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WCE Holdings Bhd (3565) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of WCE Holdings Bhd MYR 0.49, price MYR 0.71, upside -30.5%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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Thin data
Sep 24, 2026
WCE Holdings Bhd
3565 · KLSEWeak valuationQuality is weak on top of the rich price.
!Fair value 0.4900 MYR · Overvalued (−31%)
!Quality 40/100
!Mixed Growth (revenue 5y +17.5 %/yr)
!Loss-making · -10.6% net margin (TTM)
!High debt · generates free cash flow
!Trails peers (2/12)
!Narrow moat 30/100
!Evidence only low, so the estimate is less certain
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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
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
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 0.2300 MYR – 1.14 MYR · the 0.7050 MYR price screens above the 0.4900 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Company profile
WCE Holdings Berhad, an investment holding company, engages in the construction, management, and tolling of highway operation in Malaysia. It operates through Toll Concession, Construction, and Others segments.
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WCE Holdings Berhad, an investment holding company, engages in the construction, management, and tolling of highway operation in Malaysia. It operates through Toll Concession, Construction, and Others segments. The company designs, develops, and constructs the West Coast Expressway Project, as well as manages its toll operations; and offers construction contracting and project management services. It also provides maintenance service for toll collection system, traffic control, and surveillance system; and leasing, maintenance, and ancillary services. The company was formerly known as Kumpulan Europlus Berhad and changed its name to WCE Holdings Berhad in September 2016. WCE Holdings Berhad was incorporated in 2000 and is headquartered in Klang, Malaysia.
Stock analysis
WCE Holdings Bhd (3565) currently trades at 0.7050 MYR, while our model-based Fair Value estimate is 0.4900 MYR, implying the stock looks roughly 43.9% overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 0.7300 MYR per share, and 1 of the 5 models we run sit above the 0.7050 MYR price.
Bear case: the Asset-Based group reads lowest at 0.1700 MYR, and 4 of the 5 models stay below the price. Evidence for this calculation is low.
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.
WCE Holdings Bhd reported revenue of 840M MYR in FY2026 versus 607M MYR in FY2022, a compound +8.4%/yr. Reported net income was −89.3M MYR in FY2026.
Key figures
Market cap 2.3B MYR (≈ $571M) · P/S ratio 2.57 · EPS (TTM) −0.0300 MYR · Net margin −10.6% · Return on equity −6.3% · Return on assets (EBIT) 0.2% · Operating margin 18.5% · Revenue (TTM) 840M MYR.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 10% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at −31%, 3565 screens cheaper than that median.
Fair Value models
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.
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
n/a
0.5300 MYR
2.22 MYR
77
Growth DCF
n/a
0.7300 MYR
2.05 MYR
75
5Y EBITDA Exit
n/a
n/a
0.3400 MYR
72
All 8 models by family
DCF Models
FCF DCF
n/a
0.5300 MYR
2.22 MYR
77
5Y Revenue Exit
n/a
n/a
0.0700 MYR
69
5Y EBITDA Exit
n/a
n/a
0.3400 MYR
72
10Y Revenue Exit
n/a
0.0800 MYR
0.3100 MYR
64
10Y EBITDA Exit
n/a
0.2200 MYR
1.22 MYR
65
Asset-Based
NCAV (Graham)
0.1300 MYR
0.1700 MYR
0.2600 MYR
54
Growth DCF
Growth DCF
n/a
0.7300 MYR
2.05 MYR
75
Rev-Margin DCF
n/a
n/a
0.3600 MYR
69
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Set up alert →Quality Score breakdown
Overall quality
40/100
Of which business quality 37 · Market factors (momentum, volatility) 59
Profitability
4
Margins and returns on capital today
Quality Growth
58
Are margins and returns improving?
Cashflow
66
Earnings quality: real cash, not paper profit
Fin. Strength
2
Balance sheet, leverage, solvency risk
Investment
90
Disciplined investing over empire-building
Low Volatility
84
Calm price path (market factor)
Momentum
47
Price trend over the last 3–12 months (market factor)
52W Momentum
51
Distance to the 52-week high (market factor)
Net Issuance
32
Share count: buybacks or dilution?
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.
67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+33.4%
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.
+18.3%
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.
+17.5%
Start year 2021 (pandemic). Over 10 years: +4.7% a year
Revenue growth 12 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.
+42.5%
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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.
5.7% (2021) → 10.4% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+40.7%
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 +37.9% a year for the price.
3565 screens 44% overvalued. Compare with Quanta Services, Inc →
Compare WCE Holdings Bhd with another stock
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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 · 836 stocks
Beats the industry median on 1/10 measures
Overall it trails its industry peers.
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Industrials
- Valuation of the Malaysia 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
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| Comfort Systems USA, Inc FIX | $1,625 | $1,122 | −31% |
| Larsen & Toubro Limited LT | ₹3,930 | ₹1,994 | −49% |
| Ferrovial N.V FER | $56.30 | $24.01 | −57% |
| Samsung C&T Corporation 028260 | 367,000 KRW | 256,792 KRW | −30% |
| HOCHTIEF Aktiengesellschaft HOT | €403.60 | €203.87 | −49% |
| ACS, Actividades de Construcción y Servicios, S.A ACS | €95.95 | €75.04 | −22% |
| EMCOR Group EME | $756.50 | $521.87 | −31% |
| MasTec, Inc MTZ | $221.69 | $106.05 | −52% |
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Frequently asked questions
Is WCE Holdings Bhd (3565) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.4900 MYR versus a price of 0.7050 MYR, about −31% upside (overvalued).
What is the fair value of 3565?
Our model-based fair value for WCE Holdings Bhd is 0.4900 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.7050 MYR.
What is the quality score of 3565?
WCE Holdings 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 WCE Holdings Bhd (3565)?
Our model-based price target is the fair value of 0.4900 MYR (as of Sep 24, 2026) from 8 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the WCE Holdings Bhd stock forecast for 2026?
Our models put fair value at 0.4900 MYR, about −31% upside versus a price of 0.7050 MYR (overvalued). The calculation is refreshed regularly with new filings.
What is the revenue of WCE Holdings Bhd (3565)?
WCE Holdings Bhd reported trailing-twelve-month revenue of about 840M MYR (latest available figure, as of Sep 24, 2026).
What growth is priced into WCE Holdings Bhd (3565)?
For today's price to be fair in a discounted-cash-flow model, WCE Holdings Bhd would have to grow free cash flow by +40.7 % per year for five years (discount rate 11.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +17.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 3565 use?
Our models discount WCE Holdings Bhd at 11.9 %: a base by market capitalisation (small), damped by beta 0.79, 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 WCE Holdings Bhd that is +40.7 % per year a year over ten years, using the same discount rate (11.9 %) and the same formula as our fair value.
How much growth has WCE Holdings Bhd (3565) delivered so far?
Over the past 5 years revenue at WCE Holdings Bhd grew +17.5 % a year. The price currently implies +40.7 % per year free-cash-flow growth a 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 WCE Holdings Bhd (3565) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into WCE Holdings Bhd (+40.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of WCE Holdings Bhd (3565)?
The free-cash-flow yield on the price is 3.80 %: that much free cash flow WCE Holdings Bhd produces per unit of market value. When it exceeds the discount rate of our models (11.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of WCE Holdings Bhd (3565)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For WCE Holdings Bhd it is 0.4900 MYR per share (as of Sep 24, 2026), against a price of 0.7050 MYR. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is WCE Holdings Bhd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 3565 trades above its calculated fair value: price 0.7050 MYR, fair value 0.4900 MYR, a gap of about −31% (overvalued). 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 3565?
No. The price is what the market pays today (0.7050 MYR); the fair value is what the company's own numbers justify (0.4900 MYR). For WCE Holdings Bhd the two are 0.2150 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is WCE Holdings Bhd worth?
The market values WCE Holdings Bhd at about 2.3B MYR (market capitalisation, as of Sep 24, 2026). Per share that is 0.7050 MYR; our models calculate a fair value of 0.4900 MYR per share.
How solid is the balance sheet of WCE Holdings Bhd (3565)?
Balance-sheet figures for WCE Holdings Bhd (as of Sep 24, 2026): return on equity −6.3%, debt of 5.10 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is 3565 from its 52-week high?
WCE Holdings Bhd trades at 0.7050 MYR, about 4% below its 52-week high of 0.7350 MYR and 10% above the low of 0.6400 MYR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 0.4900 MYR is for.
Which stocks are comparable to WCE Holdings Bhd?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 WCE Holdings Bhd stock attractive at the current price?
The data as of Sep 24, 2026: price 0.7050 MYR, calculated fair value 0.4900 MYR (−31%), Quality Score 40/100, from 8 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 3565 calculated?
We run WCE Holdings Bhd through 8 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 0.4900 MYR, 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 14.1 % above its aggregate fair value. WCE Holdings 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 WCE Holdings Bhd (3565)?
The closing price on Sep 23, 2026 was 0.7050 MYR. Our model-based fair value is 0.4900 MYR, about −31% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with WCE Holdings Bhd right now?
Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of WCE Holdings Bhd
How large is the market capitalisation of WCE Holdings Bhd (3565)?
The market capitalisation of WCE Holdings Bhd is 2.3B MYR (≈ $571M). 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 WCE Holdings Bhd (3565)?
The price-to-sales ratio of WCE Holdings Bhd is 2.57 (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 WCE Holdings Bhd (3565)?
Earnings per share at WCE Holdings Bhd are −0.0300 MYR. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of WCE Holdings Bhd (3565)?
The net margin of WCE Holdings Bhd is −10.6% (fiscal year 2026). 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 WCE Holdings Bhd (3565)?
The return on equity (ROE) of WCE Holdings Bhd is −6.3% (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 WCE Holdings Bhd (3565)?
On an EBIT basis the return on assets of WCE Holdings Bhd is 0.2% (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 WCE Holdings Bhd (3565)?
The operating margin of WCE Holdings Bhd is 18.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at WCE Holdings Bhd (3565)?
Revenue at WCE Holdings Bhd is growing −57.9% versus a year earlier (3y avg +18.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does WCE Holdings Bhd (3565) carry?
The net debt of WCE Holdings Bhd is 4.9B MYR (fiscal year 2026, ≈ 55.0 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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