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FORTRESS MINERALS LIMITED (OAJ) Fair Value & Analysis

Basic Materials · SG · Market cap 131M SGD

FM FORTRESS MINERALS LIMITED OAJ · SG
Price0.2200 SGD
Fair Value0.3100 SGD
Upside+40.9%
Quality57/100
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Mixed Growth
Solidly profitable · 15.6% net margin
Low debt · generates free cash flow
1.60% dividend yield
Ranks above peers (10/14)
Wide moat 65/100
Evidence: High Range 0.1900 SGD – 0.4000 SGD Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 5 days ago

Share price −12.0% over the past month.

A solid business, screening 41% undervalued on our models.

What matters now

  • Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (0.1900 SGD to 0.4000 SGD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

0.7539 SGD 0.1763 SGD Fair Value 0.3100 SGD Mar 2019 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 0.1763 SGD – 0.7539 SGD · fair‑value band 0.1900 SGD – 0.4000 SGD · the 0.2200 SGD price screens below the 0.3100 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

FORTRESS MINERALS LIMITED (OAJ) currently trades at 0.2200 SGD, while our model-based Fair Value estimate is 0.3100 SGD, implying the stock looks roughly 40.9% undervalued today. The Quality Score stands at 57/100 (solid quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, FORTRESS MINERALS LIMITED generated revenue of 68.0M SGD at a net margin of 15.6%. Revenue grew 23.7% year over year. It earns a return on equity of 11.6%. Net debt stands at 3.5M SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.1900 SGD (bear case) to 0.4000 SGD (bull case); at 0.2200 SGD, 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 33% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -22% fair-value upside, at 41%, OAJ 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 0.1500 SGD 0.2100 SGD 0.3000 SGD 80
Residual Income 0.1500 SGD 0.1600 SGD 0.1700 SGD 76
Rev-Margin DCF 0.1400 SGD 0.2300 SGD 0.3300 SGD 74
All 24 models by family
DCF Models
FCF DCF 0.1500 SGD 0.2200 SGD 0.3200 SGD 38
Owner Earnings 0.0800 SGD 0.1200 SGD 0.1600 SGD 31
5Y Revenue Exit 0.1400 SGD 0.2300 SGD 0.3300 SGD 39
5Y EBITDA Exit 0.2100 SGD 0.3500 SGD 0.5300 SGD 41
5Y P/E Exit 0.2000 SGD 0.3300 SGD 0.4800 SGD 38
10Y Revenue Exit 0.1400 SGD 0.2100 SGD 0.3100 SGD 36
10Y EBITDA Exit 0.1800 SGD 0.2900 SGD 0.4500 SGD 37
10Y P/E Exit 0.1800 SGD 0.2800 SGD 0.4100 SGD 35
Earnings-Based
Graham-Dodd 0.1300 SGD 0.5300 SGD 0.7200 SGD 54
Lynch FV 0.1300 SGD 0.1900 SGD 0.2500 SGD 50
PEG = 1.0 0.1300 SGD 0.1900 SGD 0.2500 SGD 46
EPV 0.1200 SGD 0.1300 SGD 0.1400 SGD 59
Multiples
P/E Multiple 0.2400 SGD 0.3200 SGD 0.4000 SGD 63
P/S Multiple 0.1400 SGD 0.1800 SGD 0.2300 SGD 58
P/B Multiple 0.2400 SGD 0.3200 SGD 0.4000 SGD 55
EV/EBIT 0.2800 SGD 0.3700 SGD 0.4600 SGD 53
EV/EBITDA 0.2800 SGD 0.3600 SGD 0.4500 SGD 54
EV/Revenue 0.1400 SGD 0.2000 SGD 0.2500 SGD 43
Asset-Based
NCAV (Graham) 0.0900 SGD 0.1200 SGD 0.1800 SGD 50
Growth DCF
Growth DCF 0.1500 SGD 0.2100 SGD 0.3000 SGD 80
Rev-Margin DCF 0.1400 SGD 0.2300 SGD 0.3300 SGD 74
Economic Profit
Residual Income 0.1500 SGD 0.1600 SGD 0.1700 SGD 76
ROIC Compounder 0.1200 SGD 0.1300 SGD 0.1400 SGD 72
Growth Earnings
Growth-Adj P/E 0.2000 SGD 0.2900 SGD 0.3800 SGD 68

Widest divergence: Multiples (0.3200 SGD) versus Asset-Based (0.1200 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 68.0M SGD
Revenue growth (YoY) +23.7%
Net margin 15.6%
Return on equity 11.6%
Free cash flow 8.0M SGD FY2026
P/E ratio 11.0
More key figures
Operating margin 26.0%
EPS (TTM) 0.0200 SGD
Dividend yield 1.6%
EPS growth (YoY) +34.1%
Net debt 3.5M SGD FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 58 · Market factors (momentum, volatility) 40

Profitability 48
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 23
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 30
Distance to the 52-week high (market factor)
Net Issuance 74
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

Fortress Minerals Limited, an investment holding company, engages in the exploration, mining, production, and sale of iron ore concentrates. It holds interest in the Bukit Besi mine located in Terengganu, Malaysia. The company is involved in the acquisition of mines, mining rights, metalliferous land, and quarries, trading of minerals.

Full company description

Fortress Minerals Limited, an investment holding company, engages in the exploration, mining, production, and sale of iron ore concentrates. It holds interest in the Bukit Besi mine located in Terengganu, Malaysia. The company is involved in the acquisition of mines, mining rights, metalliferous land, and quarries, trading of minerals. In addition, it undertakes contracts for drilling and blasting works, other site preparation activities, and mining works. Further, it transports iron ore and minerals; offers supporting services for transport equipment and vehicles; sells its iron ore concentrates primarily to steel mills and trading companies in the People's Republic of China and Malaysia. Fortress Minerals Limited was incorporated in 2017 and is based in Petaling Jaya, Malaysia.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

FORTRESS MINERALS LIMITED reported revenue of 64.3M SGD in FY2026 versus 43.4M SGD in FY2022, a compound +10.3%/yr. Reported net income was 9.8M SGD in FY2026, compounding −8.4%/yr from FY2022.

Growth Quality 67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
64.3M SGD
Latest YoY
+14.2%
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.
+6.3%
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.
+6.1%
Avg. growth/yr (7Y) ⓘ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.
+17.6%
Revenue +10.3%/yr
FY22 43.4M SGD
FY23 53.5M SGD
FY24 53.9M SGD
FY25 56.3M SGD
FY26 64.3M SGD
Net income −8.4%/yr
FY22 13.9M SGD
FY23 12.1M SGD
FY24 10.0M SGD
FY25 6.5M SGD
FY26 9.8M SGD

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FORTRESS MINERALS LIMITED · Fair Value
0.3100 SGD +41%Fair Value
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Cite: Fair Value Calculator (2026). "FORTRESS MINERALS LIMITED Fair Value". https://www.fairvalue-calculator.com/stock/OAJ

Peer Group

Steel · 382 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 +41% · Top 25%
Return on equity (TTM) 12% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 26% · Top 25%
Revenue growth 24% · Top 25%
Dividend yield (TTM) 1.6% · Below median
Debt / equity 0.07× · Lower than median

Valuation Multiples vs Steel median · lower = cheaper

P/E (TTM) 11.0× · Cheaper than 75% of peers
P/B 1.06× · Pricier than median
P/S (TTM) 1.51× · Pricier than 75% of peers
P/FCF 12.7× · Pricier than 75% of peers
EV/EBITDA 4.6× · 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 88 · sector 17
FUTURE 100 · sector 4
PAST 46 · sector 16
HEALTH 97 · sector 95
DIVIDEND 32 · sector 55

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 Steel stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
JSW Steel Limited JSWSTEEL ₹1,269 ₹1,140 -10%
Tata Steel Limited TATASTEEL ₹186.20 ₹145.39 -22%
China Steel Corporation 2002A 37.25 TWD 8.74 TWD -77%
POSCO Holdings 005490 325,000 KRW 155,270 KRW -52%
Companhia Siderúrgica Nacional, SID 13,670 ARS 15,838 ARS +16%
Jindal Steel Limited JINDALSTEL ₹1,112 ₹516.27 -54%
Lloyds Metals and Energy Limited LLOYDSME ₹1,894 ₹771.10 -59%
Gerdau S.A GGBN 83.50 MXN 39.22 MXN -53%
Ternium S.A TXR 17,780 ARS 27,472 ARS +55%
NMDC Limited NMDC ₹85.00 ₹112.98 +33%

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Frequently asked questions

Is FORTRESS MINERALS LIMITED (OAJ) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.3100 SGD versus a price of 0.2200 SGD, about +41% (undervalued).
What is the fair value of OAJ?
Our model-based fair value for FORTRESS MINERALS LIMITED is 0.3100 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.2200 SGD.
What is the quality score of OAJ?
FORTRESS MINERALS LIMITED 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 FORTRESS MINERALS LIMITED (OAJ)?
FORTRESS MINERALS LIMITED reported trailing-twelve-month revenue of about 68.0M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of OAJ?
The net profit margin of FORTRESS MINERALS LIMITED is about 15.6%, meaning it keeps roughly 15.6% of revenue as net income. Based on the latest reported figures.
Does FORTRESS MINERALS LIMITED pay a dividend?
FORTRESS MINERALS LIMITED currently shows a dividend yield of about 1.60% relative to its recent price (as of Aug 13, 2026).

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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