Mobvista Inc (1860) Fair Value & Analysis

Communication Services · HK · Market cap HK$17.7B

MI Mobvista Inc 1860 · HK

PriceHK$11.39

Fair ValueHK$6.43

Upside-43.6%

Quality74/100

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Healthy Growth

Thin margins · 3.4% net margin

Low debt · generates free cash flow

Mixed vs. peers (7/14)

Moderate moat 49/100

Evidence: High Range HK$4.86 – HK$14.28 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated yesterday

Share price +8.9% over the past month.

A solid business, but screening 44% overvalued on our models.

What matters now

A high-quality business (quality 74/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
The model range is unusually wide (HK$4.86 to HK$14.28). The outcome hinges heavily on assumptions, so read the point estimate with caution.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$1.18 – HK$20.98 · fair‑value band HK$4.86 – HK$14.28 · the HK$11.39 price screens above the HK$6.43 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Mobvista Inc (1860) currently trades at HK$11.39, while our model-based Fair Value estimate is HK$6.43, implying the stock looks roughly 43.6% overvalued today. The Quality Score stands at 74/100 (solid quality), in the Communication Services 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, Mobvista Inc generated revenue of HK$2.2B at a net margin of 3.4%. Revenue grew 32.2% year over year. It earns a return on equity of 26.1%. The balance sheet holds a net cash position of HK$106M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$4.86 (bear case) to HK$14.28 (bull case); at HK$11.39, 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 47% below its 52-week high and 69% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -13% fair-value upside, at -44%, 1860 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (HK$0.1200 to HK$3.13). Read the values as a conservative anchor, not as a price target.

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 HK$1.62 HK$3.13 HK$5.62 80

Residual Income HK$0.2500 HK$0.3400 HK$1.62 76

Rev-Margin DCF HK$1.01 HK$1.67 HK$3.02 74

All 24 models by family

DCF Models

FCF DCF HK$1.71 HK$2.65 HK$5.64 38

Owner Earnings HK$0.8500 HK$1.83 HK$3.90 31

5Y Revenue Exit HK$0.9500 HK$1.47 HK$2.54 39

5Y EBITDA Exit HK$1.22 HK$2.02 HK$3.57 41

5Y P/E Exit HK$0.9900 HK$1.89 HK$3.08 38

10Y Revenue Exit HK$1.17 HK$2.18 HK$2.74 36

10Y EBITDA Exit HK$1.39 HK$2.76 HK$5.09 37

10Y P/E Exit HK$1.22 HK$2.27 HK$3.90 35

Earnings-Based

Graham-Dodd HK$0.2500 HK$1.78 HK$2.50 54

Lynch FV HK$0.8100 HK$1.16 HK$1.50 50

PEG = 1.0 HK$0.8100 HK$1.16 HK$1.50 46

EPV HK$0.5300 HK$0.6100 HK$0.6700 59

Multiples

P/E Multiple HK$0.6200 HK$0.8200 HK$1.03 63

P/S Multiple HK$0.4800 HK$0.6400 HK$0.8000 58

P/B Multiple HK$0.4600 HK$0.6200 HK$0.7700 55

EV/EBIT HK$0.7800 HK$1.01 HK$1.24 53

EV/EBITDA HK$1.00 HK$1.31 HK$1.62 54

EV/Revenue HK$0.6100 HK$0.8300 HK$1.06 43

Asset-Based

NCAV (Graham) HK$0.0900 HK$0.1200 HK$0.1800 50

Growth DCF

Growth DCF HK$1.62 HK$3.13 HK$5.62 80

Rev-Margin DCF HK$1.01 HK$1.67 HK$3.02 74

Economic Profit

Residual Income HK$0.2500 HK$0.3400 HK$1.62 76

ROIC Compounder HK$0.6500 HK$0.9200 HK$1.28 72

Growth Earnings

Growth-Adj P/E HK$1.10 HK$1.57 HK$2.05 68

Widest divergence: DCF Models (HK$2.02) versus Asset-Based (HK$0.1200). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$2.2B

Revenue growth (YoY) +32.2%

Net margin 3.4%

Return on equity 26.1%

Free cash flow HK$160M FY2025

P/E ratio 34.7 as of Jul 2, 2026

More key figures

Operating margin 3.9%

EPS (TTM) HK$0.6231

EPS growth (YoY) +60.9%

Net cash HK$106M FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 73 · Market factors (momentum, volatility) 37

Profitability 68

Margins and returns on capital today

Quality Growth 89

Are margins and returns improving?

Cashflow 63

Earnings quality: real cash, not paper profit

Fin. Strength 75

Balance sheet, leverage, solvency risk

Investment 64

Disciplined investing over empire-building

Low Volatility 50

Calm price path (market factor)

Momentum 27

Price trend over the last 3–12 months (market factor)

52W Momentum 39

Distance to the 52-week high (market factor)

Net Issuance 86

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

Full company description

Mobvista Inc., together with its subsidiaries, engages in the provision of advertising and marketing technology services required to develop the mobile internet ecosystem in Singapore, the Asia Pacific, and internationally. It operates through Ad-tech (Advertising Technology Business) and Mar-tech (Marketing Technology Business) segments. The company offers mobile advertising services through a programmatic advertising platform and affiliate ad-serving platform; mobile application data analytics service through SaaS platforms; and cloud-native technology services, as well as develops and sells customized data analytics software. It also provides Mintegral, an AI-driven programmatic advertising platform that aggregates traffic from various fragmented apps and provides advertisers with programmatic advertising and traffic monetization services; nativeX, a non-programmatic advertising business platform that covers global medium and long-tail media in the form of an advertising network, which can acquire users for global advertisers; GameAnalytics, a SaaS-based in-app data analysis tool and an analytics platforms for mobile, Roblox, PC, and VR games, that provides game developers, studios, and publishers with in-depth analysis, insights, and market intelligence; and SolarEngine that offers data collection and mining for customers to conduct advertising delivery data analysis, data management, intelligent material analysis, cloud computing resource optimization, etc. Mobvista Inc. was founded in 2013 and is headquartered in Singapore.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Mobvista Inc reported revenue of HK$2.0B in FY2025 versus HK$755M in FY2021, a compound +28.3%/yr. Reported net income was HK$61.7M in FY2025.

Growth Quality 90/100

Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Latest Revenue (FY 2025)

HK$2.0B

Latest YoY

+35.9%

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.

+31.8%

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.

+31.8%

Avg. growth/yr (10Y) ⓘ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.

+28.5%

Revenue +28.3%/yr

FY21 HK$755M

FY22 HK$894M

FY23 HK$1.1B

FY24 HK$1.5B

FY25 HK$2.0B

Net income

FY21 −HK$25.0M

FY22 HK$15.0M

FY23 HK$21.8M

FY24 HK$15.7M

FY25 HK$61.7M

Character of growth · EPS growth decomposed (2015-2025) +10.1 % p.a.

Revenue per share +25.0 pp

of which total revenue +25.3 pp · buybacks/dilution −0.3 pp

EBIT margin −8.3 pp

Tax rate −1.3 pp

Residual (interest, one-offs) −5.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

1860 screens 44% overvalued. Compare with AppLovin Corporation →

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Mobvista Inc · Fair Value
HK$6.43 −44%Fair Value
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<a href="https://www.fairvalue-calculator.com/stock/1860" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">Mobvista Inc · Fair Value</span><br><b style="font-size:20px">HK$6.43</b> <span style="color:#e0816f;font-weight:700;font-size:14px">−44%</span></span><span style="font-size:11px;color:#7BB290;font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

Cite: Fair Value Calculator (2026). "Mobvista Inc Fair Value". https://www.fairvalue-calculator.com/stock/1860

Peer Group

Advertising Agencies · 199 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 74 · Top 25%

Fair Value upside −41% · Below median

Return on equity (TTM) 26% · Top 25%

Return on assets 7% · Top 25%

Net margin (TTM) 3% · Above median

Operating margin (TTM) 4% · Above median

Revenue growth 32% · Top 25%

Valuation Multiples vs Advertising Agencies median · lower = cheaper

P/E (TTM) 34.7× · Pricier than median

P/B 7.80× · Pricier than 75% of peers

P/S (TTM) 1.03× · Pricier than median

P/FCF 14.1× · Pricier than 75% of peers

EV/EBITDA 20.2× · Pricier than 75% of peers

PEG 1.59× · Pricier than median

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 24

FUTURE 100 · sector 6

PAST 100 · sector 5

HEALTH 100 · sector 98

DIVIDEND 0 · sector 67

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 Advertising Agencies stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock	Price	Fair Value	vs Fair Value
AppLovin Corporation APP	$303.76	$252.45	-17%
Publicis Groupe S.A PUB	€99.98	€146.36	+46%
Omnicom Group OMC	$85.51	$99.84	+17%
Focus Media Information Technology Co 002027	¥5.29	¥5.71	+8%
The Trade Desk, Inc TTD	$13.49	$29.07	+115%
JCDecaux SE DEC	€24.00	€20.99	-13%
Easy Click Worldwide Network Technology Co 301171	¥37.40	¥5.62	-85%
Affle 3i Limited AFFLE	₹1,643	₹611.48	-63%
Guangdong Advertising Group 002400	¥7.33	¥1.14	-84%
Zhewen Interactive Group 600986	¥8.24	¥1.47	-82%

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Frequently asked questions

Is Mobvista Inc (1860) overvalued or undervalued?

As of Aug 13, 2026, our model estimates a fair value of HK$6.43 versus a price of HK$11.39, about −44% (overvalued).

What is the fair value of 1860?

Our model-based fair value for Mobvista Inc is HK$6.43 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$11.39.

What is the quality score of 1860?

Mobvista Inc has a Quality Score of 74/100. 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 Mobvista Inc (1860)?

Mobvista Inc reported trailing-twelve-month revenue of about HK$2.2B (latest available figure, as of Aug 13, 2026).

What is the net profit margin of 1860?

The net profit margin of Mobvista Inc is about 3.4%, meaning it keeps roughly 3.4% of revenue as net income. 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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