Reinet Investments SCA (RNI) fair value: what the stock is really worth
We calculate from audited financials what Reinet Investments SCA is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 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 Sep 13, 2026.
How to read this chart
60‑month range R233.99 – R580.58 · fair‑value band R572.32 – R953.86 · the R430.26 price screens below the R763.09 fair value. Dashed = 300-day average. As of Sep 13, 2026.
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 SCA (RNI) currently trades at R430.26, while our model-based Fair Value estimate is R763.09, implying the stock looks roughly 43.6% undervalued today.
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Valuation
How firm this estimate is: it rests on 9 models at a data quality of 96/100, which puts the evidence level at low.
Scenario range: R572.32 (bear) to R953.86 (bull), the price of R430.26 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 55/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Reinet Investments SCA reported revenue of €2.7B in FY2026 versus €416M in FY2022, a compound +59.0%/yr. Reported net income was −€247M in FY2026.
Key figures
Market cap 78.2B ZAC · EPS (TTM) R−25.47 · Net margin −9.3% · Return on equity −3.7% · Return on assets (EBIT) 45.5% · Operating margin 104% · Revenue (TTM) −244M ZAC · Revenue growth (YoY) +770%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 77%, RNI screens cheaper than that median.
Fair Value models
Bear R572.32Fair Value R763.09Bull R953.86
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.57/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+224.3%
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.
+64.3%
Revenue growth 18 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.
+19.9%
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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.
602.9% (2021) → −9.3% (2026)
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
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).
+6.6%
Yearly growth needed for the next five years to justify today's price.
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.Asset Management · 661 stocks
Beats the industry median on 4/8 measures
A mixed picture versus its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside+76% · Top 25%
Profitability
Return on assets−2% · Bottom 25%
Net margin (TTM)0% · Bottom 25%
Operating margin (TTM)104% · Top 25%
Growth and dividend
Revenue growth770% · Top 25%
Dividend yield (TTM)1.7% · Below median
Valuation Multiplesvs Asset Management median · lower = cheaper
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Is Reinet Investments SCA (RNI) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of R763.09 versus a price of R430.26, about +77% upside (undervalued).
What is the fair value of RNI?
Our model-based fair value for Reinet Investments SCA is R763.09 (as of Sep 13, 2026), built from audited fundamentals. The current price: R430.26.
What is the quality score of RNI?
Reinet Investments SCA has a Quality Score of 55/100. 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 SCA (RNI)?
Our model-based price target is the fair value of R763.09 (as of Sep 13, 2026) from 2 valuation models. Cautious scenario R572.32, optimistic scenario R953.86. It is a calculation from audited fundamentals, not an analyst target.
What is the Reinet Investments SCA stock forecast for 2026?
Our models put fair value at R763.09, about +77% upside versus a price of R430.26 (undervalued). Cautious scenario R572.32, optimistic scenario R953.86. The calculation is refreshed regularly with new filings.
What is the revenue of Reinet Investments SCA (RNI)?
Reinet Investments SCA reported trailing-twelve-month revenue of about 2.6B ZAR (latest available figure, as of Sep 13, 2026).
What growth is priced into Reinet Investments SCA (RNI)?
For today's price to be fair in a discounted-cash-flow model, Reinet Investments SCA would have to grow free cash flow by +6.6 % per year for five years (discount rate 11.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +64.3 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of RNI use?
Our models discount Reinet Investments SCA at 11.9 %: a base by market capitalisation (mid), damped by beta 0.44, country premium for South Africa. 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 SCA that is +6.6 % per year a year over ten years, using the same discount rate (11.9 %) and the same formula as our fair value.
How much growth has Reinet Investments SCA (RNI) delivered so far?
Over the past 5 years revenue at Reinet Investments SCA grew +64.3 % a year. The price currently implies +6.6 % 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 SCA (RNI) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Reinet Investments SCA (+6.6 % 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 SCA (RNI)?
The free-cash-flow yield on the price is 7.65 %: that much free cash flow Reinet Investments SCA produces per unit of market value. When it exceeds the discount rate of our models (11.9 %), 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 SCA (RNI)?
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 SCA it is R763.09 per share (as of Sep 13, 2026), against a price of R430.26. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Reinet Investments SCA stock overvalued or undervalued in 2026?
As of Sep 13, 2026, RNI trades below its calculated fair value: price R430.26, fair value R763.09, a gap of about +77% (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 RNI?
No. The price is what the market pays today (R430.26); the fair value is what the company's own numbers justify (R763.09). For Reinet Investments SCA the two are R332.83 per share apart. That gap is exactly why we show both numbers side by side.
How much is Reinet Investments SCA worth?
The market values Reinet Investments SCA at about 78.2B ZAC (market capitalisation, as of Sep 13, 2026). Per share that is R430.26; our models calculate a fair value of R763.09 per share.
What do the bullish and bearish scenarios say about RNI?
Our models span a range for Reinet Investments SCA: cautious scenario R572.32, base R763.09, optimistic R953.86 per share (as of Sep 13, 2026, price R430.26). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Reinet Investments SCA (RNI)?
Balance-sheet figures for Reinet Investments SCA (as of Sep 13, 2026): return on equity −3.7%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
Which stocks are comparable to Reinet Investments SCA?
From the same area (Financial Services) we also value Blackstone Inc, Investor AB, Brookfield Corporation, KKR & Co, 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 SCA stock attractive at the current price?
The data as of Sep 13, 2026: price R430.26, calculated fair value R763.09 (+77%), Quality Score 55/100, 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 RNI calculated?
We run Reinet Investments SCA 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 R763.09, 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 15.8 % above its aggregate fair value. Reinet Investments SCA currently trades 77 % 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 should I pay attention to with Reinet Investments SCA right now?
The price is below even our cautious bear case (R572.32). 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 (55/100) 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 SCA (RNI) come from?
Earnings per share at Reinet Investments SCA grew −17.2 % a year from 2011 to 2022. Broken into its drivers: revenue per share −18.3 %, EBIT margin +21.9 %, tax rate +0.1 %, residual (interest, one-offs) −17.0 %. 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 SCA
How large is the market capitalisation of Reinet Investments SCA (RNI)?
The market capitalisation of Reinet Investments SCA is 78.2B ZAC. 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 SCA (RNI)?
Earnings per share at Reinet Investments SCA are R−25.47. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Reinet Investments SCA (RNI)?
The net margin of Reinet Investments SCA is −9.3% (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 Reinet Investments SCA (RNI)?
The return on equity (ROE) of Reinet Investments SCA 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 SCA (RNI)?
On an EBIT basis the return on assets of Reinet Investments SCA is 45.5% (avg 4y). 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 SCA (RNI)?
The operating margin of Reinet Investments SCA is 104% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Reinet Investments SCA (RNI)?
Revenue at Reinet Investments SCA 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 SCA (RNI)?
Earnings per share at Reinet Investments SCA 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 SCA (RNI) hold?
Reinet Investments SCA holds more cash than debt, 7.0M ZAC net (fiscal year 2022). The company holds more cash than debt, a safety cushion.
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