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PT Sarana Menara Nusantara Tbk. owns and (TOWR) Fair Value & Analysis

Real Estate · ID · Market cap 21.7T IDR

PS PT Sarana Menara Nusantara Tbk. owns and TOWR · JK
Price388.00 IDR
Fair Value1,012 IDR
Upside+160.9%
Quality44/100
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Expensive Growth
Highly profitable · 27.9% net margin
Moderate debt · generates free cash flow
3.74% dividend yield
Ranks above peers (11/14)
Wide moat 75/100
Evidence: High Range 429.68 IDR – 1,701 IDR Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from 1,208 IDR to 1,012 IDR (−16.2%) since Jul 12, 2026. Share price +2.6% over the past month.

Below-average quality, screening 161% 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 (429.68 IDR). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (429.68 IDR to 1,701 IDR). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • 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)

1,389 IDR 316.00 IDR Fair Value 1,012 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 316.00 IDR – 1,389 IDR · fair‑value band 429.68 IDR – 1,701 IDR · the 388.00 IDR price screens below the 1,012 IDR fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

PT Sarana Menara Nusantara Tbk. owns and (TOWR) currently trades at 388.00 IDR, while our model-based Fair Value estimate is 1,012 IDR, implying the stock looks roughly 160.9% 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: high), always confirm before acting.

Over the trailing twelve months, PT Sarana Menara Nusantara Tbk. owns and generated revenue of 13.7T IDR at a net margin of 27.9%. Revenue grew 10.8% year over year. It earns a return on equity of 16.0%. Net debt stands at 44.6T IDR. Fundamentals as of Aug 13, 2026

Our scenario range runs from 429.68 IDR (bear case) to 1,701 IDR (bull case); at 388.00 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 43% below its 52-week high and 25% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 15% fair-value upside, at 161%, TOWR 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
Growth DCF 549.63 IDR 1,458 IDR 3,145 IDR 80
Residual Income 454.80 IDR 581.77 IDR 1,490 IDR 76
Rev-Margin DCF 164.92 IDR 605.29 IDR 1,194 IDR 74
All 26 models by family
DCF Models
FCF DCF 562.63 IDR 1,563 IDR 3,460 IDR 38
Owner Earnings 335.29 IDR 1,119 IDR 2,606 IDR 31
5Y Revenue Exit 164.92 IDR 611.98 IDR 1,216 IDR 39
5Y EBITDA Exit 858.66 IDR 2,087 IDR 3,674 IDR 41
5Y P/E Exit 511.54 IDR 1,349 IDR 2,330 IDR 38
10Y Revenue Exit 265.92 IDR 748.94 IDR 1,492 IDR 36
10Y EBITDA Exit 760.29 IDR 1,874 IDR 3,661 IDR 37
10Y P/E Exit 521.88 IDR 1,311 IDR 2,475 IDR 35
Earnings-Based
Graham-Dodd 429.68 IDR 2,204 IDR 3,047 IDR 54
Lynch FV 601.11 IDR 858.73 IDR 1,116 IDR 50
PEG = 1.0 601.11 IDR 858.73 IDR 1,116 IDR 46
EPV 622.63 IDR 818.54 IDR 992.68 IDR 59
Dividend Discount
Gordon GGM 197.03 IDR 430.15 IDR 723.74 IDR 70
DDM Multi-Stage 197.03 IDR 352.36 IDR 448.28 IDR 61
Multiples
P/E Multiple 1,043 IDR 1,390 IDR 1,738 IDR 63
P/S Multiple 601.01 IDR 801.35 IDR 1,002 IDR 58
P/B Multiple 805.66 IDR 1,074 IDR 1,343 IDR 55
EV/EBIT 992.68 IDR 1,486 IDR 1,979 IDR 53
EV/EBITDA 1,083 IDR 1,607 IDR 2,131 IDR 54
EV/Revenue 199.34 IDR 405.40 IDR 43
Asset-Based
NCAV (Graham) 231.68 IDR 310.45 IDR 463.35 IDR 50
Growth DCF
Growth DCF 549.63 IDR 1,458 IDR 3,145 IDR 80
Rev-Margin DCF 164.92 IDR 605.29 IDR 1,194 IDR 74
Economic Profit
Residual Income 454.80 IDR 581.77 IDR 1,490 IDR 76
ROIC Compounder 715.33 IDR 1,234 IDR 1,787 IDR 72
Growth Earnings
Growth-Adj P/E 927.84 IDR 1,325 IDR 1,723 IDR 68

Widest divergence: Growth Earnings (1,325 IDR) versus Asset-Based (310.45 IDR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 13.7T IDR
Revenue growth (YoY) +10.8%
Net margin 27.9%
Return on equity 16.0%
Free cash flow 4.3T IDR FY2025
P/E ratio 5.6
More key figures
Operating margin 52.4%
EPS (TTM) 69.01 IDR
Dividend yield 4.4%
Net debt 44.6T 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 44 · Market factors (momentum, volatility) 31

Profitability 44
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 84
Earnings quality: real cash, not paper profit
Fin. Strength 20
Balance sheet, leverage, solvency risk
Investment 24
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 14
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 31
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 Sarana Menara Nusantara Tbk. owns and operates telecommunication towers for wireless operators in Indonesia. It operates in two segments, Tower Rental, and Other Services.

Full company description

PT Sarana Menara Nusantara Tbk. owns and operates telecommunication towers for wireless operators in Indonesia. It operates in two segments, Tower Rental, and Other Services. The company offers wireline telecommunication services to provide internet broadband and virtual private network; fiber to the home (FTTH) telecommunication services to build and manage fiber optic infrastructure; and very small aperture terminal (VSAT) solution to facilitate telecommunication services using satellite technology to remote locations. It also provides telecommunication equipment trading, construction, and installation services; and system communication data, internet interconnection, cable-free telecommunication, satellite telecommunication, payment, and hosting and related services. In addition, the company owns and rents real estate properties; trades in various goods; and wholesales and retails computer and computer equipment. Further, it engages in management consulting; offers web portals; software publishing; electrical power support and installation; and electric power generation activities. PT Sarana Menara Nusantara Tbk. was founded in 2008 and is headquartered in Kudus, Indonesia.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Sarana Menara Nusantara Tbk. owns and reported revenue of 13.3T IDR in FY2025 versus 8.6T IDR in FY2021, a compound +11.5%/yr. Reported net income was 3.7T IDR in FY2025, compounding +1.8%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
13.3T IDR
Latest YoY
+4.6%
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.
+6.5%
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.
+12.4%
Avg. growth/yr (17Y) 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.
+25.7%
Revenue +11.5%/yr
FY21 8.6T IDR
FY22 11.0T IDR
FY23 11.7T IDR
FY24 12.7T IDR
FY25 13.3T IDR
Net income +1.8%/yr
FY21 3.4T IDR
FY22 3.4T IDR
FY23 3.3T IDR
FY24 3.3T IDR
FY25 3.7T IDR
Character of growth · EPS growth decomposed (2014-2025) +4.6 % p.a.
Revenue per share +12.0 pp

of which total revenue +12.0 pp · buybacks/dilution +0.0 pp

EBIT margin −3.8 pp
Tax rate +2.9 pp
Residual (interest, one-offs) −6.6 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 Sarana Menara Nusantara Tbk. owns and Fair Value". https://www.fairvalue-calculator.com/stock/TOWR

Peer Group

Real Estate Services · 529 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 +161% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 28% · Above median
Operating margin (TTM) 52% · Above median
Revenue growth 11% · Above median
Dividend yield (TTM) 3.7% · Above median
Debt / equity 1.08× · Higher than 75% of peers

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 5.6× · Cheaper than 75% of peers
P/B 0.80× · Pricier than median
P/S (TTM) 1.58× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 5.1× · 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 35
FUTURE 54 · sector 10
PAST 64 · sector 16
HEALTH 46 · sector 85
DIVIDEND 75 · sector 50

Insider activity: 45/100

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 Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Plaza S.A MALLPLAZA 3,989 CLP 4,571 CLP +15%
PT Solusi Tunas Pratama Tbk SUPR 43,850 IDR 15,049 IDR -66%
Cencosud Shopping S.A CENCOMALLS 2,412 CLP 2,976 CLP +23%
PT Metropolitan Kentjana Tbk MKPI 22,000 IDR 19,160 IDR -13%
PT Bangun Kosambi Sukses Tbk, CBDK 3,610 IDR 3,464 IDR -4%
IRSA Inversiones y Representaciones Sociedad Anónima, IRSA 2,495 ARS 2,990 ARS +20%
PT Plaza Indonesia Realty Tbk PLIN 2,510 IDR 2,698 IDR +7%
PT MNC Tourism Indonesia Tbk, KPIG 74.00 IDR 122.12 IDR +65%
PT Indonesian Paradise Property Tbk INPP 770.00 IDR 291.52 IDR -62%
PT Roda Vivatex Tbk, through its subsidiaries, RDTX 13,600 IDR 22,155 IDR +63%

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Frequently asked questions

Is PT Sarana Menara Nusantara Tbk. owns and (TOWR) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 1,012 IDR versus a price of 388.00 IDR, about +161% (undervalued).
What is the fair value of TOWR?
Our model-based fair value for PT Sarana Menara Nusantara Tbk. owns and is 1,012 IDR (as of Aug 13, 2026), built from audited fundamentals. The current price is 388.00 IDR.
What is the quality score of TOWR?
PT Sarana Menara Nusantara Tbk. owns and 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 Sarana Menara Nusantara Tbk. owns and (TOWR)?
PT Sarana Menara Nusantara Tbk. owns and reported trailing-twelve-month revenue of about 13.7T IDR (latest available figure, as of Aug 13, 2026).
What is the net profit margin of TOWR?
The net profit margin of PT Sarana Menara Nusantara Tbk. owns and is about 27.9%, meaning it keeps roughly 27.9% of revenue as net income. Based on the latest reported figures.
Does PT Sarana Menara Nusantara Tbk. owns and pay a dividend?
PT Sarana Menara Nusantara Tbk. owns and currently shows a dividend yield of about 4.35% relative to its recent price (as of Aug 13, 2026).

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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