PT Gudang Garam Tbk valuation
We had to treat a listed company as an investment case, not just a stack of financial statements.
- Context
- UPH Stock Valuation Competition
- Role
- Company and financial analysis with the team
- Outcome
- Top 7 Finalist · May-June 2026
- The question
- What is a view of PT Gudang Garam Tbk we can defend, and which assumptions make it credible?
- What I did
- I worked with the team on the company and financial analysis: reading the statements, building the context, and helping shape the valuation reasoning.
- What I concluded
- The hard part was not the number itself. It was deciding which assumptions we could trust and explaining why the conclusion followed from them.
- What I learned
- A valuation is part calculation and part accountability. If I cannot explain how I got to the number, the number is not ready.

