MERMAID MARITIME PUBLIC CO LTD (DU4) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of MERMAID MARITIME PUBLIC CO LTD S$0.11, price S$0.08, upside +27.0%, quality 32 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Mermaid Maritime Public Company Limited, together with its subsidiaries, operates as a subsea and offshore services company in Thailand, Qatar, Nigeria, India, the United Arab Emirates, the United Kingdom, Angola, Malaysia, Singapore, Mauritius, Vietnam, and Saudi Arabia. It operates through two segments, Subsea Group and Holding.
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Mermaid Maritime Public Company Limited, together with its subsidiaries, operates as a subsea and offshore services company in Thailand, Qatar, Nigeria, India, the United Arab Emirates, the United Kingdom, Angola, Malaysia, Singapore, Mauritius, Vietnam, and Saudi Arabia. It operates through two segments, Subsea Group and Holding. The company offers various subsea services, including inspection, repair and maintenance, infrastructure installation support, remotely operated vehicle support, and cable and flexible pipe laying services. It is also involved in the operation of 8 subsea vessels; diving/remotely operated vehicle; provision of submarine products installation services, such as installation engineering, cable transportation, surveys, cable installation with accessories, shore and platform cable pull ins, as well as inspection, repair, and maintenance of subsea cables; and offshore construction support, offshore survey, surface and subsea positioning, equipment and software, and personnel services. The company was incorporated in 1983 and is headquartered in Bangkok, Thailand. Mermaid Maritime Public Company Limited operates as a subsidiary of Thoresen Thai Agencies Public Company Limited.
Stock analysis
MERMAID MARITIME PUBLIC CO LTD (DU4) currently trades at 0.0830 SGD, while our model-based Fair Value estimate is 0.1054 SGD, implying the stock looks roughly 21.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 0.1600 SGD per share, and 13 of the 26 models we run sit above the 0.0830 SGD price.
Bear case: the Multiples group reads lowest at 0.0500 SGD, and 13 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.1054 SGD (bear) to 0.1386 SGD (bull), the price of 0.0830 SGD sits below 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 32/100 (below-average quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
MERMAID MARITIME PUBLIC CO LTD reported revenue of $489M in FY2025 versus $112M in FY2021, a compound +44.7%/yr. Reported net income was $7.2M in FY2025.
Key figures
Market cap 180M SGD (≈ $140M) · P/E ratio 8.3 · P/S ratio 0.12 · EPS (TTM) 0.0100 SGD · Net margin 1.5% · Return on equity 5.7% · Return on assets (EBIT) 0.5% · Operating margin −5.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −23% fair-value upside, at 27%, DU4 screens cheaper than that median.
Fair Value models
Bear 0.1054 SGDFair Value 0.1054 SGDBull 0.1386 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.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.79/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.7%
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.
+29.8%
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.
+42.3%
Start year 2020 (pandemic). Over 10 years: +3.8% a year
Revenue growth 11 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.
−24.1%
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What shareholders gained per year (last 3 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 3 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.
−17.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.5%
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.−43% → 2%
Growth Forecast
Little optimism in the price
The price assumes less 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).
−2.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about −4.2% a year for the price.
Compare MERMAID MARITIME PUBLIC CO LTD with another stock
Price, fair value, quality and upside side by side.
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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.Oil & Gas Equipment & Services · 190 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score32 · Bottom 25%
Fair Value upside−6% · Above median
Profitability
Return on equity (TTM)6% · Below median
Return on assets1% · Below median
Net margin (TTM)3% · Below median
Operating margin (TTM)−6% · Bottom 25%
Growth and dividend
Revenue growth−35% · Bottom 25%
Dividend yield (TTM)32.6% · Top 25%
Balance sheet
Debt / equity0.35× · Above median
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "MERMAID MARITIME PUBLIC CO LTD Fair Value". https://www.fairvalue-calculator.com/stock/DU4
Frequently asked questions
Is MERMAID MARITIME PUBLIC CO LTD (DU4) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.1054 SGD versus a price of 0.0830 SGD, about +27% upside (undervalued).
What is the fair value of DU4?
Our model-based fair value for MERMAID MARITIME PUBLIC CO LTD is 0.1054 SGD (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.0830 SGD.
What is the quality score of DU4?
MERMAID MARITIME PUBLIC CO LTD has a Quality Score of 32/100. 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 MERMAID MARITIME PUBLIC CO LTD (DU4)?
Our model-based price target is the fair value of 0.1054 SGD (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 0.1054 SGD, optimistic scenario 0.1386 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the MERMAID MARITIME PUBLIC CO LTD stock forecast for 2026?
Our models put fair value at 0.1054 SGD, about +27% upside versus a price of 0.0830 SGD (undervalued). Cautious scenario 0.1054 SGD, optimistic scenario 0.1386 SGD. The calculation is refreshed regularly with new filings.
What growth is priced into MERMAID MARITIME PUBLIC CO LTD (DU4)?
For today's price to be fair in a discounted-cash-flow model, MERMAID MARITIME PUBLIC CO LTD would have to grow free cash flow by -2.2 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +42.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of DU4 use?
Our models discount MERMAID MARITIME PUBLIC CO LTD at 11.2 %: a base by market capitalisation (micro), damped by beta 0.59, 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 MERMAID MARITIME PUBLIC CO LTD that is -2.2 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has MERMAID MARITIME PUBLIC CO LTD (DU4) delivered so far?
Over the past 5 years revenue at MERMAID MARITIME PUBLIC CO LTD grew +42.3 % a year. The price currently implies -2.2 % 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 MERMAID MARITIME PUBLIC CO LTD (DU4) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into MERMAID MARITIME PUBLIC CO LTD (-2.2 % 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 MERMAID MARITIME PUBLIC CO LTD (DU4)?
The free-cash-flow yield on the price is 15.22 %: that much free cash flow MERMAID MARITIME PUBLIC CO LTD produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of MERMAID MARITIME PUBLIC CO LTD (DU4)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MERMAID MARITIME PUBLIC CO LTD it is 0.1054 SGD per share (as of Sep 24, 2026), against a price of 0.0830 SGD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is MERMAID MARITIME PUBLIC CO LTD stock overvalued or undervalued in 2026?
As of Sep 24, 2026, DU4 trades below its calculated fair value: price 0.0830 SGD, fair value 0.1054 SGD, a gap of about +27% (undervalued). 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 DU4?
No. The price is what the market pays today (0.0830 SGD); the fair value is what the company's own numbers justify (0.1054 SGD). For MERMAID MARITIME PUBLIC CO LTD the two are 0.0224 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is MERMAID MARITIME PUBLIC CO LTD worth?
The market values MERMAID MARITIME PUBLIC CO LTD at about 180M SGD (market capitalisation, as of Sep 24, 2026). Per share that is 0.0830 SGD; our models calculate a fair value of 0.1054 SGD per share.
What do the bullish and bearish scenarios say about DU4?
Our models span a range for MERMAID MARITIME PUBLIC CO LTD: cautious scenario 0.1054 SGD, base 0.1054 SGD, optimistic 0.1386 SGD per share (as of Sep 24, 2026, price 0.0830 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DU4?
MERMAID MARITIME PUBLIC CO LTD trades at a price-to-earnings ratio of 8.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.1054 SGD is built from several models across several years. Other multiples: PEG 2.4.
What is the PEG ratio of DU4?
The PEG ratio of MERMAID MARITIME PUBLIC CO LTD is 2.42 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of MERMAID MARITIME PUBLIC CO LTD (DU4)?
Balance-sheet figures for MERMAID MARITIME PUBLIC CO LTD (as of Sep 24, 2026): return on equity 5.7%, debt of 0.35 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is DU4 from its 52-week high?
MERMAID MARITIME PUBLIC CO LTD trades at 0.0830 SGD, about 37% below its 52-week high of 0.1326 SGD and 1% above the low of 0.0820 SGD (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.1054 SGD is for.
Which stocks are comparable to MERMAID MARITIME PUBLIC CO LTD?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, TechnipFMC plc, Halliburton Company, 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 MERMAID MARITIME PUBLIC CO LTD stock attractive at the current price?
The data as of Sep 24, 2026: price 0.0830 SGD, calculated fair value 0.1054 SGD (+27%), Quality Score 32/100, from 26 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 DU4 calculated?
We run MERMAID MARITIME PUBLIC CO LTD through 26 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 0.1054 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 13.0 % above its aggregate fair value. MERMAID MARITIME PUBLIC CO LTD currently trades 27 % 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 MERMAID MARITIME PUBLIC CO LTD (DU4)?
The closing price on Sep 24, 2026 was 0.0830 SGD. Our model-based fair value is 0.1054 SGD, about +27% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MERMAID MARITIME PUBLIC CO LTD right now?
The price is below even our cautious bear case (0.1054 SGD). The market is more pessimistic than our downside scenario. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of MERMAID MARITIME PUBLIC CO LTD
How large is the market capitalisation of MERMAID MARITIME PUBLIC CO LTD (DU4)?
The market capitalisation of MERMAID MARITIME PUBLIC CO LTD is 180M SGD (≈ $140M). 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 MERMAID MARITIME PUBLIC CO LTD (DU4)?
The price-to-sales ratio of MERMAID MARITIME PUBLIC CO LTD is 0.12 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of MERMAID MARITIME PUBLIC CO LTD (DU4)?
Earnings per share at MERMAID MARITIME PUBLIC CO LTD are 0.0100 SGD (price ÷ EPS = P/E 8.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of MERMAID MARITIME PUBLIC CO LTD (DU4)?
The net margin of MERMAID MARITIME PUBLIC CO LTD is 1.5% (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 MERMAID MARITIME PUBLIC CO LTD (DU4)?
The return on equity (ROE) of MERMAID MARITIME PUBLIC CO LTD is 5.7% (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 MERMAID MARITIME PUBLIC CO LTD (DU4)?
On an EBIT basis the return on assets of MERMAID MARITIME PUBLIC CO LTD is 0.5% (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 MERMAID MARITIME PUBLIC CO LTD (DU4)?
The operating margin of MERMAID MARITIME PUBLIC CO LTD is −5.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MERMAID MARITIME PUBLIC CO LTD (DU4)?
Revenue at MERMAID MARITIME PUBLIC CO LTD is growing −34.8% versus a year earlier (3y avg +29.8%). 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 MERMAID MARITIME PUBLIC CO LTD (DU4)?
Earnings per share at MERMAID MARITIME PUBLIC CO LTD are growing −54.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does MERMAID MARITIME PUBLIC CO LTD (DU4) carry?
The net debt of MERMAID MARITIME PUBLIC CO LTD is 35.5M SGD (fiscal year 2025, ≈ 1.5 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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