Tenaga Nasional Berhad (TNABF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Tenaga Nasional Berhad $3.41, price $3.08, upside +10.7%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
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 $1.67 – $65.64 · fair‑value band $1.91 – $4.26 · the $3.08 price screens below the $3.41 fair value. Dashed = 300-day average. As of Oct 3, 2026.
Tenaga Nasional Berhad engages in the generation, transmission, distribution, and sale of electricity in Malaysia, the United Kingdom, Kuwait, the Republic of Ireland, Australia, and internationally.
Show more
Tenaga Nasional Berhad engages in the generation, transmission, distribution, and sale of electricity in Malaysia, the United Kingdom, Kuwait, the Republic of Ireland, Australia, and internationally. It operates and maintains thermal and hydroelectric power plants; and operates and manages the National Grid that is connected to Thailand's transmission system, as well as Singapore's transmission system at Senoko. The company also supplies fuel and coal for power generation; generates, distributes, supplies, deals in, and sells various energy sources, as well as provides related technical services; develops district cooling systems; operates and maintains co-generation works; manufactures, sells, and repairs distribution, power, and earthing transformers; and owns, develops, and manages dry bulk terminals. In addition, it provides turnkey contracting services to transmission substations; repair and maintenance services to heavy industries and other related services; operation and maintenance services to telecommunication equipment and data centres; higher education, telecommunication, and IT infrastructure solution and services; research and development services in the areas of engineering, information technology, business, accountancy, and liberal studies; and training courses. Further, the company offers insurance and reinsurance, technical and laboratory, consultancy, and other services; manufactures and distributes power and general cables, and aluminum rods; operates an integrated district cooling systems for air conditioning systems of office buildings; assembles, manufactures, tests, reconditions, and distributes high and medium voltage switchgears and control gears for transmission and distribution of electric power; and operates wind assets. It primarily serves commercial, industrial, and residential customers. The company was founded in 1949 and is headquartered in Kuala Lumpur, Malaysia.
Stock analysis
Tenaga Nasional Berhad (TNABF) currently trades at $3.08, while our model-based Fair Value estimate is $3.41, implying the stock looks roughly 9.7% undervalued today.
Show more
Valuation
Bull case: the Multiples group reads highest at a median of $3.40 per share, and 7 of the 15 models we run sit above the $3.08 price.
Bear case: the Earnings-Based group reads lowest at $1.24, and 8 of the 15 models stay below the price. Evidence for this calculation is high.
Scenario range: $1.91 (bear) to $4.26 (bull), the price of $3.08 sits inside 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 46/100 (below-average quality), in the Utilities sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Tenaga Nasional Berhad reported revenue of 67.7B MYR in FY2025 versus 52.6B MYR in FY2021, a compound +6.5%/yr. Reported net income was 4.8B MYR in FY2025, compounding +6.8%/yr from FY2021.
Key figures
Market cap $20.4B · P/E ratio 16.5 · P/S ratio 1.16 · EPS (TTM) $0.2000 · Net margin 7.0% · Return on equity 8.4% · Return on assets (EBIT) 4.2% · Operating margin 15.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (medium confidence).
What moves the price
The share trades about 22% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −31% fair-value upside, at 11%, TNABF screens cheaper than that median.
Fair Value models
Bear $1.91Fair Value $3.41Bull $4.26
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.
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.9%
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.
−2.6%
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.
+9.0%
Start year 2020 (pandemic). Over 10 years: +4.6% 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.
+6.6%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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. Basis: EBIT basis. 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.
−0.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.7%
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.5.1% vs −3.3%, 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.17% → 12%
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). "Tenaga Nasional Berhad Fair Value". https://www.fairvalue-calculator.com/stock/TNABF
Frequently asked questions
Is Tenaga Nasional Berhad (TNABF) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of $3.41 versus a price of $3.08, about +11% upside (undervalued).
What is the fair value of TNABF?
Our model-based fair value for Tenaga Nasional Berhad is $3.41 (as of Oct 3, 2026), built from audited fundamentals. The current price: $3.08.
What is the quality score of TNABF?
Tenaga Nasional Berhad has a Quality Score of 46/100. 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 Tenaga Nasional Berhad (TNABF)?
Our model-based price target is the fair value of $3.41 (as of Oct 3, 2026) from 15 valuation models. Cautious scenario $1.91, optimistic scenario $4.26. It is a calculation from audited fundamentals, not an analyst target.
What is the Tenaga Nasional Berhad stock forecast for 2026?
Our models put fair value at $3.41, about +11% upside versus a price of $3.08 (undervalued). Cautious scenario $1.91, optimistic scenario $4.26. The calculation is refreshed regularly with new filings.
What is the revenue of Tenaga Nasional Berhad (TNABF)?
Tenaga Nasional Berhad reported trailing-twelve-month revenue of about 65.4B MYR (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of Tenaga Nasional Berhad (TNABF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tenaga Nasional Berhad it is $3.41 per share (as of Oct 3, 2026), against a price of $3.08. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Tenaga Nasional Berhad stock overvalued or undervalued in 2026?
As of Oct 3, 2026, TNABF trades below its calculated fair value: price $3.08, fair value $3.41, a gap of about +11% (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 TNABF?
No. The price is what the market pays today ($3.08); the fair value is what the company's own numbers justify ($3.41). For Tenaga Nasional Berhad the two are $0.3300 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tenaga Nasional Berhad worth?
The market values Tenaga Nasional Berhad at about $20.4B (market capitalisation, as of Oct 3, 2026). Per share that is $3.08; our models calculate a fair value of $3.41 per share.
What do the bullish and bearish scenarios say about TNABF?
Our models span a range for Tenaga Nasional Berhad: cautious scenario $1.91, base $3.41, optimistic $4.26 per share (as of Oct 3, 2026, price $3.08). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is TNABF from its 52-week high?
Tenaga Nasional Berhad trades at $3.08, about 22% below its 52-week high of $3.93 and 16% above the low of $2.65 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $3.41 is for.
Which stocks are comparable to Tenaga Nasional Berhad?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, 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 Tenaga Nasional Berhad stock attractive at the current price?
The data as of Oct 3, 2026: price $3.08, calculated fair value $3.41 (+11%), Quality Score 46/100, from 15 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 TNABF calculated?
We run Tenaga Nasional Berhad through 15 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 $3.41, 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. Tenaga Nasional Berhad currently trades 10 % 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 Tenaga Nasional Berhad (TNABF)?
The closing price on Oct 2, 2026 was $3.08. Our model-based fair value is $3.41, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tenaga Nasional Berhad right now?
A fairly wide model range ($1.91 to $4.26) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Tenaga Nasional Berhad (TNABF) come from?
Earnings per share at Tenaga Nasional Berhad grew −5.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.7 %, EBIT margin −4.3 %, tax rate −1.3 %, residual (interest, one-offs) −3.7 %. 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 Tenaga Nasional Berhad
How large is the market capitalisation of Tenaga Nasional Berhad (TNABF)?
The market capitalisation of Tenaga Nasional Berhad is $20.4B. 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/E ratio of Tenaga Nasional Berhad (TNABF)?
The price-to-earnings ratio of Tenaga Nasional Berhad is 16.5 (as of Jun 25, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Tenaga Nasional Berhad (TNABF)?
The price-to-sales ratio of Tenaga Nasional Berhad is 1.16 (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 Tenaga Nasional Berhad (TNABF)?
Earnings per share at Tenaga Nasional Berhad are $0.2000 (price ÷ EPS = P/E 16.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Tenaga Nasional Berhad (TNABF)?
The net margin of Tenaga Nasional Berhad is 7.0% (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 Tenaga Nasional Berhad (TNABF)?
The return on equity (ROE) of Tenaga Nasional Berhad is 8.4% (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 Tenaga Nasional Berhad (TNABF)?
On an EBIT basis the return on assets of Tenaga Nasional Berhad is 4.2% (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 Tenaga Nasional Berhad (TNABF)?
The operating margin of Tenaga Nasional Berhad is 15.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tenaga Nasional Berhad (TNABF)?
Revenue at Tenaga Nasional Berhad is growing +2.4% versus a year earlier (3y avg −2.6%). 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 Tenaga Nasional Berhad (TNABF)?
Earnings per share at Tenaga Nasional Berhad are growing +3.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Tenaga Nasional Berhad (TNABF) generate?
The free cash flow of Tenaga Nasional Berhad is −675M MYR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Tenaga Nasional Berhad (TNABF) carry?
The net debt of Tenaga Nasional Berhad is 76.9B MYR (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Continue in the live analysis
Fair value and trend for 35,000+ stocks, watchlist, comparison and the diversification check. You can also try 14 days of Pro there, no card.
Broad data
Oct 3, 2026