.8%Rp195.00Rp50.00Rp68.0029
Oct ’24Rp85.00
Rp127.27
+49.7%
24.2%Rp195.00Rp75.00Rp67.0026
Sep ’24Rp95.00
Rp127.82
+34.5%
23.3%Rp195.00Rp75.00Rp52.0028
Aug ’24Rp112.00
Rp139.15
+24.2%
20.8%Rp210.00Rp75.00Rp53.0026
Jul ’24Rp110.00
Rp141.54
+28.7%
24.6%Rp250.00Rp75.00Rp50.0024
Jun ’24Rp147.00
Rp146.45
-0.4%
24.9%Rp250.00Rp75.00Rp65.0022
May ’24Rp104.00
Rp148.27
+42.6%
25.3%Rp250.00Rp75.00Rp63.0022
Apr ’24Rp109.00
Rp154.95
+42.2%
24.7%Rp250.00Rp80.00Rp68.0021
Mar ’24Rp122.00
Rp169.30
+38.8%
32.4%Rp324.00Rp80.00Rp69.0020
Feb ’24Rp113.00
Rp174.05
+54.0%
34.9%Rp324.00Rp80.00Rp90.0019
Jan ’24Rp91.00
Rp236.37
+159.7%
37.2%Rp425.00Rp80.00Rp86.0019
Dec ’23Rp141.00
Rp283.65
+101.2%
35.9%Rp500.00Rp145.00Rp109.0017
Nov ’23Rp184.00
Rp325.15
+76.7%
28.3%Rp500.00Rp202.00Rp62.0016

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

Discover undervalued companies

Erajaya Swasembada

Rp6.9t

Distributes and retails mobile telecommunication devices in Indonesia and internationally.

ERAA

Rp440.00

7D

3.8%

1Y

25.7%

Ramayana Lestari Sentosa

Rp2.2t

Engages in the operation of a chain of department stores in Indonesia.

RALS

Rp370.00

7D

-3.6%

1Y

-24.8%

Globe Kita Terang

Rp72.2b

Engages in the retail and distribution of cellular phones and accessories in Indonesia.

GLOB

Rp65.00

7D

0%

1Y

-44.0%