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Vistar Holdings Ltd (8535) Fair Value & Analysis

Industrials · HK · Market cap HK$154M

VH Vistar Holdings Ltd 8535 · HK
PriceHK$0.1200
Fair ValueHK$0.0700
Upside-41.7%
Quality60/100
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Weak Growth
Thin margins · 0.6% net margin
Low debt · generates free cash flow
Mixed vs. peers (5/11)
Narrow moat 18/100
Evidence: High Range HK$0.0700 – HK$0.0700 Share as image

Fair value as of: Aug 13, 2026

From 22 valuation models · updated 3 days ago

Share price +3.4% over the past month.

A solid business, but screening 42% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (HK$0.0700). The favourable scenario is already priced in.
  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

HK$0.4667 HK$0.0330 Fair Value HK$0.0700 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$0.0330 – HK$0.4667 · the HK$0.1200 price screens above the HK$0.0700 fair value. Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Vistar Holdings Ltd (8535) currently trades at HK$0.1200, while our model-based Fair Value estimate is HK$0.0700, implying the stock looks roughly 41.7% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials 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, Vistar Holdings Ltd generated revenue of HK$274M at a net margin of 0.6%. Revenue declined 14.7% year over year. It earns a return on equity of 0.9%. The balance sheet holds a net cash position of HK$36.8M. Fundamentals as of Aug 13, 2026

The share trades about 57% below its 52-week high and 46% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at -42%, 8535 screens richer 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 HK$0.1800 HK$0.2000 HK$0.2400 80
Residual Income HK$0.0800 HK$0.0700 HK$0.0500 76
Rev-Margin DCF HK$0.1300 HK$0.1400 HK$0.1700 74
All 22 models by family
DCF Models
FCF DCF HK$0.1700 HK$0.2000 HK$0.2400 38
Owner Earnings HK$0.0900 HK$0.1000 HK$0.1100 31
5Y Revenue Exit HK$0.1300 HK$0.1400 HK$0.1600 39
5Y EBITDA Exit HK$0.1500 HK$0.1900 HK$0.2300 41
5Y P/E Exit HK$0.1200 HK$0.1400 HK$0.1500 38
10Y Revenue Exit HK$0.1500 HK$0.1600 HK$0.1800 36
10Y EBITDA Exit HK$0.1600 HK$0.1900 HK$0.2100 37
10Y P/E Exit HK$0.1500 HK$0.1600 HK$0.1700 35
Earnings-Based
Graham-Dodd HK$0.0100 HK$0.0100 HK$0.0200 54
EPV HK$0.0800 HK$0.0800 HK$0.0900 59
Multiples
P/E Multiple HK$0.0300 HK$0.0400 HK$0.0400 63
P/S Multiple HK$0.0200 HK$0.0200 HK$0.0300 58
P/B Multiple HK$0.0200 HK$0.0200 HK$0.0300 55
EV/EBIT HK$0.1200 HK$0.1400 HK$0.1600 53
EV/EBITDA HK$0.1500 HK$0.1800 HK$0.2100 54
EV/Revenue HK$0.0900 HK$0.1000 HK$0.1200 43
Asset-Based
NCAV (Graham) HK$0.0700 HK$0.0900 HK$0.1300 50
Growth DCF
Growth DCF HK$0.1800 HK$0.2000 HK$0.2400 80
Rev-Margin DCF HK$0.1300 HK$0.1400 HK$0.1700 74
Economic Profit
Residual Income HK$0.0800 HK$0.0700 HK$0.0500 76
ROIC Compounder HK$0.0800 HK$0.0800 HK$0.0900 72
Growth Earnings
Growth-Adj P/E HK$0.0200 HK$0.0300 HK$0.0300 68

Widest divergence: DCF Models (HK$0.1600) versus Earnings-Based (HK$0.0100). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$274M
Revenue growth (YoY) -14.7%
Net margin 0.6%
Return on equity 0.9%
Free cash flow HK$18.3M FY2025
Operating margin 2.9%
More key figures
EPS growth (YoY) +11,300%
Net cash HK$36.8M FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 61 · Market factors (momentum, volatility) 31

Profitability 27
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 68
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 29
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 39
Distance to the 52-week high (market factor)
Net Issuance 82
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

Vistar Holdings Limited, an investment holding company, provides electrical and mechanical engineering services in Hong Kong. It operates through three segments: Installation Services, Alteration and Addition Works, and Maintenance Services. The company offers installation, alteration, addition, repair, and maintenance works of fire service systems.

Full company description

Vistar Holdings Limited, an investment holding company, provides electrical and mechanical engineering services in Hong Kong. It operates through three segments: Installation Services, Alteration and Addition Works, and Maintenance Services. The company offers installation, alteration, addition, repair, and maintenance works of fire service systems. Vistar Holdings Limited was incorporated in 2017 and is headquartered in Chai Wan, Hong Kong.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Vistar Holdings Ltd reported revenue of HK$274M in FY2026 versus HK$405M in FY2022, a compound −9.3%/yr. Reported net income was HK$1.5M in FY2026, compounding −48.1%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
HK$274M
Latest YoY
−0.2%
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.
−1.5%
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.
−2.1%
Avg. growth/yr (10Y) ⓘ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.
+8.4%
Revenue −9.3%/yr
FY22 HK$405M
FY23 HK$287M
FY24 HK$313M
FY25 HK$275M
FY26 HK$274M
Net income −48.1%/yr
FY22 HK$20.8M
FY23 HK$4.9M
FY24 HK$5.1M
FY25 HK$1.1M
FY26 HK$1.5M
Character of growth · EPS growth decomposed (2016-2026) −16.5 % p.a.
Revenue per share +8.6 pp

of which total revenue +8.6 pp · buybacks/dilution +0.0 pp

EBIT margin −20.3 pp
Tax rate +0.6 pp
Residual (interest, one-offs) −5.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

8535 screens 42% overvalued. Compare with Larsen & Toubro Limited →

Run the numbers yourself: free valuation calculators
DCF CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorFama-French ModelIntrinsic Value
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Vistar Holdings Ltd · Fair Value
HK$0.0700 −42%Fair Value
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Cite: Fair Value Calculator (2026). "Vistar Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8535

Peer Group

Engineering & Construction · 837 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 60 · Top 25%
Fair Value upside −42% · Below median
Return on equity (TTM) 1% · Below median
Return on assets 1% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth -15% · Below median
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/B 0.12× · Cheaper than 75% of peers
P/S (TTM) 0.07× · Cheaper than 75% of peers
P/FCF 1.1× · Cheaper than median

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 0 · sector 14
FUTURE 0 · sector 15
PAST 4 · sector 26
HEALTH 99 · sector 94
DIVIDEND 0 · sector 43

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

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

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

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,020 ₹1,994 -50%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹230.00 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 46,350 KRW 43,924 KRW -5%

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Frequently asked questions

Is Vistar Holdings Ltd (8535) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.0700 versus a price of HK$0.1200, about −42% (overvalued).
What is the fair value of 8535?
Our model-based fair value for Vistar Holdings Ltd is HK$0.0700 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.1200.
What is the quality score of 8535?
Vistar Holdings Ltd has a Quality Score of 60/100. 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 Vistar Holdings Ltd (8535)?
Vistar Holdings Ltd reported trailing-twelve-month revenue of about HK$274M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 8535?
The net profit margin of Vistar Holdings Ltd is about 0.6%, meaning it keeps roughly 0.6% of revenue as net income. Based on the latest reported figures.

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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