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RIVERSTONE HOLDINGS LIMITED (AP4) Fair Value & Analysis

Healthcare · SG · Market cap 1.3B SGD

RH RIVERSTONE HOLDINGS LIMITED AP4 · SG
Price0.8300 SGD
Fair Value0.9600 SGD
Upside+15.7%
Quality73/100
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Weak Growth
Highly profitable · 20.1% net margin
Low debt · generates free cash flow
11.83% dividend yield
Ranks above peers (14/15)
Wide moat 70/100
Evidence: High Range 0.6600 SGD – 1.21 SGD Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 4 days ago

Share price −2.9% over the past month.

A solid business, screening 16% undervalued on our models.

What matters now

  • A fairly wide model range (0.6600 SGD to 1.21 SGD) leaves room in how you read the outcome.
  • Our model range runs from 0.6600 SGD (bear) to 1.21 SGD (bull), base 0.9600 SGD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 73/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

0.9700 SGD 0.3272 SGD Fair Value 0.9600 SGD May 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 0.3272 SGD – 0.9700 SGD · fair‑value band 0.6600 SGD – 1.21 SGD · the 0.8300 SGD price screens below the 0.9600 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

RIVERSTONE HOLDINGS LIMITED (AP4) currently trades at 0.8300 SGD, while our model-based Fair Value estimate is 0.9600 SGD, implying the stock looks roughly 15.7% undervalued today. The Quality Score stands at 73/100 (solid quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, RIVERSTONE HOLDINGS LIMITED generated revenue of 957M SGD at a net margin of 20.1%. Revenue declined 15.1% year over year. It earns a return on equity of 13.6%. The stock trades on a trailing P/E of 20.8. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.6600 SGD (bear case) to 1.21 SGD (bull case); at 0.8300 SGD, 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 16% below its 52-week high and 35% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -46% fair-value upside, at 16%, AP4 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 1.89 SGD 2.58 SGD 3.51 SGD 80
Residual Income 0.9200 SGD 1.07 SGD 1.64 SGD 76
Rev-Margin DCF 1.82 SGD 2.65 SGD 3.65 SGD 74
All 26 models by family
DCF Models
FCF DCF 1.89 SGD 2.63 SGD 3.66 SGD 38
Owner Earnings 1.71 SGD 2.36 SGD 3.27 SGD 31
5Y Revenue Exit 1.82 SGD 2.65 SGD 3.73 SGD 39
5Y EBITDA Exit 2.21 SGD 3.41 SGD 4.84 SGD 41
5Y P/E Exit 2.25 SGD 3.49 SGD 4.82 SGD 38
10Y Revenue Exit 1.79 SGD 2.52 SGD 3.54 SGD 36
10Y EBITDA Exit 2.06 SGD 3.01 SGD 4.33 SGD 37
10Y P/E Exit 2.08 SGD 3.06 SGD 4.32 SGD 35
Earnings-Based
Graham-Dodd 0.9500 SGD 3.40 SGD 4.58 SGD 54
Lynch FV 0.8000 SGD 1.14 SGD 1.49 SGD 50
PEG = 1.0 0.8000 SGD 1.14 SGD 1.49 SGD 46
EPV 1.19 SGD 1.29 SGD 1.38 SGD 59
Dividend Discount
Gordon GGM 1.55 SGD 2.80 SGD 3.85 SGD 70
DDM Multi-Stage 1.55 SGD 2.56 SGD 2.99 SGD 61
Multiples
P/E Multiple 2.31 SGD 3.08 SGD 3.86 SGD 63
P/S Multiple 1.76 SGD 2.35 SGD 2.94 SGD 58
P/B Multiple 1.79 SGD 2.38 SGD 2.98 SGD 55
EV/EBIT 2.53 SGD 3.23 SGD 3.93 SGD 53
EV/EBITDA 2.66 SGD 3.41 SGD 4.15 SGD 54
EV/Revenue 1.84 SGD 2.44 SGD 3.04 SGD 43
Asset-Based
NCAV (Graham) 0.5000 SGD 0.6700 SGD 1.00 SGD 50
Growth DCF
Growth DCF 1.89 SGD 2.58 SGD 3.51 SGD 80
Rev-Margin DCF 1.82 SGD 2.65 SGD 3.65 SGD 74
Economic Profit
Residual Income 0.9200 SGD 1.07 SGD 1.64 SGD 76
ROIC Compounder 1.23 SGD 1.42 SGD 1.65 SGD 72
Growth Earnings
Growth-Adj P/E 1.58 SGD 2.26 SGD 2.93 SGD 68

Widest divergence: DCF Models (2.65 SGD) versus Asset-Based (0.6700 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 957M SGD
Revenue growth (YoY) -15.1%
Net margin 20.1%
Return on equity 13.6%
Free cash flow 223M SGD FY2025
P/E ratio 20.8
More key figures
Operating margin 24.6%
EPS (TTM) 0.0400 SGD
Dividend yield 11.8%
EPS growth (YoY) -27.2%

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

Quality Score breakdown

Overall quality 73/100

Of which business quality 72 · Market factors (momentum, volatility) 59

Profitability 58
Margins and returns on capital today
Quality Growth 14
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 60
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

Riverstone Holdings Limited, an investment holding company, engages in the manufacture and distribution of cleanroom and healthcare gloves in Malaysia, Thailand, and China.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

RIVERSTONE HOLDINGS LIMITED reported revenue of 995M SGD in FY2025 versus 3.1B SGD in FY2021, a compound −24.6%/yr. Reported net income was 208M SGD in FY2025, compounding −38.1%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
995M SGD
Latest YoY
−7.2%
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.
−7.5%
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.
−11.5%
Avg. growth/yr (12Y) ⓘ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.
+8.9%
Revenue −24.6%/yr
FY21 3.1B SGD
FY22 1.3B SGD
FY23 915M SGD
FY24 1.1B SGD
FY25 995M SGD
Net income −38.1%/yr
FY21 1.4B SGD
FY22 314M SGD
FY23 220M SGD
FY24 287M SGD
FY25 208M SGD

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RIVERSTONE HOLDINGS LIMITED · Fair Value
0.9600 SGD +16%Fair Value
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Cite: Fair Value Calculator (2026). "RIVERSTONE HOLDINGS LIMITED Fair Value". https://www.fairvalue-calculator.com/stock/AP4

Peer Group

Medical Instruments & Supplies · 204 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 73 · Top 25%
Fair Value upside +16% · Top 25%
Return on equity (TTM) 14% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 25% · Top 25%
Revenue growth -15% · Bottom 25%
Dividend yield (TTM) 11.8% · Top 25%

Valuation Multiples vs Medical Instruments & Supplies median · lower = cheaper

P/E (TTM) 20.8× · Cheaper than median
P/B 0.67× · Cheaper than 75% of peers
P/S (TTM) 1.03× · Cheaper than median
P/FCF 4.4× · Cheaper than median
EV/EBITDA 1.2× · Cheaper than 75% of peers
PEG 0.95× · 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 54 · sector 0
FUTURE 0 · sector 27
PAST 54 · sector 25
HEALTH 100 · sector 96
DIVIDEND 100 · sector 37

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 Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Intuitive Surgical, Inc ISRG $401.27 $150.04 -63%
EssilorLuxottica Société anonyme 1EL €164.40 €68.55 -58%
Medline Inc MDLN $35.50 $30.15 -15%
Becton, Dickinson and Company BDX $181.41 $100.46 -45%
Alcon Inc ALC $73.58 $39.78 -46%
ResMed Inc RMD $226.00 $187.89 -17%
West Pharmaceutical Services, Inc WST $352.29 $141.58 -60%
Sartorius Stedim Biotech S.A DIM €180.30 €48.88 -73%
Coloplast A/S COLOB kr 429.70 kr 382.22 -11%
Gan & Lee Pharmaceuticals., a biopharmaceutical company, 603087 ¥77.48 ¥27.22 -65%

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Frequently asked questions

Is RIVERSTONE HOLDINGS LIMITED (AP4) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.9600 SGD versus a price of 0.8300 SGD, about +16% (undervalued).
What is the fair value of AP4?
Our model-based fair value for RIVERSTONE HOLDINGS LIMITED is 0.9600 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.8300 SGD.
What is the quality score of AP4?
RIVERSTONE HOLDINGS LIMITED has a Quality Score of 73/100. 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 RIVERSTONE HOLDINGS LIMITED (AP4)?
RIVERSTONE HOLDINGS LIMITED reported trailing-twelve-month revenue of about 957M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of AP4?
The net profit margin of RIVERSTONE HOLDINGS LIMITED is about 20.1%, meaning it keeps roughly 20.1% of revenue as net income. Based on the latest reported figures.
Does RIVERSTONE HOLDINGS LIMITED pay a dividend?
RIVERSTONE HOLDINGS LIMITED currently shows a dividend yield of about 11.83% relative to its recent price (as of Aug 13, 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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