Is JE Cleantech Holdings Ltd (JCSE) a good stock to buy?
Our tested checks disagree with each other, so the answer depends on something further down the page rather than on any one measure.
What each rating means, in numbers
Cash it pays you — High. For every $100 of share price, the business threw off about $13.1 of spare cash last year. Higher is better: the cheap fifth on this measure ran about 7.7 points a year ahead of the dear fifth, 2011 to 2025.
Business quality — Strong. Passes 8 of the 9 health checks we can measure — things like making a profit, turning it into cash, and not piling on debt. Across 131,000 company-quarters the weakest scorers went on to fail at 5.4% against 1.4% for the strongest, in every era and all twelve sectors.
How wild is the price? — Very wild. The share price swings about 90% in a typical year, which puts it in the most volatile fifth. Out of every 100 companies that swung like this, about 8.6 went bankrupt within the year. Across the three periods we tested that ran from 3.7% to 11.5%.
What "tested" means here, and why there is no score out of 100
Tested means the read was measured against what actually happened afterwards, on a history that keeps the companies that were later delisted, using only figures that had been filed on the day they are used. Survival was ranked on companies that really did fail. What an owner keeps was tested across the universe from 2011 to 2025.
The full record of everything we have tested is on the research pages.
Which benchmark. Over the period we tested, the median listed company returned +5.8% a year while the S&P 500 returned about +13.9% — the index is weighted by size and was carried by a handful of enormous winners. So "beats the index" and "beats the other companies you could have bought" are different questions. Where a read says it picks better companies, it means the second one. None of these gets you an index fund's return, and we would rather say that than imply otherwise.
The quality read is the strongest thing we have tested: 131,000 company-quarters across 5,300 companies, where the weakest scorers went on to fail at 5.4% against 1.4% for the strongest, holding in every era and all twelve sectors. It still says less likely to break, not likely to beat the market — every band in that study lost to the index at the median, because the median listed company does.
Each read is shown on its own rather than merged into a single score, so you can see which part is strong and which is weak instead of taking an average on trust.
▾ What goes into the smart-money reading
Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend, DCF applicability). See the Financial Health section for the full balance-sheet read.
Chance the S&P 500 falls 10% or more in the next three months.
Counted from every day since 2006. Says nothing about JCSE — see the board for how it is measured.
📍 Where to start on this page, and what to look at first
How to read JCSE (speculative micro-cap)
No model can pin a precise fair value on a company this small — but that does not mean there is nothing to learn. The useful questions are what the price is betting on, and whether the company can survive long enough to deliver it.
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1
Reverse-DCF — what growth the price assumes ↓
The single most useful number here: it backs out the growth the market is paying for. If that figure is "historically unprecedented," the price is running on hype, not fundamentals.
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2
Cash runway ↓
A pre-profit micro-cap lives or dies on whether it can fund itself to profitability before running out of money and diluting you.
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3
The raw financial statements + the 10-K ↓
At this scale, the actual numbers, insider ownership, and share-count trend tell you more than any ratio.
Is JE Cleantech Holdings Ltd (JCSE) overvalued?
Macro: no macro dataNo, by our measure: the price is about 62% below what we think the business is worth.
JCSE trades at $1.40 vs an estimated
intrinsic value
of $3.73
— a 62.4% discount to model IV.
Today's price is consistent with JCSE's owner-earnings free cash flow per share declining about 13.8% per year 5-YR · SCENARIO PATH over the next 5 years (the
price-implied growth rate).
Our DCF projects
modeled growth
of 8.5% per year based on history + sector defaults
(analyst consensus estimates not yet integrated).
TESTED · OURS HAS BEEN CLOSER
When we and the market have disagreed about growth, our number has been the closer one — a median miss of 4.8 points a year against the market's 8.3, measured on 3,279 past filings. That does not make a large gap a sell signal: we tested that too, and companies where the market expected far more than we did went on to return within 1.5 points of everything else. Treat the gap as a description of what the price assumes, not as a prediction. How this was tested →
Note: this is a 5-year, per-share view. The Reverse-DCF section below asks the same question over the same five years on a free-cash-flowFree Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation → basis, as a single flat rate — so its number is close but not identical.
▾ Exactly how this 5-year figure is computed
Current price: $1.40 (live)
Discount rate: 10.5%; terminal growth: 3.0%
Forecast: 5 years explicit growth, then a linear fade to terminal; end-of-period cash flows discounted to today
Growth path: the model's scenario-weighted path (conservative 40% / base 35% / optimistic 25% — assumed weights, not measured probabilities) — see the "Three Scenarios, Weighted" table below for the three IVs
Method: solve for the constant 5-year per-share growth rate that, run through this same structure, makes the intrinsic value equal today's price. (The figure below solves the same five years as a single flat rate with no scenario weighting — hence a slightly different number.)
Not investment advice. The model can be wrong. Verify the assumptions in the sections below and consider consulting a licensed advisor for significant decisions.
What return would JCSE pay as a bond?
Treat the share as a bond: the "coupon" is the cash an owner could take out this year, and unlike a real bond that coupon can grow. Fix today's price and a conservative growth path, and the only unknown left is the return. That number is comparable across every kind of company — which is the point.
Plainly: at $1.40, JCSE pays a 13.1% owner-earnings coupon today. If that coupon grows 8.5% a year for five years and then settles toward 2.5%, and a buyer in year 10 pays 15× that year's owner earnings, the whole trade returns about 25.8% a year . By year 5 the coupon on today's price would be 19.7% (the "yield on cost" Buffett talks about). Our DCF demanded 10.5% for a business this risky; this read clears that bar, which is the same conclusion the verdict above reaches by a different route.
Who owns JCSE, and how it moves
From the SEC's own filings: every fund manager over $100M reports its holdings each quarter, and every officer and director reports theirs. Each point is what was public at the time.
What growth must the market believe? Reverse DCF — Instead of asking "what is this stock worth?", asks "what growth rate is the current market price already assuming?"
Why it matters: It crystallizes the bull thesis as a single number you can argue with. If the market expects 40% growth for 10 years and you do not believe that, the stock is overvalued.
Reference: 10–15% = sustainable for strong companies · 20–25% = exceptional · 30%+ = historically very rare
Traditional DCF asks "what is this stock worth?" Reverse DCF flips it: it treats today's price as correct and solves for the growth rate that justifies it. In plain terms — if our model is right about everything else, the company's cash flow would have to grow (or shrink) by this much every year for the next 5 years for today's price to make sense. If that required growth looks unrealistic, the price is stretched; if it looks easy to beat, the price may be cheap.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation → must grow at:
▾ Exactly how this 5-year figure is computed
Forecast length: 5 years at the solved rate, then a linear fade to terminal growth over years 6-10 — the same shape the DCF above uses
Terminal growth after the fade: 3.0%
Discount rate: 10.5% (the rate the model used)
Price used: $1.40 — the live price shown on this page (not frozen)
Method: solve for the constant annual growth rate that makes the discounted 10-year FCF stream + terminal value equal today's price.
The market is pricing in shrinking cash flow — often a sign of undervaluation, and sometimes of a dying business. Check leverage, the cash-flow trend and the health screens below to tell those apart.
For reference: The market is pricing in a material multi-year contraction in cash flow (≈14.8%/yr) — a significant decline, not a flat business.
▾ How we computed this · Reality check thresholds · Assumptions
- Starting FCF/share: $0.27 (TTM)
- Discount RateDiscount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation →: 10.5% — standard 8-12%; 9-10% matches S&P 500 historical return - Terminal Growth RateTerminal Growth Rate — The growth rate we assume the company holds forever, after the explicit 10-year forecast period ends.
Why it matters: It anchors the long-tail value. Cannot mathematically exceed long-term GDP growth or the company eventually becomes larger than the global economy.
Reference: 2–3% (matches long-term US GDP growth) · Above 4% is mathematically problematic
Full explanation →: 3.0% — matches long-term GDP growth - Forecast horizon: 10 years explicit + terminal perpetuity
| ≤ 0% | Priced for decline — likely undervalued OR dying business |
| 5-12% | Reasonable; sustainable for quality businesses |
| 12-18% | Demanding — strong execution required |
| 18-25% | Exceptional — few companies sustain for a decade |
| 25-35% | Heroic — historically very rare |
| 35%+ | Borderline impossible at scale |
Sustaining 30%+ cash-flow growth for a full decade at scale is exceedingly rare — the bar is brutally high.
Use the interactive calculator below to change the discount rate, growth and terminal-growth assumptions and watch the value move.
What this rating means
What the rating says — Below every method. Every model's range sits above the current price, but that does not prove mispricing. The gap may reflect secular or cyclical pressures, leverage, or information not yet captured by the model. Review recent filings and test lower normalized cash-flow assumptions before relying on the valuation.
What it does not say — Not a forecast. This shows where today's price sits against several different ways of valuing the business. Where the methods disagree, the spread itself is the useful part - it tells you how much the answer depends on which one you trust.
⚠ Standard industry multiples (the bars below) collapse toward $0 at this scale, so they aren't the useful read. For a micro-cap with sales, lean on the Reverse-DCF (what revenue growth that price implies), the Momentum trend, and cash runway — see 📍 What to focus on.
Football field: where does the price sit?
Different valuation methods produce different fair-value ranges depending on assumptions. Plotting them together lets you see at a glance whether the current price is reasonable across approaches, or only one specific lens.
Industry multiples sourced from: broad market average (sector unknown). See the Peer Basket section below for the peer comparison and its limited-comparables caveat.
How to read a company this small
JCSE is too small and/or too volatile for the valuation lenses we use on larger, more stable companies. The numbers shown below should be taken as rough orientation only.
- Market cap $7.4M — nano-cap territory (below $50M)
Growth percentages on tiny revenue bases (1000% going from $200K to $2M is not predictive). P/E and ROE swing wildly with small earnings changes. Peer comparisons fail because there often aren't comparable companies at this scale.
Start with the Reverse-DCF above — it backs out the growth the price is betting on; if that figure is "historically unprecedented," the price is running on hype, not fundamentals. Then the cash runway (can it fund itself to profitability before diluting you?). Then the raw Financials table and the 10-K on SEC EDGAR — at this scale, insider ownership and the share-count trend often matter more than any ratio.
Classified as Speculative Nano / Micro-cap (confidence 80%). Disagree? An admin can override via the post edit screen.
⚠ Genuine comparables are scarce at this size, so peer multiples are unreliable here. Treat as rough context only — see 📍 What to focus on above.
How does JCSE stack up against its closest peers?
Ideally we compare JCSE only to same-industry peers, but too few exist in our universe right now, so the basket below mixes in broader-sector names. Treat the multiples as rough context, not a valuation. For a leveraged business, FCF yield (in the table) is usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.
▾ What's "EV / Sales" in plain English?
EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.
EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).
p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.
| EV / SalesEV / Sales — For every $1 of yearly revenue, this is how many dollars investors pay to own the whole business (including debt). Why it matters: Works for pre-profit growth companies where P/E and FCF don't apply. The most apples-to-apples cross-company multiple because it ignores accounting choices. Reference: 1–3x for mature companies · 4–10x for software/SaaS · 10–20x for hypergrowth · >20x is rare and demanding Full explanation → |
0.4x / 0.6x / 0.7x |
| EV / Gross ProfitEV / Gross Profit — Enterprise value divided by gross profit — the multiple paid for what each dollar of sales contributes after direct costs. Why it matters: More refined than EV/Sales for high-margin businesses (software, marketplaces) where gross margin is the real economic engine. Reference: 8–15x for SaaS · 15–25x for hypergrowth software · >30x demanding Full explanation → |
2.1x / 2.8x / 4.5x |
Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 peers (broad — see caveat); implausible multiples excluded.
⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.
▾ View peer list (8)
| Ticker | Company | Industry | Mcap | EV/Sales | EV/GP | EV/EBIT | FCF Yield |
|---|---|---|---|---|---|---|---|
| WFF | WF Holding Ltd | Miscellaneous Manufacturin | $10M | 1.4x | 4.5x | — | 1.4% |
| DOGZ | Dogness (International) Corp | Miscellaneous Manufacturin | $15M | 0.7x | 3.0x | — | 16.2% |
| YHGJ | YUNHONG GREEN CTI LTD. | Fabricated Rubber Products ·fallback | $7M | 0.4x | 2.1x | — | 14.3% |
| YJ | Yunji Inc. | Specialty Retail ·fallback | $9M | 0.3x | — | — | 21.2% |
| WKSP | Worksport Ltd | Motor Vehicles ·fallback | $9M | 0.7x | 2.7x | — | 1.4% |
| XWEL | XWELL, Inc. | Personal Services ·fallback | $11M | 0.4x | 1.4x | — | — |
| PAXH | PREAXIA HEALTH CARE PAYMENT SYSTEM | Home Furniture ·fallback | $11M | — | — | — | — |
| EZGO | EZGO Technologies Ltd. | Motorcycles, Bicycles & Pa ·fallback | $5M | 0.6x | 8.5x | — | 8.7% |
Bankruptcy + quality screens
Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.
What these health ratings mean, in numbers
Business quality — Strong. Passes 8 of the 9 health checks we can measure — making a profit, turning it into cash, not piling on debt, not issuing shares. Across 131,000 company-quarters the weakest scorers went on to fail at 5.4% within a year against 1.4% for the strongest, and that held in every era and all twelve sectors. It says "less likely to break", not "likely to beat the market".
Bankruptcy score (Altman Z) — Grey zone. Altman Z is 1.93. It combines working capital, retained earnings, operating profit and market value against total assets into one bankruptcy score. Above 3.0 is the safe zone, 1.8 to 3.0 is grey, below 1.8 is the distress zone. It was calibrated on manufacturers in 1968, so it reads asset-light and heavily-financed businesses badly — which is why it is one input here and never the verdict.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
Grey zone — a mixed, inconclusive band under the classic thresholds. A warning to verify the recent trend, not a probability of failure.
The classic Z-score was calibrated on manufacturers. It is less reliable for asset-light or non-manufacturing businesses (broadcasters, media, software, services) and not applicable to banks, REITs, or insurers — for those the coefficients and the asset-turnover term distort the result. Read it as one screening input, not a verdict.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
▾ The checks — what passed, what didn't (and what we couldn't measure)
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✓ Positive net incomeNet income $2.5M in FY2025.
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✓ Positive operating cash flowOperating cash flow $2.1M (was $1.5M the prior year).
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✗ Cash flow backs up reported profitOperating cash flow $2.1M vs net income $2.5M.Why this matters: When cash generated exceeds reported earnings, profits are high-quality (not propped up by accruals or one-time items).
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✓ Return on assets improvingReturn on assets 9.8% vs 0.1% a year ago.
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✓ Debt load (vs assets)The filing reports no interest-bearing debt in either year (total assets $25.7M).
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✓ Short-term liquidity (current ratio)Current ratio 2.72x vs 2.55x a year ago.
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✓ Share count (dilution)Share count held roughly flat (5.3M → 5.3M year-over-year).
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✓ Pricing power (gross margin)Gross margin 28.5% vs 26.9% a year ago.
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✓ Sales per asset (asset turnover)Asset turnover 0.62x vs 0.55x a year ago.
Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.
What if you assume different inputs?
Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount RateDiscount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.5%, the figure our model used for JCSE. Open Advanced to also change beta, growth and the rate path.
Note: the calculator opens at our published value of $3.73 — it is initialised to the same scenario-weighted result, so the two match exactly on load. The moment you move a slider, the value below becomes a single-path what-if at your assumptions (not the three-scenario weighting), which is why it can differ from the headline once you've touched it.
8.5% — beta-based (CAPM), from this stock's BetaBeta — How much the stock moves when the overall market moves. 1.0 = moves with the market; 1.5 = moves 50% more than the market.
Why it matters: Higher beta = more volatile = should demand higher discount rate. Low beta stocks (utilities, consumer staples) move less.
Reference: Most stocks 0.5–1.5 · Defensives ~0.3 · High-vol tech ~1.5–2.0
Full explanation → of 0.62. The safe Treasury rate plus a premium scaled by how much more (or less) volatile the stock is than the market.
12.5% — sector/quality tier. A simpler hurdle set by industry and business durability: lower for stable, wide-moat companies; higher for speculative or micro-caps.
The headline value and this calculator start at 10.5% — the mid-point of the two (we use the more conservative sector/quality rate when model applicability is limited or the balance sheet is stretched). Drag the slider to the other rate to see the full range.
-62.4%
At the default assumptions the flat path lands near our published value of $3.73. Move any slider to recompute it with your own.
Move any slider above to recompute this against your own assumptions.
⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
JCSE is deeply undervalued by our model, with the price 62.4% below intrinsic valueIntrinsic Value — Our DCF model's estimate of what each share is mathematically worth based on projected cash flows.
Why it matters: Compare to current price. Below IV = potentially undervalued. Above IV = priced for growth that must actually happen.
Reference: Model-derived; quality depends on data and assumptions.
Full explanation → (a 62.4% discount / margin of safetyMargin of Safety — How much room there is between the current price and intrinsic value, in your favor.
Why it matters: Benjamin Graham's core idea: only buy when there is enough discount that you can be wrong about your assumptions and still not lose money.
Reference: 20%+ is the classic Graham target · 30%+ for higher-risk companies
Full explanation →); equivalently the intrinsic value is about 158% ABOVE the price. The market is likely discounting the stock due to its small market capitalization and the illiquidity discount applied, despite positive recent financial health signals. The biggest risk to our model's base assumptions is that the company's free cash flowFree Cash Flow (FCF) — Operating cash flow minus capital spending: cash left after a company covers operating costs, taxes and interest and reinvests in the business — but BEFORE repaying debt principal or paying dividends. The cash actually available to investors.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation → after stock comp of $1.4 million does not grow at the modeled +8.5% rate.
As of 14 days ago
Anatomy of a share
What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.
What's free cash flow / what do these mean?
Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.
Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.
Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.
Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.
What you actually need to decide
Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation → after stock comp of $1.4 million.
Why it matters: A company can show big profits on paper while burning through cash. FCF is what actually fills the bank account.
Reference: Healthy mature businesses convert 8–15% of revenue into FCF · Growth companies often negative
Full explanation → from its current positive level of $1.4 million, worse than the market's implied annual decline of 13.8% in per-share cash flow.
- Next quarter's revenue growth rate
- Trends in gross margin, which was 28.5% in the latest fiscal year
- Changes in operating cash flow from $2.1 million
The trend, in plain numbers (FY2024 → FY2025, latest reported)
Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.
- Revenue grew +12% to $15.8M.
- Free cash flow rose to $1.4M.
- Gross margin improved to 28% (+2 pts).
- Net income grew +9,968% to $2.5M.
Nothing was clearly worsening year-over-year.
Management & Leadership
Bee Yin Hong serves as the Chief Executive Officer, and Jia Kwang Long is the Chief Financial Officer. Jingyan Gerald Tay and Joanne Su Nee Ms Khoo are among the company's directors.
Chief Executive Officer
Chief Financial Officer
What They Make
JE Cleantech Holdings Ltd. is a Singapore-based provider of cleaning systems and other equipment, primarily serving industrial customers. They design, manufacture, and sell customized cleaning systems.
End Markets
Revenue Drivers
Why Is It Priced Like This?
Why Customers Pay
The market prices JCSE at a 62.4% discount to our model's intrinsic valueIntrinsic Value — Our DCF model's estimate of what each share is mathematically worth based on projected cash flows.
Why it matters: Compare to current price. Below IV = potentially undervalued. Above IV = priced for growth that must actually happen.
Reference: Model-derived; quality depends on data and assumptions.
Full explanation →, consistent with the illiquidity discount applied for its small market capitalization of $7.4 million. Separately, the reverse DCFReverse DCF — Instead of asking "what is this stock worth?", asks "what growth rate is the current market price already assuming?"
Why it matters: It crystallizes the bull thesis as a single number you can argue with. If the market expects 40% growth for 10 years and you do not believe that, the stock is overvalued.
Reference: 10–15% = sustainable for strong companies · 20–25% = exceptional · 30%+ = historically very rare
Full explanation → implies the price is consistent with roughly a -13.8% annual per-share cash-flow decline, suggesting the market anticipates a material multi-year contraction in per-share cash flow despite the company's positive operating cash flow of $2.1 million and positive net income in the latest fiscal year.
Three Scenarios, Weighted
| Scenario | IV | Upside from today's price | Weight |
|---|---|---|---|
| Conservative | $3.22 | 129.8% | 40% |
| Base | $3.80 | 171.1% | 35% |
| Optimistic | $4.46 | 218.8% | 25% |
| Weighted | $3.73 | 166.3% | 100% |
Reading the last column: it is the move from today's price to each value (IV ÷ price − 1). The headline "premium/discount to model IV" measures the same gap from the value's side (price ÷ IV − 1), so the two percentages differ in size and sign by construction — e.g. a price 8% above value is a value 7.4% below price.
What has to be true
Today's price implies a material multi-year contraction in cash flow (implied growth ≈ -13.8%/yr) — so historical growth anchors don't apply here. The real question isn't "can it grow like Apple did" but "is the decline the market is pricing in real, or an overreaction?" The Financial Health trend and the Reverse-DCF above are the right lenses for that.
Business Model & Valuation
How They Make Money
The company retires approximately 4% per year of its shares, but this is not added to the growth rate in the model; it funds itself from its positive operating cash flow of $2.1 million.
Free Cash Flow DCF High
Owner-earnings FCF DCF: positive free cash flow (operating cash flow − capex − stock-based comp) in a sector suited for cash-flow-based valuation.
Show advanced inputs
| Revenue Growth | 9.7% |
| Eps Growth | 3,611.3% |
| Sector Default | 8.0% |
| Sector Default Source | Consumer Cyclical sector default |
| Best Estimate | 8.5% |
| Method | blend(30% revenue_cagr, 70% sector) (buybacks ~4%/yr: per-share support, not added to growth) |
| Growth Basis | total |
| Business Growth | 8.5% |
| Buyback Rate | 4.0% |
What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project its revenue segments independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.
Maturity & Competitive Position
Moat Signals
Revenue has been growing at 9.6% per year over the last four years, from $11M to $15.8 million.
Geography & Markets
Geographic Risks
Market Signals
These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.
Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
Reference: 30–70 normal · >70 overbought · <30 oversold
Full explanation → (14)49.0NeutralMomentum is balanced — neither overbought nor oversold.
Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
Reference: Line above signal = bullish momentum · below = bearish
Full explanation →BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.
QUALITY
Data Quality & Risk Flags (2 notes — click to expand/collapse)
Guardrail Notes (2)
- The company retires ~4%/yr of its shares (a multi-year CAGR), but we do NOT add that to the growth rate: buybacks at fair value are value-neutral per current share, and adding them would double-count the same cash the DCF already values. We also do not model future buyback ACCRETION: repurchases below intrinsic value CAN raise value per remaining share, but only if they continue, are funded after debt service, and are made below intrinsic value — excluding that potential benefit keeps the model conservative.
- Illiquidity discount 25% applied (small/micro-cap — harder to exit, demand a margin).
FINANCIALS
Financial Statements (5-year tables — click to expand)
From JE Cleantech Holdings Ltd's SEC filings (EDGAR).
Income (5yr)
| Year | Revenue | Net Income | EPS |
|---|---|---|---|
| 2025 | 15.8M | 2.5M | $0.48 |
| 2024 | 14.1M | 25,000 | $0.00 |
| 2023 | 13.7M | 393,000 | $0.08 |
| 2022 | 13.9M | 889,000 | $0.06 |
| 2021 | 10.9M | 1,000 | $0.00 |
Cash Flow (5yr)
| Year | Operating CF | CapEx | − SBC | Free Cash Flow |
|---|---|---|---|---|
| 2025 | 2.1M | 645,000 | — | 1.4M |
| 2024 | 1.5M | 917,000 | — | 586,000 |
| 2023 | 1.0M | 160,000 | — | 884,000 |
| 2022 | -3.9M | 610,000 | — | -4.5M |
| 2021 | 2.5M | 583,000 | — | 1.9M |
How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). This is the same owner-earnings FCF definition the valuation model uses.
Balance Sheet
| Total Assets | 25.7M |
| Total Liabilities | 10.3M |
| Equity | 15.4M |
Similar companies worth a look
Same sector and industry, similar fundamentals shape. Verify everything yourself — this list is computed mechanically and does not reflect our judgment about whether any of these are a good investment.
The questions people ask about JCSE
Is JE Cleantech Holdings Ltd (JCSE) a good stock to buy?
JE Cleantech Holdings Ltd (JCSE) trades about 62% below our $3.73 estimate of what the business is worth, so the price is not the obstacle. The questions are why it is cheap: check the failure-warning checks, the debt, and whether insiders are buying, all on this page. This is educational research from SEC filings, not investment advice.
Is JE Cleantech Holdings Ltd (JCSE) overvalued?
No, by our measure. JE Cleantech Holdings Ltd (JCSE) trades at $1.40, about 62% below our estimate of $3.73 for what the business is worth. This is educational research from SEC filings, not investment advice.
What is JCSE's intrinsic value?
Our model estimates JCSE is worth about $3.73 per share, built from the cash the business is expected to generate, taken from its SEC filings. The market price is $1.40.
What growth is priced into JCSE?
Working backwards from today's price, the market is counting on roughly -11.3% a year growth in JCSE's cash flow over the next decade. Compare that with the company's actual record on this page.
Where do these numbers come from?
From JE Cleantech Holdings Ltd's own SEC filings (10-K and 10-Q), Form 4 insider filings and daily market prices. Every figure on the page links to how it was calculated, and the model's weak spots are listed next to its results.