PT Jasa Marga (Persero) Tbk

IDX:JSMR Stock Report

Market Cap: Rp32.7t

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

Below Fair Value: JSMR (IDR4500) is trading above our estimate of fair value (IDR226.62)

Significantly Below Fair Value: JSMR is trading above our estimate of fair 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 Ratio7.9x
EarningsRp4.12t
Market CapRp32.66t

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 Average15x
CMNP Citra Marga Nusaphala Persada
7.6xn/aRp7.6t
CASS Cardig Aero Services
11.7xn/aRp3.8t
ALII Ancara Logistics Indonesia
26.6xn/aRp6.3t
TMAS Temas
14xn/aRp7.8t
JSMR Jasa Marga (Persero)
7.9x1.5%Rp32.7t

Price-To-Earnings vs Peers: JSMR is good value based on its Price-To-Earnings Ratio (7.9x) compared to the peer average (15x).


Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
JSMR 7.9xIndustry Avg. 13.9xNo. of Companies21PE01020304050+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: JSMR is good value based on its Price-To-Earnings Ratio (7.9x) compared to the Asian Infrastructure industry average (13.7x).


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 Ratio7.9x
Fair PE Ratio10.1x

Price-To-Earnings vs Fair Ratio: JSMR is good value based on its Price-To-Earnings Ratio (7.9x) compared to the estimated Fair Price-To-Earnings Ratio (10.1x).


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 JSMR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRp4,500.00
Rp6,278.57
+39.5%
10.2%Rp7,200.00Rp5,000.00n/a14
Dec ’25Rp4,450.00
Rp6,278.57
+41.1%
10.2%Rp7,200.00Rp5,000.00n/a14
Nov ’25Rp4,780.00
Rp6,342.86
+32.7%
8.3%Rp7,200.00Rp5,000.00n/a14
Oct ’25Rp4,900.00
Rp6,383.33
+30.3%
8.8%Rp7,300.00Rp5,000.00n/a15
Sep ’25Rp5,350.00
Rp6,339.29
+18.5%
10.7%Rp7,300.00Rp5,000.00n/a14
Aug ’25Rp5,400.00
Rp6,200.00
+14.8%
10.7%Rp7,300.00Rp5,000.00n/a14
Jul ’25Rp4,950.00
Rp5,996.15
+21.1%
13.9%Rp7,300.00Rp4,500.00n/a13
Jun ’25Rp4,780.00
Rp5,916.67
+23.8%
13.5%Rp7,300.00Rp4,500.00n/a15
May ’25Rp5,400.00
Rp5,933.33
+9.9%
13.5%Rp7,300.00Rp4,500.00n/a15
Apr ’25Rp5,650.00
Rp5,933.33
+5.0%
13.5%Rp7,300.00Rp4,500.00n/a15
Mar ’25Rp5,500.00
Rp5,825.00
+5.9%
14.1%Rp7,600.00Rp4,500.00n/a14
Feb ’25Rp5,025.00
Rp5,520.83
+9.9%
12.7%Rp7,300.00Rp4,500.00n/a12
Jan ’25Rp4,870.00
Rp5,479.17
+12.5%
12.2%Rp7,300.00Rp4,500.00n/a12
Dec ’24Rp4,720.00
Rp5,012.50
+6.2%
8.7%Rp5,800.00Rp4,300.00Rp4,450.0012
Nov ’24Rp4,170.00
Rp5,012.50
+20.2%
8.7%Rp5,800.00Rp4,300.00Rp4,780.0012
Oct ’24Rp4,290.00
Rp4,888.46
+14.0%
6.8%Rp5,400.00Rp4,300.00Rp4,900.0013
Sep ’24Rp4,410.00
Rp4,888.46
+10.8%
6.8%Rp5,400.00Rp4,300.00Rp5,350.0013
Aug ’24Rp3,850.00
Rp4,779.17
+24.1%
6.2%Rp5,300.00Rp4,300.00Rp5,400.0012
Jul ’24Rp3,800.00
Rp4,803.85
+26.4%
6.2%Rp5,300.00Rp4,300.00Rp4,950.0013
Jun ’24Rp3,330.00
Rp4,784.62
+43.7%
8.5%Rp5,300.00Rp3,700.00Rp4,780.0013
May ’24Rp3,290.00
Rp4,800.00
+45.9%
9.0%Rp5,300.00Rp3,700.00Rp5,400.0013
Apr ’24Rp3,220.00
Rp4,783.33
+48.6%
9.3%Rp5,300.00Rp3,700.00Rp5,650.0012
Mar ’24Rp3,250.00
Rp4,886.15
+50.3%
9.6%Rp5,300.00Rp3,700.00Rp5,500.0013
Feb ’24Rp3,340.00
Rp4,886.15
+46.3%
9.6%Rp5,300.00Rp3,700.00Rp5,025.0013
Jan ’24Rp2,980.00
Rp4,886.15
+64.0%
9.6%Rp5,300.00Rp3,700.00Rp4,870.0013
Dec ’23Rp3,100.00
Rp4,893.85
+57.9%
9.8%Rp5,400.00Rp3,700.00Rp4,720.0013

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


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