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Trajan Group (TRJ) Fair Value & Analysis

Healthcare · AU · Market cap A$44.3M

TG Trajan Group TRJ · AU
PriceA$0.1950
Fair ValueA$0.1000
Upside-48.7%
Quality52/100
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Mixed Growth
Loss-making · -0.8% net margin
Low debt · generates free cash flow
Trails peers (4/12)
Narrow moat 22/100
Evidence: High Range A$0.1000 – A$0.2000 Share as image

Fair value as of: Jul 11, 2026

From 14 valuation models · updated 30 days ago

Share price −32.8% over the past month.

A solid business, but screening 49% overvalued on our models.

What matters now

  • Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (A$0.1000 to A$0.2000) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

A$4.49 A$0.1950 Fair Value A$0.1000 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range A$0.1950 – A$4.49 · fair‑value band A$0.1000 – A$0.2000 · the A$0.1950 price screens above the A$0.1000 fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Trajan Group (TRJ) currently trades at A$0.1950, while our model-based Fair Value estimate is A$0.1000, implying the stock looks roughly 48.7% overvalued today. The Quality Score stands at 52/100 (solid quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Trajan Group generated revenue of A$170M at a net margin of -0.8%. Revenue grew 3.8% year over year. It earns a return on equity of -1.3%. Net debt stands at A$43.6M. Fundamentals as of Jul 11, 2026

Our scenario range runs from A$0.1000 (bear case) to A$0.2000 (bull case); at A$0.1950, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 80% below its 52-week high, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -43% fair-value upside, at -49%, TRJ screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF A$0.2300 A$0.4700 A$0.7900 80
Rev-Margin DCF A$0.1100 A$0.2800 A$0.5100 74
Gordon GGM A$0.0100 A$0.0100 A$0.0200 70
All 14 models by family
DCF Models
FCF DCF A$0.2400 A$0.5200 A$0.9400 38
Owner Earnings A$0.0700 A$0.2200 31
5Y Revenue Exit A$0.1100 A$0.2800 A$0.5000 39
5Y EBITDA Exit A$0.5300 A$1.17 A$2.00 41
10Y Revenue Exit A$0.1500 A$0.3200 A$0.5700 36
10Y EBITDA Exit A$0.4000 A$0.8900 A$1.66 37
Dividend Discount
Gordon GGM A$0.0100 A$0.0100 A$0.0200 70
DDM Multi-Stage A$0.0100 A$0.0100 A$0.0100 61
Multiples
EV/EBIT A$0.1100 A$0.2100 A$0.3000 53
EV/EBITDA A$0.8100 A$1.14 A$1.47 54
EV/Revenue A$0.0300 A$0.1100 A$0.2000 43
Asset-Based
NCAV (Graham) A$0.3500 A$0.4600 A$0.6900 50
Growth DCF
Growth DCF A$0.2300 A$0.4700 A$0.7900 80
Rev-Margin DCF A$0.1100 A$0.2800 A$0.5100 74

Widest divergence: Asset-Based (A$0.4600) versus Dividend Discount (A$0.0100). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) A$170M
Revenue growth (YoY) +3.8%
Net margin -0.8%
Return on equity -1.3%
Free cash flow A$6.7M FY2025
Operating margin 1.3%
More key figures
EPS (TTM) A$-0.0100
EPS growth (YoY) +2,003%
Net debt A$43.6M FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 50 · Market factors (momentum, volatility) 14

Profitability 27
Margins and returns on capital today
Quality Growth 70
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 40
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 47
Calm price path (market factor)
Momentum 0
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 61
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Trajan Group Holdings Limited develops, manufactures, and sells analytical and life science products and devices in Malaysia, Japan, Australia, New Zealand, the United States, Europe, the Middle East, Africa, and India.

Full company description

Trajan Group Holdings Limited develops, manufactures, and sells analytical and life science products and devices in Malaysia, Japan, Australia, New Zealand, the United States, Europe, the Middle East, Africa, and India. The company offers analytical products, including syringes, GC columns and septa, inlet liners, rings, and tubing products; and sampling products, comprising septa, caps, liners, well plates and sealing mats, crimping tools, and micro sampling tools, as well as automation systems and consumables. It also provides pathology products, consisting of NBF containers, adhesive and frosted microscope slides, coverslips, microtome blades, biopsy pads, microscope slide storage trays/mailers, microscope slide and cassette storage boxes, histology wax plus, and tissue marking dyes and sets, and MiPlatform, a smartphone adapter; on-line and laboratory instruments and related parts and services; and miniaturized and portable instrumentation, as well as products and services related to microsampling. In addition, the company offers analytical, automation, life sciences, sampling literature support products. The company was incorporated in 2011 and is headquartered in Ringwood, Australia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Trajan Group reported revenue of A$166M in FY2025 versus A$76.6M in FY2021, a compound +21.4%/yr. Reported net income was −A$4.5M in FY2025.

Growth Quality 62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
A$166M
Latest YoY
+7.4%
Avg. growth/yr (3Y) 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.
+15.7%
Avg. growth/yr (5Y) 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.
+18.3%
Avg. growth/yr (8Y) 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.
+15.0%
Revenue +21.4%/yr
FY21 A$76.6M
FY22 A$108M
FY23 A$162M
FY24 A$155M
FY25 A$166M
Net income
FY21 A$1.9M
FY22 A$1.7M
FY23 A$1.9M
FY24 −A$25.3M
FY25 −A$4.5M

TRJ screens 49% overvalued. Compare with Intuitive Surgical, Inc →

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Cite: Fair Value Calculator (2026). "Trajan Group Fair Value". https://www.fairvalue-calculator.com/stock/TRJ

Peer Group

Medical Instruments & Supplies · 203 stocks

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.

Quality Score 52 · Below median
Fair Value upside −49% · Below median
Return on assets 1% · Below median
Net margin (TTM) -1% · Bottom 25%
Operating margin (TTM) 1% · Bottom 25%
Revenue growth 4% · Below median
Debt / equity 0.38× · Higher than 75% of peers

Valuation Multiples vs Medical Instruments & Supplies median · lower = cheaper

P/B 0.30× · Cheaper than 75% of peers
P/S (TTM) 0.19× · Cheaper than 75% of peers
P/FCF 4.6× · Cheaper than median
EV/EBITDA 5.7× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 19 · sector 27
PAST 0 · sector 25
HEALTH 81 · sector 96
DIVIDEND 0 · sector 32

VALUE 0: the price sits above our fair-value range.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
Intuitive Surgical, Inc ISRG $402.33 $150.04 -63%
EssilorLuxottica Société anonyme 1EL €172.45 €68.55 -60%
Medline Inc MDLN $41.11 $30.15 -27%
Becton, Dickinson and Company BDX $150.65 $103.53 -31%
Alcon Inc ALC $70.26 $39.78 -43%
ResMed Inc RMD $203.87 $187.89 -8%
West Pharmaceutical Services, Inc WST $353.71 $143.97 -59%
Straumann Holding STMN CHF 106.00 CHF 47.31 -55%
Sartorius Stedim Biotech S.A DIM €188.50 €51.16 -73%
Coloplast A/S COLOB kr 414.00 kr 382.22 -8%

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Frequently asked questions

Is Trajan Group (TRJ) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of A$0.1000 versus a price of A$0.1950, about −49% (overvalued).
What is the fair value of TRJ?
Our model-based fair value for Trajan Group is A$0.1000 (as of Jul 11, 2026), built from audited fundamentals. The current price is A$0.1950.
What is the quality score of TRJ?
Trajan Group has a Quality Score of 52/100. 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 revenue of Trajan Group (TRJ)?
Trajan Group reported trailing-twelve-month revenue of about A$170M (latest available figure, as of Jul 11, 2026).
What is the net profit margin of TRJ?
The net profit margin of Trajan Group is about -0.8%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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