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PT Bumi Serpong Damai Tbk, (BSDE) Fair Value & Analysis

Real Estate · ID · Market cap 11.6T IDR

PB PT Bumi Serpong Damai Tbk, BSDE · JK
Price595.00 IDR
Fair Value1,488 IDR
Upside+150.0%
Quality44/100
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Expensive Growth
Highly profitable · 20.2% net margin
Low debt · negative free cash flow
Ranks above peers (8/12)
Moderate moat 58/100
Evidence: Medium Range 1,116 IDR – 1,859 IDR Share as image

Fair value as of: Aug 13, 2026

From 9 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from 1,388 IDR to 1,488 IDR (+7.2%) since Jul 11, 2026. Share price +7.2% over the past month.

Below-average quality, screening 150% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (1,116 IDR). The market is more pessimistic than our downside scenario.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

1,340 IDR 540.00 IDR Fair Value 1,488 IDR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 540.00 IDR – 1,340 IDR · fair‑value band 1,116 IDR – 1,859 IDR · the 595.00 IDR price screens below the 1,488 IDR fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

PT Bumi Serpong Damai Tbk, (BSDE) currently trades at 595.00 IDR, while our model-based Fair Value estimate is 1,488 IDR, implying the stock looks roughly 150.0% undervalued today. The Quality Score stands at 44/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, PT Bumi Serpong Damai Tbk, generated revenue of 12.8T IDR at a net margin of 19.9%. Revenue grew 7.9% year over year. It earns a return on equity of 5.7%. Net debt stands at 5.7T IDR. Fundamentals as of Aug 13, 2026

Our scenario range runs from 1,116 IDR (bear case) to 1,859 IDR (bull case); at 595.00 IDR, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 50% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 12% fair-value upside, at 150%, BSDE screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income 1,660 IDR 1,708 IDR 1,741 IDR 76
Gordon GGM 50.65 IDR 110.57 IDR 186.04 IDR 70
DDM Multi-Stage 50.65 IDR 90.57 IDR 115.23 IDR 61
All 9 models by family
Dividend Discount
Gordon GGM 50.65 IDR 110.57 IDR 186.04 IDR 70
DDM Multi-Stage 50.65 IDR 90.57 IDR 115.23 IDR 61
Multiples
P/S Multiple 1,552 IDR 2,069 IDR 2,586 IDR 58
P/B Multiple 1,552 IDR 2,069 IDR 2,586 IDR 55
EV/EBIT 2,508 IDR 3,404 IDR 4,300 IDR 53
EV/EBITDA 2,393 IDR 3,251 IDR 4,109 IDR 54
EV/Revenue 1,302 IDR 1,938 IDR 2,573 IDR 43
Asset-Based
NCAV (Graham) 1,048 IDR 1,404 IDR 2,095 IDR 50
Economic Profit
Residual Income 1,660 IDR 1,708 IDR 1,741 IDR 76

Widest divergence: Multiples (2,069 IDR) versus Dividend Discount (90.57 IDR). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 12.8T IDR
Revenue growth (YoY) +7.9%
Net margin 19.9%
Return on equity 5.7%
Free cash flow −1.4T IDR FY2025
P/E ratio 4.9
More key figures
Operating margin 36.5%
EPS (TTM) 120.38 IDR
EPS growth (YoY) -28.7%
Net debt 5.7T IDR FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 40 · Market factors (momentum, volatility) 26

Profitability 34
Margins and returns on capital today
Quality Growth 21
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 73
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 10
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

PT Bumi Serpong Damai Tbk, together with its subsidiaries, engages in the real estate development activities in Indonesia. It operates through Real Estate, Property, Hotel, Toll Road, and Others segments. The company is developing the BSD City, a planned and integrated residential area with amenities/infrastructure, environmental facilities, and parks.

Full company description

PT Bumi Serpong Damai Tbk, together with its subsidiaries, engages in the real estate development activities in Indonesia. It operates through Real Estate, Property, Hotel, Toll Road, and Others segments. The company is developing the BSD City, a planned and integrated residential area with amenities/infrastructure, environmental facilities, and parks. It is also involved in the hotel operations; leasing of office space; concession of toll road projects; and investment and transportation activities. In addition, the company develops apartments and shopping centers; and provision of other financial services. The company was founded in 1984 and is based in Tangerang, Indonesia. PT Bumi Serpong Damai Tbk operates as a subsidiary of Sinarmas Land Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Bumi Serpong Damai Tbk, reported revenue of 12.8T IDR in FY2025 versus 7.7T IDR in FY2021, a compound +13.7%/yr. Reported net income was 2.5T IDR in FY2025, compounding +17.2%/yr from FY2021.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
12.8T IDR
Latest YoY
−7.3%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.7%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.7%
Avg. growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+22.3%
Revenue +13.7%/yr
FY21 7.7T IDR
FY22 10.2T IDR
FY23 11.5T IDR
FY24 13.8T IDR
FY25 12.8T IDR
Net income +17.2%/yr
FY21 1.3T IDR
FY22 2.4T IDR
FY23 1.9T IDR
FY24 4.4T IDR
FY25 2.5T IDR
Character of growth · EPS growth decomposed (2014-2025) +0.3 % p.a.
Revenue per share +7.2 pp

of which total revenue +8.5 pp · buybacks/dilution −1.3 pp

EBIT margin −4.3 pp
Tax rate +0.4 pp
Residual (interest, one-offs) −3.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "PT Bumi Serpong Damai Tbk, Fair Value". https://www.fairvalue-calculator.com/stock/BSDE

Peer Group

Real Estate - Development · 592 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 45 · Below median
Fair Value upside +150% · Top 25%
Return on equity (TTM) 6% · Above median
Return on assets 3% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 27% · Top 25%
Revenue growth -12% · Below median
Debt / equity 0.33× · Higher than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 4.9× · Cheaper than 75% of peers
P/B 0.26× · Cheaper than median
P/S (TTM) 0.93× · Pricier than median
EV/EBITDA 3.2× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 47
FUTURE 0 · sector 0
PAST 22 · sector 10
HEALTH 84 · sector 85
DIVIDEND 0 · sector 37

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹661.75 ₹146.13 -78%
Lodha Developers Limited LODHA ₹1,209 ₹583.43 -52%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,150 IDR 1,330 IDR -78%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Sentul City Tbk, BKSL 73.00 IDR 84.16 IDR +15%
PT Ciputra Development Tbk, CTRA 610.00 IDR 1,525 IDR +150%
Khang Dien House Trading and Investment Joint Stock Company KDH 18,150 VND 20,338 VND +12%
PT Duta Pertiwi Tbk DUTI 4,300 IDR 6,239 IDR +45%
PT Puradelta Lestari Tbk DMAS 147.00 IDR 164.33 IDR +12%
Phat Dat Real Estate Development Corporation PDR 12,100 VND 4,943 VND -59%

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Frequently asked questions

Is PT Bumi Serpong Damai Tbk, (BSDE) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 1,488 IDR versus a price of 595.00 IDR, about +150% (undervalued).
What is the fair value of BSDE?
Our model-based fair value for PT Bumi Serpong Damai Tbk, is 1,488 IDR (as of Aug 13, 2026), built from audited fundamentals. The current price is 595.00 IDR.
What is the quality score of BSDE?
PT Bumi Serpong Damai Tbk, has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of PT Bumi Serpong Damai Tbk, (BSDE)?
PT Bumi Serpong Damai Tbk, reported trailing-twelve-month revenue of about 12.8T IDR (latest available figure, as of Aug 13, 2026).
What is the net profit margin of BSDE?
The net profit margin of PT Bumi Serpong Damai Tbk, is about 19.9%, meaning it keeps roughly 19.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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