INFRONEER Holdings (96L) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of INFRONEER Holdings €39.08, price €15.30, upside +155.4%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
In Frankfurt, only 0 of the last 21 trading days (30 days) had any turnover. On the other days the price is an indicative quote without trading, so we do not list this stock in the radar. It stays reachable through search.
IHBroad dataSep 30, 2026
INFRONEER Holdings
96L · F
Clearly undervaluedStrong Fair Value upside, but quality is only moderate.
✓Fair value €39.08 · Strongly undervalued (+155.4%)
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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 30, 2026.
How to read this chart
30‑month range €6.01 – €16.20 · fair‑value band €27.36 – €50.81 · the €15.30 price screens below the €39.08 fair value. Dashed = 300-day average. As of Sep 30, 2026.
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INFRONEER Holdings Inc., together with its subsidiaries, provides infrastructure services in Japan. The company operates through three segments: Building Construction; Civil Engineering; and Paving. It provides constructed on work and related business for multi-dwelling complexes, factories and logistics centers, bridges and tunnels.
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INFRONEER Holdings Inc., together with its subsidiaries, provides infrastructure services in Japan. The company operates through three segments: Building Construction; Civil Engineering; and Paving. It provides constructed on work and related business for multi-dwelling complexes, factories and logistics centers, bridges and tunnels. The company is also involved in manufacturing and sale of asphalt mixture, and related businesses; providing construction work, including pavement; and sales and rental of construction machinery and related businesses. In addition, it engages in business investment in the development, operation, and maintenance; sale of solar and wind power generation projects; and concession projects, such as acquisition of operating rights for public infrastructure, etc. The company was incorporated in 2021 and is headquartered in Tokyo, Japan.
Stock analysis
INFRONEER Holdings (96L) currently trades at €15.30, while our model-based Fair Value estimate is €39.08, implying the stock looks roughly 60.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €48.41 per share, and 20 of the 26 models we run sit above the €15.30 price.
Bear case: the Dividend Discount group reads lowest at €5.98, and 6 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: €27.36 (bear) to €50.81 (bull), the price of €15.30 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 54/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
INFRONEER Holdings reported revenue of ¥1.1T in FY2026 versus ¥683B in FY2022, a compound +13.3%/yr. Reported net income was ¥76.6B in FY2026, compounding +30.1%/yr from FY2022.
Key figures
Market cap €3.9B · P/E ratio 10.7 · P/S ratio 0.73 · EPS (TTM) €1.43 · Dividend yield 4.4% · Net margin 6.8% · Return on equity 23.8% · Return on assets (EBIT) 3.6%.
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 6% below its 52-week high and 79% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at 155%, 96L screens cheaper than that median.
Fair Value models
Bear €27.36Fair Value €39.08Bull €50.81
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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+32.7%
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.
+16.5%
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in JPY ⓘ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 JPY: 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.
≈ +16.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.2%
Dividend (yield on the price)4.4%
Profit margin 2022 to 2026 ⓘ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.6% → 6%
⚠ Rate on operating basis: 2026 sits 131% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
−13.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about −15.7% a year for the price and +6.7% for the forecasts.
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.Engineering & Construction · 779 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside+153.8% · Top 25%
Profitability
Return on equity (TTM)23.8% · Top 25%
Return on assets2.5% · Above median
Net margin (TTM)11.7% · Top 25%
Operating margin (TTM)4.4% · Below median
Growth and dividend
Revenue growth60.9% · Top 25%
Dividend yield (TTM)4.4% · Top 25%
Balance sheet
Debt / equity0.68× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "INFRONEER Holdings Fair Value". https://www.fairvalue-calculator.com/stock/96L
Frequently asked questions
Is INFRONEER Holdings (96L) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of €39.08 versus a price of €15.30, about +155% upside (undervalued).
What is the fair value of 96L?
Our model-based fair value for INFRONEER Holdings is €39.08 (as of Sep 30, 2026), built from audited fundamentals. The current price: €15.30.
What is the quality score of 96L?
INFRONEER Holdings has a Quality Score of 54/100. 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 INFRONEER Holdings (96L)?
Our model-based price target is the fair value of €39.08 (as of Sep 30, 2026) from 26 valuation models. Cautious scenario €27.36, optimistic scenario €50.81. It is a calculation from audited fundamentals, not an analyst target.
What is the INFRONEER Holdings stock forecast for 2026?
Our models put fair value at €39.08, about +155% upside versus a price of €15.30 (undervalued). Cautious scenario €27.36, optimistic scenario €50.81. The calculation is refreshed regularly with new filings.
What is the revenue of INFRONEER Holdings (96L)?
INFRONEER Holdings reported trailing-twelve-month revenue of about ¥1.2T (latest available figure, as of Sep 30, 2026).
Does INFRONEER Holdings pay a dividend?
INFRONEER Holdings currently shows a dividend yield of about 4.43% relative to its recent price (as of Sep 30, 2026).
What growth is priced into INFRONEER Holdings (96L)?
For today's price to be fair in a discounted-cash-flow model, INFRONEER Holdings would have to grow free cash flow by -13.9 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +13.3 % per year. As of Sep 30, 2026.
What discount rate (WACC) does the fair value of 96L use?
Our models discount INFRONEER Holdings at 8.3 %: a base by market capitalisation (mid), damped by beta 0.26, country premium for Germany. 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 INFRONEER Holdings that is -13.9 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has INFRONEER Holdings (96L) delivered so far?
Over the past 4 years revenue at INFRONEER Holdings grew +13.3 % a year. The price currently implies -13.9 % 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 INFRONEER Holdings (96L) growing?
The median revenue growth in the sector is +7.0 % a year. That is the yardstick for the growth priced into INFRONEER Holdings (-13.9 % 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 INFRONEER Holdings (96L)?
The free-cash-flow yield on the price is 20.39 %: that much free cash flow INFRONEER Holdings produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of INFRONEER Holdings (96L)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For INFRONEER Holdings it is €39.08 per share (as of Sep 30, 2026), against a price of €15.30. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is INFRONEER Holdings stock overvalued or undervalued in 2026?
As of Sep 30, 2026, 96L trades below its calculated fair value: price €15.30, fair value €39.08, a gap of about +155% (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 96L?
No. The price is what the market pays today (€15.30); the fair value is what the company's own numbers justify (€39.08). For INFRONEER Holdings the two are €23.78 per share apart. That gap is exactly why we show both numbers side by side.
How much is INFRONEER Holdings worth?
The market values INFRONEER Holdings at about €3.9B (market capitalisation, as of Sep 30, 2026). Per share that is €15.30; our models calculate a fair value of €39.08 per share.
What do the bullish and bearish scenarios say about 96L?
Our models span a range for INFRONEER Holdings: cautious scenario €27.36, base €39.08, optimistic €50.81 per share (as of Sep 30, 2026, price €15.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 96L?
INFRONEER Holdings trades at a price-to-earnings ratio of 10.7 (as of Sep 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €39.08 is built from several models across several years. Other multiples: P/B 1.1, P/S 0.6, EV/EBITDA 6.5.
How solid is the balance sheet of INFRONEER Holdings (96L)?
Balance-sheet figures for INFRONEER Holdings (as of Sep 30, 2026): return on equity 23.8%, debt of 0.68 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 96L from its 52-week high?
INFRONEER Holdings trades at €15.30, about 6% below its 52-week high of €16.20 and 79% above the low of €8.55 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of €39.08 is for.
Which stocks are comparable to INFRONEER Holdings?
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 INFRONEER Holdings stock attractive at the current price?
The data as of Sep 30, 2026: price €15.30, calculated fair value €39.08 (+155%), Quality Score 54/100, from 26 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 96L calculated?
We run INFRONEER Holdings through 26 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 €39.08, 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 14.5 % above its aggregate fair value. INFRONEER Holdings currently trades 61 % 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 INFRONEER Holdings (96L)?
The closing price on Oct 1, 2026 was €15.30. Our model-based fair value is €39.08, about +155% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with INFRONEER Holdings right now?
The price is below even our cautious bear case (€27.36). The market is more pessimistic than our downside scenario. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€27.36 to €50.81) leaves room in how you read the outcome.
Key figures of INFRONEER Holdings
How large is the market capitalisation of INFRONEER Holdings (96L)?
The market capitalisation of INFRONEER Holdings is €3.9B. 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 INFRONEER Holdings (96L)?
The price-to-sales ratio of INFRONEER Holdings is 0.73 (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 INFRONEER Holdings (96L)?
Earnings per share at INFRONEER Holdings are €1.43 (price ÷ EPS = P/E 10.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of INFRONEER Holdings (96L)?
The dividend yield of INFRONEER Holdings is 4.4% (payout 47.4%). 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 INFRONEER Holdings (96L)?
The net margin of INFRONEER Holdings is 6.8% (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 INFRONEER Holdings (96L)?
The return on equity (ROE) of INFRONEER Holdings is 23.8% (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 INFRONEER Holdings (96L)?
On an EBIT basis the return on assets of INFRONEER Holdings is 3.6% (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 INFRONEER Holdings (96L)?
The operating margin of INFRONEER Holdings is 4.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at INFRONEER Holdings (96L)?
Revenue at INFRONEER Holdings is growing +60.9% versus a year earlier (3y avg +16.5%). 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 INFRONEER Holdings (96L)?
Earnings per share at INFRONEER Holdings are growing +810% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does INFRONEER Holdings (96L) carry?
The net debt of INFRONEER Holdings is ¥212B (fiscal year 2026, ≈ 1.5 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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