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Gamuda Bhd (5398) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Gamuda Bhd MYR 2.20, price MYR 4.78, upside -53.9%, quality 32 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · MY · ISIN MYL5398OO002

GB Some data Sep 24, 2026

Gamuda Bhd

5398 · KLSE

Weakest SetupStrongly overvalued and low quality.

!Fair value 2.20 MYR · Strongly overvalued (−54%)
!Quality 32/100
!Expensive Growth (revenue 5y +34.2 %/yr)
!Thin margins · 5.9% net margin (TTM)
!Moderate debt · negative free cash flow
·2.09% dividend yield
!Mixed vs. peers (7/14)
!Narrow moat 38/100
!Evidence only medium, so the estimate is less certain

What runs behind every stock

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

Price vs Fair Value

5.63 MYR 1.04 MYR Fair Value 2.20 MYR May 2021 Sep 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 1.04 MYR – 5.63 MYR · fair‑value band 1.49 MYR – 2.99 MYR · the 4.78 MYR price screens above the 2.20 MYR fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Gamuda Berhad, together with its subsidiaries, engages in the civil engineering construction business in Malaysia, Australia, Vietnam, Singapore, Taiwan, Bahrain, and the United Kingdom. It operates in two segments, Engineering and Construction; and Property Development and Club Operations.

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Gamuda Berhad, together with its subsidiaries, engages in the civil engineering construction business in Malaysia, Australia, Vietnam, Singapore, Taiwan, Bahrain, and the United Kingdom. It operates in two segments, Engineering and Construction; and Property Development and Club Operations. The company offers engineering and construction services, including stormwater management and road tunnel, digital industrialized building system, urban transformation, rail and metro systems, roads and expressways, water and hydroelectric dam, urban regeneration, water treatment and power plant, ports, marine structure and buildings, bridges, airport, general and trading services related to construction activities, and management of water supply; development and rental of residential and commercial properties, as well as club operations; infrastructure concessions; and cloud computing, artificial intelligence, and automation. It is also involved in theme park operation; security services; supplying and planting of landscaping materials and provision of landscaping services; hotel and resort hotel services; business management consultancy services; manufacturing and installation of prefabricated concrete panels; facility maintenance services and parking facilities; insurance agent; medical laboratories and healthcare services; undertake reclamation and development of new lands; maintenance of mechanical and electrical services; architectural activities and technical consulting services; and provision of real estate consulting, brokerage, auction services, and land use rights auction services. The company was incorporated in 1976 and is headquartered in Petaling Jaya, Malaysia.

Stock analysis

Gamuda Bhd (5398) currently trades at 4.78 MYR, while our model-based Fair Value estimate is 2.20 MYR, implying the stock looks roughly 117.1% overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of 4.54 MYR per share, and 1 of the 17 models we run sit above the 4.78 MYR price.

Bear case: the Dividend Discount group reads lowest at 0.3900 MYR, and 16 of the 17 models stay below the price. Evidence for this calculation is medium.

Scenario range: 1.49 MYR (bear) to 2.99 MYR (bull), the price of 4.78 MYR sits above 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 32/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Gamuda Bhd reported revenue of 16.0B MYR in FY2025 versus 3.3B MYR in FY2021, a compound +48.7%/yr. Reported net income was 1.0B MYR in FY2025, compounding +14.3%/yr from FY2021.

Key figures

Market cap 28.0B MYR (≈ $6.9B) · P/E ratio 28.1 · P/S ratio 1.77 · EPS (TTM) 0.1700 MYR · Dividend yield 2.1% · Net margin 6.3% · Return on equity 8.7% · Return on assets (EBIT) 3.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 15% below its 52-week high and 28% 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 −54%, 5398 screens richer than that median.

Fair Value models

Bear 1.49 MYR Fair Value 2.20 MYR Bull 2.99 MYR
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. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (0.0700 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. 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
Residual Income 1.66 MYR 1.78 MYR 2.03 MYR 76
EPV 0.8700 MYR 1.13 MYR 1.35 MYR 74
ROIC Compounder 0.8700 MYR 1.13 MYR 1.35 MYR 72
All 17 models by family
DCF Models
Owner Earnings 0.9100 MYR 2.88 MYR 6.81 MYR 68
Earnings-Based
Graham-Dodd 1.14 MYR 7.84 MYR 11.00 MYR 63
Lynch FV 2.31 MYR 3.29 MYR 4.28 MYR 61
PEG = 1.0 2.31 MYR 3.29 MYR 4.28 MYR 57
EPV 0.8700 MYR 1.13 MYR 1.35 MYR 74
Dividend Discount
Gordon GGM 0.2300 MYR 0.4500 MYR 0.6800 MYR 67
DDM Multi-Stage 0.2300 MYR 0.3900 MYR 0.4800 MYR 67
Multiples
P/E Multiple 2.65 MYR 3.53 MYR 4.42 MYR 63
P/S Multiple 2.14 MYR 2.86 MYR 3.57 MYR 58
P/B Multiple 2.14 MYR 2.86 MYR 3.57 MYR 55
EV/EBIT 2.07 MYR 3.00 MYR 3.94 MYR 65
EV/EBITDA 1.73 MYR 2.56 MYR 3.38 MYR 66
EV/Revenue 1.27 MYR 2.12 MYR 2.98 MYR 52
Asset-Based
NCAV (Graham) 1.01 MYR 1.35 MYR 2.01 MYR 54
Economic Profit
Residual Income 1.66 MYR 1.78 MYR 2.03 MYR 76
ROIC Compounder 0.8700 MYR 1.13 MYR 1.35 MYR 72
Growth Earnings
Growth-Adj P/E 3.18 MYR 4.54 MYR 5.90 MYR 67

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Quality Score breakdown

Overall quality 32/100

Of which business quality 32 · Market factors (momentum, volatility) 55

Profitability 30
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 50
Balance sheet, leverage, solvency risk
Investment 59
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 36
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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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. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+19.7%
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.
+48.2%
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.
+34.2%
Start year 2020 (pandemic). Over 10 years: +21.1% a year
Revenue growth 19 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.
+14.5%
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−0.2%
Dividend (yield on the price)2.1%
Pace: 5 vs 10 years Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−6% vs −5%, steady
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.15% → 8%
Start year 2020 (pandemic)

5398 screens 117% overvalued. Compare with Quanta Services, Inc →

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Peer GroupHow 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 · 844 stocks

Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 32 · Bottom 25%
Fair Value upside −54% · Bottom 25%
Profitability
Return on equity (TTM) 9% · Above median
Return on assets 2% · Below median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 8% · Above median
Growth and dividend
Revenue growth 44% · Top 25%
Dividend yield (TTM) 2.1% · Above median
Balance sheet
Debt / equity 0.64× · Highest 25%

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (TTM) 28.1× · Pricier than median
P/B 0.57× · Cheaper than median
P/S (TTM) 0.39× · Cheaper than median
EV/EBITDA 9.0× · Pricier than median
PEG 2.09× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 29
FUTURE (revenue growth)100 · sector 11
PAST (return on equity)35 · sector 28
HEALTH (low debt)68 · sector 94
DIVIDEND (yield)42 · sector 40

VALUE 0: the price sits above our fair-value range.

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Quanta Services, Inc PWR $642.63 $163.08 −75%
Vinci SA DG €112.30 €185.62 +65%
Comfort Systems USA, Inc FIX $1,625 $1,122 −31%
Larsen & Toubro Limited LT ₹3,866 ₹1,994 −48%
Ferrovial N.V FER $56.30 $24.01 −57%
Samsung C&T Corporation 028260 367,000 KRW 264,296 KRW −28%
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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Cite: Fair Value Calculator (2026). "Gamuda Bhd Fair Value". https://www.fairvalue-calculator.com/stock/5398

Frequently asked questions

Is Gamuda Bhd (5398) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2.20 MYR versus a price of 4.78 MYR, about −54% upside (overvalued).
What is the fair value of 5398?
Our model-based fair value for Gamuda Bhd is 2.20 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 4.78 MYR.
What is the quality score of 5398?
Gamuda Bhd has a Quality Score of 32/100. 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 Gamuda Bhd (5398)?
Our model-based price target is the fair value of 2.20 MYR (as of Sep 24, 2026) from 17 valuation models. Cautious scenario 1.49 MYR, optimistic scenario 2.99 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the Gamuda Bhd stock forecast for 2026?
Our models put fair value at 2.20 MYR, about −54% upside versus a price of 4.78 MYR (overvalued). Cautious scenario 1.49 MYR, optimistic scenario 2.99 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of Gamuda Bhd (5398)?
Gamuda Bhd reported trailing-twelve-month revenue of about 17.4B MYR (latest available figure, as of Sep 24, 2026).
Does Gamuda Bhd pay a dividend?
Gamuda Bhd currently shows a dividend yield of about 2.09% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Gamuda Bhd (5398)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gamuda Bhd it is 2.20 MYR per share (as of Sep 24, 2026), against a price of 4.78 MYR. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Gamuda Bhd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 5398 trades above its calculated fair value: price 4.78 MYR, fair value 2.20 MYR, a gap of about −54% (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 5398?
No. The price is what the market pays today (4.78 MYR); the fair value is what the company's own numbers justify (2.20 MYR). For Gamuda Bhd the two are 2.58 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is Gamuda Bhd worth?
The market values Gamuda Bhd at about 28.0B MYR (market capitalisation, as of Sep 24, 2026). Per share that is 4.78 MYR; our models calculate a fair value of 2.20 MYR per share.
What do the bullish and bearish scenarios say about 5398?
Our models span a range for Gamuda Bhd: cautious scenario 1.49 MYR, base 2.20 MYR, optimistic 2.99 MYR per share (as of Sep 24, 2026, price 4.78 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 5398?
Gamuda Bhd trades at a price-to-earnings ratio of 28.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.20 MYR is built from several models across several years. Other multiples: PEG 2.1, P/B 0.6, P/S 0.4, EV/EBITDA 9.0.
What is the PEG ratio of 5398?
The PEG ratio of Gamuda Bhd is 2.09 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Gamuda Bhd (5398)?
Balance-sheet figures for Gamuda Bhd (as of Sep 24, 2026): return on equity 8.7%, debt of 0.64 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is 5398 from its 52-week high?
Gamuda Bhd trades at 4.78 MYR, about 15% below its 52-week high of 5.61 MYR and 28% above the low of 3.73 MYR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2.20 MYR is for.
Which stocks are comparable to Gamuda 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 Gamuda Bhd stock attractive at the current price?
The data as of Sep 24, 2026: price 4.78 MYR, calculated fair value 2.20 MYR (−54%), Quality Score 32/100, from 17 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 5398 calculated?
We run Gamuda Bhd through 17 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 2.20 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. Gamuda 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 Gamuda Bhd (5398)?
The closing price on Sep 23, 2026 was 4.78 MYR. Our model-based fair value is 2.20 MYR, about −54% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gamuda Bhd right now?
The price sits above even our optimistic bull case (2.99 MYR). The favourable scenario is already priced in. Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (1.49 MYR to 2.99 MYR) leaves room in how you read the outcome.
Where does the earnings growth of Gamuda Bhd (5398) come from?
Earnings per share at Gamuda Bhd grew +1.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +15.0 %, EBIT margin −10.8 %, tax rate +0.1 %, residual (interest, one-offs) −0.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Gamuda Bhd

How large is the market capitalisation of Gamuda Bhd (5398)?
The market capitalisation of Gamuda Bhd is 28.0B MYR (≈ $6.9B). 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 Gamuda Bhd (5398)?
The price-to-sales ratio of Gamuda Bhd is 1.77 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Gamuda Bhd (5398)?
Earnings per share at Gamuda Bhd are 0.1700 MYR (price ÷ EPS = P/E 28.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Gamuda Bhd (5398)?
The dividend yield of Gamuda Bhd is 2.1% (payout 58.8%). 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 Gamuda Bhd (5398)?
The net margin of Gamuda Bhd is 6.3% (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 Gamuda Bhd (5398)?
The return on equity (ROE) of Gamuda Bhd is 8.7% (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 Gamuda Bhd (5398)?
On an EBIT basis the return on assets of Gamuda Bhd is 3.5% (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 Gamuda Bhd (5398)?
The operating margin of Gamuda Bhd is 8.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gamuda Bhd (5398)?
Revenue at Gamuda Bhd is growing +43.6% versus a year earlier (3y avg +48.2%). 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 Gamuda Bhd (5398)?
Earnings per share at Gamuda Bhd are growing +1.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Gamuda Bhd (5398) generate?
The free cash flow of Gamuda Bhd is −715M MYR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Gamuda Bhd (5398) carry?
The net debt of Gamuda Bhd is 6.9B MYR (fiscal year 2025). 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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