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Tenaga Nasional Berhad (TNABY) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Tenaga Nasional Berhad $12.96, price $13.50, upside -4.0%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Utilities · US · ISIN US8802771084

TN Tenaga Nasional Berhad logo Broad data Sep 24, 2026

Tenaga Nasional Berhad

TNABY · US

Low PriorityFair Value upside is limited and quality is weak.

·Fair value $12.96 · Fairly valued (−4%)
!Quality 48/100
!Weak Growth (revenue 5y +9.0 %/yr)
!Thin margins · 7.4% net margin (TTM)
!Moderate debt · negative free cash flow
·3.94% dividend yield
✓Ranks above peers (9/14)
!Narrow moat 44/100
!Weak on future: 12 out of 100
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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

$15.74 $5.92 Fair Value $12.96 Aug 2019 Sep 2026

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 $5.92 – $15.74 · fair‑value band $5.83 – $18.07 · the $13.50 price screens above the $12.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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.

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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 (TNABY) currently trades at $13.50, while our model-based Fair Value estimate is $12.96, implying the stock looks roughly 4.2% fairly valued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $58.89 per share, and 16 of the 16 models we run sit above the $13.50 price.

Bear case: the Earnings-Based group reads lowest at $20.25, and 0 of the 16 models stay below the price. Evidence for this calculation is high.

Scenario range: $5.83 (bear) to $18.07 (bull), the price of $13.50 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 48/100 (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 $19.7B · P/E ratio 16.9 · P/S ratio 1.19 · EPS (TTM) $0.8000 · Dividend yield 3.9% · Net margin 7.0% · Return on equity 8.4% · Return on assets (EBIT) 4.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).

What moves the price

The share trades about 14% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −36% fair-value upside, at −4%, TNABY screens cheaper than that median.

Fair Value models

Bear $5.83 Fair Value $12.96 Bull $18.07
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.1966 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. 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
Residual Income $30.32 $33.30 $44.78 76
EPV $49.54 $61.71 $72.37 74
ROIC Compounder $52.72 $73.10 $98.07 71
All 16 models by family
Earnings-Based
Graham-Dodd $22.25 $66.80 $88.52 65
Lynch FV $14.18 $20.25 $26.33 61
PEG = 1.0 $14.18 $20.25 $26.33 57
EPV $49.54 $61.71 $72.37 74
Dividend Discount
Gordon GGM $18.70 $38.89 $61.70 66
DDM Multi-Stage $18.70 $30.45 $40.82 66
Multiples
P/E Multiple $44.17 $58.89 $73.62 63
P/S Multiple $41.72 $55.62 $69.53 58
P/B Multiple $41.72 $55.62 $69.53 55
EV/EBIT $73.64 $106.03 $138.41 65
EV/EBITDA $99.66 $140.71 $181.77 67
EV/Revenue $55.07 $88.75 $122.43 53
Asset-Based
NCAV (Graham) $17.43 $23.35 $34.85 54
Economic Profit
Residual Income $30.32 $33.30 $44.78 76
ROIC Compounder $52.72 $73.10 $98.07 71
Growth Earnings
Growth-Adj P/E $36.68 $52.41 $68.13 67

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Quality Score breakdown

Overall quality 48/100

Of which business quality 45 · Market factors (momentum, volatility) 49

Profitability 28
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 23
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 79
Share count: buybacks or dilution?

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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. 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%
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.
+9.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.1%
Dividend (yield on the price)3.9%
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% vs −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% → 19%
Start year 2020 (pandemic)

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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.Utilities - Regulated Electric · 157 stocks

Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 48 · Above median
Fair Value upside −4% · Above median
Profitability
Return on equity (TTM) 8% · Below median
Return on assets 2% · Below median
Net margin (TTM) 7% · Below median
Operating margin (TTM) 15% · Below median
Growth and dividend
Revenue growth 2% · Below median
Dividend yield (TTM) 3.9% · Above median
Balance sheet
Debt / equity 0.93× · Below median

Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper

P/E (TTM) 16.9× · Cheaper than median
P/B 0.39× · Cheapest 25%
P/S (TTM) 0.30× · Cheapest 25%
EV/EBITDA 3.2× · Cheapest 25%
PEG 2.03× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)34 · sector 9
FUTURE (revenue growth)12 · sector 32
PAST (return on equity)34 · sector 39
HEALTH (low debt)54 · sector 52
DIVIDEND (yield)79 · sector 69

Context: sector, industry, market

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 Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
NextEra Energy, Inc NEE $79.26 $29.88 −62%
The Southern Company SO $85.15 $58.74 −31%
Duke Energy Corporation DUK $116.31 $74.89 −36%
American Electric Power Company AEP $120.27 $100.09 −17%
Dominion Energy, Inc D $62.43 $37.67 −40%
Entergy Corporation ETR $101.16 $38.37 −62%
Xcel Energy Inc XEL $72.06 $54.92 −24%
Exelon Corporation EXC $41.80 $36.26 −13%
Consolidated Edison, Inc ED $103.84 $47.92 −54%
Public Service Enterprise Group PEG $69.12 $33.43 −52%

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Cite: Fair Value Calculator (2026). "Tenaga Nasional Berhad Fair Value". https://www.fairvalue-calculator.com/stock/TNABY

Frequently asked questions

Is Tenaga Nasional Berhad (TNABY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $12.96 versus a price of $13.50, about −4% upside (fairly valued).
What is the fair value of TNABY?
Our model-based fair value for Tenaga Nasional Berhad is $12.96 (as of Sep 24, 2026), built from audited fundamentals. The current price: $13.50.
What is the quality score of TNABY?
Tenaga Nasional Berhad has a Quality Score of 48/100. 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 (TNABY)?
Our model-based price target is the fair value of $12.96 (as of Sep 24, 2026) from 16 valuation models. Cautious scenario $5.83, optimistic scenario $18.07. 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 $12.96, about −4% upside versus a price of $13.50 (fairly valued). Cautious scenario $5.83, optimistic scenario $18.07. The calculation is refreshed regularly with new filings.
What is the revenue of Tenaga Nasional Berhad (TNABY)?
Tenaga Nasional Berhad reported trailing-twelve-month revenue of about $65.4B (latest available figure, as of Sep 24, 2026).
Does Tenaga Nasional Berhad pay a dividend?
Tenaga Nasional Berhad currently shows a dividend yield of about 3.94% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Tenaga Nasional Berhad (TNABY)?
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 $12.96 per share (as of Sep 24, 2026), against a price of $13.50. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Tenaga Nasional Berhad stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TNABY trades above its calculated fair value: price $13.50, fair value $12.96, a gap of about −4% (fairly valued). 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 TNABY?
No. The price is what the market pays today ($13.50); the fair value is what the company's own numbers justify ($12.96). For Tenaga Nasional Berhad the two are $0.5400 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 $19.7B (market capitalisation, as of Sep 24, 2026). Per share that is $13.50; our models calculate a fair value of $12.96 per share.
What do the bullish and bearish scenarios say about TNABY?
Our models span a range for Tenaga Nasional Berhad: cautious scenario $5.83, base $12.96, optimistic $18.07 per share (as of Sep 24, 2026, price $13.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TNABY?
Tenaga Nasional Berhad trades at a price-to-earnings ratio of 16.9 (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 $12.96 is built from several models across several years. Other multiples: PEG 2.0, P/B 0.4, P/S 0.3, EV/EBITDA 3.2.
What is the PEG ratio of TNABY?
The PEG ratio of Tenaga Nasional Berhad is 2.03 (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 Tenaga Nasional Berhad (TNABY)?
Balance-sheet figures for Tenaga Nasional Berhad (as of Sep 24, 2026): return on equity 8.4%, debt of 0.93 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is TNABY from its 52-week high?
Tenaga Nasional Berhad trades at $13.50, about 14% below its 52-week high of $15.74 and 12% above the low of $12.03 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $12.96 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 Sep 24, 2026: price $13.50, calculated fair value $12.96 (−4%), Quality Score 48/100, from 16 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 TNABY calculated?
We run Tenaga Nasional Berhad through 16 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 $12.96, 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. Tenaga Nasional 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 Tenaga Nasional Berhad (TNABY)?
The closing price on Sep 23, 2026 was $13.50. Our model-based fair value is $12.96, about −4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tenaga Nasional Berhad right now?
The model range is unusually wide ($5.83 to $18.07). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Where does the earnings growth of Tenaga Nasional Berhad (TNABY) 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 −2.4 %, tax rate −1.3 %, residual (interest, one-offs) −5.5 %. 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 (TNABY)?
The market capitalisation of Tenaga Nasional Berhad is $19.7B. 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 Tenaga Nasional Berhad (TNABY)?
The price-to-sales ratio of Tenaga Nasional Berhad is 1.19 (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 (TNABY)?
Earnings per share at Tenaga Nasional Berhad are $0.8000 (price ÷ EPS = P/E 16.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tenaga Nasional Berhad (TNABY)?
The dividend yield of Tenaga Nasional Berhad is 3.9% (payout 66.4%). 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 Tenaga Nasional Berhad (TNABY)?
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 (TNABY)?
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 (TNABY)?
On an EBIT basis the return on assets of Tenaga Nasional Berhad is 4.6% (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 (TNABY)?
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 (TNABY)?
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 (TNABY)?
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 (TNABY) generate?
The free cash flow of Tenaga Nasional Berhad is −$675M (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 (TNABY) carry?
The net debt of Tenaga Nasional Berhad is $76.9B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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