NSL LTD. (N02) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of NSL LTD. S$0.84, price S$0.92, upside -8.7%, quality 65 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 Oct 2, 2026.
How to read this chart
60‑month range 0.4027 SGD – 0.9400 SGD · fair‑value band 0.7000 SGD – 1.09 SGD · the 0.9200 SGD price screens above the 0.8400 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 2, 2026.
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NSL Ltd, an investment holding company, engages in the manufacture and sale of building materials, oil and petroleum related products in Singapore, Malaysia, the United Arab Emirates, Finland, Norway, Germany, and internationally. The company operates through three divisions: Precast & Prefabricated Bathroom Unit, Environmental Services, and Chemicals.
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NSL Ltd, an investment holding company, engages in the manufacture and sale of building materials, oil and petroleum related products in Singapore, Malaysia, the United Arab Emirates, Finland, Norway, Germany, and internationally. The company operates through three divisions: Precast & Prefabricated Bathroom Unit, Environmental Services, and Chemicals. The company offers precast concrete components and prefabricated bathroom units; manufactures and sells refractory materials and roadstone products; trades in oil products; treats industrial wastewater and oily slop and recovers waste oil and oily slop; and provides oil and chemical waste disposal services, as well as owns and manages Raffles Marina Club. The company was incorporated in 1961 and is headquartered in Singapore. NSL Ltd operates as a subsidiary of YTL Cement Bhd.
Stock analysis
NSL LTD. (N02) currently trades at 0.9200 SGD, while our model-based Fair Value estimate is 0.8400 SGD, so the stock looks roughly fairly valued today (gap 9.5%).
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Valuation
Bull case: the DCF Models group reads highest at a median of 1.10 SGD per share, and 16 of the 25 models we run sit above the 0.9200 SGD price.
Bear case: the Dividend Discount group reads lowest at 0.3200 SGD, and 9 of the 25 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.7000 SGD (bear) to 1.09 SGD (bull), the price of 0.9200 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 65/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
NSL LTD. reported revenue of 386M SGD in FY2025 versus 260M SGD in FY2021, a compound +10.4%/yr. Reported net income was 23.1M SGD in FY2025, compounding +47.3%/yr from FY2021.
Key figures
Market cap 344M SGD (≈ $269M) · P/E ratio 15.3 · P/S ratio 0.92 · EPS (TTM) 0.0600 SGD · Dividend yield 5.4% · Net margin 6.0% · Return on equity 7.5% · Return on assets (EBIT) 5.0%.
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 2% below its 52-week high and 20% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −46% fair-value upside, at −9%, N02 screens cheaper than that median.
Fair Value models
Bear 0.7000 SGDFair Value 0.8400 SGDBull 1.09 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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.0076 SGD per share) are deliberately not added.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.65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+27.5%
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.
+1.4%
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.
+9.3%
Start year 2020 (pandemic). Over 10 years: +1.4% 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.
−0.7%
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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.
+41.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+36.3%
Dividend (yield on the price)5.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.36.3% vs −16.0%, picking up
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.−3% → 11%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 1.5%/yr over ~7Y (margins intact) ⓘ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
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).
−15.0%
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 −16.7% a year for the price.
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.Building Materials · 249 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−8.7% · Below median
Profitability
Return on equity (TTM)7.5% · Above median
Return on assets5.4% · Top 25%
Net margin (TTM)6.0% · Above median
Operating margin (TTM)14.2% · Above median
Growth and dividend
Revenue growth41.2% · Top 25%
Dividend yield (TTM)5.4% · Top 25%
Valuation Multiplesvs Building Materials 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). "NSL LTD. Fair Value". https://www.fairvalue-calculator.com/stock/N02
Frequently asked questions
Is NSL LTD. (N02) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of 0.8400 SGD versus a price of 0.9200 SGD, about −9% upside (fairly valued).
What is the fair value of N02?
Our model-based fair value for NSL LTD. is 0.8400 SGD (as of Oct 2, 2026), built from audited fundamentals. The current price: 0.9200 SGD.
What is the quality score of N02?
NSL LTD. has a Quality Score of 65/100. 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 NSL LTD. (N02)?
Our model-based price target is the fair value of 0.8400 SGD (as of Oct 2, 2026) from 25 valuation models. Cautious scenario 0.7000 SGD, optimistic scenario 1.09 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the NSL LTD. stock forecast for 2026?
Our models put fair value at 0.8400 SGD, about −9% upside versus a price of 0.9200 SGD (fairly valued). Cautious scenario 0.7000 SGD, optimistic scenario 1.09 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of NSL LTD. (N02)?
NSL LTD. reported trailing-twelve-month revenue of about 386M SGD (latest available figure, as of Oct 2, 2026).
Does NSL LTD. pay a dividend?
NSL LTD. currently shows a dividend yield of about 5.43% relative to its recent price (as of Oct 2, 2026).
What growth is priced into NSL LTD. (N02)?
For today's price to be fair in a discounted-cash-flow model, NSL LTD. would have to grow free cash flow by -15.0 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.3 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of N02 use?
Our models discount NSL LTD. at 11.0 %: a base by market capitalisation (micro), damped by beta 0.18, 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 NSL LTD. that is -15.0 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has NSL LTD. (N02) delivered so far?
Over the past 5 years revenue at NSL LTD. grew +9.3 % a year. The price currently implies -15.0 % 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 NSL LTD. (N02) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into NSL LTD. (-15.0 % 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 NSL LTD. (N02)?
The free-cash-flow yield on the price is 3.28 %: that much free cash flow NSL LTD. produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NSL LTD. (N02)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NSL LTD. it is 0.8400 SGD per share (as of Oct 2, 2026), against a price of 0.9200 SGD. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is NSL LTD. stock overvalued or undervalued in 2026?
As of Oct 2, 2026, N02 trades above its calculated fair value: price 0.9200 SGD, fair value 0.8400 SGD, a gap of about −9% (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 N02?
No. The price is what the market pays today (0.9200 SGD); the fair value is what the company's own numbers justify (0.8400 SGD). For NSL LTD. the two are 0.0800 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is NSL LTD. worth?
The market values NSL LTD. at about 344M SGD (market capitalisation, as of Oct 2, 2026). Per share that is 0.9200 SGD; our models calculate a fair value of 0.8400 SGD per share.
What do the bullish and bearish scenarios say about N02?
Our models span a range for NSL LTD.: cautious scenario 0.7000 SGD, base 0.8400 SGD, optimistic 1.09 SGD per share (as of Oct 2, 2026, price 0.9200 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of N02?
NSL LTD. trades at a price-to-earnings ratio of 15.3 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.8400 SGD is built from several models across several years. Other multiples: P/B 1.1, P/S 0.9, EV/EBITDA 3.8.
How solid is the balance sheet of NSL LTD. (N02)?
Balance-sheet figures for NSL LTD. (as of Oct 2, 2026): return on equity 7.5%. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is N02 from its 52-week high?
NSL LTD. trades at 0.9200 SGD, about 2% below its 52-week high of 0.9400 SGD and 20% above the low of 0.7692 SGD (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of 0.8400 SGD is for.
Which stocks are comparable to NSL LTD.?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, UltraTech Cement Limited, 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 NSL LTD. stock attractive at the current price?
The data as of Oct 2, 2026: price 0.9200 SGD, calculated fair value 0.8400 SGD (−9%), Quality Score 65/100, from 25 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 N02 calculated?
We run NSL LTD. through 25 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 0.8400 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. NSL LTD. itself currently trades above fair value. 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 NSL LTD. (N02)?
The closing price on Sep 30, 2026 was 0.9200 SGD. Our model-based fair value is 0.8400 SGD, about −9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NSL LTD. 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 NSL LTD.
How large is the market capitalisation of NSL LTD. (N02)?
The market capitalisation of NSL LTD. is 344M SGD (≈ $269M). 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 NSL LTD. (N02)?
The price-to-sales ratio of NSL LTD. is 0.92 (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 NSL LTD. (N02)?
Earnings per share at NSL LTD. are 0.0600 SGD (price ÷ EPS = P/E 15.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NSL LTD. (N02)?
The dividend yield of NSL LTD. is 5.4% (payout 83.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of NSL LTD. (N02)?
The net margin of NSL LTD. is 6.0% (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 NSL LTD. (N02)?
The return on equity (ROE) of NSL LTD. is 7.5% (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 NSL LTD. (N02)?
On an EBIT basis the return on assets of NSL LTD. is 5.0% (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 NSL LTD. (N02)?
The operating margin of NSL LTD. is 14.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NSL LTD. (N02)?
Revenue at NSL LTD. is growing +41.2% versus a year earlier (3y avg +1.4%). 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 NSL LTD. (N02)?
Earnings per share at NSL LTD. are growing −67.2% versus a year earlier. How much earnings per share grew versus a year earlier.
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