FORTRESS MINERALS LIMITED (OAJ) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of FORTRESS MINERALS LIMITED S$0.37, price S$0.22, upside +68.2%, quality 58 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 3, 2026.
How to read this chart
60‑month range 0.1763 SGD – 0.7539 SGD · fair‑value band 0.2500 SGD – 0.4900 SGD · the 0.2200 SGD price screens below the 0.3700 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
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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.
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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.
Stock analysis
FORTRESS MINERALS LIMITED (OAJ) currently trades at 0.2200 SGD, while our model-based Fair Value estimate is 0.3700 SGD, implying the stock looks roughly 40.5% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 0.4100 SGD per share, and 19 of the 24 models we run sit above the 0.2200 SGD price.
Bear case: the Asset-Based group reads lowest at 0.1600 SGD, and 5 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.2500 SGD (bear) to 0.4900 SGD (bull), the price of 0.2200 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 58/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
FORTRESS MINERALS LIMITED reported revenue of $64.3M in FY2026 versus $43.4M in FY2022, a compound +10.3%/yr. Reported net income was $9.8M in FY2026, compounding −8.4%/yr from FY2022.
Key figures
Market cap 115M SGD (≈ $90.0M) · P/E ratio 7.3 · P/S ratio 1.12 · EPS (TTM) 0.0300 SGD · Dividend yield 1.8% · Net margin 15.2% · Return on equity 11.6% · Return on assets (EBIT) 16.1%.
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 28% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −44% fair-value upside, at 68%, OAJ screens cheaper than that median.
Fair Value models
Bear 0.2500 SGDFair Value 0.3700 SGDBull 0.4900 SGD
Price 0.2200 SGD · Upside +68.2%
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 2026 figures (about 7 months old). Earnings retained since then (0.0155 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.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+14.2%
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.
+6.3%
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.
+6.1%
Start year 2021 (pandemic)
Revenue growth 7 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.
+17.6%
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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.
−5.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.6%
Dividend (yield on the price)1.8%
Profit margin 2021 to 2026 ⓘ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.49% → 21%
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).
+2.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +0.1% a year for the price.
Compare FORTRESS MINERALS LIMITED 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.Steel · 399 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Top 25%
Fair Value upside+68.2% · Top 25%
Profitability
Return on equity (TTM)11.6% · Top 25%
Return on assets8.1% · Top 25%
Net margin (TTM)15.6% · Top 25%
Operating margin (TTM)29.5% · Top 25%
Growth and dividend
Revenue growth23.7% · Top 25%
Dividend yield (TTM)1.8% · Below median
Balance sheet
Debt / equity0.07× · Below median
Valuation Multiplesvs Steel median · lower = cheaper
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Is FORTRESS MINERALS LIMITED (OAJ) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 0.3700 SGD versus a price of 0.2200 SGD, about +68% upside (undervalued).
What is the fair value of OAJ?
Our model-based fair value for FORTRESS MINERALS LIMITED is 0.3700 SGD (as of Oct 3, 2026), built from audited fundamentals. The current price: 0.2200 SGD.
What is the quality score of OAJ?
FORTRESS MINERALS LIMITED has a Quality Score of 58/100. 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 FORTRESS MINERALS LIMITED (OAJ)?
Our model-based price target is the fair value of 0.3700 SGD (as of Oct 3, 2026) from 24 valuation models. Cautious scenario 0.2500 SGD, optimistic scenario 0.4900 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the FORTRESS MINERALS LIMITED stock forecast for 2026?
Our models put fair value at 0.3700 SGD, about +68% upside versus a price of 0.2200 SGD (undervalued). Cautious scenario 0.2500 SGD, optimistic scenario 0.4900 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of FORTRESS MINERALS LIMITED (OAJ)?
FORTRESS MINERALS LIMITED reported trailing-twelve-month revenue of about $68.0M (latest available figure, as of Oct 3, 2026).
Does FORTRESS MINERALS LIMITED pay a dividend?
FORTRESS MINERALS LIMITED currently shows a dividend yield of about 1.82% relative to its recent price (as of Oct 3, 2026).
What growth is priced into FORTRESS MINERALS LIMITED (OAJ)?
For today's price to be fair in a discounted-cash-flow model, FORTRESS MINERALS LIMITED would have to grow free cash flow by +2.5 % 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 +6.1 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of OAJ use?
Our models discount FORTRESS MINERALS LIMITED at 11.0 %: a base by market capitalisation (micro), damped by beta 0.49, 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 FORTRESS MINERALS LIMITED that is +2.5 % 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 FORTRESS MINERALS LIMITED (OAJ) delivered so far?
Over the past 5 years revenue at FORTRESS MINERALS LIMITED grew +6.1 % a year. The price currently implies +2.5 % 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 FORTRESS MINERALS LIMITED (OAJ) growing?
The median revenue growth in the sector is +8.8 % a year. That is the yardstick for the growth priced into FORTRESS MINERALS LIMITED (+2.5 % 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 FORTRESS MINERALS LIMITED (OAJ)?
The free-cash-flow yield on the price is 8.93 %: that much free cash flow FORTRESS MINERALS LIMITED 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 FORTRESS MINERALS LIMITED (OAJ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For FORTRESS MINERALS LIMITED it is 0.3700 SGD per share (as of Oct 3, 2026), against a price of 0.2200 SGD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is FORTRESS MINERALS LIMITED stock overvalued or undervalued in 2026?
As of Oct 3, 2026, OAJ trades below its calculated fair value: price 0.2200 SGD, fair value 0.3700 SGD, a gap of about +68% (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 OAJ?
No. The price is what the market pays today (0.2200 SGD); the fair value is what the company's own numbers justify (0.3700 SGD). For FORTRESS MINERALS LIMITED the two are 0.1500 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is FORTRESS MINERALS LIMITED worth?
The market values FORTRESS MINERALS LIMITED at about 115M SGD (market capitalisation, as of Oct 3, 2026). Per share that is 0.2200 SGD; our models calculate a fair value of 0.3700 SGD per share.
What do the bullish and bearish scenarios say about OAJ?
Our models span a range for FORTRESS MINERALS LIMITED: cautious scenario 0.2500 SGD, base 0.3700 SGD, optimistic 0.4900 SGD per share (as of Oct 3, 2026, price 0.2200 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of OAJ?
FORTRESS MINERALS LIMITED trades at a price-to-earnings ratio of 7.3 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.3700 SGD is built from several models across several years. Other multiples: P/B 0.9, P/S 1.3, EV/EBITDA 3.8.
How solid is the balance sheet of FORTRESS MINERALS LIMITED (OAJ)?
Balance-sheet figures for FORTRESS MINERALS LIMITED (as of Oct 3, 2026): return on equity 11.6%, debt of 0.07 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is OAJ from its 52-week high?
FORTRESS MINERALS LIMITED trades at 0.2200 SGD, about 28% below its 52-week high of 0.3050 SGD and 2% above the low of 0.2150 SGD (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of 0.3700 SGD is for.
Which stocks are comparable to FORTRESS MINERALS LIMITED?
From the same area (Basic Materials) we also value Nucor Corporation, ArcelorMittal S.A, Steel Dynamics, Inc, JSW Steel 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 FORTRESS MINERALS LIMITED stock attractive at the current price?
The data as of Oct 3, 2026: price 0.2200 SGD, calculated fair value 0.3700 SGD (+68%), Quality Score 58/100, from 24 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 OAJ calculated?
We run FORTRESS MINERALS LIMITED through 24 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 0.3700 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 14.9 % above its aggregate fair value. FORTRESS MINERALS LIMITED currently trades 41 % 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 FORTRESS MINERALS LIMITED (OAJ)?
The closing price on Sep 30, 2026 was 0.2200 SGD. Our model-based fair value is 0.3700 SGD, about +68% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with FORTRESS MINERALS LIMITED right now?
The price is below even our cautious bear case (0.2500 SGD). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (0.2500 SGD to 0.4900 SGD) leaves room in how you read the outcome.
Key figures of FORTRESS MINERALS LIMITED
How large is the market capitalisation of FORTRESS MINERALS LIMITED (OAJ)?
The market capitalisation of FORTRESS MINERALS LIMITED is 115M SGD (≈ $90.0M). 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 FORTRESS MINERALS LIMITED (OAJ)?
The price-to-sales ratio of FORTRESS MINERALS LIMITED is 1.12 (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 FORTRESS MINERALS LIMITED (OAJ)?
Earnings per share at FORTRESS MINERALS LIMITED are 0.0300 SGD (price ÷ EPS = P/E 7.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of FORTRESS MINERALS LIMITED (OAJ)?
The dividend yield of FORTRESS MINERALS LIMITED is 1.8% (payout 13.3%). 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 FORTRESS MINERALS LIMITED (OAJ)?
The net margin of FORTRESS MINERALS LIMITED is 15.2% (fiscal year 2026). 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 FORTRESS MINERALS LIMITED (OAJ)?
The return on equity (ROE) of FORTRESS MINERALS LIMITED is 11.6% (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 FORTRESS MINERALS LIMITED (OAJ)?
On an EBIT basis the return on assets of FORTRESS MINERALS LIMITED is 16.1% (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 FORTRESS MINERALS LIMITED (OAJ)?
The operating margin of FORTRESS MINERALS LIMITED is 29.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at FORTRESS MINERALS LIMITED (OAJ)?
Revenue at FORTRESS MINERALS LIMITED is growing +23.7% versus a year earlier (3y avg +6.3%). 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 FORTRESS MINERALS LIMITED (OAJ)?
Earnings per share at FORTRESS MINERALS LIMITED are growing +34.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does FORTRESS MINERALS LIMITED (OAJ) carry?
The net debt of FORTRESS MINERALS LIMITED is $3.5M (fiscal year 2026, ≈ 0.4 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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