MNRB Holdings Bhd (6459) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of MNRB Holdings Bhd MYR 5.35, price MYR 2.83, upside +89.1%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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 0.7651 MYR – 3.10 MYR · fair‑value band 4.50 MYR – 9.79 MYR · the 2.83 MYR price screens below the 5.35 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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MNRB Holdings Berhad, an investment holding company, engages in the general reinsurance, takaful, and retakaful businesses in Malaysia and internationally. It offers general reinsurance; family and general retakaful services; financial protection services; and general takaful solutions, such as motor and non-motor general takaful protection products.
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MNRB Holdings Berhad, an investment holding company, engages in the general reinsurance, takaful, and retakaful businesses in Malaysia and internationally. It offers general reinsurance; family and general retakaful services; financial protection services; and general takaful solutions, such as motor and non-motor general takaful protection products. The company distributes its products through agents, brokers, financial institutions, motor franchise holders, and co-operatives, as well as a digital platform. It is also involved in underwriting of all classes of general reinsurance business and management of family and general retakaful businesses; managing family and investment-linked takaful businesses; and marketing and promotional activities and servicing of clients on behalf of Malaysian Re. The company was formerly known as Malaysian National Reinsurance Berhad and changed its name to MNRB Holdings Berhad in April 2005. MNRB Holdings Berhad was incorporated in 1972 and is based in Kuala Lumpur, Malaysia.
Stock analysis
MNRB Holdings Bhd (6459) currently trades at 2.83 MYR, while our model-based Fair Value estimate is 5.35 MYR, implying the stock looks roughly 47.1% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 6.94 MYR per share, and 4 of the 6 models we run sit above the 2.83 MYR price.
Bear case: the Dividend Discount group reads lowest at 1.21 MYR, and 2 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: 4.50 MYR (bear) to 9.79 MYR (bull), the price of 2.83 MYR 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 48/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
MNRB Holdings Bhd reported revenue of 3.3B MYR in FY2026 versus 2.4B MYR in FY2022, a compound +8.0%/yr. Reported net income was 545M MYR in FY2026, compounding +47.8%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap 2.2B MYR (≈ $544M) · P/E ratio 4.0 · P/S ratio 0.68 · EPS (TTM) 0.7000 MYR · Dividend yield 1.8% · Net margin 16.8% · Return on equity 14.9% · Return on assets (EBIT) 2.4%.
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 9% below its 52-week high and 56% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at 24% fair-value upside, at 89%, 6459 screens cheaper than that median.
Fair Value models
Bear 4.50 MYRFair Value 5.35 MYRBull 9.79 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 2026 figures (about 6 months old). Earnings retained since then (0.3152 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.
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.72/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+19.8%
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.
+3.6%
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.
+8.1%
Start year 2021 (pandemic). Over 10 years: +4.1% a year
Revenue growth 13 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.
+3.6%
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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. 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.
+34.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+32.6%
Dividend (yield on the price)1.8%
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.33% vs 15%, picking up
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.8% → 17%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 4.2%/yr over ~7Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
+11.2%
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 +9.0% a year for the price.
Price, fair value, quality and upside side by side.
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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.Insurance - Reinsurance · 28 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+89% · Top 25%
Profitability
Return on equity (TTM)15% · Above median
Return on assets3% · Above median
Net margin (TTM)19% · Top 25%
Operating margin (TTM)21% · Top 25%
Growth and dividend
Revenue growth30% · Top 25%
Dividend yield (TTM)1.8% · Below median
Balance sheet
Debt / equity0.17× · Below median
Valuation Multiplesvs Insurance - Reinsurance median · lower = cheaper
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Cite: Fair Value Calculator (2026). "MNRB Holdings Bhd Fair Value". https://www.fairvalue-calculator.com/stock/6459
Frequently asked questions
Is MNRB Holdings Bhd (6459) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 5.35 MYR versus a price of 2.83 MYR, about +89% upside (undervalued).
What is the fair value of 6459?
Our model-based fair value for MNRB Holdings Bhd is 5.35 MYR (as of Sep 24, 2026), built from audited fundamentals. The current price: 2.83 MYR.
What is the quality score of 6459?
MNRB Holdings Bhd has a Quality Score of 48/100. 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 MNRB Holdings Bhd (6459)?
Our model-based price target is the fair value of 5.35 MYR (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 4.50 MYR, optimistic scenario 9.79 MYR. It is a calculation from audited fundamentals, not an analyst target.
What is the MNRB Holdings Bhd stock forecast for 2026?
Our models put fair value at 5.35 MYR, about +89% upside versus a price of 2.83 MYR (undervalued). Cautious scenario 4.50 MYR, optimistic scenario 9.79 MYR. The calculation is refreshed regularly with new filings.
What is the revenue of MNRB Holdings Bhd (6459)?
MNRB Holdings Bhd reported trailing-twelve-month revenue of about 2.9B MYR (latest available figure, as of Sep 24, 2026).
Does MNRB Holdings Bhd pay a dividend?
MNRB Holdings Bhd currently shows a dividend yield of about 1.77% relative to its recent price (as of Sep 24, 2026).
What growth is priced into MNRB Holdings Bhd (6459)?
For today's price to be fair in a discounted-cash-flow model, MNRB Holdings Bhd would have to grow free cash flow by +11.2 % per year for five years (discount rate 11.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 6459 use?
Our models discount MNRB Holdings Bhd at 11.3 %: a base by market capitalisation (small), damped by beta 0.60, 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 MNRB Holdings Bhd that is +11.2 % per year a year over ten years, using the same discount rate (11.3 %) and the same formula as our fair value.
How much growth has MNRB Holdings Bhd (6459) delivered so far?
Over the past 5 years revenue at MNRB Holdings Bhd grew +8.1 % a year. The price currently implies +11.2 % 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 MNRB Holdings Bhd (6459) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into MNRB Holdings Bhd (+11.2 % 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 MNRB Holdings Bhd (6459)?
The free-cash-flow yield on the price is 8.01 %: that much free cash flow MNRB Holdings Bhd produces per unit of market value. When it exceeds the discount rate of our models (11.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of MNRB Holdings Bhd (6459)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MNRB Holdings Bhd it is 5.35 MYR per share (as of Sep 24, 2026), against a price of 2.83 MYR. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is MNRB Holdings Bhd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 6459 trades below its calculated fair value: price 2.83 MYR, fair value 5.35 MYR, a gap of about +89% (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 6459?
No. The price is what the market pays today (2.83 MYR); the fair value is what the company's own numbers justify (5.35 MYR). For MNRB Holdings Bhd the two are 2.52 MYR per share apart. That gap is exactly why we show both numbers side by side.
How much is MNRB Holdings Bhd worth?
The market values MNRB Holdings Bhd at about 2.2B MYR (market capitalisation, as of Sep 24, 2026). Per share that is 2.83 MYR; our models calculate a fair value of 5.35 MYR per share.
What do the bullish and bearish scenarios say about 6459?
Our models span a range for MNRB Holdings Bhd: cautious scenario 4.50 MYR, base 5.35 MYR, optimistic 9.79 MYR per share (as of Sep 24, 2026, price 2.83 MYR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6459?
MNRB Holdings Bhd trades at a price-to-earnings ratio of 4.0 (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 5.35 MYR is built from several models across several years. Other multiples: PEG 5.8, P/B 0.1, P/S 0.2, EV/EBITDA 1.6.
What is the PEG ratio of 6459?
The PEG ratio of MNRB Holdings Bhd is 5.83 (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 MNRB Holdings Bhd (6459)?
Balance-sheet figures for MNRB Holdings Bhd (as of Sep 24, 2026): return on equity 14.9%, debt of 0.17 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is 6459 from its 52-week high?
MNRB Holdings Bhd trades at 2.83 MYR, about 9% below its 52-week high of 3.10 MYR and 56% above the low of 1.81 MYR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 5.35 MYR is for.
Which stocks are comparable to MNRB Holdings Bhd?
From the same area (Financial Services) we also value MUV2, Swiss Re AG, Hannover Rück SE, Reinsurance Group, 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 MNRB Holdings Bhd stock attractive at the current price?
The data as of Sep 24, 2026: price 2.83 MYR, calculated fair value 5.35 MYR (+89%), Quality Score 48/100, from 6 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 6459 calculated?
We run MNRB Holdings Bhd through 6 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 5.35 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. MNRB Holdings Bhd currently trades 89 % 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 MNRB Holdings Bhd (6459)?
The closing price on Sep 23, 2026 was 2.83 MYR. Our model-based fair value is 5.35 MYR, about +89% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MNRB Holdings Bhd right now?
The price is below even our cautious bear case (4.50 MYR). 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 (48/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (4.50 MYR to 9.79 MYR) leaves room in how you read the outcome.
Key figures of MNRB Holdings Bhd
How large is the market capitalisation of MNRB Holdings Bhd (6459)?
The market capitalisation of MNRB Holdings Bhd is 2.2B MYR (≈ $544M). 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 MNRB Holdings Bhd (6459)?
The price-to-sales ratio of MNRB Holdings Bhd is 0.68 (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 MNRB Holdings Bhd (6459)?
Earnings per share at MNRB Holdings Bhd are 0.7000 MYR (price ÷ EPS = P/E 4.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of MNRB Holdings Bhd (6459)?
The dividend yield of MNRB Holdings Bhd is 1.8% (payout 7.1%). 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 MNRB Holdings Bhd (6459)?
The net margin of MNRB Holdings Bhd is 16.8% (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 MNRB Holdings Bhd (6459)?
The return on equity (ROE) of MNRB Holdings Bhd is 14.9% (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 MNRB Holdings Bhd (6459)?
On an EBIT basis the return on assets of MNRB Holdings Bhd is 2.4% (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 MNRB Holdings Bhd (6459)?
The operating margin of MNRB Holdings Bhd is 21.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MNRB Holdings Bhd (6459)?
Revenue at MNRB Holdings Bhd is growing +29.6% versus a year earlier (3y avg +3.6%). 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 MNRB Holdings Bhd (6459)?
Earnings per share at MNRB Holdings Bhd are growing +21.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does MNRB Holdings Bhd (6459) carry?
The net debt of MNRB Holdings Bhd is 624M MYR (fiscal year 2026, ≈ 3.5 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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