PETRONAS Gas Berhad (PNAGF) fair value: what the stock is really worth
As of Sep 18, 2026: fair value of PETRONAS Gas Berhad $2.96, price $4.60, upside -35.7%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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PETRONAS Gas Berhad engages in separating natural gas into its components and storing in Malaysia. The company operates through four segments: Gas Processing, Gas Transportation, Regasification, and Utilities.
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PETRONAS Gas Berhad engages in separating natural gas into its components and storing in Malaysia. The company operates through four segments: Gas Processing, Gas Transportation, Regasification, and Utilities. It is involved in processing of natural gas into sales gas and other by-products, such as ethane, propane, and butane; transportation of processed gas to shippers' end customers and provision of operations and maintenance services; and regasification of liquefied natural gas (LNG), as well as provides LNG reloading and storage, truck loading, and gassing up and cooling down services. The company also manufactures, markets, and supplies industrial utilities; and owns, constructs, and operates power plants for the generation of electricity. The company was incorporated in 1983 and is based in Kuala Lumpur, Malaysia. PETRONAS Gas Berhad operates as a subsidiary of Petroliam Nasional Berhad.
Stock analysis
PETRONAS Gas Berhad (PNAGF) currently trades at $4.60, while our model-based Fair Value estimate is $2.96, implying the stock looks roughly 55.4% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $12.90 per share, and 24 of the 25 models we run sit above the $4.60 price.
Bear case: the Asset-Based group reads lowest at $4.80, and 1 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: $1.91 (bear) to $4.14 (bull), the price of $4.60 sits above 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 62/100 (solid quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
PETRONAS Gas Berhad reported revenue of 6.4B MYR in FY2025 versus 5.6B MYR in FY2021, a compound +3.0%/yr. Reported net income was 1.7B MYR in FY2025, compounding −3.5%/yr from FY2021.
Key figures
Market cap $9.1B · P/E ratio 21.9 · P/S ratio 5.94 · EPS (TTM) $0.2100 · Net margin 27.1% · Return on equity 12.5% · Return on assets (EBIT) 11.9% · Operating margin 34.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 9% below its 52-week high and 32% above its 52-week low.
For context, the median of 10 Energy peers we cover trades at −24% fair-value upside, at −36%, PNAGF screens richer than that median.
Fair Value models
Bear $1.91Fair Value $2.96Bull $4.14
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.44/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.7%
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.
+1.1%
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.
+2.6%
Start year 2020 (pandemic). Over 10 years: +3.6% 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.
+4.1%
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What shareholders gained per year (last 5 years), in MYR ⓘ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. Measured in MYR: 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.
−2.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.8%
Dividend (yield on the price)0.0%
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% vs −1%, steady
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.48% → 31%
Start year 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).
−7.0%
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.
+1.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −9.1% a year for the price and −0.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
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.Oil & Gas Integrated · 52 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Above median
Fair Value upside−36% · Below median
Profitability
Return on equity (TTM)12% · Above median
Return on assets7% · Top 25%
Net margin (TTM)27% · Top 25%
Operating margin (TTM)34% · Top 25%
Growth and dividend
Revenue growth−1% · Below median
Dividend yield (TTM)15.7% · Top 25%
Balance sheet
Debt / equity0.08× · Lowest 25%
Valuation Multiplesvs Oil & Gas Integrated median · lower = cheaper
P/E (TTM)21.9× · Priciest 25%
P/B0.64× · Cheapest 25%
P/S (TTM)1.43× · Pricier than median
P/FCF10.2× · Pricier than median
EV/EBITDA2.5× · Cheapest 25%
PEG13.00× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 14
FUTURE (revenue growth)0· sector 12
PAST (return on equity)50· sector 49
HEALTH (low debt)96· sector 86
DIVIDEND (yield)100· sector 71
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "PETRONAS Gas Berhad Fair Value". https://www.fairvalue-calculator.com/stock/PNAGF
Frequently asked questions
Is PETRONAS Gas Berhad (PNAGF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $2.96 versus a price of $4.60, about −36% upside (overvalued).
What is the fair value of PNAGF?
Our model-based fair value for PETRONAS Gas Berhad is $2.96 (as of Sep 24, 2026), built from audited fundamentals. The current price: $4.60.
What is the quality score of PNAGF?
PETRONAS Gas Berhad has a Quality Score of 62/100. 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 PETRONAS Gas Berhad (PNAGF)?
Our model-based price target is the fair value of $2.96 (as of Sep 24, 2026) from 25 valuation models. Cautious scenario $1.91, optimistic scenario $4.14. It is a calculation from audited fundamentals, not an analyst target.
What is the PETRONAS Gas Berhad stock forecast for 2026?
Our models put fair value at $2.96, about −36% upside versus a price of $4.60 (overvalued). Cautious scenario $1.91, optimistic scenario $4.14. The calculation is refreshed regularly with new filings.
What is the revenue of PETRONAS Gas Berhad (PNAGF)?
PETRONAS Gas Berhad reported trailing-twelve-month revenue of about $6.4B (latest available figure, as of Sep 24, 2026).
What growth is priced into PETRONAS Gas Berhad (PNAGF)?
For today's price to be fair in a discounted-cash-flow model, PETRONAS Gas Berhad would have to grow free cash flow by -7.0 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of PNAGF use?
Our models discount PETRONAS Gas Berhad at 8.5 %: a base by market capitalisation (mid), damped by beta 0.02, 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 PETRONAS Gas Berhad that is -7.0 % per year a year over ten years, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has PETRONAS Gas Berhad (PNAGF) delivered so far?
Over the past 5 years revenue at PETRONAS Gas Berhad grew +2.6 % a year. The price currently implies -7.0 % 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 PETRONAS Gas Berhad (PNAGF) growing?
The median revenue growth in the sector is +0.7 % a year. That is the yardstick for the growth priced into PETRONAS Gas Berhad (-7.0 % 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 PETRONAS Gas Berhad (PNAGF)?
The free-cash-flow yield on the price is 9.78 %: that much free cash flow PETRONAS Gas Berhad produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PETRONAS Gas Berhad (PNAGF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PETRONAS Gas Berhad it is $2.96 per share (as of Sep 24, 2026), against a price of $4.60. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is PETRONAS Gas Berhad stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PNAGF trades above its calculated fair value: price $4.60, fair value $2.96, a gap of about −36% (overvalued). 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 PNAGF?
No. The price is what the market pays today ($4.60); the fair value is what the company's own numbers justify ($2.96). For PETRONAS Gas Berhad the two are $1.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is PETRONAS Gas Berhad worth?
The market values PETRONAS Gas Berhad at about $9.1B (market capitalisation, as of Sep 24, 2026). Per share that is $4.60; our models calculate a fair value of $2.96 per share.
What do the bullish and bearish scenarios say about PNAGF?
Our models span a range for PETRONAS Gas Berhad: cautious scenario $1.91, base $2.96, optimistic $4.14 per share (as of Sep 24, 2026, price $4.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PNAGF?
PETRONAS Gas Berhad trades at a price-to-earnings ratio of 21.9 (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 $2.96 is built from several models across several years. Other multiples: PEG 13.0, P/B 0.6, P/S 1.4, EV/EBITDA 2.5.
What is the PEG ratio of PNAGF?
The PEG ratio of PETRONAS Gas Berhad is 13.00 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of PETRONAS Gas Berhad (PNAGF)?
Balance-sheet figures for PETRONAS Gas Berhad (as of Sep 24, 2026): return on equity 12.5%, debt of 0.08 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is PNAGF from its 52-week high?
PETRONAS Gas Berhad trades at $4.60, about 9% below its 52-week high of $5.05 and 32% above the low of $3.49 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of $2.96 is for.
Which stocks are comparable to PETRONAS Gas Berhad?
From the same area (Energy) we also value Exxon Mobil Corporation, Chevron Corporation, PetroChina Company, TotalEnergies SE, 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 PETRONAS Gas Berhad stock attractive at the current price?
The data as of Sep 24, 2026: price $4.60, calculated fair value $2.96 (−36%), Quality Score 62/100, from 25 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 PNAGF calculated?
We run PETRONAS Gas Berhad through 25 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 $2.96, 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 14.1 % above its aggregate fair value. PETRONAS Gas Berhad itself currently trades above fair value. 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 PETRONAS Gas Berhad (PNAGF)?
The closing price on Sep 18, 2026 was $4.60. Our model-based fair value is $2.96, about −36% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PETRONAS Gas Berhad right now?
The price sits above even our optimistic bull case ($4.14). The favourable scenario is already priced in. Solid but not exceptional quality (62/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($1.91 to $4.14) leaves room in how you read the outcome.
Where does the earnings growth of PETRONAS Gas Berhad (PNAGF) come from?
Earnings per share at PETRONAS Gas Berhad grew −0.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.2 %, EBIT margin −3.6 %, tax rate −1.0 %, residual (interest, one-offs) +0.2 %. 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 PETRONAS Gas Berhad
How large is the market capitalisation of PETRONAS Gas Berhad (PNAGF)?
The market capitalisation of PETRONAS Gas Berhad is $9.1B. 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 PETRONAS Gas Berhad (PNAGF)?
The price-to-sales ratio of PETRONAS Gas Berhad is 5.94 (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 PETRONAS Gas Berhad (PNAGF)?
Earnings per share at PETRONAS Gas Berhad are $0.2100 (price ÷ EPS = P/E 21.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of PETRONAS Gas Berhad (PNAGF)?
The net margin of PETRONAS Gas Berhad is 27.1% (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 PETRONAS Gas Berhad (PNAGF)?
The return on equity (ROE) of PETRONAS Gas Berhad is 12.5% (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 PETRONAS Gas Berhad (PNAGF)?
On an EBIT basis the return on assets of PETRONAS Gas Berhad is 11.9% (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 PETRONAS Gas Berhad (PNAGF)?
The operating margin of PETRONAS Gas Berhad is 34.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PETRONAS Gas Berhad (PNAGF)?
Revenue at PETRONAS Gas Berhad is growing −0.6% versus a year earlier (3y avg +1.1%). 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 PETRONAS Gas Berhad (PNAGF)?
Earnings per share at PETRONAS Gas Berhad are growing −6.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does PETRONAS Gas Berhad (PNAGF) hold?
PETRONAS Gas Berhad holds more cash than debt, $410M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Sep 24, 2026