Delfi Limited (P34) fair value: what the stock is really worth
As of Oct 29, 2026: fair value (intrinsic value) of Delfi Limited stock S$1.46, price S$0.67, upside +119.5%, quality 71 out of 100. Rating: strongly undervalued. 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. As of Oct 27, 2026.
How to read this chart
60‑month range 0.5605 SGD – 1.23 SGD · fair‑value band 1.10 SGD – 1.83 SGD · the 0.6650 SGD price screens below the 1.46 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 27, 2026.
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Delfi Limited, an investment holding company, manufactures, markets, distributes, and sells chocolate, chocolate confectionery, and consumer products in Indonesia, the Philippines, Malaysia, Singapore, and internationally.
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The company's offers molded chocolate, dragees, enrobed wafers, and wafers and biscuits chocolate confectionery products under the SilverQueen, Ceres, Delfi, Goya, and KnickKnacks brand names.
It sells its products through major hypermarkets, supermarkets, modern wholesalers, localised wholesalers, retailers, chain stores, as well as traditional corner stores. The company also sells its products to Thailand, Brunei, India, South Korea, and Vietnam.
The company was formerly known as Petra Foods Limited and changed its name to Delfi Limited in May 2016. Delfi Limited was incorporated in 1984 and is headquartered in Singapore.
Stock analysis
Delfi Limited (P34) currently trades at 0.6650 SGD, while our model-based Fair Value estimate is 1.46 SGD, implying the stock looks roughly 54.5% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 1.71 SGD per share, and 18 of the 24 models we run sit above the 0.6650 SGD price.
Bear case: the Asset-Based group reads lowest at 0.3000 SGD, and 6 of the 24 models stay below the price. Data coverage for this calculation is low.
Scenario range: 1.10 SGD (bear) to 1.83 SGD (bull), the price of 0.6650 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 71/100 (solid quality), in the Consumer Defensive sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Delfi Limited reported revenue of $500M in FY2025 versus $405M in FY2021, a compound +5.4%/yr. Reported net income was $33.2M in FY2025, compounding +3.2%/yr from FY2021.
Key figures
Market cap 406M SGD (≈ $318M) Small · P/E ratio 9.5 · P/S ratio 0.63 · EPS (TTM) 0.0700 SGD · Dividend yield 4.2% · Net margin 6.7% · Return on equity 12.6% · Return on assets (EBIT) 12.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at −39% fair-value upside, at 120%, P34 screens cheaper than that median.
Fair Value models
Bear1.10 SGDFair Value 1.46 SGDBull1.83 SGD
Price 0.6650 SGD · Upside +119.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.0349 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.Coverage ⓘCoverage = 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.69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.5%
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.
+1.2%
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.
+5.4%
Start year 2020 (pandemic). Over 10 years: +2.1% a year
Revenue growth 22 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.
+2.0%
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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.
+7.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.3%
Dividend (yield on the price)4.2%
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.3.3% vs −1.2%, 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% → 8%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less 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).
−21.1%
The company could shrink this much every year for the next five years and today's price would still be justified.
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.
+3.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −22.9% 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.Confectioners · 81 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+119.5% · Top 25%
Profitability
Return on equity (12 months)12.6% · Top 25%
Return on assets7.6% · Top 25%
Net margin (12 months)6.7% · Above median
Operating margin (12 months)6.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)2.7% · Above median
Dividend yield (12 months)4.2% · Above median
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Confectioners median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Delfi Limited Fair Value". https://www.fairvalue-calculator.com/stock/P34
Frequently asked questions
Is Delfi Limited (P34) overvalued or undervalued?
As of Oct 27, 2026, our model estimates a fair value of 1.46 SGD versus a price of 0.6650 SGD, about +120% upside (undervalued).
What is the fair value of P34?
Our model-based fair value for Delfi Limited is 1.46 SGD (as of Oct 27, 2026), built from audited fundamentals. The current price: 0.6650 SGD.
What is the quality score of P34?
Delfi Limited has a Quality Score of 71/100. 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 Delfi Limited (P34)?
Our model-based price target is the fair value of 1.46 SGD (as of Oct 27, 2026) from 24 valuation models. Cautious scenario 1.10 SGD, optimistic scenario 1.83 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the Delfi Limited stock forecast for 2026?
Our models put fair value at 1.46 SGD, about +120% upside versus a price of 0.6650 SGD (undervalued). Cautious scenario 1.10 SGD, optimistic scenario 1.83 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of Delfi Limited (P34)?
Delfi Limited reported trailing-twelve-month revenue of about $507M (latest available figure, as of Oct 27, 2026).
Does Delfi Limited pay a dividend?
Delfi Limited currently shows a dividend yield of 4.21% relative to its recent price (as of Oct 27, 2026).
What growth is priced into Delfi Limited (P34)?
For today's price to be fair in a discounted-cash-flow model, Delfi Limited would have to grow free cash flow by -21.1 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.4 % per year. As of Oct 27, 2026.
What discount rate (WACC) does the fair value of P34 use?
Our models discount Delfi Limited at 9.6 %: a base by market capitalisation (small), damped by beta 0.17, 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 Delfi Limited that is -21.1 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Delfi Limited (P34) delivered so far?
Over the past 5 years revenue at Delfi Limited grew +5.4 % a year. The price currently implies -21.1 % 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 Delfi Limited (P34) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Delfi Limited (-21.1 % 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 Delfi Limited (P34)?
The free-cash-flow yield on the price is 21.61 %: that much free cash flow Delfi Limited produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Delfi Limited (P34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Delfi Limited it is 1.46 SGD per share (as of Oct 27, 2026), against a price of 0.6650 SGD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Delfi Limited stock overvalued or undervalued in 2026?
As of Oct 27, 2026, P34 trades below its calculated fair value: price 0.6650 SGD, fair value 1.46 SGD, a gap of about +120% (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 P34?
No. The price is what the market pays today (0.6650 SGD); the fair value is what the company's own numbers justify (1.46 SGD). For Delfi Limited the two are 0.7950 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is Delfi Limited worth?
The market values Delfi Limited at about 406M SGD (market capitalisation, as of Oct 27, 2026). Per share that is 0.6650 SGD; our models calculate a fair value of 1.46 SGD per share.
What do the bullish and bearish scenarios say about P34?
Our models span a range for Delfi Limited: cautious scenario 1.10 SGD, base 1.46 SGD, optimistic 1.83 SGD per share (as of Oct 27, 2026, price 0.6650 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of P34?
Delfi Limited trades at a price-to-earnings ratio of 9.5 (as of Oct 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1.46 SGD is built from several models across several years. Other multiples: PEG 2.1, P/B 1.1, P/S 0.6, EV/EBITDA 4.9.
What is the PEG ratio of P34?
The PEG ratio of Delfi Limited is 2.07 (P/E divided by earnings growth, as of Oct 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Delfi Limited (P34)?
Balance-sheet figures for Delfi Limited (as of Oct 27, 2026): return on equity 12.6%, debt of 0.00 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is P34 from its 52-week high?
Delfi Limited trades at 0.6650 SGD, about 44% below its 52-week high of 1.20 SGD and at the low of 0.6650 SGD (as of Oct 29, 2026). Distance from the high says nothing about value: that is what the fair value of 1.46 SGD is for.
Which stocks are comparable to Delfi Limited?
From the same area (Consumer Defensive) we also value Mondelez International, Inc, The Hershey Company, Chocoladefabriken Lindt & Sprüngli AG, Barry Callebaut AG, 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 Delfi Limited stock attractive at the current price?
The data as of Oct 27, 2026: price 0.6650 SGD, calculated fair value 1.46 SGD (+120%), Quality Score 71/100, 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 P34 calculated?
We run Delfi 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 1.46 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 13.1 % above its aggregate fair value. Delfi Limited currently trades 54 % 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 Delfi Limited (P34)?
The closing price on Oct 29, 2026 was 0.6650 SGD. Our model-based fair value is 1.46 SGD, about +120% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Delfi Limited right now?
The rarer combination: high quality (71/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (1.10 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.
Where does the earnings growth of Delfi Limited (P34) come from?
Earnings per share at Delfi Limited grew −1.8 % a year from 2011 to 2022. Broken into its drivers: revenue per share −8.0 %, EBIT margin +1.0 %, tax rate +0.8 %, residual (interest, one-offs) +4.8 %. 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 Delfi Limited
How large is the market capitalisation of Delfi Limited (P34)?
The market capitalisation of Delfi Limited is 406M SGD (≈ $318M). 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 Delfi Limited (P34)?
The price-to-sales ratio of Delfi Limited is 0.63 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Delfi Limited (P34)?
Earnings per share at Delfi Limited are 0.0700 SGD (price ÷ EPS = P/E 9.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Delfi Limited (P34)?
The dividend yield of Delfi Limited is 4.2% (payout 40.0%). 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 Delfi Limited (P34)?
The net margin of Delfi Limited is 6.7% (last twelve months). 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 Delfi Limited (P34)?
The return on equity (ROE) of Delfi Limited is 12.6% (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 Delfi Limited (P34)?
On an EBIT basis the return on assets of Delfi Limited is 12.7% (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 Delfi Limited (P34)?
The operating margin of Delfi Limited is 6.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Delfi Limited (P34)?
Revenue at Delfi Limited is growing +2.7% versus a year earlier (3y avg +1.2%). 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 Delfi Limited (P34)?
Earnings per share at Delfi Limited are growing +5.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Delfi Limited (P34) hold?
Delfi Limited holds more cash than debt, $56.8M net (fiscal year 2022). The company holds more cash than debt, a safety cushion.
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Thin data
Oct 27, 2026