The Discounted Cash Flow (DCF) valuation of Pinago Utama TBK PT (PNGO.JK) is 3,167.40 IDR. With the latest stock price at 1,810.00 IDR, the upside of Pinago Utama TBK PT based on DCF is 75%.

Is PNGO.JK a buy or a sell?

Based on the latest price of 1,810.00 IDR and our DCF valuation, Pinago Utama TBK PT (PNGO.JK) is a buy. Buying PNGO.JK stocks now will result in a potential gain of 75%.

	Range	Selected
WACC / Discount Rate	9.8% - 11.5%	10.6%
Long-term Growth Rate	0.0% - 1.0%	0.5%
Fair Price	2,795.78 - 3,653.34	3,167.40
Upside	54.5% - 101.8%	75.0%

1,810.00 IDR

Stock Price

3,167.40 IDR

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

PNGO.JK DCF Valuation: Revenue & Expenses Forecast

(IDR in millions)		Projections

	12-2024	12-2025	12-2026	12-2027	12-2028	12-2029

Revenue	2,042,869	2,122,545	2,193,800	2,237,676	2,282,430	2,371,449
% Growth	0%	4%	3%	2%	2%	4%

Cost of goods sold	(1,505,536)	(1,564,255)	(1,616,768)	(1,649,103)	(1,682,085)	(1,747,690)
% of Revenue	74%	74%	74%	74%	74%	74%

Selling, G&A expenses	(191,314)	(198,776)	(205,449)	(209,558)	(213,749)	(222,086)
% of Revenue	9%	9%	9%	9%	9%	9%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	(55,631)	(57,801)	(59,741)	(60,936)	(62,155)	(64,579)
% of Revenue	3%	3%	3%	3%	3%	3%

Tax expense	(69,432)	(70,764)	(73,140)	(74,603)	(76,095)	(79,063)
Tax rate	24%	23%	23%	23%	23%	23%

Net profit	220,955	230,949	238,702	243,476	248,345	258,031
% Margin	11%	11%	11%	11%	11%	11%