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STOCK COMPARISON

Legend Holdings vs Dell Technologies: Fair Value & Quality

Both stocks run through our valuation models. Here is how Legend Holdings (3396) and Dell Technologies (DELL) compare, as of Oct 1, 2026.

As of Oct 1, 2026, Fair Value Calculator sees Legend Holdings as the less overvalued of the two: Legend Holdings trades at HK$24.98 versus a fair value of HK$14.76 (−40.9%), while Dell Technologies trades at $538 versus $196 (−63.6%).
Legend Holdings
3396.HK · HKD · Information Technology
−40.9%
upside to fair value
overvalued
PriceHK$24.98
Fair ValueHK$14.76
Quality45/100
Dell Technologies
DELL · USD · Information Technology
−63.6%
upside to fair value
overvalued
Price$538
Fair Value$196
Quality66/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Legend HoldingsDell Technologies
Valuation
36.8×P/E (TTM)31.9×
n/aForward P/E (FY2028)21.8×
n/aMedian P/E at FY-end (5 FY, reported earnings)13.2×
9.12×P/S (TTM)2.43×
0.90× · book value is mostly goodwillP/BNegative equity
15.8×EV/EBITDA21.4×
n/aPEG0.64×
−40.9%Fair value upside−63.6%
0.5%Dividend yield0.4%
n/aDividend per share$2.31
Profitability
1.6%Operating margin12.0%
1.38×EBIT margin trend (5Y)1.72×
186.4%Return on equityNegative equity
21.3%Return on assets8.6%
Growth
-9.7%Revenue growth (YoY)57.7%
8.2%Avg. growth/yr (3Y)3.5%
8.0%Avg. growth/yr (5Y)5.5%
+13.2%Value creation/yr+15.8%
Balance & size
3.3×Interest coverage (EBIT/interest)5.4×
1.53×Debt / equityNegative equity
$7BMarket cap$368B
expensiveGrowth qualityhealthy
Dell Technologies, median P/E at fiscal year-end, 5 fiscal years (2022 to 2026), reported earnings: 13.2.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

Dell Technologies leads: 6 to 7 metric wins.

Group holding company: 3396 (11 %) consolidates subsidiaries in full but owns only the stated share. Revenue, EBITDA and margin ratios are therefore restated for its own shareholders; earnings per share, P/E and return on equity already were.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Legend Holdingsof which business quality 39 · market factors 84 Dell Technologiesof which business quality 65 · market factors 71
ProfitabilityMargins and returns on capital today
27
51
Quality GrowthAre margins and returns improving?
53
45
CashflowEarnings quality: real cash, not paper profit
11
61
Fin. StrengthBalance sheet, leverage, solvency risk
13
59
InvestmentDisciplined investing over empire-building
91
89
Low VolatilityCalm price path (market factor)
49
15
MomentumPrice trend over the last 3–12 months (market factor)
100
95
52W MomentumDistance to the 52-week high (market factor)
97
95
Net IssuanceShare count: buybacks or dilution?
81
100

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyLegend HoldingsPrice HK$24.98Dell TechnologiesPrice $538
DCF Models−54.2%below the priceHK$11.44−58.7%below the price$222
Earnings-Based−65.4%below the priceHK$8.65−80.5%below the price$105
Dividend Discount−99.5%below the priceHK$0.12−93.5%below the price$35.08
Multiples−33.9%below the priceHK$16.52−54.8%below the price$243
Asset-Based−25.5%below the priceHK$18.62n/a
Growth DCFn/a−63.2%below the price$198
Economic Profit−39.4%below the priceHK$15.15−79.4%below the price$111
Growth Earnings−58.5%below the priceHK$10.36−63.6%below the price$196
Minimum−99.5%below the priceHK$0.12−93.5%below the price$35.08
Maximum−25.5%below the priceHK$18.62−54.8%below the price$243
Median−54.2%below the priceHK$11.44−63.6%below the price$196
Geometric mean−73.4%below the priceHK$6.65−74.8%below the price$136

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Legend Holdings: 15 of 17 models see the stock below the current price.

Dell Technologies: 22 of 22 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Legend Holdings
Price HK$24.98
Fair Value HK$14.76
Bear HK$11.07Bull HK$17.76
Dell Technologies
Price $538
Fair Value $196
Bear $132Bull $261

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Legend Holdings · Information Technology

Quality score45 · below median
Fair value upside−40.9% · below median

Dell Technologies · Information Technology

Quality score66 · Top 25%
Fair value upside−63.6% · bottom 25%

Bottom line

As of Oct 1, 2026, Fair Value Calculator sees Legend Holdings as the less overvalued of the two: Legend Holdings trades at HK$24.98 versus a fair value of HK$14.76 (−40.9%), while Dell Technologies trades at $538 versus $196 (−63.6%).

Dell Technologies has the higher quality score (66/100).

Open Legend Holdings live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.