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CORTINA HOLDINGS LIMITED (C41) Fair Value & Analysis

Consumer Cyclical · SG · Market cap 621M SGD

CH CORTINA HOLDINGS LIMITED C41 · SG
Price3.84 SGD
Fair Value8.56 SGD
Upside+122.9%
Quality72/100
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Healthy Growth
Thin margins · 6.6% net margin
Low debt · generates free cash flow
0.53% dividend yield
Ranks above peers (11/14)
Moderate moat 52/100
Evidence: High Range 6.42 SGD – 10.70 SGD Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 4 days ago

Share price +5.2% over the past month.

A solid business, screening 123% undervalued on our models.

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What matters now

  • The rarer combination: high quality (72/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (6.42 SGD). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

4.55 SGD 2.19 SGD Fair Value 8.56 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 2.19 SGD – 4.55 SGD · fair‑value band 6.42 SGD – 10.70 SGD · the 3.84 SGD price screens below the 8.56 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

CORTINA HOLDINGS LIMITED (C41) currently trades at 3.84 SGD, while our model-based Fair Value estimate is 8.56 SGD, implying the stock looks roughly 122.9% undervalued today. The Quality Score stands at 72/100 (solid quality), in the Consumer Cyclical 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, CORTINA HOLDINGS LIMITED generated revenue of 979M SGD at a net margin of 6.6%. Revenue grew 13.4% year over year. It earns a return on equity of 15.2%. Net debt stands at 8.0M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 6.42 SGD (bear case) to 10.70 SGD (bull case); at 3.84 SGD, the current price sits below 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 near its 52-week high and 18% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -6% fair-value upside, at 123%, C41 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 6.53 SGD 9.45 SGD 13.43 SGD 80
Residual Income 2.61 SGD 3.04 SGD 5.35 SGD 76
Rev-Margin DCF 5.96 SGD 9.12 SGD 12.98 SGD 74
All 26 models by family
DCF Models
FCF DCF 6.56 SGD 9.74 SGD 14.30 SGD 38
Owner Earnings 6.46 SGD 9.59 SGD 14.07 SGD 31
5Y Revenue Exit 5.96 SGD 9.13 SGD 13.25 SGD 39
5Y EBITDA Exit 9.45 SGD 15.98 SGD 23.93 SGD 41
5Y P/E Exit 6.57 SGD 10.32 SGD 14.40 SGD 38
10Y Revenue Exit 5.99 SGD 8.84 SGD 12.86 SGD 36
10Y EBITDA Exit 8.20 SGD 13.31 SGD 20.65 SGD 37
10Y P/E Exit 6.49 SGD 9.62 SGD 13.70 SGD 35
Earnings-Based
Graham-Dodd 2.65 SGD 10.29 SGD 13.96 SGD 54
Lynch FV 2.53 SGD 3.61 SGD 4.69 SGD 50
PEG = 1.0 2.53 SGD 3.61 SGD 4.69 SGD 46
EPV 7.22 SGD 8.10 SGD 8.83 SGD 59
Dividend Discount
Gordon GGM 1.24 SGD 2.24 SGD 3.08 SGD 70
DDM Multi-Stage 1.24 SGD 2.05 SGD 2.39 SGD 61
Multiples
P/E Multiple 6.42 SGD 8.56 SGD 10.70 SGD 63
P/S Multiple 4.96 SGD 6.61 SGD 8.27 SGD 58
P/B Multiple 4.96 SGD 6.61 SGD 8.27 SGD 55
EV/EBIT 13.51 SGD 17.74 SGD 21.97 SGD 53
EV/EBITDA 12.46 SGD 16.34 SGD 20.23 SGD 54
EV/Revenue 5.78 SGD 7.91 SGD 10.03 SGD 43
Asset-Based
NCAV (Graham) 1.44 SGD 1.93 SGD 2.88 SGD 50
Growth DCF
Growth DCF 6.53 SGD 9.45 SGD 13.43 SGD 80
Rev-Margin DCF 5.96 SGD 9.12 SGD 12.98 SGD 74
Economic Profit
Residual Income 2.61 SGD 3.04 SGD 5.35 SGD 76
ROIC Compounder 7.70 SGD 9.22 SGD 10.86 SGD 72
Growth Earnings
Growth-Adj P/E 4.66 SGD 6.66 SGD 8.66 SGD 68

Widest divergence: DCF Models (9.62 SGD) versus Asset-Based (1.93 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 979M SGD
Revenue growth (YoY) +13.4%
Net margin 6.6%
Return on equity 15.2%
Free cash flow 95.3M SGD FY2026
P/E ratio 9.8
More key figures
Operating margin 10.2%
EPS (TTM) 0.3900 SGD
Dividend yield 0.5%
EPS growth (YoY) -5.3%
Net debt 8.0M SGD FY2018

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

Quality Score breakdown

Overall quality 72/100

Of which business quality 72 · Market factors (momentum, volatility) 65

Profitability 62
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 66
Earnings quality: real cash, not paper profit
Fin. Strength 90
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 87
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 67
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

Cortina Holdings Limited, an investment holding company, engages in the distribution and retailing of timepieces and accessories in Singapore, Malaysia, Thailand, Indonesia, Hong Kong, Taiwan, and internationally. It operates through Wholesale, Retail, and Others segments.

Full company description

Cortina Holdings Limited, an investment holding company, engages in the distribution and retailing of timepieces and accessories in Singapore, Malaysia, Thailand, Indonesia, Hong Kong, Taiwan, and internationally. It operates through Wholesale, Retail, and Others segments. The Wholesale segment engages in the wholesale of timepieces and luxury branded accessories. Its Retail segment is involved in the retail of timepieces, branded pens, and accessories. The Others segment provides other support services. It also retails, imports, and export of watches, timepieces, branded pens, clocks, and accessories; repairs watches; and marketing and distributes watches, as well as provides management services. Cortina Holdings Limited was incorporated in 1972 and is headquartered in Singapore.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

CORTINA HOLDINGS LIMITED reported revenue of 979M SGD in FY2026 versus 717M SGD in FY2022, a compound +8.1%/yr. Reported net income was 64.4M SGD in FY2026, compounding −1.6%/yr from FY2022.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
979M SGD
Latest YoY
+13.5%
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.
+5.8%
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.
+17.5%
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.
+7.4%
Revenue +8.1%/yr
FY22 717M SGD
FY23 827M SGD
FY24 811M SGD
FY25 863M SGD
FY26 979M SGD
Net income −1.6%/yr
FY22 68.8M SGD
FY23 76.5M SGD
FY24 61.1M SGD
FY25 63.6M SGD
FY26 64.4M SGD

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Cite: Fair Value Calculator (2026). "CORTINA HOLDINGS LIMITED Fair Value". https://www.fairvalue-calculator.com/stock/C41

Peer Group

Luxury Goods · 137 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 72 · Top 25%
Fair Value upside +123% · Top 25%
Return on equity (TTM) 15% · Above median
Return on assets 8% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 10% · Above median
Revenue growth 13% · Above median
Dividend yield (TTM) 0.5% · Bottom 25%
Debt / equity 0.06× · Higher than median

Valuation Multiples vs Luxury Goods median · lower = cheaper

P/E (TTM) 9.8× · Cheaper than median
P/B 1.02× · Cheaper than median
P/S (TTM) 0.50× · Cheaper than median
P/FCF 5.1× · Pricier than median
EV/EBITDA 3.1× · 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 100 · sector 16
FUTURE 67 · sector 35
PAST 61 · sector 40
HEALTH 97 · sector 99
DIVIDEND 11 · sector 44

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 Luxury Goods stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Compagnie Financière Richemont SA CFR CHF 193.70 CHF 119.08 -39%
Christian Dior SE DIO €423.60 €1,095 +159%
Kering SA KER €270.60 €56.23 -79%
Tapestry, Inc TPR $153.74 $19.95 -87%
Chow Tai Fook Jewellery Group 1929 HK$12.31 HK$11.51 -6%
The Swatch Group UHRN CHF 37.90 CHF 21.48 -43%
Prada S.p.A 1913 HK$42.22 HK$64.07 +52%
Pandora A/S PNDORA kr 771.40 kr 1,424 +85%
Laopu Gold Co 6181 HK$359.20 HK$544.05 +51%
Kalyan Jewellers India Limited KALYANKJIL ₹596.70 ₹238.57 -60%

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Frequently asked questions

Is CORTINA HOLDINGS LIMITED (C41) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 8.56 SGD versus a price of 3.84 SGD, about +123% (undervalued).
What is the fair value of C41?
Our model-based fair value for CORTINA HOLDINGS LIMITED is 8.56 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 3.84 SGD.
What is the quality score of C41?
CORTINA HOLDINGS LIMITED has a Quality Score of 72/100. 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 CORTINA HOLDINGS LIMITED (C41)?
CORTINA HOLDINGS LIMITED reported trailing-twelve-month revenue of about 979M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of C41?
The net profit margin of CORTINA HOLDINGS LIMITED is about 6.6%, meaning it keeps roughly 6.6% of revenue as net income. Based on the latest reported figures.
Does CORTINA HOLDINGS LIMITED pay a dividend?
CORTINA HOLDINGS LIMITED currently shows a dividend yield of about 0.53% 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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