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The Navigator Company SA (NVG) Fair Value & Analysis

Basic Materials · PT · Market cap €2.5B · ISIN PTPTI0AM0006

What is The Navigator Company SA really worth?

TN The Navigator Company SA NVG · LS
Price€3.25
Fair Value€3.18
Upside−2.3%
Quality57/100

A solid business, currently priced close to our fair value of €3.18.

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Strengths

Moderate debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +7.3 %/yr)
!Thin margins · 6.1% net margin
!Mixed vs. peers (8/15)
!Narrow moat 36/100
Evidence: High Range €2.22 – €4.05

Fair value as of: Aug 21, 2026

From 24 valuation models · updated 15 days ago

Fair value updated Aug 21, 2026, revised from €2.65 to €3.18 (+19.8%) since Aug 13, 2026.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (€2.22 to €4.05) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€3.91 €2.02 Fair Value €3.18 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range €2.02 – €3.91 · fair‑value band €2.22 – €4.05 · the €3.25 price screens above the €3.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.

Full chart & analysis →

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Analysis

The Navigator Company SA (NVG) currently trades at €3.25, while our model-based Fair Value estimate is €3.18, implying the stock looks roughly 2.4% fairly valued today. The Quality Score stands at 57/100 (solid quality), in the Basic Materials sector. Bull case: the Multiples group reads highest at a median of €3.46 per share, and 4 of the 24 models we run sit above the €3.25 price. Bear case: the Earnings-Based group reads lowest at €0.6200, and 20 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, The Navigator Company SA generated revenue of €1.9B at a net margin of 6.1%. Revenue declined 19.4% year over year. It earns a return on equity of 8.0%. Net debt stands at €704M. Fundamentals as of Aug 21, 2026

Our scenario range runs from €2.22 (bear case) to €4.05 (bull case); at €3.25, 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 9% below its 52-week high and 13% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 19% fair-value upside, at −2%, NVG screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.1087 per share, which is 3.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF €0.4200 €0.8800 €1.64 76
Residual Income €1.75 €1.93 €2.59 76
Growth DCF €0.4700 €0.9000 €1.59 75
All 24 models by family
DCF Models
FCF DCF €0.4200 €0.8800 €1.64 76
Owner Earnings €0.1000 €0.4400 €1.02 68
5Y Revenue Exit €1.11 €2.20 €3.72 70
5Y EBITDA Exit €1.68 €3.19 €5.09 73
5Y P/E Exit €0.9900 €2.01 €3.16 69
10Y Revenue Exit €0.7500 €1.66 €2.73 64
10Y EBITDA Exit €1.17 €2.30 €3.63 66
10Y P/E Exit €0.7600 €1.54 €2.35 62
Earnings-Based
Graham-Dodd €1.38 €2.51 €3.11 66
EPV €0.4200 €0.6200 €0.8000 73
Dividend Discount
Gordon GGM €2.16 €2.81 €3.46 69
DDM Multi-Stage €2.16 €2.91 €3.78 67
Multiples
P/E Multiple €2.59 €3.46 €4.32 63
P/S Multiple €2.59 €3.46 €4.32 58
P/B Multiple €2.59 €3.46 €4.32 55
EV/EBIT €2.13 €3.14 €4.14 65
EV/EBITDA €3.00 €4.30 €5.60 67
EV/Revenue €1.73 €2.85 €3.97 52
Asset-Based
NCAV (Graham) €0.9900 €1.33 €1.99 54
Growth DCF
Growth DCF €0.4700 €0.9000 €1.59 75
Rev-Margin DCF €1.11 €2.22 €3.52 70
Economic Profit
Residual Income €1.75 €1.93 €2.59 76
ROIC Compounder €0.4200 €0.6200 €0.8000 71
Growth Earnings
Growth-Adj P/E €1.85 €2.65 €3.44 67

Widest divergence: Multiples (€3.46) versus Earnings-Based (€0.6200). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 20.3
P/S ratio 1.49 P/E × margin
EPS (TTM) €0.1600 price ÷ EPS = P/E 20.3
Dividend yield 7.0% payout 143%
Net margin 7.3% FY2025
Return on equity 8.0% TTM
More key figures
Profitability
Return on assets (EBIT) 12.0% avg 5y
Operating margin 5.1% TTM
Growth
Revenue (TTM) €1.9B TTM
Revenue growth (YoY) −19.4% 3y avg −7.2%
EPS growth (YoY) −42.2%
Balance sheet & cash flow
Free cash flow €96.1M FY2025
Net debt €704M FY2025 · ≈ 7.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 57 · Market factors (momentum, volatility) 58

Profitability 45
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 70
Earnings quality: real cash, not paper profit
Fin. Strength 49
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 42
Distance to the 52-week high (market factor)
Net Issuance 82
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

The Navigator Company, S.A. engages in the production of forestry, pulp, paper, tissue, and packaging solutions worldwide. The company operates through Market Folder, UWF Paper, Tissue Paper, and Energy segments.

Full company description

The Navigator Company, S.A. engages in the production of forestry, pulp, paper, tissue, and packaging solutions worldwide. The company operates through Market Folder, UWF Paper, Tissue Paper, and Energy segments. It is involved in the production of pulp, printing, and writing papers under the Navigator, Pioneer, and Inacopia brands; production of tissue under the Amoos brand; provision of packaging solutions under the gKraft brand; research, acquisition, and sale of wood; production of bleached eucalyptus pulp; and production and commercialization of thermal and electrical energy. The company was formerly known as Portucel, S.A. and changed its name to The Navigator Company, S.A. in February 2016. The company was founded in 1953 and is headquartered in Setúbal, Portugal. The Navigator Company, S.A. operates as a subsidiary of Semapa - Sociedade de Investimento e Gestão, SGPS, S.A.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

The Navigator Company SA reported revenue of €2.0B in FY2025 versus €1.6B in FY2021, a compound +5.4%/yr. Reported net income was €145M in FY2025, compounding −4.2%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€2.0B
Latest YoY
−5.7%
Avg. revenue 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.
−7.2%
Avg. revenue 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.
+7.3%
Avg. revenue 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.
+1.8%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+4.0% (−3.0 + 7.0)
Revenue +5.4%/yr
FY21 €1.6B
FY22 €2.5B
FY23 €2.0B
FY24 €2.1B
FY25 €2.0B
Net income −4.2%/yr
FY21 €171M
FY22 €393M
FY23 €275M
FY24 €287M
FY25 €145M

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Cite: Fair Value Calculator (2026). "The Navigator Company SA Fair Value". https://www.fairvalue-calculator.com/stock/NVG

Peer Group

Paper & Paper Products · 117 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 57 · Top 25%
Fair Value upside −2% · Above median
Return on equity (TTM) 8% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) 6% · Top 25%
Operating margin (TTM) 5% · Above median
Revenue growth −19% · Bottom 25%
Dividend yield (TTM) 7.0% · Top 25%
Debt / equity 0.54× · Higher than 75% of peers

Valuation Multiples vs Paper & Paper Products median · lower = cheaper

P/E (TTM) 20.3× · Pricier than median
P/B 2.04× · Pricier than 75% of peers
P/S (TTM) 1.54× · Pricier than 75% of peers
P/FCF 30.0× · Pricier than 75% of peers
EV/EBITDA 11.4× · Pricier than median
PEG 0.20× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE30 · sector 22
FUTURE0 · sector 1
PAST32 · sector 13
HEALTH73 · sector 92
DIVIDEND100 · sector 47

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 Paper & Paper Products stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
UPM-Kymmene Oyj UPM €24.31 €14.21 −42%
Suzano S.A SUZ $9.15 $24.16 +164%
Svenska Cellulosa Aktiebolaget SCA (publ) SCAB kr 111.95 kr 45.12 −60%
Shandong Sunpaper Co 002078 ¥13.94 ¥17.29 +24%
Holmen AB HOLMB kr 323.00 kr 217.72 −33%
Nine Dragons Paper (Holdings) Limited 2689 HK$7.92 HK$8.74 +10%
PT Indah Kiat Pulp & Paper Tbk INKP 8,800 IDR 17,945 IDR +104%
Empresas CMPC S.A CMPC 1,049 CLP 1,281 CLP +22%
Xianhe Co 603733 ¥21.11 ¥21.06 +0%
Semapa - Sociedade de Investimento e Gestão, SGPS, S.A SEM €20.70 €24.73 +19%

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Frequently asked questions

Is The Navigator Company SA (NVG) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of €3.18 versus a price of €3.25, about −2% upside (fairly valued).
What is the fair value of NVG?
Our model-based fair value for The Navigator Company SA is €3.18 (as of Aug 21, 2026), built from audited fundamentals. The current price: €3.25.
What is the quality score of NVG?
The Navigator Company SA has a Quality Score of 57/100. 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 The Navigator Company SA (NVG)?
The Navigator Company SA reported trailing-twelve-month revenue of about €1.9B (latest available figure, as of Aug 21, 2026).
What is the net profit margin of NVG?
The net profit margin of The Navigator Company SA is about 6.1%, meaning it keeps roughly 6.1% of revenue as net income. Based on the latest reported figures.
Does The Navigator Company SA pay a dividend?
The Navigator Company SA currently shows a dividend yield of about 7.05% relative to its recent price (as of Aug 21, 2026).
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