AIRA Factoring Public Company Limited (AF) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of AIRA Factoring Public Company Limited stock THB 0.21, price THB 0.40, that is 47.5% below the price, quality 41 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 0.2700 THB – 1.48 THB · fair‑value band 0.2000 THB – 0.2200 THB · the 0.4000 THB price screens above the 0.2100 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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AIRA Factoring Public Company Limited provides receivable factoring services in Thailand. The company offers factoring, supplier financing, long-term, and promissory note loans; and e-factoring and online factoring services. It also provides lending services.
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The company was formerly known as Dhanamitr Factoring PLC and changed its name to AIRA Factoring Public Company Limited in September 2011. The company was incorporated in 1997 and is based in Bangkok, Thailand.
AIRA Factoring Public Company Limited is a subsidiary of AIRA Capital Public Company Limited.
Stock analysis
AIRA Factoring Public Company Limited (AF) currently trades at 0.4000 THB, while our model-based Fair Value estimate is 0.2100 THB, 48% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 0.5700 THB per share, and 2 of the 6 models we run sit above the 0.4000 THB price.
Bear case: the Earnings-Based group reads lowest at 0.1600 THB, and 4 of the 6 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.2000 THB (bear) to 0.2200 THB (bull), the price of 0.4000 THB sits above 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 41/100 (below-average quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
AIRA Factoring Public Company Limited reported revenue of 241M THB in FY2025 versus 196M THB in FY2021, a compound +5.3%/yr. Reported net income was 14.8M THB in FY2025, compounding −26.0%/yr from FY2021.
Key figures
Market cap 640M THB (≈ $19.1M) Micro · P/E ratio 40.0 · P/S ratio 2.64 · EPS (TTM) 0.0100 THB · Net margin 6.3% · Return on equity 2.9% · Return on assets (EBIT) 3.8% (5-year average) · Operating margin 42.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 48% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −3% fair-value upside, at −48%, AF screens richer than that median.
Fair Value models
Bear0.2000 THBFair Value 0.2100 THBBull0.2200 THB
Price 0.4000 THB · Downside -47.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.0086 THB 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
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.26/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−5.4%
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.
+2.3%
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.
+3.0%
Start year 2020 (pandemic). Over 10 years: +2.6% a year
Revenue growth 22 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.
+8.7%
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What shareholders gained per year (last 5 years), in THB ⓘ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 THB: 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.
−19.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.1%
Dividend (yield on the price)0.0%
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.−19.1% vs −6.6%, slowing
Profit margin 2018 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.34% → 39%
Compare AIRA Factoring Public Company Limited with another stock
Price, fair value, quality and upside side by side.
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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.Credit Services · 283 stocks
Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside−47.5% · Bottom 25%
Profitability
Return on equity (12 months)2.9% · Bottom 25%
Return on assets0.5% · Bottom 25%
Net margin (12 months)6.3% · Bottom 25%
Operating margin (12 months)42.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)−4.5% · Bottom 25%
Balance sheet
Debt / equity0.03× · Lowest 25%
Valuation Multiplesvs Credit Services median · lower = cheaper
P/E (12 months)40.0× · Priciest 25%
P/B1.21× · Pricier than median
P/S (12 months)2.64× · Pricier than median
EV/EBITDA6.7× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 59
FUTURE (revenue growth)0· sector 57
PAST (return on equity)12· sector 39
HEALTH (low debt)–
DIVIDEND (yield)0· sector 64
VALUE 0: the price sits above our fair-value range.
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "AIRA Factoring Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/AF
Frequently asked questions
Is AIRA Factoring Public Company Limited (AF) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 0.2100 THB versus a price of 0.4000 THB, about 48% lower (overvalued).
What is the fair value of AF?
Our model-based fair value for AIRA Factoring Public Company Limited is 0.2100 THB (as of Nov 7, 2026), built from audited fundamentals. The current price: 0.4000 THB.
What is the quality score of AF?
AIRA Factoring Public Company Limited has a Quality Score of 41/100. 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 AIRA Factoring Public Company Limited (AF)?
Our model-based price target is the fair value of 0.2100 THB (as of Nov 7, 2026) from 6 valuation models. Cautious scenario 0.2000 THB, optimistic scenario 0.2200 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the AIRA Factoring Public Company Limited stock forecast for 2026?
Our models put fair value at 0.2100 THB, about 48% lower versus a price of 0.4000 THB (overvalued). Cautious scenario 0.2000 THB, optimistic scenario 0.2200 THB. The calculation is refreshed regularly with new filings.
What is the revenue of AIRA Factoring Public Company Limited (AF)?
AIRA Factoring Public Company Limited reported trailing-twelve-month revenue of about 242M THB (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of AIRA Factoring Public Company Limited (AF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AIRA Factoring Public Company Limited it is 0.2100 THB per share (as of Nov 7, 2026), against a price of 0.4000 THB. It is the blended result of 6 valuation models in 5 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is AIRA Factoring Public Company Limited stock overvalued or undervalued in 2026?
As of Nov 7, 2026, AF trades above its calculated fair value: price 0.4000 THB, fair value 0.2100 THB, a gap of about −48% (overvalued). 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 AF?
No. The price is what the market pays today (0.4000 THB); the fair value is what the company's own numbers justify (0.2100 THB). For AIRA Factoring Public Company Limited the two are 0.1900 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is AIRA Factoring Public Company Limited worth?
The market values AIRA Factoring Public Company Limited at about 640M THB (market capitalisation, as of Nov 7, 2026). Per share that is 0.4000 THB; our models calculate a fair value of 0.2100 THB per share.
What do the bullish and bearish scenarios say about AF?
Our models span a range for AIRA Factoring Public Company Limited: cautious scenario 0.2000 THB, base 0.2100 THB, optimistic 0.2200 THB per share (as of Nov 7, 2026, price 0.4000 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AF?
AIRA Factoring Public Company Limited trades at a price-to-earnings ratio of 40.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.2100 THB is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 31.1. Other multiples: P/B 1.2, P/S 2.6, EV/EBITDA 6.7.
How solid is the balance sheet of AIRA Factoring Public Company Limited (AF)?
Balance-sheet figures for AIRA Factoring Public Company Limited (as of Nov 7, 2026): return on equity 2.9%, debt of 0.03 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is AF from its 52-week high?
AIRA Factoring Public Company Limited trades at 0.4000 THB, about 15% below its 52-week high of 0.4700 THB and 48% above the low of 0.2700 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 0.2100 THB is for.
Which stocks are comparable to AIRA Factoring Public Company Limited?
From the same area (Financial Services) we also value Visa Inc, Mastercard Incorporated, American Express Company, Capital One Financial Corporation, 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 AIRA Factoring Public Company Limited stock attractive at the current price?
The data as of Nov 7, 2026: price 0.4000 THB, calculated fair value 0.2100 THB (−48%), Quality Score 41/100, from 6 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 AF calculated?
We run AIRA Factoring Public Company Limited through 6 models from 5 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 0.2100 THB builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. AIRA Factoring Public Company Limited 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 AIRA Factoring Public Company Limited (AF)?
The closing price on Nov 6, 2026 was 0.4000 THB. Our model-based fair value is 0.2100 THB, about 48% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AIRA Factoring Public Company Limited right now?
The price sits above even our optimistic bull case (0.2200 THB). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. The models converge in a tight band (0.2000 THB to 0.2200 THB), unusually little disagreement for a valuation.
Where does the earnings growth of AIRA Factoring Public Company Limited (AF) come from?
Earnings per share at AIRA Factoring Public Company Limited grew −9.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.8 %, EBIT margin +3.3 %, tax rate +1.8 %, residual (interest, one-offs) −14.3 %. 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 AIRA Factoring Public Company Limited
How large is the market capitalisation of AIRA Factoring Public Company Limited (AF)?
The market capitalisation of AIRA Factoring Public Company Limited is 640M THB (≈ $19.1M). 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 AIRA Factoring Public Company Limited (AF)?
The price-to-sales ratio of AIRA Factoring Public Company Limited is 2.64 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of AIRA Factoring Public Company Limited (AF)?
Earnings per share at AIRA Factoring Public Company Limited are 0.0100 THB (price ÷ EPS = P/E 40.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of AIRA Factoring Public Company Limited (AF)?
The net margin of AIRA Factoring Public Company Limited is 6.3% (last twelve months). 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 AIRA Factoring Public Company Limited (AF)?
The return on equity (ROE) of AIRA Factoring Public Company Limited is 2.9% (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 AIRA Factoring Public Company Limited (AF)?
On an EBIT basis the return on assets of AIRA Factoring Public Company Limited is 3.8% (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 AIRA Factoring Public Company Limited (AF)?
The operating margin of AIRA Factoring Public Company Limited is 42.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at AIRA Factoring Public Company Limited (AF)?
Revenue at AIRA Factoring Public Company Limited is growing −4.5% versus a year earlier (3y avg +2.3%). 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 AIRA Factoring Public Company Limited (AF)?
Earnings per share at AIRA Factoring Public Company Limited are growing −11.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does AIRA Factoring Public Company Limited (AF) generate?
The free cash flow of AIRA Factoring Public Company Limited is −190M THB (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 AIRA Factoring Public Company Limited (AF) carry?
The net debt of AIRA Factoring Public Company Limited is 2.1B THB (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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Thin data
Nov 7, 2026