PT Jasa Marga (Persero) Tbk

IDX:JSMR Stock Report

Market Cap: Rp27.2t

Jasa Marga (Persero) Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

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

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: JSMR (IDR3750) is trading above our estimate of future cash flow value (IDR1637.17)

Significantly Below Future Cash Flow Value: JSMR is trading above our estimate of future cash flow value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for JSMR. This is calculated by dividing JSMR's market cap by their current earnings.
What is JSMR's PE Ratio?
PE Ratio6.9x
EarningsRp3.96t
Market CapRp27.22t

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for JSMR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average30.8x
CMNP Citra Marga Nusaphala Persada
9.6xn/aRp8.4t
ELPI Pelayaran Nasional Ekalya Purnamasari
65.3xn/aRp13.9t
ALII Ancara Logistics Indonesia
38.2x55.88%Rp14.2t
CASS Cahaya Aero Services
10.2xn/aRp4.8t
JSMR Jasa Marga (Persero)
6.9x5.23%Rp27.2t

Price-To-Earnings vs Peers: JSMR is good value based on its Price-To-Earnings Ratio (6.9x) compared to the peer average (30.8x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does JSMR's PE Ratio compare vs other companies in the Asian Infrastructure Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
JSMR 6.9xIndustry Avg. 13.9xNo. of Companies33PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: JSMR is good value based on its Price-To-Earnings Ratio (6.9x) compared to the Asian Infrastructure industry average (13.9x).

Price to Earnings Ratio vs Fair Ratio

What is JSMR'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.

JSMR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.9x
Fair PE Ratio11.2x

Price-To-Earnings vs Fair Ratio: JSMR is good value based on its Price-To-Earnings Ratio (6.9x) compared to the estimated Fair Price-To-Earnings Ratio (11.2x).

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 JSMR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRp3,750.00
Rp5,102.92
+36.08%
13.45%Rp6,200.00Rp3,900.00n/a12
Feb ’27Rp3,560.00
Rp5,102.92
+43.34%
13.45%Rp6,200.00Rp3,900.00n/a12
Jan ’27Rp3,410.00
Rp5,061.25
+48.42%
13.83%Rp6,200.00Rp3,900.00n/a12
Dec ’26Rp3,440.00
Rp5,077.92
+47.61%
13.94%Rp6,200.00Rp3,900.00n/a12
Nov ’26Rp3,570.00
Rp5,071.67
+42.06%
13.69%Rp6,200.00Rp4,000.00n/a12
Oct ’26Rp3,460.00
Rp5,192.50
+50.07%
13.62%Rp6,200.00Rp4,000.00n/a12
Sep ’26Rp3,300.00
Rp5,275.83
+59.87%
12.40%Rp6,200.00Rp4,000.00n/a12
Aug ’26Rp3,580.00
Rp5,255.45
+46.80%
12.93%Rp6,200.00Rp4,000.00n/a11
Jul ’26Rp3,590.00
Rp5,711.82
+59.10%
10.30%Rp7,150.00Rp5,000.00n/a11
Jun ’26Rp3,810.00
Rp5,711.82
+49.92%
10.30%Rp7,150.00Rp5,000.00n/a11
May ’26Rp4,280.00
Rp5,752.73
+34.41%
10.45%Rp7,150.00Rp5,000.00n/a11
Apr ’26Rp3,980.00
Rp5,831.67
+46.52%
11.79%Rp7,150.00Rp5,000.00n/a12
Mar ’26Rp3,560.00
Rp6,278.57
+76.36%
10.16%Rp7,200.00Rp5,000.00n/a14
Feb ’26Rp4,230.00
Rp6,278.57
+48.43%
10.16%Rp7,200.00Rp5,000.00Rp3,560.0014
Jan ’26Rp4,330.00
Rp6,278.57
+45.00%
10.16%Rp7,200.00Rp5,000.00Rp3,410.0014
Dec ’25Rp4,450.00
Rp6,278.57
+41.09%
10.16%Rp7,200.00Rp5,000.00Rp3,440.0014
Nov ’25Rp4,780.00
Rp6,342.86
+32.70%
8.35%Rp7,200.00Rp5,000.00Rp3,570.0014
Oct ’25Rp4,900.00
Rp6,383.33
+30.27%
8.84%Rp7,300.00Rp5,000.00Rp3,460.0015
Sep ’25Rp5,350.00
Rp6,339.29
+18.49%
10.70%Rp7,300.00Rp5,000.00Rp3,300.0014
Aug ’25Rp5,400.00
Rp6,200.00
+14.81%
10.66%Rp7,300.00Rp5,000.00Rp3,580.0014
Jul ’25Rp4,950.00
Rp5,996.15
+21.13%
13.86%Rp7,300.00Rp4,500.00Rp3,590.0013
Jun ’25Rp4,780.00
Rp5,916.67
+23.78%
13.52%Rp7,300.00Rp4,500.00Rp3,810.0015
May ’25Rp5,400.00
Rp5,933.33
+9.88%
13.47%Rp7,300.00Rp4,500.00Rp4,280.0015
Apr ’25Rp5,650.00
Rp5,933.33
+5.01%
13.47%Rp7,300.00Rp4,500.00Rp3,980.0015
Mar ’25Rp5,500.00
Rp5,825.00
+5.91%
14.13%Rp7,600.00Rp4,500.00Rp3,560.0014
Feb ’25Rp5,025.00
Rp5,520.83
+9.87%
12.69%Rp7,300.00Rp4,500.00Rp4,230.0012
Rp5.1k
Fair Value
26.5% undervalued intrinsic discount
12
Number of Analysts

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

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/02/15 23:43
End of Day Share Price 2026/02/13 00:00
Earnings2025/09/30
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 Jasa Marga (Persero) Tbk is covered by 30 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Andi HadiwidjojoBofA Global Research
Nathan GeeBofA Global Research
Bob SetiadiCGS International