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NetLink NBN Trust Un (CJLU) Fair Value & Analysis

Communication Services · SG · Market cap 3.8B SGD

NN NetLink NBN Trust Un CJLU · SG
Price0.9800 SGD
Fair Value0.3600 SGD
Upside-63.3%
Quality60/100
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Expensive Growth
Highly profitable · 21.8% net margin
Low debt · generates free cash flow
4.41% dividend yield
Trails peers (5/15)
Moderate moat 52/100
Evidence: High Range 0.2700 SGD – 0.4500 SGD Share as image

Fair value as of: Aug 13, 2026

From 23 valuation models · updated 4 days ago

Share price +0.5% over the past month.

A solid business, but screening 63% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (0.4500 SGD). 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)

1.01 SGD 0.6305 SGD Fair Value 0.3600 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 0.6305 SGD – 1.01 SGD · fair‑value band 0.2700 SGD – 0.4500 SGD · the 0.9800 SGD price screens above the 0.3600 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

NetLink NBN Trust Un (CJLU) currently trades at 0.9800 SGD, while our model-based Fair Value estimate is 0.3600 SGD, implying the stock looks roughly 63.3% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Communication Services 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, NetLink NBN Trust Un generated revenue of 419M SGD at a net margin of 21.8%. Revenue grew 0.4% year over year. It earns a return on equity of 3.8%. Net debt stands at 740M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.2700 SGD (bear case) to 0.4500 SGD (bull case); at 0.9800 SGD, the current price sits above 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 4% below its 52-week high and 18% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 30% fair-value upside, at -63%, CJLU 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 0.2100 SGD 0.3600 SGD 0.5500 SGD 80
Residual Income 0.4200 SGD 0.4100 SGD 0.3600 SGD 76
Rev-Margin DCF 0.0900 SGD 0.2000 SGD 0.3300 SGD 74
All 23 models by family
DCF Models
FCF DCF 0.2000 SGD 0.3600 SGD 0.5700 SGD 38
Owner Earnings 0.2300 SGD 0.3900 SGD 0.6200 SGD 31
5Y Revenue Exit 0.0900 SGD 0.2000 SGD 0.3300 SGD 39
5Y EBITDA Exit 0.3100 SGD 0.5900 SGD 0.9000 SGD 41
5Y P/E Exit 0.1500 SGD 0.3100 SGD 0.4600 SGD 38
10Y Revenue Exit 0.1200 SGD 0.2300 SGD 0.3500 SGD 36
10Y EBITDA Exit 0.2600 SGD 0.4900 SGD 0.7600 SGD 37
10Y P/E Exit 0.1700 SGD 0.3000 SGD 0.4500 SGD 35
Earnings-Based
Graham-Dodd 0.1500 SGD 0.3300 SGD 0.4200 SGD 54
PEG = 1.0 0.0500 SGD 0.0800 SGD 0.1000 SGD 46
EPV 0.0100 SGD 0.0400 SGD 0.0700 SGD 59
Multiples
P/E Multiple 0.3500 SGD 0.4700 SGD 0.5900 SGD 63
P/S Multiple 0.2700 SGD 0.3600 SGD 0.4500 SGD 58
P/B Multiple 0.2700 SGD 0.3600 SGD 0.4500 SGD 55
EV/EBIT 0.1000 SGD 0.2000 SGD 0.3000 SGD 53
EV/EBITDA 0.4600 SGD 0.6700 SGD 0.8900 SGD 54
EV/Revenue 0.0300 SGD 0.1300 SGD 0.2200 SGD 43
Asset-Based
NCAV (Graham) 0.2900 SGD 0.3900 SGD 0.5800 SGD 50
Growth DCF
Growth DCF 0.2100 SGD 0.3600 SGD 0.5500 SGD 80
Rev-Margin DCF 0.0900 SGD 0.2000 SGD 0.3300 SGD 74
Economic Profit
Residual Income 0.4200 SGD 0.4100 SGD 0.3600 SGD 76
ROIC Compounder 0.0100 SGD 0.0400 SGD 0.0700 SGD 72
Growth Earnings
Growth-Adj P/E 0.2600 SGD 0.3800 SGD 0.4900 SGD 68

Widest divergence: Asset-Based (0.3900 SGD) versus Economic Profit (0.0400 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 419M SGD
Revenue growth (YoY) +0.4%
Net margin 21.8%
Return on equity 3.8%
Free cash flow 152M SGD FY2026
P/E ratio 49.0
More key figures
Operating margin 20.7%
EPS (TTM) 0.0200 SGD
Dividend yield 4.4%
EPS growth (YoY) -15.5%
Net debt 740M SGD 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 59 · Market factors (momentum, volatility) 67

Profitability 31
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 85
Earnings quality: real cash, not paper profit
Fin. Strength 45
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 63
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

NetLink NBN Trust, an investment holding company, owns, designs, builds, and operates the passive fibre network infrastructure for residential homes and non-residential premises, and non-building address point (NBAP) connections in mainland Singapore and its connected islands.

Full company description

NetLink NBN Trust, an investment holding company, owns, designs, builds, and operates the passive fibre network infrastructure for residential homes and non-residential premises, and non-building address point (NBAP) connections in mainland Singapore and its connected islands. The company's passive fiber network infrastructure comprising ducts, manholes, fibre cables, and central offices. NetLink NBN Trust was incorporated in 2017 and is based in Singapore.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

NetLink NBN Trust Un reported revenue of 413M SGD in FY2026 versus 378M SGD in FY2022, a compound +2.3%/yr. Reported net income was 83.3M SGD in FY2026, compounding −2.3%/yr from FY2022.

Growth Quality 61/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
413M SGD
Latest YoY
+1.6%
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.
+0.8%
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.
+2.3%
Avg. growth/yr (11Y) ⓘ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.
+6.0%
Revenue +2.3%/yr
FY22 378M SGD
FY23 403M SGD
FY24 411M SGD
FY25 407M SGD
FY26 413M SGD
Net income −2.3%/yr
FY22 91.3M SGD
FY23 109M SGD
FY24 103M SGD
FY25 95.4M SGD
FY26 83.3M SGD

CJLU screens 63% overvalued. Compare with China Mobile Limited →

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NetLink NBN Trust Un · Fair Value
0.3600 SGD −63%Fair Value
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Cite: Fair Value Calculator (2026). "NetLink NBN Trust Un Fair Value". https://www.fairvalue-calculator.com/stock/CJLU

Peer Group

Telecom Services · 253 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 · Above median
Fair Value upside −63% · Bottom 25%
Return on equity (TTM) 4% · Below median
Return on assets 2% · Below median
Net margin (TTM) 22% · Top 25%
Operating margin (TTM) 21% · Top 25%
Revenue growth 0% · Below median
Dividend yield (TTM) 4.4% · Above median
Debt / equity 0.44× · Higher than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 49.0× · Pricier than 75% of peers
P/B 1.32× · Cheaper than median
P/S (TTM) 7.10× · Pricier than 75% of peers
P/FCF 19.6× · Pricier than 75% of peers
EV/EBITDA 12.3× · Pricier than 75% of peers
PEG 13.54× · Pricier 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 0 · sector 29
FUTURE 2 · sector 15
PAST 15 · sector 27
HEALTH 78 · sector 89
DIVIDEND 88 · sector 76

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

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
Bharti Airtel Limited BHARTIARTL ₹1,945 ₹941.55 -52%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMXB 23.07 MXN 30.35 MXN +32%
Vodafone Group VODN 259.50 MXN 494.99 MXN +91%
Advanced Info Service Public Company ADVANC 374.00 THB 286.77 THB -23%
Chunghwa Telecom Co 2412 136.00 TWD 100.00 TWD -26%
Telefónica, S.A TEFN 75.67 MXN 108.96 MXN +44%
TLKM TLKM 2,590 IDR 3,898 IDR +50%
PT Indoritel Makmur Internasional Tbk., DNET 9,500 IDR 1,503 IDR -84%

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Frequently asked questions

Is NetLink NBN Trust Un (CJLU) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.3600 SGD versus a price of 0.9800 SGD, about −63% (overvalued).
What is the fair value of CJLU?
Our model-based fair value for NetLink NBN Trust Un is 0.3600 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.9800 SGD.
What is the quality score of CJLU?
NetLink NBN Trust Un 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 NetLink NBN Trust Un (CJLU)?
NetLink NBN Trust Un reported trailing-twelve-month revenue of about 419M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of CJLU?
The net profit margin of NetLink NBN Trust Un is about 21.8%, meaning it keeps roughly 21.8% of revenue as net income. Based on the latest reported figures.
Does NetLink NBN Trust Un pay a dividend?
NetLink NBN Trust Un currently shows a dividend yield of about 4.41% 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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