Netcare Ltd (NWKHY) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Netcare Ltd $12.13, price $11.09, upside +9.4%, quality 59 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 24, 2026.
How to read this chart
60‑month range $5.51 – $17.69 · fair‑value band $5.80 – $18.85 · the $11.09 price screens below the $12.13 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Netcare Limited, an investment holding company, operates private hospitals in South Africa. It operates through Hospital and Emergency Services, and Primary Care segments. The Hospital and Emergency Services segment engages in the hospital and pharmacy operations.
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Netcare Limited, an investment holding company, operates private hospitals in South Africa. It operates through Hospital and Emergency Services, and Primary Care segments. The Hospital and Emergency Services segment engages in the hospital and pharmacy operations. Its operations covers its private acute hospital network and day clinics; and non-acute services, including emergency medical services, mental health clinics operation, diagnostics support services, and cancer care services, as well as sells healthcare products. The Primary Care segment offers healthcare services, and employee health and wellness services, as well as administrative services to medical and dental practices. It also engages in the financing, property owning, and pharmaceutical services. It operates through a network of acute hospitals, netcare 911 sites, cancer care centres, haematology centres, renal dialysis facilities, dialysis stations, point of care devices, mental health hospitals, primary health care facilities, and occupational health service contracts, as well as insurance products, and prepaid procedures and healthcare vouchers. Netcare Limited was incorporated in 1996 and is headquartered in Sandton, South Africa.
Stock analysis
Netcare Ltd ADR (NWKHY) currently trades at $11.09, while our model-based Fair Value estimate is $12.13, implying the stock looks roughly 8.6% fairly valued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of $118.36 per share, and 20 of the 22 models we run sit above the $11.09 price.
Bear case: the Dividend Discount group reads lowest at $5.29, and 2 of the 22 models stay below the price. Evidence for this calculation is high.
Scenario range: $5.80 (bear) to $18.85 (bull), the price of $11.09 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 59/100 (solid quality), in the Healthcare sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Netcare Ltd ADR reported revenue of 26.3B ZAR in FY2025 versus 21.2B ZAR in FY2021, a compound +5.6%/yr. Reported net income was 1.7B ZAR in FY2025, compounding +22.7%/yr from FY2021.
Key figures
Market cap $1.4B · P/E ratio 16.1 · P/S ratio 1.06 · EPS (TTM) $0.6900 · Dividend yield 8.4% · Net margin 6.6% · Return on equity 17.6% · Return on assets (EBIT) 9.5%.
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 3% below its 52-week high and 55% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 35% fair-value upside, at 9%, NWKHY screens richer than that median.
Fair Value models
Bear $5.80Fair Value $12.13Bull $18.85
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.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+4.5%
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.
+6.8%
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.
+6.9%
Start year 2020 (pandemic). Over 10 years: −2.4% a year
Revenue growth 20 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.
+6.5%
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What shareholders gained per year (last 5 years), in ZAR ⓘ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. Basis: EBIT basis. Measured in ZAR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+15.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.1%
Dividend (yield on the price)8.4%
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.20% vs −1%, 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.8% → 10%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 1.8%/yr over ~10Y (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
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+59.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in ZAR, South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about +54.7% a year for the price and +0.8% for the forecasts.
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.Medical Care Facilities · 258 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+9% · Above median
Profitability
Return on equity (TTM)18% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)7% · Above median
Operating margin (TTM)13% · Above median
Growth and dividend
Revenue growth5% · Below median
Dividend yield (TTM)8.4% · Top 25%
Balance sheet
Debt / equity0.63× · Highest 25%
Valuation Multiplesvs Medical Care Facilities median · lower = cheaper
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As of Sep 24, 2026, our model estimates a fair value of $12.13 versus a price of $11.09, about +9% upside (fairly valued).
What is the fair value of NWKHY?
Our model-based fair value for Netcare Ltd ADR is $12.13 (as of Sep 24, 2026), built from audited fundamentals. The current price: $11.09.
What is the quality score of NWKHY?
Netcare Ltd ADR has a Quality Score of 59/100. 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 Netcare Ltd (NWKHY)?
Our model-based price target is the fair value of $12.13 (as of Sep 24, 2026) from 22 valuation models. Cautious scenario $5.80, optimistic scenario $18.85. It is a calculation from audited fundamentals, not an analyst target.
What is the Netcare Ltd ADR stock forecast for 2026?
Our models put fair value at $12.13, about +9% upside versus a price of $11.09 (fairly valued). Cautious scenario $5.80, optimistic scenario $18.85. The calculation is refreshed regularly with new filings.
What is the revenue of Netcare Ltd (NWKHY)?
Netcare Ltd ADR reported trailing-twelve-month revenue of about 26.9B ZAR (latest available figure, as of Sep 24, 2026).
Does Netcare Ltd ADR pay a dividend?
Netcare Ltd ADR currently shows a dividend yield of about 8.39% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Netcare Ltd (NWKHY)?
For today's price to be fair in a discounted-cash-flow model, Netcare Ltd ADR would have to grow free cash flow by +59.7 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of NWKHY use?
Our models discount Netcare Ltd ADR at 9.8 %: a base by market capitalisation (small), damped by beta 0.26, country premium for USA. 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 Netcare Ltd ADR that is +59.7 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Netcare Ltd (NWKHY) delivered so far?
Over the past 5 years revenue at Netcare Ltd ADR grew +6.9 % a year. The price currently implies +59.7 % 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 Netcare Ltd (NWKHY) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into Netcare Ltd ADR (+59.7 % 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 Netcare Ltd (NWKHY)?
The free-cash-flow yield on the price is 0.54 %: that much free cash flow Netcare Ltd ADR produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Netcare Ltd (NWKHY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Netcare Ltd ADR it is $12.13 per share (as of Sep 24, 2026), against a price of $11.09. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Netcare Ltd ADR stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NWKHY trades below its calculated fair value: price $11.09, fair value $12.13, 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 NWKHY?
No. The price is what the market pays today ($11.09); the fair value is what the company's own numbers justify ($12.13). For Netcare Ltd ADR the two are $1.04 per share apart. That gap is exactly why we show both numbers side by side.
How much is Netcare Ltd ADR worth?
The market values Netcare Ltd ADR at about $1.4B (market capitalisation, as of Sep 24, 2026). Per share that is $11.09; our models calculate a fair value of $12.13 per share.
What do the bullish and bearish scenarios say about NWKHY?
Our models span a range for Netcare Ltd ADR: cautious scenario $5.80, base $12.13, optimistic $18.85 per share (as of Sep 24, 2026, price $11.09). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NWKHY?
Netcare Ltd ADR trades at a price-to-earnings ratio of 16.1 (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 $12.13 is built from several models across several years. Other multiples: P/B 2.1, P/S 0.8, EV/EBITDA 6.1.
How solid is the balance sheet of Netcare Ltd (NWKHY)?
Balance-sheet figures for Netcare Ltd ADR (as of Sep 24, 2026): return on equity 17.6%, debt of 0.63 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is NWKHY from its 52-week high?
Netcare Ltd ADR trades at $11.09, about 3% below its 52-week high of $11.45 and 55% above the low of $7.17 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of $12.13 is for.
Which stocks are comparable to Netcare Ltd ADR?
From the same area (Healthcare) we also value HCA Healthcare, Inc, Fresenius SE, Dr. Sulaiman Al Habib Medical Services Group, IHH Healthcare Berhad, an investment holding 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 Netcare Ltd ADR stock attractive at the current price?
The data as of Sep 24, 2026: price $11.09, calculated fair value $12.13 (+9%), Quality Score 59/100, from 22 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 NWKHY calculated?
We run Netcare Ltd ADR through 22 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 $12.13, 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 14.0 % above its aggregate fair value. Netcare Ltd ADR currently trades 9 % 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 Netcare Ltd (NWKHY)?
The closing price on Sep 24, 2026 was $11.09. Our model-based fair value is $12.13, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Netcare Ltd ADR right now?
The model range is unusually wide ($5.80 to $18.85). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Where does the earnings growth of Netcare Ltd (NWKHY) come from?
Earnings per share at Netcare Ltd ADR grew −3.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share −2.8 %, EBIT margin +0.9 %, tax rate +0.1 %, residual (interest, one-offs) −1.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Netcare Ltd ADR
How large is the market capitalisation of Netcare Ltd (NWKHY)?
The market capitalisation of Netcare Ltd ADR is $1.4B. 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 Netcare Ltd (NWKHY)?
The price-to-sales ratio of Netcare Ltd ADR is 1.06 (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 Netcare Ltd (NWKHY)?
Earnings per share at Netcare Ltd ADR are $0.6900 (price ÷ EPS = P/E 16.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Netcare Ltd (NWKHY)?
The dividend yield of Netcare Ltd ADR is 8.4% (payout 135%). 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 Netcare Ltd (NWKHY)?
The net margin of Netcare Ltd ADR is 6.6% (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 Netcare Ltd (NWKHY)?
The return on equity (ROE) of Netcare Ltd ADR is 17.6% (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 Netcare Ltd (NWKHY)?
On an EBIT basis the return on assets of Netcare Ltd ADR is 9.5% (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 Netcare Ltd (NWKHY)?
The operating margin of Netcare Ltd ADR is 13.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Netcare Ltd (NWKHY)?
Revenue at Netcare Ltd ADR is growing +4.8% versus a year earlier (3y avg +6.8%). 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 Netcare Ltd (NWKHY)?
Earnings per share at Netcare Ltd ADR are growing +19.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Netcare Ltd (NWKHY) carry?
The net debt of Netcare Ltd ADR is 11.1B ZAR (fiscal year 2025, ≈ 90.7 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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Broad data
Sep 24, 2026