First Ship Lease Trust (D8DU.SI (D8DU) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of First Ship Lease Trust (D8DU.SI S$0.04, price S$0.04, upside +2.2%, quality 71 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 0.0287 SGD – 0.0660 SGD · fair‑value band 0.0333 SGD – 0.0403 SGD · the 0.0360 SGD price screens below the 0.0368 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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First Ship Lease Trust, a business trust, owns a fleet of oceangoing product tankers in Europe. It involved leasing and chartering vessels in international waters. As of December 31, 2025, the company's vessel portfolio included 6 small product tankers operating under fixed-rate period charters.
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First Ship Lease Trust, a business trust, owns a fleet of oceangoing product tankers in Europe. It involved leasing and chartering vessels in international waters. As of December 31, 2025, the company's vessel portfolio included 6 small product tankers operating under fixed-rate period charters. First Ship Lease Trust was incorporated in 2007 and is based in Singapore. First Ship Lease Trust operates as a subsidiary of FSL Holdings Pte. Ltd.
Stock analysis
First Ship Lease Trust (D8DU.SI (D8DU) currently trades at 0.0360 SGD, while our model-based Fair Value estimate is 0.0368 SGD, so the stock looks roughly fairly valued today (gap 2.2%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 0.0800 SGD per share, and 14 of the 20 models we run sit above the 0.0360 SGD price.
Bear case: the Asset-Based group reads lowest at 0.0200 SGD, and 6 of the 20 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.0333 SGD (bear) to 0.0403 SGD (bull), the price of 0.0360 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 71/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
First Ship Lease Trust (D8DU.SI reported revenue of $6.1M in FY2025 versus $25.0M in FY2021, a compound −29.8%/yr. Reported net income was $6.9M in FY2025.
Key figures
Market cap 63.7M SGD (≈ $49.7M) · P/S ratio 9.72 · Net margin 113% · Return on equity 14.2% · Return on assets (EBIT) 5.7% · Operating margin 12.8% · Revenue (TTM) $6.4M · Revenue growth (YoY) +10.6%.
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 45% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −12% fair-value upside, at 2%, D8DU screens cheaper than that median.
Fair Value models
Bear 0.0333 SGDFair Value 0.0368 SGDBull 0.0403 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
−28.4%
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.
−37.0%
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.
−34.0%
Start year 2020 (pandemic). Over 10 years: −24.9% 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.
−20.1%
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What shareholders gained per year (last 5 years) ⓘ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.
−3.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.5%
Dividend (yield on the price)0.0%
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.8% → 32%
⚠ Revenue per share shrinking 40.3%/yr over ~6Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
−13.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −15.6% a year for the price.
Compare First Ship Lease Trust (D8DU.SI with another stock
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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.Rental & Leasing Services · 89 stocks
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Is First Ship Lease Trust (D8DU.SI (D8DU) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 0.0368 SGD versus a price of 0.0360 SGD, about +2% upside (fairly valued).
What is the fair value of D8DU?
Our model-based fair value for First Ship Lease Trust (D8DU.SI is 0.0368 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 0.0360 SGD.
What is the quality score of D8DU?
First Ship Lease Trust (D8DU.SI has a Quality Score of 71/100. 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 First Ship Lease Trust (D8DU.SI (D8DU)?
Our model-based price target is the fair value of 0.0368 SGD (as of Sep 27, 2026) from 20 valuation models. Cautious scenario 0.0333 SGD, optimistic scenario 0.0403 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the First Ship Lease Trust (D8DU.SI stock forecast for 2026?
Our models put fair value at 0.0368 SGD, about +2% upside versus a price of 0.0360 SGD (fairly valued). Cautious scenario 0.0333 SGD, optimistic scenario 0.0403 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of First Ship Lease Trust (D8DU.SI (D8DU)?
First Ship Lease Trust (D8DU.SI reported trailing-twelve-month revenue of about $6.4M (latest available figure, as of Sep 27, 2026).
What growth is priced into First Ship Lease Trust (D8DU.SI (D8DU)?
For today's price to be fair in a discounted-cash-flow model, First Ship Lease Trust (D8DU.SI would have to grow free cash flow by -13.6 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -34.0 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of D8DU use?
Our models discount First Ship Lease Trust (D8DU.SI at 8.3 %: a base by market capitalisation (nano), damped by beta 0.22, 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 First Ship Lease Trust (D8DU.SI that is -13.6 % 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 First Ship Lease Trust (D8DU.SI (D8DU) delivered so far?
Over the past 5 years revenue at First Ship Lease Trust (D8DU.SI grew -34.0 % a year. The price currently implies -13.6 % 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 First Ship Lease Trust (D8DU.SI (D8DU) growing?
The median revenue growth in the sector is +6.3 % a year. That is the yardstick for the growth priced into First Ship Lease Trust (D8DU.SI (-13.6 % 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 First Ship Lease Trust (D8DU.SI (D8DU)?
The free-cash-flow yield on the price is 8.91 %: that much free cash flow First Ship Lease Trust (D8DU.SI 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 First Ship Lease Trust (D8DU.SI (D8DU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Ship Lease Trust (D8DU.SI it is 0.0368 SGD per share (as of Sep 27, 2026), against a price of 0.0360 SGD. It is the blended result of 20 valuation models (cash flow, earnings, asset, dividend).
Is First Ship Lease Trust (D8DU.SI stock overvalued or undervalued in 2026?
As of Sep 27, 2026, D8DU trades below its calculated fair value: price 0.0360 SGD, fair value 0.0368 SGD, a gap of about +2% (fairly valued). 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 D8DU?
No. The price is what the market pays today (0.0360 SGD); the fair value is what the company's own numbers justify (0.0368 SGD). For First Ship Lease Trust (D8DU.SI the two are 0.0008 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is First Ship Lease Trust (D8DU.SI worth?
The market values First Ship Lease Trust (D8DU.SI at about 63.7M SGD (market capitalisation, as of Sep 27, 2026). Per share that is 0.0360 SGD; our models calculate a fair value of 0.0368 SGD per share.
What do the bullish and bearish scenarios say about D8DU?
Our models span a range for First Ship Lease Trust (D8DU.SI: cautious scenario 0.0333 SGD, base 0.0368 SGD, optimistic 0.0403 SGD per share (as of Sep 27, 2026, price 0.0360 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of First Ship Lease Trust (D8DU.SI (D8DU)?
Balance-sheet figures for First Ship Lease Trust (D8DU.SI (as of Sep 27, 2026): return on equity 14.2%. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is D8DU from its 52-week high?
First Ship Lease Trust (D8DU.SI trades at 0.0360 SGD, about 45% below its 52-week high of 0.0660 SGD and 6% above the low of 0.0340 SGD (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of 0.0368 SGD is for.
Which stocks are comparable to First Ship Lease Trust (D8DU.SI?
From the same area (Industrials) we also value United Rentals, Inc, Sunbelt Rentals Holdings, AerCap Holdings, U-Haul Holding, 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 First Ship Lease Trust (D8DU.SI stock attractive at the current price?
The data as of Sep 27, 2026: price 0.0360 SGD, calculated fair value 0.0368 SGD (+2%), Quality Score 71/100, from 20 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 D8DU calculated?
We run First Ship Lease Trust (D8DU.SI through 20 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 0.0368 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. First Ship Lease Trust (D8DU.SI currently trades 2 % 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 First Ship Lease Trust (D8DU.SI (D8DU)?
The closing price on Oct 1, 2026 was 0.0360 SGD. Our model-based fair value is 0.0368 SGD, about +2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Ship Lease Trust (D8DU.SI right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of First Ship Lease Trust (D8DU.SI
How large is the market capitalisation of First Ship Lease Trust (D8DU.SI (D8DU)?
The market capitalisation of First Ship Lease Trust (D8DU.SI is 63.7M SGD (≈ $49.7M). 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 First Ship Lease Trust (D8DU.SI (D8DU)?
The price-to-sales ratio of First Ship Lease Trust (D8DU.SI is 9.72 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of First Ship Lease Trust (D8DU.SI (D8DU)?
The net margin of First Ship Lease Trust (D8DU.SI is 113% (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 First Ship Lease Trust (D8DU.SI (D8DU)?
The return on equity (ROE) of First Ship Lease Trust (D8DU.SI is 14.2% (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 First Ship Lease Trust (D8DU.SI (D8DU)?
On an EBIT basis the return on assets of First Ship Lease Trust (D8DU.SI is 5.7% (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 First Ship Lease Trust (D8DU.SI (D8DU)?
The operating margin of First Ship Lease Trust (D8DU.SI is 12.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Ship Lease Trust (D8DU.SI (D8DU)?
Revenue at First Ship Lease Trust (D8DU.SI is growing +10.6% versus a year earlier (3y avg −37.0%). 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 First Ship Lease Trust (D8DU.SI (D8DU)?
Earnings per share at First Ship Lease Trust (D8DU.SI are growing −59.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does First Ship Lease Trust (D8DU.SI (D8DU) carry?
The net debt of First Ship Lease Trust (D8DU.SI is $13.2M (fiscal year 2021, ≈ 3.0 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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