Varopakorn Public Company Limited (VARO) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Varopakorn Public Company Limited stock THB 3.78, price THB 5.35, that is 29.4% below the price, quality 59 out of 100. Rating: overvalued. Calculated from audited financials with 23 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 3.00 THB – 15.20 THB · fair‑value band 2.64 THB – 5.17 THB · the 5.35 THB price screens above the 3.78 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Varopakorn Public Company Limited engages in the manufacture and distribution of semi-finished aluminum products in Thailand, Asia, Oceania, the United States, and Europe. Varopakorn Public Company Limited was founded in 1979 and is headquartered in Bangkok, Thailand.
Stock analysis
Varopakorn Public Company Limited (VARO) currently trades at 5.35 THB, while our model-based Fair Value estimate is 3.78 THB, 29% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 29.96 THB per share, and 20 of the 23 models we run sit above the 5.35 THB price.
Bear case: the Asset-Based group reads lowest at 2.24 THB, and 3 of the 23 models stay below the price. Data coverage for this calculation is low.
Scenario range: 2.64 THB (bear) to 5.17 THB (bull), the price of 5.35 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 59/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Varopakorn Public Company Limited reported revenue of 2.8B THB in FY2025 versus 2.6B THB in FY2021, a compound +1.9%/yr. Reported net income was 69.5M THB in FY2025, compounding +105.8%/yr from FY2021.
Key figures
Market cap 534M THB (≈ $16.0M) Micro · P/E ratio 3.5 · P/S ratio 0.20 · EPS (TTM) 1.53 THB · Net margin 5.8% · Return on equity 14.5% · Return on assets (EBIT) 2.2% (5-year average) · Operating margin 13.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 40% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 0% fair-value upside, at −29%, VARO screens richer than that median.
Fair Value models
Bear2.64 THBFair Value 3.78 THBBull5.17 THB
Price 5.35 THB · Downside -29.4%
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 (1.31 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.
Best data coverage
FCF DCF28.11 THB38.80 THB52.72 THB81
Growth DCF28.70 THB38.50 THB50.68 THB80
Owner Earnings24.93 THB34.41 THB46.74 THB77
All 23 models by family
DCF Models
FCF DCF28.11 THB38.80 THB52.72 THB81
Owner Earnings24.93 THB34.41 THB46.74 THB77
5Y Revenue Exit16.11 THB20.89 THB26.45 THB74
5Y EBITDA Exit18.57 THB25.26 THB32.50 THB76
5Y P/E Exit15.88 THB20.47 THB24.87 THB72
10Y Revenue Exit20.50 THB25.53 THB31.27 THB68
10Y EBITDA Exit22.19 THB28.34 THB35.45 THB70
10Y P/E Exit20.59 THB25.27 THB30.18 THB65
Earnings-Based
Graham-Dodd4.73 THB11.12 THB14.32 THB65
PEG = 1.01.91 THB2.73 THB3.55 THB57
EPV7.54 THB8.62 THB9.54 THB74
Multiples
P/E Multiple8.86 THB11.82 THB14.77 THB63
P/S Multiple8.86 THB11.82 THB14.77 THB58
P/B Multiple4.52 THB6.02 THB7.53 THB55
EV/EBIT2.20 THB5.54 THB8.89 THB61
EV/EBITDA6.13 THB10.79 THB15.44 THB65
EV/Revenue0.8600 THB4.59 THB8.31 THB48
Asset-Based
NCAV (Graham)1.48 THB2.24 THB2.80 THB55
Growth DCF
Growth DCF28.70 THB38.50 THB50.68 THB80
Rev-Margin DCF16.11 THB21.42 THB27.32 THB74
Economic Profit
Residual Income7.91 THB8.19 THB8.87 THB71
ROIC Compounder7.54 THB8.62 THB9.54 THB72
Growth Earnings
Growth-Adj P/E6.82 THB9.74 THB12.67 THB67
The fair value above starts from this blend and is adjusted for a cyclical peak year.
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−6.7%
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.
−9.5%
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.
+22.2%
Start year 2020 (pandemic). Over 10 years: +6.4% 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.
+3.9%
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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.
≈ +78.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +78.1%
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.base effect: 78.1% / 20.6%
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.−13% → 3%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.039 per share, median 0.15 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
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).
−14.1%
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 −15.1% a year for the price.
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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.Aluminum · 83 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−29.4% · Below median
Profitability
Return on equity (12 months)14.5% · Above median
Return on assets3.2% · Below median
Net margin (12 months)5.8% · Above median
Operating margin (12 months)13.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)−2.4% · Bottom 25%
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Aluminum 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). "Varopakorn Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/VARO
Frequently asked questions
Is Varopakorn Public Company Limited (VARO) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 3.78 THB versus a price of 5.35 THB, about 29% lower (overvalued).
What is the fair value of VARO?
Our model-based fair value for Varopakorn Public Company Limited is 3.78 THB (as of Nov 6, 2026), built from audited fundamentals. The current price: 5.35 THB.
What is the quality score of VARO?
Varopakorn Public Company Limited has a Quality Score of 59/100. 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 Varopakorn Public Company Limited (VARO)?
Our model-based price target is the fair value of 3.78 THB (as of Nov 6, 2026) from 23 valuation models. Cautious scenario 2.64 THB, optimistic scenario 5.17 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Varopakorn Public Company Limited stock forecast for 2026?
Our models put fair value at 3.78 THB, about 29% lower versus a price of 5.35 THB (overvalued). Cautious scenario 2.64 THB, optimistic scenario 5.17 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Varopakorn Public Company Limited (VARO)?
Varopakorn Public Company Limited reported trailing-twelve-month revenue of about 2.7B THB (latest available figure, as of Nov 6, 2026).
What growth is priced into Varopakorn Public Company Limited (VARO)?
For today's price to be fair in a discounted-cash-flow model, Varopakorn Public Company Limited would have to grow free cash flow by -14.1 % per year for five years (discount rate 10.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +22.2 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of VARO use?
Our models discount Varopakorn Public Company Limited at 10.2 %: a base by market capitalisation (nano), damped by beta 0.52, 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 Varopakorn Public Company Limited that is -14.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.2 %) and the same formula as our fair value.
How much growth has Varopakorn Public Company Limited (VARO) delivered so far?
Over the past 5 years revenue at Varopakorn Public Company Limited grew +22.2 % a year. The price currently implies free-cash-flow growth of -14.1 % 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 Varopakorn Public Company Limited (VARO) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Varopakorn Public Company Limited (-14.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Varopakorn Public Company Limited (VARO)?
The free-cash-flow yield on the price is 47.56 %: that much free cash flow Varopakorn Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (10.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Varopakorn Public Company Limited (VARO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Varopakorn Public Company Limited it is 3.78 THB per share (as of Nov 6, 2026), against a price of 5.35 THB. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Varopakorn Public Company Limited stock overvalued or undervalued in 2026?
As of Nov 6, 2026, VARO trades above its calculated fair value: price 5.35 THB, fair value 3.78 THB, a gap of about −29% (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 VARO?
No. The price is what the market pays today (5.35 THB); the fair value is what the company's own numbers justify (3.78 THB). For Varopakorn Public Company Limited the two are 1.57 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Varopakorn Public Company Limited worth?
The market values Varopakorn Public Company Limited at about 534M THB (market capitalisation, as of Nov 6, 2026). Per share that is 5.35 THB; our models calculate a fair value of 3.78 THB per share.
What do the bullish and bearish scenarios say about VARO?
Our models span a range for Varopakorn Public Company Limited: cautious scenario 2.64 THB, base 3.78 THB, optimistic 5.17 THB per share (as of Nov 6, 2026, price 5.35 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VARO?
Varopakorn Public Company Limited trades at a price-to-earnings ratio of 3.5 (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 3.78 THB is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2016 to 2025), reported earnings: 30.7. Other multiples: P/B 0.5, P/S 0.2, EV/EBITDA 2.0.
How solid is the balance sheet of Varopakorn Public Company Limited (VARO)?
Balance-sheet figures for Varopakorn Public Company Limited (as of Nov 6, 2026): return on equity 14.5%, debt of 0.01 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is VARO from its 52-week high?
Varopakorn Public Company Limited trades at 5.35 THB, about 21% below its 52-week high of 6.75 THB and 40% above the low of 3.82 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 3.78 THB is for.
Which stocks are comparable to Varopakorn Public Company Limited?
From the same area (Basic Materials) we also value Shandong Hongqiao Aluminum Industry Holding, Aluminum Corporation, China Hongqiao Group, Hindalco Industries 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 Varopakorn Public Company Limited stock attractive at the current price?
The data as of Nov 6, 2026: price 5.35 THB, calculated fair value 3.78 THB (−29%), Quality Score 59/100, from 23 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 VARO calculated?
We run Varopakorn Public Company Limited through 23 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 3.78 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. Varopakorn 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 Varopakorn Public Company Limited (VARO)?
The closing price on Nov 6, 2026 was 5.35 THB. Our model-based fair value is 3.78 THB, about 29% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Varopakorn Public Company Limited right now?
The price sits above even our optimistic bull case (5.17 THB). The favourable scenario is already priced in. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (2.64 THB to 5.17 THB) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Varopakorn Public Company Limited (VARO) come from?
Earnings per share at Varopakorn Public Company Limited grew +26.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.0 %, EBIT margin +21.7 %, tax rate +0.7 %, residual (interest, one-offs) −3.6 %. 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 Varopakorn Public Company Limited
How large is the market capitalisation of Varopakorn Public Company Limited (VARO)?
The market capitalisation of Varopakorn Public Company Limited is 534M THB (≈ $16.0M). 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 Varopakorn Public Company Limited (VARO)?
The price-to-sales ratio of Varopakorn Public Company Limited is 0.20 (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 Varopakorn Public Company Limited (VARO)?
Earnings per share at Varopakorn Public Company Limited are 1.53 THB (price ÷ EPS = P/E 3.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Varopakorn Public Company Limited (VARO)?
The net margin of Varopakorn Public Company Limited is 5.8% (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 Varopakorn Public Company Limited (VARO)?
The return on equity (ROE) of Varopakorn Public Company Limited is 14.5% (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 Varopakorn Public Company Limited (VARO)?
On an EBIT basis the return on assets of Varopakorn Public Company Limited is 2.2% (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 Varopakorn Public Company Limited (VARO)?
The operating margin of Varopakorn Public Company Limited is 13.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Varopakorn Public Company Limited (VARO)?
Revenue at Varopakorn Public Company Limited is growing −2.4% versus a year earlier (3y avg −9.5%). 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 Varopakorn Public Company Limited (VARO)?
Earnings per share at Varopakorn Public Company Limited are growing −5.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Varopakorn Public Company Limited (VARO) carry?
The net debt of Varopakorn Public Company Limited is 782M THB (fiscal year 2025, ≈ 3.1 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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Thin data
Nov 6, 2026