EN DE
Watch New Universe International Group Ltd for free: we tell you when fair value or trend changes.
Data-driven stock valuation

New Universe International Group Ltd (0436) fair value: what the stock is really worth

As of Nov 13, 2026: fair value (intrinsic value) of New Universe International Group Ltd stock HK$0.10, price HK$0.05, upside +97.0%, quality 55 out of 100. Rating: strongly undervalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.

  1. Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free

Industrials HK · ISIN KYG6493Q1718

NU New Universe International Group Ltd logo Thin data Nov 13, 2026

New Universe International Group Ltd

0436 · HK

Cheap (49% below fair value) and solid company, but falling price: meets 2 of 3 rules.

Get notified free when this changes
Fair value HK$0.1044 · Strongly undervalued 
Low debt 
Generates free cash flow 
3.8% dividend yield · Cash covered
Ranks above peers (8/12) 
Even on cautious assumptions the value is 77% above the price (HK$0.0938). 
Quality 55/100 
Falling price (downtrend) 
Weak Growth (revenue 5y −15.1 %/yr in HKD) 
Loss-making · -2.9% net margin (TTM) 
Narrow moat 19/100 · thin data
Thin data 
Watch New Universe International Group Ltd for free: we tell you when fair value or trend changes. Watch for free

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

HK$0.2982 HK$0.0416 Fair Value HK$0.1044 Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 13, 2026.

How to read this chart

60‑month range HK$0.0416 – HK$0.2982 · fair‑value band HK$0.0938 – HK$0.1150 · the HK$0.0530 price screens below the HK$0.1044 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 13, 2026.

Follow New Universe International Group in your weekly email

Every Wednesday you see whether New Universe International Group is on track or worth a review, plus price against fair value. Free, up to 3 stocks.

We send you a confirmation link. Unsubscribe with one click.

Which stocks are undervalued right now? Check free Discover now →

Company profile

New Universe Environmental Group Limited, an investment holding company, provides environmental treatment and disposal services for industrial and medical wastes in the People's Republic of China.

Show moreShow less

It offers environmental treatment services, dangerous chemical tank truck cleansing service, solid waste disposal, and management services.

The company is also involved in the operation of industrial solid waste landfill; detoxifying, reduction, and recycling of industrial waste; professional treatment of general industrial waste, hazardous industrial waste, and medical waste; and incineration treatment of general industrial waste and industrial hazardous waste.

In addition, it engages in the operation of sewage treatment, recycling of water, recycling of heavy metals from the sludge for the electroplating industry; plating sewage treatment system; sewage liquid neutralization and recycling system; and environmental technical consultancy.

The company was formerly known as New Universe International Group Limited and changed its name to New Universe Environmental Group Limited in May 2016. New Universe Environmental Group Limited was founded in 1996 and is headquartered in Kowloon Bay, Hong Kong.

Stock analysis

New Universe International Group Ltd (0436) currently trades at HK$0.0530, while our model-based Fair Value estimate is HK$0.1044, implying the stock looks roughly 49% undervalued today.

Show more

Valuation

Bull case: the DCF Models group reads highest at a median of HK$0.2600 per share, and 13 of the 14 models we run sit above the HK$0.0530 price.

Bear case: the Earnings-Based group reads lowest at HK$0.1100, and 1 of the 14 models stay below the price. Data coverage for this calculation is low.

Scenario range: HK$0.0938 (bear) to HK$0.1150 (bull), the price of HK$0.0530 sits below 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 55/100 (solid quality), in the Industrials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

New Universe International Group Ltd reported revenue of HK$349M in FY2025 versus HK$727M in FY2021, a compound −16.8%/yr. Reported net income was −HK$9.6M in FY2025.

Key figures

Market cap HK$159M (≈ $20.3M) Micro · P/S ratio 0.42 · Dividend yield 3.8% · Net margin −2.7% · Return on equity −1.4% · Return on assets (EBIT) 1.7% (5-year average) · Operating margin 3.2% · Revenue (TTM) HK$365M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 19 out of 100 (low confidence).

What moves the price

The share trades about 27% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −19% fair-value upside, at 97%, 0436 screens cheaper than that median.

Fair Value models

Bear HK$0.0938 Fair Value HK$0.1044 Bull HK$0.1150
Price HK$0.0530 · Upside +97.0%
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. 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.
Best data coverage
FCF DCF HK$0.2000 HK$0.2800 HK$0.3900 81
Growth DCF HK$0.2000 HK$0.2800 HK$0.3900 79
Owner Earnings HK$0.1800 HK$0.2400 HK$0.3400 77
All 14 models by family
DCF Models
FCF DCF HK$0.2000 HK$0.2800 HK$0.3900 81
Owner Earnings HK$0.1800 HK$0.2400 HK$0.3400 77
5Y Revenue Exit HK$0.1500 HK$0.1800 HK$0.2200 74
5Y EBITDA Exit HK$0.2900 HK$0.4500 HK$0.6500 75
10Y Revenue Exit HK$0.1700 HK$0.2000 HK$0.2400 68
10Y EBITDA Exit HK$0.2600 HK$0.3900 HK$0.5800 68
Earnings-Based
EPV HK$0.1100 HK$0.1100 HK$0.1200 74
Multiples
EV/EBIT HK$0.1300 HK$0.1500 HK$0.1700 66
EV/EBITDA HK$0.3500 HK$0.4400 HK$0.5300 67
EV/Revenue HK$0.1100 HK$0.1300 HK$0.1500 54
Asset-Based
NCAV (Graham) HK$0.0100 HK$0.0100 HK$0.0100 55
Growth DCF
Growth DCF HK$0.2000 HK$0.2800 HK$0.3900 79
Rev-Margin DCF HK$0.1500 HK$0.1800 HK$0.2200 74
Economic Profit
ROIC Compounder HK$0.1100 HK$0.1100 HK$0.1200 72

Open the full fair value analysis →

Quality Score breakdown

Overall quality 55/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 10
How much profit the company makes from its sales and capital
Quality Growth 63
Are margins and returns getting better?
Cashflow 42
Do the profits arrive as real cash?
Financial strength 64
Debt, balance sheet and risk of trouble
Investment 86
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 28
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 11
Distance to the 52-week high, does not count
New shares 89
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 23/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−0.2%
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.
−12.2%
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.
−15.1%
Start year 2020 (pandemic). Over 10 years: +2.2% a year
Revenue growth 26 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.
+4.1%
Profit margin (trend) ⓘ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.
16.1% (2020) → 3.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

Little optimism in the price
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).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.

Watch 0436, get fair value alerts →

Compare New Universe International Group Ltd with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

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.Waste Management · 167 stocks

Beats the industry median on 7/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 55 · Above median
Fair Value upside +97.0% · Top 25%
Profitability
Return on assets −0.8% · Below median
Net margin (12 months) −2.9% · Below median
Operating margin (12 months) 3.2% · Below median
Growth and dividend
Revenue growth (quarter YoY) 9.6% · Above median
Dividend yield (12 months) 3.8% · Above median

Valuation Multiplesvs Waste Management median · lower = cheaper

P/B 0.18× · Cheapest 25%
P/S (12 months) 0.44× · Cheapest 25%
Price / free cash flow (fiscal year) 5.7× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 25
FUTURE (revenue growth)48 · sector 37
PAST (return on equity)0 · sector 20
HEALTH (low debt)100 · sector 83
DIVIDEND (yield)75 · sector 46

Context: sector, industry, market

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

Similar stocks

10 more Waste Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Waste Management, Inc WM $243.83 $268.52 +10% vs 0436
Waste Connections, Inc WCN $193.97 $199.18 +3% vs 0436
GEM Co 002340 ¥5.51 ¥5.27 −4% vs 0436
Fomento de Construcciones y Contratas, S.A FCC €10.68 €9.99 −6% vs 0436
GFL Environmental Inc GFL $41.92 $34.16 −19% vs 0436
Veolia Environnement SA VIE €34.94 €20.39 −42% vs 0436
Clean Harbors, Inc CLH $293.81 $155.54 −47% vs 0436
Republic Services, Inc RSG $252.99 $129.29 −49% vs 0436
Cleanaway Waste Management Limited CWY A$3.01 A$1.25 −58% vs 0436
Casella Waste Systems, Inc CWST $100.20 $15.18 −85% vs 0436

Explore undervalued stocks

More undervalued Industrials stocks →

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

For bloggers & editors: embed code + live data

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.

New Universe International Group Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "New Universe International Group Ltd Fair Value". https://www.fairvalue-calculator.com/stock/0436

Frequently asked questions

Is New Universe International Group Ltd (0436) overvalued or undervalued?
As of Nov 13, 2026, our model estimates a fair value of HK$0.1044 versus a price of HK$0.0530, about +97% upside (undervalued).
What is the fair value of 0436?
Our model-based fair value for New Universe International Group Ltd is HK$0.1044 (as of Nov 13, 2026), built from audited fundamentals. The current price: HK$0.0530.
What is the quality score of 0436?
New Universe International Group Ltd has a Quality Score of 55/100. 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 New Universe International Group Ltd (0436)?
Our model-based price target is the fair value of HK$0.1044 (as of Nov 13, 2026) from 14 valuation models. Cautious scenario HK$0.0938, optimistic scenario HK$0.1150. It is a calculation from audited fundamentals, not an analyst target.
What is the New Universe International Group Ltd stock forecast for 2026?
Our models put fair value at HK$0.1044, about +97% upside versus a price of HK$0.0530 (undervalued). Cautious scenario HK$0.0938, optimistic scenario HK$0.1150. The calculation is refreshed regularly with new filings.
What is the revenue of New Universe International Group Ltd (0436)?
New Universe International Group Ltd reported trailing-twelve-month revenue of about HK$365M (latest available figure, as of Nov 13, 2026).
Does New Universe International Group Ltd pay a dividend?
New Universe International Group Ltd currently shows a dividend yield of 3.77% relative to its recent price (as of Nov 13, 2026).
How much is the dividend of New Universe International Group Ltd (0436) and when is the ex-dividend date?
New Universe International Group Ltd pays a dividend of HK$0.002 per share a year, a dividend yield of 3.8%. The last ex-dividend date was May 29, 2026. A dividend has been paid every year since at least 2012. Free cash flow covers the dividend 4.64 times. Our assessment: Cash covered. The dividend is fully funded by free cash flow. The payout ratio on earnings is not available for this company.
What growth is priced into New Universe International Group Ltd (0436)?
For today's price to be fair in a discounted-cash-flow model, New Universe International Group Ltd would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -15.1 % per year. As of Nov 13, 2026.
What discount rate (WACC) does the fair value of 0436 use?
Our models discount New Universe International Group Ltd at 9.0 %: a base by market capitalisation (nano), damped by beta 0.30, country premium for Hong Kong. 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 New Universe International Group Ltd that is less than minus 40 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has New Universe International Group Ltd (0436) delivered so far?
Over the past 5 years revenue at New Universe International Group Ltd grew -15.1 % a year. The price currently implies free-cash-flow growth of less than minus 40 % 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 New Universe International Group Ltd (0436) growing?
The median revenue growth in the sector is +7.9 % a year. That is the yardstick for the growth priced into New Universe International Group Ltd (less than minus 40 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of New Universe International Group Ltd (0436)?
The free-cash-flow yield on the price is 17.71 %: that much free cash flow New Universe International Group Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of New Universe International Group Ltd (0436)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For New Universe International Group Ltd it is HK$0.1044 per share (as of Nov 13, 2026), against a price of HK$0.0530. It is the blended result of 14 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is New Universe International Group Ltd stock overvalued or undervalued in 2026?
As of Nov 13, 2026, 0436 trades below its calculated fair value: price HK$0.0530, fair value HK$0.1044, a gap of about +97% (undervalued). 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 0436?
No. The price is what the market pays today (HK$0.0530); the fair value is what the company's own numbers justify (HK$0.1044). For New Universe International Group Ltd the two are HK$0.0514 per share apart. That gap is exactly why we show both numbers side by side.
How much is New Universe International Group Ltd worth?
The market values New Universe International Group Ltd at about HK$159M (market capitalisation, as of Nov 13, 2026). Per share that is HK$0.0530; our models calculate a fair value of HK$0.1044 per share.
What do the bullish and bearish scenarios say about 0436?
Our models span a range for New Universe International Group Ltd: cautious scenario HK$0.0938, base HK$0.1044, optimistic HK$0.1150 per share (as of Nov 13, 2026, price HK$0.0530). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of New Universe International Group Ltd (0436)?
Balance-sheet figures for New Universe International Group Ltd (as of Nov 13, 2026): return on equity −1.4%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is 0436 from its 52-week high?
New Universe International Group Ltd trades at HK$0.0530, about 27% below its 52-week high of HK$0.0723 and 10% above the low of HK$0.0480 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.1044 is for.
Which stocks are comparable to New Universe International Group Ltd?
From the same area (Industrials) we also value Waste Management, Inc, Republic Services, Inc, Waste Connections, Inc, Veolia Environnement SA, 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 New Universe International Group Ltd stock attractive at the current price?
The data as of Nov 13, 2026: price HK$0.0530, calculated fair value HK$0.1044 (+97%), Quality Score 55/100, from 14 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 0436 calculated?
We run New Universe International Group Ltd through 14 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of HK$0.1044 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 13.9% above its aggregate fair value. New Universe International Group Ltd currently trades 49% below its own fair value, and the market average says nothing about that. 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 New Universe International Group Ltd (0436)?
The closing price on Nov 13, 2026 was HK$0.0530. Our model-based fair value is HK$0.1044, about +97% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with New Universe International Group Ltd right now?
The price is below even our cautious bear case (HK$0.0938). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of New Universe International Group Ltd

How large is the market capitalisation of New Universe International Group Ltd (0436)?
The market capitalisation of New Universe International Group Ltd is HK$159M (≈ $20.3M). 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 New Universe International Group Ltd (0436)?
The price-to-sales ratio of New Universe International Group Ltd is 0.42 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of New Universe International Group Ltd (0436)?
The dividend yield of New Universe International Group Ltd is 3.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of New Universe International Group Ltd (0436)?
The net margin of New Universe International Group Ltd is −2.7% (fiscal year 2025). 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 New Universe International Group Ltd (0436)?
The return on equity (ROE) of New Universe International Group Ltd is −1.4% (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 New Universe International Group Ltd (0436)?
On an EBIT basis the return on assets of New Universe International Group Ltd is 1.7% (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 New Universe International Group Ltd (0436)?
The operating margin of New Universe International Group Ltd is 3.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at New Universe International Group Ltd (0436)?
Revenue at New Universe International Group Ltd is growing +9.6% versus a year earlier (3y avg −12.2%). 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 New Universe International Group Ltd (0436)?
Earnings per share at New Universe International Group Ltd are growing −48.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does New Universe International Group Ltd (0436) hold?
New Universe International Group Ltd holds more cash than debt, HK$224M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed

Watch New Universe International Group Ltd in the live analysis

One click puts New Universe International Group Ltd on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.