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The Navigator Company (NVG) Fair Value & Analysis

Basic Materials · PT · Market cap €2.5B

TN The Navigator Company NVG · LS
Price€3.49
Fair Value€3.18
Upside-9.1%
Quality57/100
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Mixed Growth
Thin margins · 6.1% net margin
Moderate debt · generates free cash flow
Mixed vs. peers (7/15)
Narrow moat 36/100
Evidence: High Range €2.22 – €4.12 Share as image

Fair value as of: Jul 19, 2026

From 24 valuation models · updated 22 days ago

Fair value updated Jul 19, 2026, revised from €2.65 to €3.18 (+19.8%) since Jun 24, 2026. Share price +3.2% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (€2.22 to €4.12) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€3.91 €1.93 Fair Value €3.18 Apr 2021 Jun 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range €1.93 – €3.91 · fair‑value band €2.22 – €4.12 · the €3.49 price screens above the €3.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

The Navigator Company (NVG) currently trades at €3.49, while our model-based Fair Value estimate is €3.18, implying the stock looks roughly 9.1% fairly valued today. The Quality Score stands at 57/100 (solid quality), in the Basic Materials 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, The Navigator Company generated revenue of €1.9B at a net margin of 6.1%. Revenue declined 19.4% year over year. It earns a return on equity of 8.0%. Net debt stands at €704M. Fundamentals as of Jul 19, 2026

Our scenario range runs from €2.22 (bear case) to €4.12 (bull case); at €3.49, the current price sits within 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 3% below its 52-week high and 21% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at -9%, NVG 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 BearBaseBull Evidence
Highest evidence
Growth DCF €0.4700 €0.9000 €1.59 80
Residual Income €1.75 €1.93 €2.59 76
Rev-Margin DCF €1.11 €2.22 €3.52 74
All 24 models by family
DCF Models
FCF DCF €0.4200 €0.8800 €1.64 38
Owner Earnings €0.1000 €0.4400 €1.02 31
5Y Revenue Exit €1.11 €2.20 €3.72 39
5Y EBITDA Exit €1.68 €3.19 €5.09 41
5Y P/E Exit €0.9900 €2.01 €3.16 38
10Y Revenue Exit €0.7500 €1.66 €2.73 36
10Y EBITDA Exit €1.17 €2.30 €3.63 37
10Y P/E Exit €0.7600 €1.54 €2.35 35
Earnings-Based
Graham-Dodd €1.38 €2.51 €3.11 54
EPV €0.4200 €0.6200 €0.8000 59
Dividend Discount
Gordon GGM €2.16 €2.81 €3.46 70
DDM Multi-Stage €2.16 €2.91 €3.78 61
Multiples
P/E Multiple €2.59 €3.46 €4.32 63
P/S Multiple €2.59 €3.46 €4.32 58
P/B Multiple €2.59 €3.46 €4.32 55
EV/EBIT €2.13 €3.14 €4.14 53
EV/EBITDA €3.00 €4.30 €5.60 54
EV/Revenue €1.73 €2.85 €3.97 43
Asset-Based
NCAV (Graham) €0.9900 €1.33 €1.99 50
Growth DCF
Growth DCF €0.4700 €0.9000 €1.59 80
Rev-Margin DCF €1.11 €2.22 €3.52 74
Economic Profit
Residual Income €1.75 €1.93 €2.59 76
ROIC Compounder €0.4200 €0.6200 €0.8000 72
Growth Earnings
Growth-Adj P/E €1.85 €2.65 €3.44 68

Widest divergence: Multiples (€3.46) versus Earnings-Based (€0.6200). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €1.9B
Revenue growth (YoY) -19.4%
Net margin 6.1%
Return on equity 8.0%
Free cash flow €96.1M FY2025
P/E ratio 21.8
More key figures
Operating margin 5.1%
EPS (TTM) €0.1600
EPS growth (YoY) -42.2%
Net debt €704M FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 57 · Market factors (momentum, volatility) 69

Profitability 45
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 70
Earnings quality: real cash, not paper profit
Fin. Strength 49
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 65
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

The Navigator Company, S.A. engages in the production of forestry, pulp, paper, tissue, and packaging solutions worldwide. The company operates through Market Folder, UWF Paper, Tissue Paper, and Energy segments.

Full company description

The Navigator Company, S.A. engages in the production of forestry, pulp, paper, tissue, and packaging solutions worldwide. The company operates through Market Folder, UWF Paper, Tissue Paper, and Energy segments. It is involved in the production of pulp, printing, and writing papers under the Navigator, Pioneer, and Inacopia brands; production of tissue under the Amoos brand; provision of packaging solutions under the gKraft brand; research, acquisition, and sale of wood; production of bleached eucalyptus pulp; and production and commercialization of thermal and electrical energy. The company was formerly known as Portucel, S.A. and changed its name to The Navigator Company, S.A. in February 2016. The company was founded in 1953 and is headquartered in Setúbal, Portugal. The Navigator Company, S.A. operates as a subsidiary of Semapa - Sociedade de Investimento e Gestão, SGPS, S.A.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

The Navigator Company reported revenue of €2.0B in FY2025 versus €1.6B in FY2021, a compound +5.4%/yr. Reported net income was €145M in FY2025, compounding −4.2%/yr from FY2021.

Growth Quality 63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€2.0B
Latest YoY
−5.7%
Avg. growth/yr (3Y)
−7.2%
Avg. growth/yr (5Y)
+7.3%
Avg. growth/yr (10Y)
+1.8%
Revenue +5.4%/yr
FY21 €1.6B
FY22 €2.5B
FY23 €2.0B
FY24 €2.1B
FY25 €2.0B
Net income −4.2%/yr
FY21 €171M
FY22 €393M
FY23 €275M
FY24 €287M
FY25 €145M

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Cite: Fair Value Calculator (2026). "The Navigator Company Fair Value". https://www.fairvalue-calculator.com/stock/NVG

Peer Group

Paper & Paper Products · 113 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 57 · Top 25%
Fair Value upside −9% · Above median
Return on equity (TTM) 8% · Top 25%
Return on assets 3% · Top 25%
Net margin (TTM) 6% · Top 25%
Operating margin (TTM) 5% · Above median
Revenue growth -19% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.54× · Higher than 75% of peers

Valuation Multiples vs Paper & Paper Products median · lower = cheaper

P/E (TTM) 21.8× · Pricier than median
P/B 2.03× · Pricier than 75% of peers
P/S (TTM) 1.53× · Pricier than 75% of peers
P/FCF 29.9× · Pricier than 75% of peers
EV/EBITDA 11.4× · Pricier than median
PEG 0.20× · 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 21 · sector 20
FUTURE 0 · sector 7
PAST 32 · sector 12
HEALTH 73 · sector 91
DIVIDEND 0 · sector 41

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 Paper & Paper Products stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
Klabin S.A KLBN11 R$17.58 R$3.89 -78%
UPM-Kymmene Oyj UPM €23.45 €15.47 -34%
Suzano S.A SUZB3 R$41.70 R$138.01 +231%
Svenska Cellulosa Aktiebolaget SCA (publ) SCAB kr 103.00 kr 49.40 -52%
Shandong Sunpaper Co 002078 ¥14.13 ¥17.29 +22%
Holmen AB HOLMB kr 305.40 kr 217.72 -29%
Nine Dragons Paper (Holdings) Limited 2689 HK$7.55 HK$8.73 +16%
Empresas CMPC S.A CMPC 1,078 CLP 1,269 CLP +18%
Xianhe Co 603733 ¥22.05 ¥24.32 +10%
Billerud AB BILL kr 68.70 kr 48.60 -29%

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Frequently asked questions

Is The Navigator Company (NVG) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of €3.18 versus a price of €3.49, about −9% (fairly valued).
What is the fair value of NVG?
Our model-based fair value for The Navigator Company is €3.18 (as of Jul 19, 2026), built from audited fundamentals. The current price is €3.49.
What is the quality score of NVG?
The Navigator Company has a Quality Score of 57/100. 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 The Navigator Company (NVG)?
The Navigator Company reported trailing-twelve-month revenue of about €1.9B (latest available figure, as of Jul 19, 2026).
What is the net profit margin of NVG?
The net profit margin of The Navigator Company is about 6.1%, meaning it keeps roughly 6.1% 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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