Nestcon Bhd (0235) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Nestcon Bhd stock MYR 0.43, price MYR 0.45, that is 3.4% below the price, quality 40 out of 100. Rating: fairly valued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range 0.2850 MYR – 0.5800 MYR · fair‑value band 0.3600 MYR – 0.5400 MYR · the 0.4450 MYR price screens above the 0.4300 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.
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Nestcon Berhad, an investment holding company, provides construction services in Malaysia.
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The company engages in the civil engineering and infrastructure projects, such as earthworks, land reclamation, roadworks, and railway and bridge infrastructure, as well as revetment construction; and building construction projects, including residential, commercial, industrial properties, and mixed development comprising serviced apartments.
It is also involved in the EPCC services for solar photovoltaics system; and investment in solar PV plant.
In addition, the company engages in the solar energy, solar photovoltaics and facility, engineering, procurement, installation, construction, and project management of all kinds of renewal energy and any related business and services.
Nestcon Berhad was founded in 2001 and is headquartered in Puchong, Malaysia.
Stock analysis
Nestcon Bhd (0235) currently trades at 0.4450 MYR, while our model-based Fair Value estimate is 0.4300 MYR, so the stock looks roughly fairly valued today (gap 3.5%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of 0.8100 MYR per share, and 13 of the 24 models we run sit above the 0.4450 MYR price.
Bear case: the Earnings-Based group reads lowest at 0.2850 MYR, and 11 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.3600 MYR (bear) to 0.5400 MYR (bull), the price of 0.4450 MYR sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 40/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Nestcon Bhd reported revenue of 724M MYR in FY2025 versus 358M MYR in FY2021, a compound +19.2%/yr. Reported net income was 11.5M MYR in FY2025, compounding −1.5%/yr from FY2021.
Key figures
Market cap 347M MYR (≈ $85.4M) Micro · P/E ratio 22.3 · P/S ratio 0.45 · EPS (TTM) 0.0200 MYR · Net margin 2.5% · Return on equity 11.9% · Return on assets (EBIT) 2.4% (5-year average) · Operating margin 5.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 56% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −41% fair-value upside, at −3%, 0235 screens cheaper than that median.
Fair Value models
Bear0.3600 MYRFair Value 0.4300 MYRBull0.5400 MYR
Price 0.4450 MYR · Downside -3.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.0172 MYR per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.85/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+32.8%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+14.7%
Revenue growth 7 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+23.5%
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What shareholders gained per year (last 5 years), in MYR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in MYR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +1.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.9%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 4%
⚠ Rate on operating basis: 2025 sits 89% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Malaysia: IMF forecast 2.0% a year to 2030, 1.8% from 2016 to 2025) that is about +7.1% a year for the price.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Engineering & Construction · 787 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score40 · Below median
Fair Value upside−3.4% · Below median
Profitability
Return on equity (12 months)11.9% · Above median
Return on assets1.4% · Below median
Net margin (12 months)2.5% · Below median
Operating margin (12 months)5.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)16.5% · Above median
Balance sheet
Debt / equity0.21× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)22.3× · Pricier than median
P/B2.02× · Pricier than median
P/S (12 months)0.45× · Cheaper than median
Price / free cash flow (fiscal year)12.2× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Nestcon Bhd Fair Value". https://www.fairvalue-calculator.com/stock/0235
Frequently asked questions
Is Nestcon Bhd (0235) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 0.4300 MYR versus a price of 0.4450 MYR, about 3% lower (fairly valued).
What is the fair value of 0235?
Our model-based fair value for Nestcon Bhd is 0.4300 MYR (as of Nov 9, 2026), built from audited fundamentals. The current price: 0.4450 MYR.
What is the quality score of 0235?
Nestcon Bhd has a Quality Score of 40/100. 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 price target for Nestcon Bhd (0235)?
Our model-based price target is the fair value of 0.4300 MYR (as of Nov 9, 2026) from 24 valuation models. Cautious scenario 0.3600 MYR, optimistic scenario 0.5400 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Nestcon Bhd stock forecast for 2026?
Our models put fair value at 0.4300 MYR, about 3% lower versus a price of 0.4450 MYR (fairly valued). Cautious scenario 0.3600 MYR, optimistic scenario 0.5400 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Nestcon Bhd (0235)?
Nestcon Bhd reported trailing-twelve-month revenue of about 773M MYR (latest available figure, as of Nov 9, 2026).
What growth is priced into Nestcon Bhd (0235)?
For today's price to be fair in a discounted-cash-flow model, Nestcon Bhd would have to grow free cash flow by +9.2 % per year for five years (discount rate 12.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.0 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of 0235 use?
Our models discount Nestcon Bhd at 12.6 %: a base by market capitalisation (micro), damped by beta 0.09, country premium for Malaysia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Nestcon Bhd that is +9.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.6 %) and the same formula as our fair value.
How much growth has Nestcon Bhd (0235) delivered so far?
Over the past 5 years revenue at Nestcon Bhd grew +16.0 % a year. The price currently implies free-cash-flow growth of +9.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Nestcon Bhd (0235) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Nestcon Bhd (+9.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Nestcon Bhd (0235)?
The free-cash-flow yield on the price is 8.17 %: that much free cash flow Nestcon Bhd produces per unit of market value. When it exceeds the discount rate of our models (12.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nestcon Bhd (0235)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nestcon Bhd it is 0.4300 MYR per share (as of Nov 9, 2026), against a price of 0.4450 MYR. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Nestcon Bhd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, 0235 trades above its calculated fair value: price 0.4450 MYR, fair value 0.4300 MYR, a gap of about −3% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0235?
No. The price is what the market pays today (0.4450 MYR); the fair value is what the company's own numbers justify (0.4300 MYR). For Nestcon Bhd the two are 0.0150 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Nestcon Bhd worth?
The market values Nestcon Bhd at about 347M MYR (market capitalisation, as of Nov 9, 2026). Per share that is 0.4450 MYR; our models calculate a fair value of 0.4300 MYR per share.
What do the bullish and bearish scenarios say about 0235?
Our models span a range for Nestcon Bhd: cautious scenario 0.3600 MYR, base 0.4300 MYR, optimistic 0.5400 MYR per share (as of Nov 9, 2026, price 0.4450 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0235?
Nestcon Bhd trades at a price-to-earnings ratio of 22.3 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.4300 MYR is built from several models across several years. Other multiples: P/B 2.0, P/S 0.4, EV/EBITDA 4.7.
How solid is the balance sheet of Nestcon Bhd (0235)?
Balance-sheet figures for Nestcon Bhd (as of Nov 9, 2026): return on equity 11.9%, debt of 0.21 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is 0235 from its 52-week high?
Nestcon Bhd trades at 0.4450 MYR, about 8% below its 52-week high of 0.4850 MYR and 56% above the low of 0.2850 MYR (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 0.4300 MYR is for.
Which stocks are comparable to Nestcon Bhd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nestcon Bhd stock attractive at the current price?
The data as of Nov 9, 2026: price 0.4450 MYR, calculated fair value 0.4300 MYR (−3%), Quality Score 40/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0235 calculated?
We run Nestcon Bhd through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 0.4300 MYR builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Nestcon Bhd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nestcon Bhd (0235)?
The closing price on Nov 6, 2026 was 0.4450 MYR. Our model-based fair value is 0.4300 MYR, about 3% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nestcon Bhd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Nestcon Bhd
How large is the market capitalisation of Nestcon Bhd (0235)?
The market capitalisation of Nestcon Bhd is 347M MYR (≈ $85.4M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Nestcon Bhd (0235)?
The price-to-sales ratio of Nestcon Bhd is 0.45 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nestcon Bhd (0235)?
Earnings per share at Nestcon Bhd are 0.0200 MYR (price ÷ EPS = P/E 22.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Nestcon Bhd (0235)?
The net margin of Nestcon Bhd is 2.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nestcon Bhd (0235)?
The return on equity (ROE) of Nestcon Bhd is 11.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nestcon Bhd (0235)?
On an EBIT basis the return on assets of Nestcon Bhd is 2.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nestcon Bhd (0235)?
The operating margin of Nestcon Bhd is 5.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nestcon Bhd (0235)?
Revenue at Nestcon Bhd is growing +16.5% versus a year earlier (3y avg +16.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nestcon Bhd (0235)?
Earnings per share at Nestcon Bhd are growing +143% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Nestcon Bhd (0235) carry?
The net debt of Nestcon Bhd is 84.4M MYR (fiscal year 2025, ≈ 3.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 9, 2026