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REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of REN - Redes Energéticas Nacionais, SGPS, S.A €5.13, price €3.55, upside +44.4%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Industrials · GB · Home Portugal · ISIN PTREL0AM0008

RR Some data Sep 24, 2026

REN - Redes Energéticas Nacionais, SGPS, S.A

0KBT · LSE

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value €5.13 · Undervalued (+44.4%)
!Quality 59/100
!Weak Growth (revenue 3y +0.4 %/yr)
✓Solidly profitable · 17.2% net margin (TTM)
!High debt
·4.5% dividend yield · Safety not assessed
!Moderate moat 63/100
!Evidence only medium, so the estimate is less certain

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

€3.82 €1.75 Fair Value €5.13 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range €1.75 – €3.82 · fair‑value band €3.85 – €6.42 · the €3.55 price screens below the €5.13 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

REN - Redes Energéticas Nacionais, SGPS, S.A., together with its subsidiaries, engages in the transmission of electricity and natural gas in Portugal. The company operates in two segments, Electricity and Gas; and Telecommunications.

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REN - Redes Energéticas Nacionais, SGPS, S.A., together with its subsidiaries, engages in the transmission of electricity and natural gas in Portugal. The company operates in two segments, Electricity and Gas; and Telecommunications. It operates as a national electricity transmission network; purchases, sells, imports, and exports electricity and natural gas; manages a concession to operate a pilot area to produce electric energy from ocean waves; and operates a telecommunications network. The company also operates liquefied natural gas terminal maintenance and regasification facilities; and manages projects and ventures in the natural gas sector. In addition, it provides underground storage development, maintenance, and operation services; natural gas transport and management services; and distributes natural gas, as well as communication and sustainability, marketing, business management, business development and consulting, and IT project services. Further, the company invests in assets, shares, companies, and associations; transmits and transforms electricity in Chile, as well as participates, finances, collaborates, and conducts management of companies; and manages back offices. The company was founded in 1994 and is headquartered in Lisbon, Portugal.

Stock analysis

REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT) currently trades at €3.55, while our model-based Fair Value estimate is €5.13, implying the stock looks roughly 30.8% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of €11.27 per share, and 12 of the 19 models we run sit above the €3.55 price.

Bear case: the Earnings-Based group reads lowest at €1.93, and 7 of the 19 models stay below the price. Evidence for this calculation is medium.

Scenario range: €3.85 (bear) to €6.42 (bull), the price of €3.55 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 59/100 (solid quality), in the Industrials sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

REN - Redes Energéticas Nacionais, SGPS, S.A reported revenue of €758M in FY2020 versus €739M in FY2016, a compound +0.6%/yr. Reported net income was €109M in FY2020, compounding +2.2%/yr from FY2016.

Key figures

Market cap €1.7B · P/S ratio 1.58 · Dividend yield 4.5% · Net margin 14.4% · Return on equity 11.6% · Return on assets (EBIT) 5.0% · Operating margin 29.9% · Revenue (TTM) €1.1B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 7% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −51% fair-value upside, at 44%, 0KBT screens cheaper than that median.

Fair Value models

Bear €3.85 Fair Value €5.13 Bull €6.42
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF €7.41 €11.07 €17.23 76
Growth DCF €7.80 €11.27 €16.66 74
Residual Income €2.37 €2.51 €2.72 73
All 19 models by family
DCF Models
FCF DCF €7.41 €11.07 €17.23 76
5Y Revenue Exit €1.68 €2.80 €4.39 68
5Y EBITDA Exit €5.32 €9.10 €14.11 70
5Y P/E Exit €2.39 €4.03 €6.03 66
10Y Revenue Exit €4.11 €5.12 €6.04 65
10Y EBITDA Exit €6.17 €8.68 €11.25 66
10Y P/E Exit €4.55 €5.81 €6.92 62
Earnings-Based
Graham-Dodd €1.58 €1.93 €2.17 65
Dividend Discount
Gordon GGM €1.87 €2.02 €2.24 67
DDM Multi-Stage €1.87 €2.23 €2.69 65
Multiples
P/E Multiple €3.66 €4.88 €6.10 63
P/S Multiple €2.42 €3.22 €4.03 58
P/B Multiple €2.96 €3.95 €4.93 55
EV/EBIT €1.53 €3.60 €5.67 62
EV/EBITDA €5.09 €8.34 €11.59 66
Asset-Based
NCAV (Graham) €1.50 €2.00 €2.99 54
Growth DCF
Growth DCF €7.80 €11.27 €16.66 74
Economic Profit
Residual Income €2.37 €2.51 €2.72 73
Growth Earnings
Growth-Adj P/E €2.58 €3.69 €4.80 65

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Quality Score breakdown

Overall quality 59/100

Of which business quality 54 · Market factors (momentum, volatility) 65

Profitability 30
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 13
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 65
Distance to the 52-week high (market factor)

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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. 40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−3.6%
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.
+0.4%
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.
35.4% (2016) → 30.2% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

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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

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REN - Redes Energéticas Nacionais, SGPS, S.A · Fair Value
€5.13 +31%Fair Value
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Cite: Fair Value Calculator (2026). "REN - Redes Energéticas Nacionais, SGPS, S.A Fair Value". https://www.fairvalue-calculator.com/stock/0KBT

Frequently asked questions

Is REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €5.13 versus a price of €3.55, about +44% upside (undervalued).
What is the fair value of 0KBT?
Our model-based fair value for REN - Redes Energéticas Nacionais, SGPS, S.A is €5.13 (as of Sep 24, 2026), built from audited fundamentals. The current price: €3.55.
What is the quality score of 0KBT?
REN - Redes Energéticas Nacionais, SGPS, S.A has a Quality Score of 59/100. 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 REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT)?
Our model-based price target is the fair value of €5.13 (as of Sep 24, 2026) from 19 valuation models. Cautious scenario €3.85, optimistic scenario €6.42. It is a calculation from audited fundamentals, not an analyst target.
What is the REN - Redes Energéticas Nacionais, SGPS, S.A stock forecast for 2026?
Our models put fair value at €5.13, about +44% upside versus a price of €3.55 (undervalued). Cautious scenario €3.85, optimistic scenario €6.42. The calculation is refreshed regularly with new filings.
What is the revenue of REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT)?
REN - Redes Energéticas Nacionais, SGPS, S.A reported trailing-twelve-month revenue of about €1.1B (latest available figure, as of Sep 24, 2026).
Does REN - Redes Energéticas Nacionais, SGPS, S.A pay a dividend?
REN - Redes Energéticas Nacionais, SGPS, S.A currently shows a dividend yield of about 4.50% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For REN - Redes Energéticas Nacionais, SGPS, S.A it is €5.13 per share (as of Sep 24, 2026), against a price of €3.55. It is the blended result of 19 valuation models (cash flow, earnings, asset, dividend).
Is REN - Redes Energéticas Nacionais, SGPS, S.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0KBT trades below its calculated fair value: price €3.55, fair value €5.13, a gap of about +44% (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 0KBT?
No. The price is what the market pays today (€3.55); the fair value is what the company's own numbers justify (€5.13). For REN - Redes Energéticas Nacionais, SGPS, S.A the two are €1.58 per share apart. That gap is exactly why we show both numbers side by side.
How much is REN - Redes Energéticas Nacionais, SGPS, S.A worth?
The market values REN - Redes Energéticas Nacionais, SGPS, S.A at about €1.7B (market capitalisation, as of Sep 24, 2026). Per share that is €3.55; our models calculate a fair value of €5.13 per share.
What do the bullish and bearish scenarios say about 0KBT?
Our models span a range for REN - Redes Energéticas Nacionais, SGPS, S.A: cautious scenario €3.85, base €5.13, optimistic €6.42 per share (as of Sep 24, 2026, price €3.55). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0KBT from its 52-week high?
REN - Redes Energéticas Nacionais, SGPS, S.A trades at €3.55, about 7% below its 52-week high of €3.82 and 23% above the low of €2.89 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €5.13 is for.
Which stocks are comparable to REN - Redes Energéticas Nacionais, SGPS, S.A?
From the same area (Industrials) we also value KT Submarine Co, Hanyang ENG Co, MWIDE, EEIPB, 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 REN - Redes Energéticas Nacionais, SGPS, S.A stock attractive at the current price?
The data as of Sep 24, 2026: price €3.55, calculated fair value €5.13 (+44%), Quality Score 59/100, from 19 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 0KBT calculated?
We run REN - Redes Energéticas Nacionais, SGPS, S.A through 19 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €5.13, 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 14.5 % above its aggregate fair value. REN - Redes Energéticas Nacionais, SGPS, S.A currently trades 31 % 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 REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT)?
The closing price on Oct 2, 2026 was €3.55. Our model-based fair value is €5.13, about +44% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with REN - Redes Energéticas Nacionais, SGPS, S.A right now?
The price is below even our cautious bear case (€3.85). The market is more pessimistic than our downside scenario. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of REN - Redes Energéticas Nacionais, SGPS, S.A

How large is the market capitalisation of REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT)?
The market capitalisation of REN - Redes Energéticas Nacionais, SGPS, S.A is €1.7B. 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 REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT)?
The price-to-sales ratio of REN - Redes Energéticas Nacionais, SGPS, S.A is 1.58 (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 REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT)?
The dividend yield of REN - Redes Energéticas Nacionais, SGPS, S.A is 4.5%. 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 REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT)?
The net margin of REN - Redes Energéticas Nacionais, SGPS, S.A is 14.4% (fiscal year 2020). 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 REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT)?
The return on equity (ROE) of REN - Redes Energéticas Nacionais, SGPS, S.A is 11.6% (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 REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT)?
On an EBIT basis the return on assets of REN - Redes Energéticas Nacionais, SGPS, S.A is 5.0% (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 REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT)?
The operating margin of REN - Redes Energéticas Nacionais, SGPS, S.A is 29.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT)?
Revenue at REN - Redes Energéticas Nacionais, SGPS, S.A is growing −1.1% versus a year earlier (3y avg +0.4%). 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 REN - Redes Energéticas Nacionais, SGPS, S.A (0KBT)?
Earnings per share at REN - Redes Energéticas Nacionais, SGPS, S.A are growing +151% versus a year earlier. How much earnings per share grew versus a year earlier.
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