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Ananda Development Public Company (ANAN) Fair Value & Analysis

Real Estate · TH · Market cap 1.4B THB

AD Ananda Development Public Company ANAN · BK
Price0.3200 THB
Fair Value0.7055 THB
Upside+120.5%
Quality42/100
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Healthy Growth
Thin margins · 2.8% net margin
Low debt · generates free cash flow
Ranks above peers (6/10)
Narrow moat 21/100
Evidence: High Range 0.7013 THB – 0.7013 THB Share as image

Fair value as of: Jul 15, 2026

From 14 valuation models · updated 26 days ago

Share price −3.0% over the past month.

Below-average quality, screening 120% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (0.7013 THB). The market is more pessimistic than our downside scenario.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

2.46 THB 0.3100 THB Fair Value 0.7055 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range 0.3100 THB – 2.46 THB · the 0.3200 THB price screens below the 0.7055 THB fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Ananda Development Public Company (ANAN) currently trades at 0.3200 THB, while our model-based Fair Value estimate is 0.7055 THB, implying the stock looks roughly 120.5% undervalued today. The Quality Score stands at 42/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Ananda Development Public Company generated revenue of 7.0B THB at a net margin of 2.7%. Revenue grew 67.6% year over year. It earns a return on equity of 1.7%. Net debt stands at 15.9B THB. Fundamentals as of Jul 15, 2026

The share trades about 47% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at 120%, ANAN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF 4.41 THB 6.23 THB 8.50 THB 80
Residual Income 1.27 THB 1.14 THB 0.7400 THB 76
Rev-Margin DCF 2.38 THB 3.40 THB 4.59 THB 74
All 14 models by family
DCF Models
FCF DCF 4.38 THB 6.47 THB 9.25 THB 38
5Y Revenue Exit 2.38 THB 3.32 THB 4.43 THB 39
5Y EBITDA Exit 2.86 THB 4.20 THB 5.71 THB 41
10Y Revenue Exit 3.12 THB 4.13 THB 5.34 THB 36
10Y EBITDA Exit 3.44 THB 4.69 THB 6.23 THB 37
Multiples
P/S Multiple 0.1700 THB 0.2300 THB 0.2800 THB 58
P/B Multiple 0.1700 THB 0.2300 THB 0.2800 THB 55
EV/EBIT 2.31 THB 3.19 THB 4.07 THB 53
EV/EBITDA 2.12 THB 2.94 THB 3.76 THB 54
EV/Revenue 1.12 THB 1.75 THB 2.37 THB 43
Asset-Based
NCAV (Graham) 1.00 THB 1.34 THB 2.00 THB 50
Growth DCF
Growth DCF 4.41 THB 6.23 THB 8.50 THB 80
Rev-Margin DCF 2.38 THB 3.40 THB 4.59 THB 74
Economic Profit
Residual Income 1.27 THB 1.14 THB 0.7400 THB 76

Widest divergence: DCF Models (4.20 THB) versus Economic Profit (1.14 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 6.7B THB
Revenue growth (YoY) +29.9%
Net margin 2.8%
Return on equity 1.7%
Free cash flow 2.1B THB FY2025
Operating margin -12.5%
More key figures
EPS (TTM) -0.0200 THB
EPS growth (YoY) -24.7%
Net debt 15.9B THB FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 42/100

Of which business quality 44 · Market factors (momentum, volatility) 28

Profitability 14
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 98
Earnings quality: real cash, not paper profit
Fin. Strength 18
Balance sheet, leverage, solvency risk
Investment 97
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Ananda Development Public Company Limited, together with subsidiaries, develops and sells real estate projects in Thailand. It operates through Real Estate Development, Management of Real Estate Development Project, Service Apartments, and Other segments.

Full company description

Ananda Development Public Company Limited, together with subsidiaries, develops and sells real estate projects in Thailand. It operates through Real Estate Development, Management of Real Estate Development Project, Service Apartments, and Other segments. The company provides management for real estate projects; house construction; and real estate brokerage services, as well as acts as a property agent. It also engages in the management of juristic person; media production; and property rental, as well as provision of academic seminar services. In addition, the company develops condominium projects under the Ashton, Ideo Q, Coco Parc, Culture, Ideo Mobi, Ideo, and Elio brands; and housing projects and townhouses under the Artale, Airi, Atoll, Anda, Urbanio, and Unio Town brands. The company was founded in 1999 and is based in Samut Prakan, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ananda Development Public Company reported revenue of 6.6B THB in FY2025 versus 3.6B THB in FY2021, a compound +16.5%/yr. Reported net income was 55.7M THB in FY2025.

Growth Quality 80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
6.6B THB
Latest YoY
+12.9%
Avg. growth/yr (3Y) 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.
+28.8%
Avg. growth/yr (5Y) 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.
+9.8%
Avg. growth/yr (16Y) 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.
+17.1%
Revenue +16.5%/yr
FY21 3.6B THB
FY22 3.1B THB
FY23 3.4B THB
FY24 5.8B THB
FY25 6.6B THB
Net income
FY21 −348M THB
FY22 −160M THB
FY23 −887M THB
FY24 334M THB
FY25 55.7M THB

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Cite: Fair Value Calculator (2026). "Ananda Development Public Company Fair Value". https://www.fairvalue-calculator.com/stock/ANAN

Peer Group

Real Estate - Development · 588 stocks

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.

Quality Score 43 · Below median
Fair Value upside +121% · Top 25%
Return on equity (TTM) 2% · Below median
Return on assets 1% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) -12% · Bottom 25%
Revenue growth 30% · Above median
Debt / equity 0.28× · Lower than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 2.1× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 48
FUTURE 100 · sector 0
PAST 7 · sector 10
HEALTH 86 · sector 84
DIVIDEND 0 · sector 38

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is Ananda Development Public Company (ANAN) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 0.7055 THB versus a price of 0.3200 THB, about +120% (undervalued).
What is the fair value of ANAN?
Our model-based fair value for Ananda Development Public Company is 0.7055 THB (as of Jul 15, 2026), built from audited fundamentals. The current price is 0.3200 THB.
What is the quality score of ANAN?
Ananda Development Public Company has a Quality Score of 42/100. 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 revenue of Ananda Development Public Company (ANAN)?
Ananda Development Public Company reported trailing-twelve-month revenue of about 7.0B THB (latest available figure, as of Jul 15, 2026).
What is the net profit margin of ANAN?
The net profit margin of Ananda Development Public Company is about 2.7%, meaning it keeps roughly 2.7% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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