Ziga Innovation Public Company Limited (ZIGA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Ziga Innovation Public Company Limited stock THB 0.62, price THB 0.94, that is 34.0% below the price, quality 57 out of 100. Rating: overvalued. Calculated from audited financials with 22 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 3, 2026.
How to read this chart
60‑month range 0.7800 THB – 19.50 THB · fair‑value band 0.4655 THB – 0.7759 THB · the 0.9400 THB price screens above the 0.6207 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Ziga Innovation Public Company Limited, together with its subsidiaries, engages in the manufacturing and trading of steel conduits for electrical wiring systems in Thailand.
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It also provides steel piping's for construction and real estate businesses, as well as DAIWA electrical conduits, DAIWA super, Zuper Ziga, Ziga structural pipes, and High Micron galvanized steel pipes. In addition, it is involved in the cryptocurrency business.
The company was formerly known as Daiwa Industry Company Limited and changed its name to Ziga Innovation Public Company Limited in February 2016. Ziga Innovation Public Company Limited was incorporated in 1998 and is headquartered in Samut Prakan, Thailand.
Stock analysis
Ziga Innovation Public Company Limited (ZIGA) currently trades at 0.9400 THB, while our model-based Fair Value estimate is 0.6207 THB, 34% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 0.5300 THB per share, and 1 of the 22 models we run sit above the 0.9400 THB price.
Bear case: the Asset-Based group reads lowest at 0.1700 THB, and 21 of the 22 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.4655 THB (bear) to 0.7759 THB (bull), the price of 0.9400 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 57/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Ziga Innovation Public Company Limited reported revenue of 533M THB in FY2025 versus 1.1B THB in FY2021, a compound −17.4%/yr. Reported net income was 17.5M THB in FY2025, compounding −45.9%/yr from FY2021.
Key figures
Market cap 796M THB (≈ $23.8M) Micro · P/E ratio 31.3 · P/S ratio 1.40 · EPS (TTM) 0.0300 THB · Net margin 3.7% · Return on equity 2.5% · Return on assets (EBIT) 3.3% (5-year average) · Operating margin 13.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −34% fair-value upside, at −34%, ZIGA screens cheaper than that median.
Fair Value models
Bear0.4655 THBFair Value 0.6207 THBBull0.7759 THB
Price 0.9400 THB · Downside -34.0%
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 (0.0257 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 DCF0.3800 THB0.4900 THB0.6800 THB81
Growth DCF0.3900 THB0.4900 THB0.6600 THB80
Owner Earnings0.3600 THB0.4600 THB0.6400 THB77
All 22 models by family
DCF Models
FCF DCF0.3800 THB0.4900 THB0.6800 THB81
Owner Earnings0.3600 THB0.4600 THB0.6400 THB77
5Y Revenue Exit0.3700 THB0.5100 THB0.7200 THB73
5Y EBITDA Exit0.5000 THB0.7400 THB1.06 THB75
5Y P/E Exit0.3400 THB0.4600 THB0.6000 THB72
10Y Revenue Exit0.3600 THB0.4700 THB0.5800 THB68
10Y EBITDA Exit0.4500 THB0.6000 THB0.7700 THB69
10Y P/E Exit0.3500 THB0.4300 THB0.5100 THB65
Earnings-Based
Graham-Dodd0.1600 THB0.2000 THB0.2200 THB67
EPV0.2800 THB0.3100 THB0.3400 THB74
Multiples
P/E Multiple0.3000 THB0.4000 THB0.5000 THB63
P/S Multiple0.3000 THB0.4000 THB0.5000 THB58
P/B Multiple2.13 THB2.84 THB3.55 THB55
EV/EBIT0.2400 THB0.3800 THB0.5100 THB65
EV/EBITDA0.4800 THB0.6900 THB0.9100 THB67
EV/Revenue0.1900 THB0.3400 THB0.4900 THB52
Asset-Based
NCAV (Graham)0.1100 THB0.1700 THB0.2100 THB55
Growth DCF
Growth DCF0.3900 THB0.4900 THB0.6600 THB80
Rev-Margin DCF0.3700 THB0.5200 THB0.7100 THB73
Economic Profit
Residual Income0.7400 THB0.7500 THB0.7700 THB71
ROIC Compounder0.2800 THB0.3100 THB0.3400 THB72
Growth Earnings
Growth-Adj P/E0.2200 THB0.3100 THB0.4000 THB68
The fair value above starts from this blend and is adjusted for a cyclical trough 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 is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−5.2%
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.
−22.5%
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.
−11.4%
Start year 2020 (pandemic). Over 10 years: −2.4% a year
Revenue growth 11 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.
+1.7%
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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. Basis: EBIT basis. 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.
−34.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−34.1%
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.−36.6% vs −15.8%, 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.16% → 5%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 12.0%/yr over ~9Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+18.5%
Yearly growth needed for the next five years to justify today's price.
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 +17.1% a year for the price.
Compare Ziga Innovation 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.Steel · 410 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside−34.0% · Below median
Profitability
Return on equity (12 months)2.5% · Below median
Return on assets1.5% · Below median
Net margin (12 months)3.7% · Above median
Operating margin (12 months)13.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)17.1% · Above median
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Steel 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). "Ziga Innovation Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/ZIGA
Frequently asked questions
Is Ziga Innovation Public Company Limited (ZIGA) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 0.6207 THB versus a price of 0.9400 THB, about 34% lower (overvalued).
What is the fair value of ZIGA?
Our model-based fair value for Ziga Innovation Public Company Limited is 0.6207 THB (as of Nov 3, 2026), built from audited fundamentals. The current price: 0.9400 THB.
What is the quality score of ZIGA?
Ziga Innovation Public Company Limited has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ziga Innovation Public Company Limited (ZIGA)?
Our model-based price target is the fair value of 0.6207 THB (as of Nov 3, 2026) from 22 valuation models. Cautious scenario 0.4655 THB, optimistic scenario 0.7759 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Ziga Innovation Public Company Limited stock forecast for 2026?
Our models put fair value at 0.6207 THB, about 34% lower versus a price of 0.9400 THB (overvalued). Cautious scenario 0.4655 THB, optimistic scenario 0.7759 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Ziga Innovation Public Company Limited (ZIGA)?
Ziga Innovation Public Company Limited reported trailing-twelve-month revenue of about 567M THB (latest available figure, as of Nov 3, 2026).
What growth is priced into Ziga Innovation Public Company Limited (ZIGA)?
For today's price to be fair in a discounted-cash-flow model, Ziga Innovation Public Company Limited would have to grow free cash flow by +18.5 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -11.4 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of ZIGA use?
Our models discount Ziga Innovation Public Company Limited at 10.1 %: a base by market capitalisation (nano), damped by beta 0.04, 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 Ziga Innovation Public Company Limited that is +18.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Ziga Innovation Public Company Limited (ZIGA) delivered so far?
Over the past 5 years revenue at Ziga Innovation Public Company Limited grew -11.4 % a year. The price currently implies free-cash-flow growth of +18.5 % 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 Ziga Innovation Public Company Limited (ZIGA) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Ziga Innovation Public Company Limited (+18.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ziga Innovation Public Company Limited (ZIGA)?
The free-cash-flow yield on the price is 3.62 %: that much free cash flow Ziga Innovation Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ziga Innovation Public Company Limited (ZIGA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ziga Innovation Public Company Limited it is 0.6207 THB per share (as of Nov 3, 2026), against a price of 0.9400 THB. It is the blended result of 22 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Ziga Innovation Public Company Limited stock overvalued or undervalued in 2026?
As of Nov 3, 2026, ZIGA trades above its calculated fair value: price 0.9400 THB, fair value 0.6207 THB, a gap of about −34% (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 ZIGA?
No. The price is what the market pays today (0.9400 THB); the fair value is what the company's own numbers justify (0.6207 THB). For Ziga Innovation Public Company Limited the two are 0.3193 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Ziga Innovation Public Company Limited worth?
The market values Ziga Innovation Public Company Limited at about 796M THB (market capitalisation, as of Nov 3, 2026). Per share that is 0.9400 THB; our models calculate a fair value of 0.6207 THB per share.
What do the bullish and bearish scenarios say about ZIGA?
Our models span a range for Ziga Innovation Public Company Limited: cautious scenario 0.4655 THB, base 0.6207 THB, optimistic 0.7759 THB per share (as of Nov 3, 2026, price 0.9400 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZIGA?
Ziga Innovation Public Company Limited trades at a price-to-earnings ratio of 31.3 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.6207 THB is built from several models across several years. Other multiples: P/B 1.0, P/S 1.4, EV/EBITDA 12.2.
How solid is the balance sheet of Ziga Innovation Public Company Limited (ZIGA)?
Balance-sheet figures for Ziga Innovation Public Company Limited (as of Nov 3, 2026): return on equity 2.5%, debt of 0.03 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is ZIGA from its 52-week high?
Ziga Innovation Public Company Limited trades at 0.9400 THB, about 27% below its 52-week high of 1.29 THB and 18% above the low of 0.8000 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 0.6207 THB is for.
Which stocks are comparable to Ziga Innovation Public Company Limited?
From the same area (Basic Materials) we also value Nucor Corporation, ArcelorMittal S.A, Steel Dynamics, Inc, JSW Steel 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 Ziga Innovation Public Company Limited stock attractive at the current price?
The data as of Nov 3, 2026: price 0.9400 THB, calculated fair value 0.6207 THB (−34%), Quality Score 57/100, from 22 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 ZIGA calculated?
We run Ziga Innovation Public Company Limited through 22 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 0.6207 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. Ziga Innovation 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 Ziga Innovation Public Company Limited (ZIGA)?
The closing price on Nov 6, 2026 was 0.9400 THB. Our model-based fair value is 0.6207 THB, about 34% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ziga Innovation Public Company Limited right now?
The price sits above even our optimistic bull case (0.7759 THB). The favourable scenario is already priced in. 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 but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Ziga Innovation Public Company Limited (ZIGA) come from?
Earnings per share at Ziga Innovation Public Company Limited grew −20.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share −9.7 %, EBIT margin −13.6 %, tax rate −0.8 %, residual (interest, one-offs) +2.4 %. 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 Ziga Innovation Public Company Limited
How large is the market capitalisation of Ziga Innovation Public Company Limited (ZIGA)?
The market capitalisation of Ziga Innovation Public Company Limited is 796M THB (≈ $23.8M). 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 Ziga Innovation Public Company Limited (ZIGA)?
The price-to-sales ratio of Ziga Innovation Public Company Limited is 1.40 (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 Ziga Innovation Public Company Limited (ZIGA)?
Earnings per share at Ziga Innovation Public Company Limited are 0.0300 THB (price ÷ EPS = P/E 31.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ziga Innovation Public Company Limited (ZIGA)?
The net margin of Ziga Innovation Public Company Limited is 3.7% (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 Ziga Innovation Public Company Limited (ZIGA)?
The return on equity (ROE) of Ziga Innovation Public Company Limited is 2.5% (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 Ziga Innovation Public Company Limited (ZIGA)?
On an EBIT basis the return on assets of Ziga Innovation Public Company Limited is 3.3% (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 Ziga Innovation Public Company Limited (ZIGA)?
The operating margin of Ziga Innovation 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 Ziga Innovation Public Company Limited (ZIGA)?
Revenue at Ziga Innovation Public Company Limited is growing +17.1% versus a year earlier (3y avg −22.5%). 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 Ziga Innovation Public Company Limited (ZIGA)?
Earnings per share at Ziga Innovation Public Company Limited are growing +151% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ziga Innovation Public Company Limited (ZIGA) carry?
The net debt of Ziga Innovation Public Company Limited is 111M THB (fiscal year 2025, ≈ 4.6 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 3, 2026