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First Ship Lease Trust (D8DU.SI (D8DU) Fair Value & Analysis

Industrials · SG · Market cap 69.0M SGD

FS First Ship Lease Trust (D8DU.SI D8DU · SG
Price0.0380 SGD
Fair Value0.0312 SGD
Upside-17.9%
Quality72/100
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Weak Growth
Highly profitable · 113.3% net margin
Low debt · generates free cash flow
Mixed vs. peers (7/13)
Moderate moat 60/100
Evidence: High Range 0.0312 SGD – 0.0350 SGD Share as image

Fair value as of: Aug 13, 2026

From 20 valuation models · updated 4 days ago

Share price −9.5% over the past month.

A solid business, but screening 18% overvalued on our models.

What matters now

  • A high-quality business (quality 72/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (0.0350 SGD). The favourable scenario is already priced in.
  • The models converge in a tight band (0.0312 SGD to 0.0350 SGD), unusually little disagreement for a valuation.
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Price vs Fair Value (5 years)

0.0660 SGD 0.0287 SGD Fair Value 0.0312 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 0.0287 SGD – 0.0660 SGD · fair‑value band 0.0312 SGD – 0.0350 SGD · the 0.0380 SGD price screens above the 0.0312 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

First Ship Lease Trust (D8DU.SI (D8DU) currently trades at 0.0380 SGD, while our model-based Fair Value estimate is 0.0312 SGD, implying the stock looks roughly 17.9% overvalued today. The Quality Score stands at 72/100 (solid quality), in the Industrials 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).

Trailing-twelve-month revenue stands at 6.1M SGD. Revenue declined 30.0% year over year. It earns a return on equity of 17.2%. Net debt stands at 13.2M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.0312 SGD (bear case) to 0.0350 SGD (bull case); at 0.0380 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 47% 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 -21% fair-value upside, at -18%, D8DU 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 0.0300 SGD 0.0300 SGD 0.0400 SGD 80
Residual Income 0.0200 SGD 0.0300 SGD 0.0500 SGD 76
ROIC Compounder 0.0200 SGD 0.0200 SGD 0.0200 SGD 72
All 20 models by family
DCF Models
FCF DCF 0.0300 SGD 0.0300 SGD 0.0400 SGD 38
5Y Revenue Exit 0.0200 SGD 0.0200 SGD 0.0300 SGD 39
5Y EBITDA Exit 0.0300 SGD 0.0400 SGD 0.0500 SGD 41
5Y P/E Exit 0.0500 SGD 0.0700 SGD 0.0900 SGD 38
10Y Revenue Exit 0.0300 SGD 0.0300 SGD 0.0300 SGD 36
10Y EBITDA Exit 0.0300 SGD 0.0300 SGD 0.0400 SGD 37
10Y P/E Exit 0.0400 SGD 0.0500 SGD 0.0600 SGD 35
Earnings-Based
Graham-Dodd 0.0300 SGD 0.0300 SGD 0.0400 SGD 54
EPV 0.0200 SGD 0.0200 SGD 0.0200 SGD 59
Multiples
P/E Multiple 0.0600 SGD 0.0800 SGD 0.1000 SGD 63
P/S Multiple 0.0100 SGD 0.0100 SGD 0.0100 SGD 58
P/B Multiple 0.0500 SGD 0.0700 SGD 0.0800 SGD 55
EV/EBIT 0.0300 SGD 0.0300 SGD 0.0400 SGD 53
EV/EBITDA 0.0300 SGD 0.0400 SGD 0.0500 SGD 54
EV/Revenue 0.0200 SGD 0.0200 SGD 0.0200 SGD 43
Asset-Based
NCAV (Graham) 0.0100 SGD 0.0200 SGD 0.0200 SGD 50
Growth DCF
Growth DCF 0.0300 SGD 0.0300 SGD 0.0400 SGD 80
Economic Profit
Residual Income 0.0200 SGD 0.0300 SGD 0.0500 SGD 76
ROIC Compounder 0.0200 SGD 0.0200 SGD 0.0200 SGD 72
Growth Earnings
Growth-Adj P/E 0.0400 SGD 0.0600 SGD 0.0800 SGD 68

Widest divergence: Growth Earnings (0.0600 SGD) versus Earnings-Based (0.0200 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 6.1M SGD
Revenue growth (YoY) -30.0%
Net margin 113%
Return on equity 17.2%
Free cash flow 4.4M SGD FY2025
P/E ratio 3.8
More key figures
Operating margin 33.1%
EPS (TTM) 0.0100 SGD
EPS growth (YoY) -25.8%
Net debt 13.2M SGD FY2021

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 70 · Market factors (momentum, volatility) 30

Profitability 53
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 77
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 17
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

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

First Ship Lease Trust (D8DU.SI reported revenue of 6.1M SGD in FY2025 versus 25.0M SGD in FY2021, a compound −29.8%/yr. Reported net income was 6.9M SGD in FY2025.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
6.1M SGD
Latest YoY
−28.4%
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.
−37.0%
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.
−34.0%
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.
−20.1%
Revenue −29.8%/yr
FY21 25.0M SGD
FY22 24.2M SGD
FY23 8.5M SGD
FY24 8.5M SGD
FY25 6.1M SGD
Net income
FY21 −1.5M SGD
FY22 13.3M SGD
FY23 3.7M SGD
FY24 8.3M SGD
FY25 6.9M SGD

D8DU screens 18% overvalued. Compare with United Rentals, Inc →

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First Ship Lease Trust (D8DU.SI · Fair Value
0.0312 SGD −18%Fair Value
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Cite: Fair Value Calculator (2026). "First Ship Lease Trust (D8DU.SI Fair Value". https://www.fairvalue-calculator.com/stock/D8DU

Peer Group

Rental & Leasing Services · 96 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 −21% · Below median
Return on equity (TTM) 17% · Top 25%
Return on assets 3% · Below median
Net margin (TTM) 113% · Top 25%
Operating margin (TTM) 33% · Top 25%
Revenue growth -30% · Bottom 25%

Valuation Multiples vs Rental & Leasing Services median · lower = cheaper

P/E (TTM) 3.8× · Cheaper than 75% of peers
P/B 1.24× · Pricier than median
P/S (TTM) 8.92× · Pricier than 75% of peers
P/FCF 12.2× · Pricier than 75% of peers
EV/EBITDA 0.7× · 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 5 · sector 49
FUTURE 0 · sector 18
PAST 69 · sector 26
HEALTH 100 · sector 69
DIVIDEND 0 · sector 48

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

Stock Price Fair Value vs Fair Value
United Rentals, Inc URI $1,129 $449.86 -60%
Sunbelt Rentals Holdings SUNB $84.80 $65.76 -22%
AerCap Holdings AER $150.25 $301.51 +101%
Ryder System, Inc R $262.96 $109.71 -58%
Ayvens AYV €11.68 €25.90 +122%
Localiza Rent a Car S.A RENT3 R$34.71 R$37.01 +7%
Element Fleet Management Corp EFN C$27.95 C$15.06 -46%
BOC Aviation Limited 2588 HK$74.40 HK$18.61 -75%
GATX Corporation GATX $177.56 $140.90 -21%
Avis Budget Group CAR $139.58 $158.11 +13%

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Frequently asked questions

Is First Ship Lease Trust (D8DU.SI (D8DU) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.0312 SGD versus a price of 0.0380 SGD, about −18% (overvalued).
What is the fair value of D8DU?
Our model-based fair value for First Ship Lease Trust (D8DU.SI is 0.0312 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.0380 SGD.
What is the quality score of D8DU?
First Ship Lease Trust (D8DU.SI 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 First Ship Lease Trust (D8DU.SI (D8DU)?
First Ship Lease Trust (D8DU.SI reported trailing-twelve-month revenue of about 6.1M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of D8DU?
The net profit margin of First Ship Lease Trust (D8DU.SI is about 113.3%, meaning it keeps roughly 113.3% of revenue as net income. Based on the latest reported figures.

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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