Thoresen Thai Agencies Public Company Limited (TTA) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Thoresen Thai Agencies Public Company Limited stock THB 9.56, price THB 4.64, upside +106.0%, quality 50 out of 100. Rating: strongly undervalued. Calculated from audited financials with 13 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 6, 2026.
How to read this chart
60‑month range 3.27 THB – 15.83 THB · fair‑value band 6.70 THB – 13.01 THB · the 4.64 THB price screens below the 9.56 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 6, 2026.
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Thoresen Thai Agencies Public Company Limited, together with its subsidiaries, operates as a shipping company in Asia, Africa, the United States, Europe, and Oceania. The company operates through five segments: Shipping, Offshore Service, Agrochemical, Food and Beverage, and Investment.
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It owns dry bulk vessels and provides shipping services, such as hauling a range of dry and break-bulk commodities, which include mineral ore, coal, agriculture products, construction materials, and steel products.
The company also provides offshore services, including subsea engineering to the oil and gas industry; and produces and markets NPK compounds, bulk blending products, and fertilizers under the Stork brand for customers' needs for coffee, rice, rubber, vegetables, and various other crops.
In addition, it offers port operations business, third party logistics services, coal and logistics business, and petroleum tankering business services.
Further, it provides installation and decommissioning, ship management, international maritime transportation, exploration drilling, and aircraft charter services.
Additionally, the company provides diving; ROV; subsea and hydrographic survey; ship supplies and stevedoring, logistics, and transportation; and port services, as well as operates and franchises Pizza Hut and Taco Bell restaurants. it also offers management and software consultancy, boat conveyance, road transport, wood pellet trading, electric and biomass energy, general and coal trading, ship agency, water management and pipeline installation and repairment, treated water, real estate, water supply, drinking and wastewater, floating storage, offloading, cargo lashing materials, warehousing, industrial machinery and equipment installation services, and air transportation services for passengers and goods, as well as imports and distributes EV trucks and motorcycles.
The company was founded in 1904 and is based in Bangkok, Thailand.
Stock analysis
Thoresen Thai Agencies Public Company Limited (TTA) currently trades at 4.64 THB, while our model-based Fair Value estimate is 9.56 THB, implying the stock looks roughly 51% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 14.62 THB per share, and 11 of the 13 models we run sit above the 4.64 THB price.
Bear case: the Dividend Discount group reads lowest at 2.33 THB, and 2 of the 13 models stay below the price. Data coverage for this calculation is low.
Scenario range: 6.70 THB (bear) to 13.01 THB (bull), the price of 4.64 THB sits below 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 50/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Thoresen Thai Agencies Public Company Limited reported revenue of 29.9B THB in FY2025 versus 22.1B THB in FY2021, a compound +7.8%/yr. Reported net income was 1.5B THB in FY2025, compounding −20.8%/yr from FY2021.
Key figures
Market cap 8.4B THB (≈ $250M) Micro · P/E ratio 15.0 · P/S ratio 0.31 · EPS (TTM) 0.3100 THB · Dividend yield 4.3% · Net margin 2.1% · Return on equity 2.2% · Return on assets (EBIT) 5.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 25 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 8% fair-value upside, at 106%, TTA screens cheaper than that median.
Fair Value models
Bear6.70 THBFair Value 9.56 THBBull13.01 THB
Price 4.64 THB · Upside +106.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
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 (0.2658 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.79/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−7.1%
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.
+0.7%
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.
+18.4%
Start year 2020 (pandemic). Over 10 years: +3.4% a year
Revenue growth 25 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.
+10.0%
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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.
−1.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.7%
Dividend (yield on the price)4.3%
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.−5.7% vs 1.1%, slowing
Profit margin 2020 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.−6% → −3%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−8.2%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about −9.3% a year for the price.
Compare Thoresen Thai Agencies 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.Conglomerates · 304 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside+106.0% · Top 25%
Profitability
Return on equity (12 months)2.2% · Bottom 25%
Return on assets3.1% · Below median
Net margin (12 months)2.1% · Bottom 25%
Operating margin (12 months)−5.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−22.5% · Bottom 25%
Dividend yield (12 months)4.3% · Top 25%
Balance sheet
Debt / equity0.22× · Below median
Valuation Multiplesvs Conglomerates median · lower = cheaper
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). "Thoresen Thai Agencies Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TTA
Frequently asked questions
Is Thoresen Thai Agencies Public Company Limited (TTA) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 9.56 THB versus a price of 4.64 THB, about +106% upside (undervalued).
What is the fair value of TTA?
Our model-based fair value for Thoresen Thai Agencies Public Company Limited is 9.56 THB (as of Nov 6, 2026), built from audited fundamentals. The current price: 4.64 THB.
What is the quality score of TTA?
Thoresen Thai Agencies Public Company Limited has a Quality Score of 50/100. 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 Thoresen Thai Agencies Public Company Limited (TTA)?
Our model-based price target is the fair value of 9.56 THB (as of Nov 6, 2026) from 13 valuation models. Cautious scenario 6.70 THB, optimistic scenario 13.01 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Thoresen Thai Agencies Public Company Limited stock forecast for 2026?
Our models put fair value at 9.56 THB, about +106% upside versus a price of 4.64 THB (undervalued). Cautious scenario 6.70 THB, optimistic scenario 13.01 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Thoresen Thai Agencies Public Company Limited (TTA)?
Thoresen Thai Agencies Public Company Limited reported trailing-twelve-month revenue of about 27.1B THB (latest available figure, as of Nov 6, 2026).
Does Thoresen Thai Agencies Public Company Limited pay a dividend?
Thoresen Thai Agencies Public Company Limited currently shows a dividend yield of 4.31% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Thoresen Thai Agencies Public Company Limited (TTA)?
Thoresen Thai Agencies Public Company Limited has a dividend yield of 4.3%.
What growth is priced into Thoresen Thai Agencies Public Company Limited (TTA)?
For today's price to be fair in a discounted-cash-flow model, Thoresen Thai Agencies Public Company Limited would have to grow free cash flow by -8.2 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +18.5 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of TTA use?
Our models discount Thoresen Thai Agencies Public Company Limited at 13.1 %: a base by market capitalisation (micro), damped by beta 0.56, country premium for Thailand. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Thoresen Thai Agencies Public Company Limited that is -8.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has Thoresen Thai Agencies Public Company Limited (TTA) delivered so far?
Over the past 5 years revenue at Thoresen Thai Agencies Public Company Limited grew +18.5 % a year. The price currently implies free-cash-flow growth of -8.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Thoresen Thai Agencies Public Company Limited (TTA) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Thoresen Thai Agencies Public Company Limited (-8.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Thoresen Thai Agencies Public Company Limited (TTA)?
The free-cash-flow yield on the price is 24.45 %: that much free cash flow Thoresen Thai Agencies Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Thoresen Thai Agencies Public Company Limited (TTA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thoresen Thai Agencies Public Company Limited it is 9.56 THB per share (as of Nov 6, 2026), against a price of 4.64 THB. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Thoresen Thai Agencies Public Company Limited stock overvalued or undervalued in 2026?
As of Nov 6, 2026, TTA trades below its calculated fair value: price 4.64 THB, fair value 9.56 THB, a gap of about +106% (undervalued). 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 TTA?
No. The price is what the market pays today (4.64 THB); the fair value is what the company's own numbers justify (9.56 THB). For Thoresen Thai Agencies Public Company Limited the two are 4.92 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Thoresen Thai Agencies Public Company Limited worth?
The market values Thoresen Thai Agencies Public Company Limited at about 8.4B THB (market capitalisation, as of Nov 6, 2026). Per share that is 4.64 THB; our models calculate a fair value of 9.56 THB per share.
What do the bullish and bearish scenarios say about TTA?
Our models span a range for Thoresen Thai Agencies Public Company Limited: cautious scenario 6.70 THB, base 9.56 THB, optimistic 13.01 THB per share (as of Nov 6, 2026, price 4.64 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TTA?
Thoresen Thai Agencies Public Company Limited trades at a price-to-earnings ratio of 15.0 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 9.56 THB is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2025), reported earnings, FY2025 ex one-offs: 8.3. Other multiples: PEG 0.2, P/B 0.3, P/S 0.3, EV/EBITDA 2.3.
What is the PEG ratio of TTA?
The PEG ratio of Thoresen Thai Agencies Public Company Limited is 0.17 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Thoresen Thai Agencies Public Company Limited (TTA)?
Balance-sheet figures for Thoresen Thai Agencies Public Company Limited (as of Nov 6, 2026): return on equity 2.2%, debt of 0.22 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is TTA from its 52-week high?
Thoresen Thai Agencies Public Company Limited trades at 4.64 THB, about 23% below its 52-week high of 6.00 THB and 20% above the low of 3.86 THB (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 9.56 THB is for.
Which stocks are comparable to Thoresen Thai Agencies Public Company Limited?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, SGH Limited, 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 Thoresen Thai Agencies Public Company Limited stock attractive at the current price?
The data as of Nov 6, 2026: price 4.64 THB, calculated fair value 9.56 THB (+106%), Quality Score 50/100, from 13 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 TTA calculated?
We run Thoresen Thai Agencies Public Company Limited through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 9.56 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. Thoresen Thai Agencies Public Company Limited currently trades 51% below its own fair value, and the market average says nothing about that. 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 Thoresen Thai Agencies Public Company Limited (TTA)?
The closing price on Nov 9, 2026 was 4.64 THB. Our model-based fair value is 9.56 THB, about +106% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thoresen Thai Agencies Public Company Limited right now?
The price is below even our cautious bear case (6.70 THB). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (6.70 THB to 13.01 THB) leaves room in how you read the outcome.
Key figures of Thoresen Thai Agencies Public Company Limited
How large is the market capitalisation of Thoresen Thai Agencies Public Company Limited (TTA)?
The market capitalisation of Thoresen Thai Agencies Public Company Limited is 8.4B THB (≈ $250M). 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 Thoresen Thai Agencies Public Company Limited (TTA)?
The price-to-sales ratio of Thoresen Thai Agencies Public Company Limited is 0.31 (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 Thoresen Thai Agencies Public Company Limited (TTA)?
Earnings per share at Thoresen Thai Agencies Public Company Limited are 0.3100 THB (price ÷ EPS = P/E 15.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thoresen Thai Agencies Public Company Limited (TTA)?
The dividend yield of Thoresen Thai Agencies Public Company Limited is 4.3% (payout 64.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Thoresen Thai Agencies Public Company Limited (TTA)?
The net margin of Thoresen Thai Agencies Public Company Limited is 2.1% (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 Thoresen Thai Agencies Public Company Limited (TTA)?
The return on equity (ROE) of Thoresen Thai Agencies Public Company Limited is 2.2% (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 Thoresen Thai Agencies Public Company Limited (TTA)?
On an EBIT basis the return on assets of Thoresen Thai Agencies Public Company Limited is 5.3% (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 Thoresen Thai Agencies Public Company Limited (TTA)?
The operating margin of Thoresen Thai Agencies Public Company Limited is −5.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thoresen Thai Agencies Public Company Limited (TTA)?
Revenue at Thoresen Thai Agencies Public Company Limited is growing −22.5% versus a year earlier (3y avg +0.7%). 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 Thoresen Thai Agencies Public Company Limited (TTA)?
Earnings per share at Thoresen Thai Agencies Public Company Limited are growing −76.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Thoresen Thai Agencies Public Company Limited (TTA) carry?
The net debt of Thoresen Thai Agencies Public Company Limited is 4.2B THB (fiscal year 2025, ≈ 2.0 yrs of FCF). 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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Nov 6, 2026