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Spritzer Bhd, an investment holding company, (7103) Fair Value & Analysis

Consumer Defensive · MY · Market cap 1.9B MYR

SB Spritzer Bhd, an investment holding company, 7103 · KLSE
Price3.03 MYR
Fair Value2.98 MYR
Upside-1.7%
Quality65/100
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Healthy Growth
Solidly profitable · 14.0% net margin
Low debt · generates free cash flow
1.69% dividend yield
Ranks above peers (10/14)
Moderate moat 63/100
Evidence: High Range 2.06 MYR – 3.72 MYR Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 27 days ago

Share price +2.4% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (2.06 MYR to 3.72 MYR) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

3.03 MYR 0.5261 MYR Fair Value 2.98 MYR Jan 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range 0.5261 MYR – 3.03 MYR · fair‑value band 2.06 MYR – 3.72 MYR · the 3.03 MYR price screens above the 2.98 MYR fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Spritzer Bhd, an investment holding company, (7103) currently trades at 3.03 MYR, while our model-based Fair Value estimate is 2.98 MYR, implying the stock looks roughly 1.7% fairly valued today. The Quality Score stands at 65/100 (solid quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Spritzer Bhd, an investment holding company, generated revenue of 668M MYR at a net margin of 14.0%. Revenue grew 6.5% year over year. It earns a return on equity of 14.6%. Net debt stands at 27.0M MYR. Fundamentals as of Jul 15, 2026

Our scenario range runs from 2.06 MYR (bear case) to 3.72 MYR (bull case); at 3.03 MYR, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high and 107% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -9% fair-value upside, at -2%, 7103 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF 1.78 MYR 2.85 MYR 4.39 MYR 80
Residual Income 0.9400 MYR 1.11 MYR 2.14 MYR 76
Rev-Margin DCF 1.34 MYR 2.18 MYR 3.26 MYR 74
All 26 models by family
DCF Models
FCF DCF 1.81 MYR 3.03 MYR 4.92 MYR 38
Owner Earnings 1.32 MYR 2.20 MYR 3.57 MYR 31
5Y Revenue Exit 1.34 MYR 2.18 MYR 3.29 MYR 39
5Y EBITDA Exit 3.62 MYR 6.90 MYR 11.08 MYR 41
5Y P/E Exit 1.97 MYR 3.47 MYR 5.19 MYR 38
10Y Revenue Exit 1.47 MYR 2.28 MYR 3.49 MYR 36
10Y EBITDA Exit 2.89 MYR 5.45 MYR 9.47 MYR 37
10Y P/E Exit 1.88 MYR 3.15 MYR 4.95 MYR 35
Earnings-Based
Graham-Dodd 0.9600 MYR 4.57 MYR 6.29 MYR 54
Lynch FV 1.21 MYR 1.73 MYR 2.25 MYR 50
PEG = 1.0 1.21 MYR 1.73 MYR 2.25 MYR 46
EPV 3.42 MYR 3.88 MYR 4.27 MYR 59
Dividend Discount
Gordon GGM 0.3100 MYR 0.5600 MYR 0.7700 MYR 70
DDM Multi-Stage 0.3100 MYR 0.5100 MYR 0.6000 MYR 61
Multiples
P/E Multiple 2.23 MYR 2.98 MYR 3.72 MYR 63
P/S Multiple 1.23 MYR 1.64 MYR 2.05 MYR 58
P/B Multiple 1.81 MYR 2.41 MYR 3.01 MYR 55
EV/EBIT 6.04 MYR 8.04 MYR 10.05 MYR 53
EV/EBITDA 5.13 MYR 6.83 MYR 8.54 MYR 54
EV/Revenue 1.10 MYR 1.56 MYR 2.02 MYR 43
Asset-Based
NCAV (Graham) 0.5100 MYR 0.6900 MYR 1.03 MYR 50
Growth DCF
Growth DCF 1.78 MYR 2.85 MYR 4.39 MYR 80
Rev-Margin DCF 1.34 MYR 2.18 MYR 3.26 MYR 74
Economic Profit
Residual Income 0.9400 MYR 1.11 MYR 2.14 MYR 76
ROIC Compounder 3.74 MYR 4.62 MYR 5.61 MYR 72
Growth Earnings
Growth-Adj P/E 1.91 MYR 2.73 MYR 3.55 MYR 68

Widest divergence: DCF Models (3.03 MYR) versus Dividend Discount (0.5100 MYR). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 668M MYR
Revenue growth (YoY) +6.5%
Net margin 14.0%
Return on equity 14.6%
Free cash flow 108M MYR FY2026
P/E ratio 20.8
More key figures
Operating margin 18.7%
EPS (TTM) 0.1400 MYR
Dividend yield 1.7%
EPS growth (YoY) +13.4%
Net debt 27.0M MYR FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 66 · Market factors (momentum, volatility) 81

Profitability 67
Margins and returns on capital today
Quality Growth 67
Are margins and returns improving?
Cashflow 73
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 53
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 74
Price trend over the last 3–12 months (market factor)
52W Momentum 99
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Spritzer Bhd, an investment holding company, engages in the production and sale of bottled water in Malaysia and internationally. It operates through three segments: Manufacturing, Trading, and Others.

Full company description

Spritzer Bhd, an investment holding company, engages in the production and sale of bottled water in Malaysia and internationally. It operates through three segments: Manufacturing, Trading, and Others. The company offers natural mineral water, carbonated flavored water, distilled water, drinking water, non-carbonated flavored water, preforms and bottles made of polyethylene terephthalate (PET), caps, toothbrushes, and other plastic products. It is also involved in the trade and distribution of bottled water and other consumer products; the operation of recreational parks and mini golf courses; and development and investment in properties. The company offers its products under the Spritzer, Spritzer Sparkling, Spritzer Tinge, Spritzer So Tinge, Cactus, Desa and Summer brands. Spritzer Bhd was founded in 1989 and is based in Taiping, Malaysia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Spritzer Bhd, an investment holding company, reported revenue of 657M MYR in FY2026 versus 331M MYR in FY2022, a compound +18.7%/yr. Reported net income was 90.8M MYR in FY2026, compounding +39.1%/yr from FY2022.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
657M MYR
Latest YoY
+13.4%
Avg. growth/yr (3Y) 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.
+14.9%
Avg. growth/yr (5Y) 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.
+16.3%
Avg. growth/yr (14Y) 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.
+9.8%
Revenue +18.7%/yr
FY22 331M MYR
FY23 433M MYR
FY24 491M MYR
FY25 579M MYR
FY26 657M MYR
Net income +39.1%/yr
FY22 24.2M MYR
FY23 37.0M MYR
FY24 49.5M MYR
FY25 71.1M MYR
FY26 90.8M MYR

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Cite: Fair Value Calculator (2026). "Spritzer Bhd, an investment holding company, Fair Value". https://www.fairvalue-calculator.com/stock/7103

Peer Group

Beverages - Non-Alcoholic · 92 stocks

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.

Quality Score 65 · Above median
Fair Value upside −2% · Above median
Return on equity (TTM) 15% · Above median
Return on assets 10% · Above median
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 19% · Top 25%
Revenue growth 7% · Below median
Dividend yield (TTM) 1.7% · Below median
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Beverages - Non-Alcoholic median · lower = cheaper

P/E (TTM) 20.8× · Pricier than median
P/B 0.69× · Cheaper than 75% of peers
P/S (TTM) 0.68× · Cheaper than median
P/FCF 4.2× · Pricier than median
EV/EBITDA 2.8× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 31 · sector 27
FUTURE 33 · sector 44
PAST 58 · sector 48
HEALTH 99 · sector 95
DIVIDEND 34 · sector 46

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Alcohol

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Beverages - Non-Alcoholic stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
The Coca-Cola Company KO $87.05 $36.57 -58%
PepsiCo, Inc PEP $139.02 $106.91 -23%
Nongfu Spring Co 9633 HK$41.44 HK$30.72 -26%
Coca-Cola Europacific Partners PLC CCEP €92.10 €85.41 -7%
Keurig Dr Pepper Inc KDP $31.25 $30.99 -1%
Coca-Cola FEMSA, S.A. KOF $102.04 $106.45 +4%
Coca-Cola HBC AG EEE €57.90 €52.82 -9%
Varun Beverages Limited VBL ₹495.70 ₹187.49 -62%
Eastroc Beverage (Group) Co 605499 ¥124.43 ¥107.57 -14%
MIXUE Group 2097 HK$229.20 HK$339.26 +48%

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Frequently asked questions

Is Spritzer Bhd, an investment holding company, (7103) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 2.98 MYR versus a price of 3.03 MYR, about −2% (fairly valued).
What is the fair value of 7103?
Our model-based fair value for Spritzer Bhd, an investment holding company, is 2.98 MYR (as of Jul 15, 2026), built from audited fundamentals. The current price is 3.03 MYR.
What is the quality score of 7103?
Spritzer Bhd, an investment holding company, has a Quality Score of 65/100. 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 revenue of Spritzer Bhd, an investment holding company, (7103)?
Spritzer Bhd, an investment holding company, reported trailing-twelve-month revenue of about 668M MYR (latest available figure, as of Jul 15, 2026).
What is the net profit margin of 7103?
The net profit margin of Spritzer Bhd, an investment holding company, is about 14.0%, meaning it keeps roughly 14.0% of revenue as net income. Based on the latest reported figures.
Does Spritzer Bhd, an investment holding company, pay a dividend?
Spritzer Bhd, an investment holding company, currently shows a dividend yield of about 2.01% relative to its recent price (as of Jul 15, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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