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Reinet Investments S.C.A. (REINA) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Reinet Investments S.C.A. €30.86, price €23.01, upside +34.1%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? No
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Thin data
Sep 24, 2026
Reinet Investments S.C.A.
REINA · ASSpeculativeUpside exists, but weak quality makes the signal speculative.
✓Fair value €30.86 · Undervalued (+34.1%)
!Quality 47/100
!Mixed Growth (revenue 3y +10.7 %/yr)
✓Solidly profitable · 10.7% net margin (FY2026)
✓generates free cash flow
✓1.9% dividend yield · Cash covered
!Moderate moat 47/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
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 €11.43 – €31.80 · fair‑value band €23.15 – €38.58 · the €23.01 price screens below the €30.86 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Reinet Investments S.C.A. operates as a securitization vehicle in Luxembourg. The company, through its subsidiary, Reinet Fund S.C.A., F.I.S., identifies and invests in assets that offers long term growth. Reinet Investments Manager S.A. operates as a general partner of Reinet Investments S.C.A. The company was formerly known as Richemont S.A.
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Reinet Investments S.C.A. operates as a securitization vehicle in Luxembourg. The company, through its subsidiary, Reinet Fund S.C.A., F.I.S., identifies and invests in assets that offers long term growth. Reinet Investments Manager S.A. operates as a general partner of Reinet Investments S.C.A. The company was formerly known as Richemont S.A. and changed its name to Reinet Investments S.C.A. in October 2008. Reinet Investments S.C.A. was incorporated in 1979 and is based in Luxembourg, Luxembourg.
Stock analysis
Reinet Investments S.C.A. (REINA) currently trades at €23.01, while our model-based Fair Value estimate is €30.86, implying the stock looks roughly 25.4% undervalued today.
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Valuation
How firm this estimate is: it rests on 6 models at a data quality of 96/100, which puts the evidence level at low.
Scenario range: €23.15 (bear) to €38.58 (bull), the price of €23.01 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 47/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Reinet Investments S.C.A. reported revenue of −€2.3B in FY2026 versus €604M in FY2022. Reported net income was −€247M in FY2026.
Key figures
Market cap €4.2B · EPS (TTM) €−1.36 · Dividend yield 1.9% · Return on equity −3.7% · Return on assets (EBIT) 4.9% · Operating margin 104% · Revenue (TTM) −€244M · Revenue growth (YoY) +770%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 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 Financial Services peers we cover trades at −15% fair-value upside, at 34%, REINA screens cheaper than that median.
Fair Value models
Bear €23.15
Fair Value €30.86
Bull €38.58
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. 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.
Highest evidence
P/B Multiple
€23.15
€30.86
€38.58
55
NCAV (Graham)
€18.16
€24.33
€36.31
51
All 2 models by family
Multiples
P/B Multiple
€23.15
€30.86
€38.58
55
Asset-Based
NCAV (Graham)
€18.16
€24.33
€36.31
51
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Set up alert →Quality Score breakdown
Overall quality
47/100
Of which business quality 44 · Market factors (momentum, volatility) 31
Profitability
12
Margins and returns on capital today
Quality Growth
12
Are margins and returns improving?
Cashflow
33
Earnings quality: real cash, not paper profit
Fin. Strength
67
Balance sheet, leverage, solvency risk
Investment
76
Disciplined investing over empire-building
Low Volatility
52
Calm price path (market factor)
Momentum
27
Price trend over the last 3–12 months (market factor)
52W Momentum
15
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
Revenue & earnings trend
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.
43/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+57.1%
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.
+10.7%
Revenue growth 16 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.
+2.2%
’09
’10
’11
’12
’13
’15
’17
’21
’22
’24
’25
Profit margin (trend) ⓘ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.
100.6% (2021) → 97.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
−0.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −3.0% a year for the price.
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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.Asset Management · 647 stocks
Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation Multiplesvs Asset Management median · lower = cheaper
Context: sector, industry, market
- Is the Financials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Dutch Stocks
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
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $112.09 | $52.29 | −53% |
| KKR & Co KKR | $93.18 | $29.26 | −69% |
| Brookfield Corporation BN | $36.87 | $13.45 | −64% |
| Apollo Global Management, Inc APO | $116.06 | $197.23 | +70% |
| State Street Corporation STT | $177.78 | $139.37 | −22% |
| Ameriprise Financial, Inc AMP | $494.82 | $595.40 | +20% |
| Ares Management Corporation ARES | $122.01 | $103.68 | −15% |
| Northern Trust Corporation NTRS | $175.73 | $123.42 | −30% |
| Raymond James Financial, Inc RJF | $161.16 | $317.27 | +97% |
| Exor N.V EXO | €68.10 | €136.20 | +100% |
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Frequently asked questions
Is Reinet Investments S.C.A. (REINA) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €30.86 versus a price of €23.01, about +34% upside (undervalued).
What is the fair value of REINA?
Our model-based fair value for Reinet Investments S.C.A. is €30.86 (as of Sep 24, 2026), built from audited fundamentals. The current price: €23.01.
What is the quality score of REINA?
Reinet Investments S.C.A. has a Quality Score of 47/100. 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 Reinet Investments S.C.A. (REINA)?
Our model-based price target is the fair value of €30.86 (as of Sep 24, 2026) from 2 valuation models. Cautious scenario €23.15, optimistic scenario €38.58. It is a calculation from audited fundamentals, not an analyst target.
What is the Reinet Investments S.C.A. stock forecast for 2026?
Our models put fair value at €30.86, about +34% upside versus a price of €23.01 (undervalued). Cautious scenario €23.15, optimistic scenario €38.58. The calculation is refreshed regularly with new filings.
Does Reinet Investments S.C.A. pay a dividend?
Reinet Investments S.C.A. currently shows a dividend yield of about 1.89% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Reinet Investments S.C.A. (REINA)?
For today's price to be fair in a discounted-cash-flow model, Reinet Investments S.C.A. would have to grow free cash flow by -0.9 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 8 years revenue grew +0.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of REINA use?
Our models discount Reinet Investments S.C.A. at 8.3 %: a base by market capitalisation (mid), damped by beta 0.46, country premium for Netherlands. 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 Reinet Investments S.C.A. that is -0.9 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Reinet Investments S.C.A. (REINA) delivered so far?
Over the past 8 years revenue at Reinet Investments S.C.A. grew +0.1 % a year. The price currently implies -0.9 % 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 Reinet Investments S.C.A. (REINA) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Reinet Investments S.C.A. (-0.9 % 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 Reinet Investments S.C.A. (REINA)?
The free-cash-flow yield on the price is 7.32 %: that much free cash flow Reinet Investments S.C.A. produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Reinet Investments S.C.A. (REINA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Reinet Investments S.C.A. it is €30.86 per share (as of Sep 24, 2026), against a price of €23.01. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Reinet Investments S.C.A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, REINA trades below its calculated fair value: price €23.01, fair value €30.86, a gap of about +34% (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 REINA?
No. The price is what the market pays today (€23.01); the fair value is what the company's own numbers justify (€30.86). For Reinet Investments S.C.A. the two are €7.85 per share apart. That gap is exactly why we show both numbers side by side.
How much is Reinet Investments S.C.A. worth?
The market values Reinet Investments S.C.A. at about €4.2B (market capitalisation, as of Sep 24, 2026). Per share that is €23.01; our models calculate a fair value of €30.86 per share.
What do the bullish and bearish scenarios say about REINA?
Our models span a range for Reinet Investments S.C.A.: cautious scenario €23.15, base €30.86, optimistic €38.58 per share (as of Sep 24, 2026, price €23.01). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Reinet Investments S.C.A. (REINA)?
Balance-sheet figures for Reinet Investments S.C.A. (as of Sep 24, 2026): return on equity −3.7%. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is REINA from its 52-week high?
Reinet Investments S.C.A. trades at €23.01, about 28% below its 52-week high of €31.80 and 2% above the low of €22.51 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €30.86 is for.
Which stocks are comparable to Reinet Investments S.C.A.?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, 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 Reinet Investments S.C.A. stock attractive at the current price?
The data as of Sep 24, 2026: price €23.01, calculated fair value €30.86 (+34%), Quality Score 47/100, from 2 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 REINA calculated?
We run Reinet Investments S.C.A. through 2 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 €30.86, 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 14.5 % above its aggregate fair value. Reinet Investments S.C.A. currently trades 25 % 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 Reinet Investments S.C.A. (REINA)?
The closing price on Oct 2, 2026 was €23.01. Our model-based fair value is €30.86, about +34% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Reinet Investments S.C.A. right now?
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 (47/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Reinet Investments S.C.A. (REINA) come from?
Earnings per share at Reinet Investments S.C.A. grew +8.0 % a year from 2012 to 2023. Broken into its drivers: revenue per share +7.0 %, EBIT margin +0.8 %, tax rate −7.0 %, residual (interest, one-offs) +7.7 %. 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 Reinet Investments S.C.A.
How large is the market capitalisation of Reinet Investments S.C.A. (REINA)?
The market capitalisation of Reinet Investments S.C.A. is €4.2B. 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 are the earnings per share of Reinet Investments S.C.A. (REINA)?
Earnings per share at Reinet Investments S.C.A. are €−1.36. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Reinet Investments S.C.A. (REINA)?
The dividend yield of Reinet Investments S.C.A. is 1.9%. 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 return on equity of Reinet Investments S.C.A. (REINA)?
The return on equity (ROE) of Reinet Investments S.C.A. is −3.7% (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 Reinet Investments S.C.A. (REINA)?
On an EBIT basis the return on assets of Reinet Investments S.C.A. is 4.9% (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 Reinet Investments S.C.A. (REINA)?
The operating margin of Reinet Investments S.C.A. is 104% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much revenue does Reinet Investments S.C.A. (REINA) generate?
Reinet Investments S.C.A. generates revenue of −€244M (last twelve months). Revenue of the last twelve months (TTM), the most recent full year, not the calendar year.
How fast is revenue growing at Reinet Investments S.C.A. (REINA)?
Revenue at Reinet Investments S.C.A. is growing +770% versus a year earlier. 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 Reinet Investments S.C.A. (REINA)?
Earnings per share at Reinet Investments S.C.A. are growing −42.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Reinet Investments S.C.A. (REINA) hold?
Reinet Investments S.C.A. holds more cash than debt, €7.0M net (fiscal year 2022). The company holds more cash than debt, a safety cushion.
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