RIVERSTONE HOLDINGS LIMITED (AP4) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of RIVERSTONE HOLDINGS LIMITED S$0.87, price S$0.77, upside +13.7%, quality 74 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 27, 2026.
How to read this chart
60‑month range 0.3210 SGD – 0.9515 SGD · fair‑value band 0.6200 SGD – 1.21 SGD · the 0.7650 SGD price screens below the 0.8700 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Riverstone Holdings Limited, an investment holding company, engages in the manufacture and distribution of cleanroom and healthcare gloves in Malaysia, Thailand, and China.
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Riverstone Holdings Limited, an investment holding company, engages in the manufacture and distribution of cleanroom and healthcare gloves in Malaysia, Thailand, and China. The company offers cleanroom gloves, healthcare gloves, cleanroom face masks, fingercots, static shielding bags, face masks, wipers, cleanroom packaging bags, and other cleanroom consumables. It sells its products under the RS brand for use in the hard disk drive and semiconductor industries. It also exports its products to Asia, Europe, and the United States. Riverstone Holdings Limited was founded in 1989 and is based in Singapore.
Stock analysis
RIVERSTONE HOLDINGS LIMITED (AP4) currently trades at 0.7650 SGD, while our model-based Fair Value estimate is 0.8700 SGD, implying the stock looks roughly 12.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 0.8300 SGD per share, and 15 of the 26 models we run sit above the 0.7650 SGD price.
Bear case: the Asset-Based group reads lowest at 0.2100 SGD, and 11 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.6200 SGD (bear) to 1.21 SGD (bull), the price of 0.7650 SGD sits inside 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 74/100 (solid quality), in the Healthcare sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
RIVERSTONE HOLDINGS LIMITED reported revenue of 995M MYR in FY2025 versus 3.1B MYR in FY2021, a compound −24.6%/yr. Reported net income was 208M MYR in FY2025, compounding −38.1%/yr from FY2021.
Key figures
Market cap 1.1B SGD (≈ $885M) · P/E ratio 19.1 · P/S ratio 3.99 · EPS (TTM) 0.0400 SGD · Net margin 20.9% · Return on equity 14.7% · Return on assets (EBIT) 27.1% · Operating margin 31.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −38% fair-value upside, at 14%, AP4 screens cheaper than that median.
Fair Value models
Bear 0.6200 SGDFair Value 0.8700 SGDBull 1.21 SGD
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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−7.2%
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.
−7.5%
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.
−11.5%
Start year 2020 (pandemic). Over 10 years: +5.9% a year
Revenue growth 12 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.
+8.9%
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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.
−20.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−20.3%
Dividend (yield on the price)0.0%
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.−20.3% vs 10.2%, slowing
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.46% → 25%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less 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).
−30.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about −31.8% a year for the price.
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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.Medical Instruments & Supplies · 189 stocks
Beats the industry median on 14/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside+13.7% · Above median
Profitability
Return on equity (TTM)14.7% · Top 25%
Return on assets10.1% · Top 25%
Net margin (TTM)21.7% · Top 25%
Operating margin (TTM)31.0% · Top 25%
Growth and dividend
Revenue growth8.9% · Above median
Dividend yield (TTM)16.3% · Top 25%
Valuation Multiplesvs Medical Instruments & Supplies 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.
Is RIVERSTONE HOLDINGS LIMITED (AP4) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 0.8700 SGD versus a price of 0.7650 SGD, about +14% upside (undervalued).
What is the fair value of AP4?
Our model-based fair value for RIVERSTONE HOLDINGS LIMITED is 0.8700 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 0.7650 SGD.
What is the quality score of AP4?
RIVERSTONE HOLDINGS LIMITED has a Quality Score of 74/100. 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 RIVERSTONE HOLDINGS LIMITED (AP4)?
Our model-based price target is the fair value of 0.8700 SGD (as of Sep 27, 2026) from 26 valuation models. Cautious scenario 0.6200 SGD, optimistic scenario 1.21 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the RIVERSTONE HOLDINGS LIMITED stock forecast for 2026?
Our models put fair value at 0.8700 SGD, about +14% upside versus a price of 0.7650 SGD (undervalued). Cautious scenario 0.6200 SGD, optimistic scenario 1.21 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of RIVERSTONE HOLDINGS LIMITED (AP4)?
RIVERSTONE HOLDINGS LIMITED reported trailing-twelve-month revenue of about 979M SGD (latest available figure, as of Sep 27, 2026).
What growth is priced into RIVERSTONE HOLDINGS LIMITED (AP4)?
For today's price to be fair in a discounted-cash-flow model, RIVERSTONE HOLDINGS LIMITED would have to grow free cash flow by -30.4 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -11.5 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of AP4 use?
Our models discount RIVERSTONE HOLDINGS LIMITED at 10.3 %: a base by market capitalisation (small), damped by beta 0.76, country premium for Singapore. 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 RIVERSTONE HOLDINGS LIMITED that is -30.4 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has RIVERSTONE HOLDINGS LIMITED (AP4) delivered so far?
Over the past 5 years revenue at RIVERSTONE HOLDINGS LIMITED grew -11.5 % a year. The price currently implies -30.4 % 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 RIVERSTONE HOLDINGS LIMITED (AP4) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into RIVERSTONE HOLDINGS LIMITED (-30.4 % 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 RIVERSTONE HOLDINGS LIMITED (AP4)?
The free-cash-flow yield on the price is 19.63 %: that much free cash flow RIVERSTONE HOLDINGS LIMITED produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of RIVERSTONE HOLDINGS LIMITED (AP4)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For RIVERSTONE HOLDINGS LIMITED it is 0.8700 SGD per share (as of Sep 27, 2026), against a price of 0.7650 SGD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is RIVERSTONE HOLDINGS LIMITED stock overvalued or undervalued in 2026?
As of Sep 27, 2026, AP4 trades below its calculated fair value: price 0.7650 SGD, fair value 0.8700 SGD, a gap of about +14% (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 AP4?
No. The price is what the market pays today (0.7650 SGD); the fair value is what the company's own numbers justify (0.8700 SGD). For RIVERSTONE HOLDINGS LIMITED the two are 0.1050 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is RIVERSTONE HOLDINGS LIMITED worth?
The market values RIVERSTONE HOLDINGS LIMITED at about 1.1B SGD (market capitalisation, as of Sep 27, 2026). Per share that is 0.7650 SGD; our models calculate a fair value of 0.8700 SGD per share.
What do the bullish and bearish scenarios say about AP4?
Our models span a range for RIVERSTONE HOLDINGS LIMITED: cautious scenario 0.6200 SGD, base 0.8700 SGD, optimistic 1.21 SGD per share (as of Sep 27, 2026, price 0.7650 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AP4?
RIVERSTONE HOLDINGS LIMITED trades at a price-to-earnings ratio of 19.1 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.8700 SGD is built from several models across several years. Other multiples: PEG 0.5, P/B 0.8, P/S 1.2, EV/EBITDA 1.5.
What is the PEG ratio of AP4?
The PEG ratio of RIVERSTONE HOLDINGS LIMITED is 0.50 (P/E divided by earnings growth, as of Sep 27, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of RIVERSTONE HOLDINGS LIMITED (AP4)?
Balance-sheet figures for RIVERSTONE HOLDINGS LIMITED (as of Sep 27, 2026): return on equity 14.7%. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is AP4 from its 52-week high?
RIVERSTONE HOLDINGS LIMITED trades at 0.7650 SGD, about 20% below its 52-week high of 0.9515 SGD and 18% above the low of 0.6475 SGD (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of 0.8700 SGD is for.
Which stocks are comparable to RIVERSTONE HOLDINGS LIMITED?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Becton, Dickinson and Company, Medline Inc, 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 RIVERSTONE HOLDINGS LIMITED stock attractive at the current price?
The data as of Sep 27, 2026: price 0.7650 SGD, calculated fair value 0.8700 SGD (+14%), Quality Score 74/100, 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 AP4 calculated?
We run RIVERSTONE HOLDINGS LIMITED 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 0.8700 SGD, 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. RIVERSTONE HOLDINGS LIMITED currently trades 12 % 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 RIVERSTONE HOLDINGS LIMITED (AP4)?
The closing price on Oct 1, 2026 was 0.7650 SGD. Our model-based fair value is 0.8700 SGD, about +14% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with RIVERSTONE HOLDINGS LIMITED right now?
A fairly wide model range (0.6200 SGD to 1.21 SGD) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of RIVERSTONE HOLDINGS LIMITED
How large is the market capitalisation of RIVERSTONE HOLDINGS LIMITED (AP4)?
The market capitalisation of RIVERSTONE HOLDINGS LIMITED is 1.1B SGD (≈ $885M). 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 RIVERSTONE HOLDINGS LIMITED (AP4)?
The price-to-sales ratio of RIVERSTONE HOLDINGS LIMITED is 3.99 (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 RIVERSTONE HOLDINGS LIMITED (AP4)?
Earnings per share at RIVERSTONE HOLDINGS LIMITED are 0.0400 SGD (price ÷ EPS = P/E 19.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of RIVERSTONE HOLDINGS LIMITED (AP4)?
The net margin of RIVERSTONE HOLDINGS LIMITED is 20.9% (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 RIVERSTONE HOLDINGS LIMITED (AP4)?
The return on equity (ROE) of RIVERSTONE HOLDINGS LIMITED is 14.7% (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 RIVERSTONE HOLDINGS LIMITED (AP4)?
On an EBIT basis the return on assets of RIVERSTONE HOLDINGS LIMITED is 27.1% (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 RIVERSTONE HOLDINGS LIMITED (AP4)?
The operating margin of RIVERSTONE HOLDINGS LIMITED is 31.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at RIVERSTONE HOLDINGS LIMITED (AP4)?
Revenue at RIVERSTONE HOLDINGS LIMITED is growing +8.9% versus a year earlier (3y avg −7.5%). 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 RIVERSTONE HOLDINGS LIMITED (AP4)?
Earnings per share at RIVERSTONE HOLDINGS LIMITED are growing +45.0% versus a year earlier. How much earnings per share grew versus a year earlier.
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