Banpu Public Company Limited (BANPU) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Banpu Public Company Limited THB 11.12, price THB 14.90, upside -25.4%, quality 27 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 3.75 THB – 15.30 THB · fair‑value band 3.56 THB – 28.71 THB · the 14.90 THB price screens above the 11.12 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Banpu Public Company Limited engages in the coal mining and power businesses. It operates through Next-Gen Mining, U.S. Closed-Loop Gas, Power+, and Future Tech segments.
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Banpu Public Company Limited engages in the coal mining and power businesses. It operates through Next-Gen Mining, U.S. Closed-Loop Gas, Power+, and Future Tech segments. The company operates coal projects in Indonesia, China, Australia, and Mongolia; natural gas projects in the United States; thermal power plants in Thailand, Lao PDR, and China; and renewable energy power plants in Japan, China, and Vietnam. It provides solar rooftops and installation solutions for industries and large businesses; energy storage solutions; electric vehicle and fleet management services; consultation services on customized energy management system; and smart clean energy solutions. The company is also involved in investment in power and renewable energy projects; research and development business; battery energy storage system; sales and marketing; manage provident fund; power and steam production and trading and coal trading; carbon capture and related business; manufacture and sales of lithium batteries for hybrid and electronic vehicles; and management consultation businesses. The company was formerly known as Ban Pu Coal Company Limited and changed its name to Banpu Public Company Limited in July 1993. Banpu Public Company Limited was founded in 1983 and is headquartered in Bangkok, Thailand.
Stock analysis
Banpu Public Company Limited (BANPU) currently trades at 14.90 THB, while our model-based Fair Value estimate is 11.12 THB, implying the stock looks roughly 34.0% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 6.89 THB per share, and 0 of the 15 models we run sit above the 14.90 THB price.
Bear case: the Earnings-Based group reads lowest at 1.23 THB, and 15 of the 15 models stay below the price. Evidence for this calculation is low.
Scenario range: 3.56 THB (bear) to 28.71 THB (bull), the price of 14.90 THB sits inside 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 27/100 (below-average quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Banpu Public Company Limited reported revenue of $5.5B in FY2025 versus $4.1B in FY2021, a compound +7.5%/yr. Reported net income was −$64.2M in FY2025.
Key figures
Market cap 57.6B THB (≈ $1.7B) · P/S ratio 10.8 · EPS (TTM) −0.1300 THB · Dividend yield 0.1% · Net margin −1.2% · Return on equity 1.6% · Return on assets (EBIT) 9.4% · Operating margin 7.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 3% below its 52-week high and 259% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −32% fair-value upside, at −25%, BANPU screens cheaper than that median.
Fair Value models
Bear 3.56 THBFair Value 11.12 THBBull 28.71 THB
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+6.8%
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.
−10.6%
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.
+19.2%
Start year 2020 (pandemic). Over 10 years: +8.3% a year
Revenue growth 26 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.
+0.8%
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Profit margin (trend) ⓘ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.
4.0% (2020) → 9.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
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).
more than +80 %
Yearly growth needed for the next five years to justify today's price.
Compare Banpu 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.Thermal Coal · 100 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score27 · Bottom 25%
Fair Value upside−25% · Below median
Profitability
Return on equity (TTM)2% · Below median
Return on assets2% · Below median
Net margin (TTM)−1% · Bottom 25%
Operating margin (TTM)8% · Below median
Growth and dividend
Revenue growth4% · Above median
Dividend yield (TTM)0.1% · Bottom 25%
Balance sheet
Debt / equity1.61× · Highest 25%
Valuation Multiplesvs Thermal Coal median · lower = cheaper
P/B0.49× · Cheapest 25%
P/S (TTM)0.32× · Cheaper than median
P/FCF161.1× · Priciest 25%
EV/EBITDA5.4× · Cheaper than median
PEG1.24× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 15
FUTURE (revenue growth)22· sector 4
PAST (return on equity)6· sector 23
HEALTH (low debt)19· sector 92
DIVIDEND (yield)1· sector 55
VALUE 0: the price sits above our fair-value range.
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). "Banpu Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/BANPU
Frequently asked questions
Is Banpu Public Company Limited (BANPU) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 11.12 THB versus a price of 14.90 THB, about −25% upside (overvalued).
What is the fair value of BANPU?
Our model-based fair value for Banpu Public Company Limited is 11.12 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 14.90 THB.
What is the quality score of BANPU?
Banpu Public Company Limited has a Quality Score of 27/100. 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 Banpu Public Company Limited (BANPU)?
Our model-based price target is the fair value of 11.12 THB (as of Sep 24, 2026) from 15 valuation models. Cautious scenario 3.56 THB, optimistic scenario 28.71 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Banpu Public Company Limited stock forecast for 2026?
Our models put fair value at 11.12 THB, about −25% upside versus a price of 14.90 THB (overvalued). Cautious scenario 3.56 THB, optimistic scenario 28.71 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Banpu Public Company Limited (BANPU)?
Banpu Public Company Limited reported trailing-twelve-month revenue of about $5.3B (latest available figure, as of Sep 24, 2026).
Does Banpu Public Company Limited pay a dividend?
Banpu Public Company Limited currently shows a dividend yield of about 0.07% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Banpu Public Company Limited (BANPU)?
For today's price to be fair in a discounted-cash-flow model, Banpu Public Company Limited would have to grow free cash flow by more than 80 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +19.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of BANPU use?
Our models discount Banpu Public Company Limited at 11.6 %: a base by market capitalisation (small), damped by beta 0.34, 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 Banpu Public Company Limited that is more than 80 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Banpu Public Company Limited (BANPU) delivered so far?
Over the past 5 years revenue at Banpu Public Company Limited grew +19.2 % a year. The price currently implies more than 80 % per year free-cash-flow growth a 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 Banpu Public Company Limited (BANPU) growing?
The median revenue growth in the sector is +1.7 % a year. That is the yardstick for the growth priced into Banpu Public Company Limited (more than 80 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Banpu Public Company Limited (BANPU)?
The free-cash-flow yield on the price is 0.24 %: that much free cash flow Banpu Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Banpu Public Company Limited (BANPU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Banpu Public Company Limited it is 11.12 THB per share (as of Sep 24, 2026), against a price of 14.90 THB. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Banpu Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BANPU trades above its calculated fair value: price 14.90 THB, fair value 11.12 THB, a gap of about −25% (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 BANPU?
No. The price is what the market pays today (14.90 THB); the fair value is what the company's own numbers justify (11.12 THB). For Banpu Public Company Limited the two are 3.78 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Banpu Public Company Limited worth?
The market values Banpu Public Company Limited at about 57.6B THB (market capitalisation, as of Sep 24, 2026). Per share that is 14.90 THB; our models calculate a fair value of 11.12 THB per share.
What do the bullish and bearish scenarios say about BANPU?
Our models span a range for Banpu Public Company Limited: cautious scenario 3.56 THB, base 11.12 THB, optimistic 28.71 THB per share (as of Sep 24, 2026, price 14.90 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of BANPU?
The PEG ratio of Banpu Public Company Limited is 1.24 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Banpu Public Company Limited (BANPU)?
Balance-sheet figures for Banpu Public Company Limited (as of Sep 24, 2026): return on equity 1.6%, debt of 1.61 per unit of equity. They feed the Quality Score of 27/100, which measures business quality independently of the share price.
How far is BANPU from its 52-week high?
Banpu Public Company Limited trades at 14.90 THB, about 3% below its 52-week high of 15.30 THB and 259% above the low of 4.14 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 11.12 THB is for.
Which stocks are comparable to Banpu Public Company Limited?
From the same area (Energy) we also value China Shenhua Energy Company, PT Bayan Resources Tbk.,, Adani Enterprises Limited, Shaanxi Coal Industry Company, 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 Banpu Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 14.90 THB, calculated fair value 11.12 THB (−25%), Quality Score 27/100, from 15 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 BANPU calculated?
We run Banpu Public Company Limited through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 11.12 THB, 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 14.1 % above its aggregate fair value. Banpu 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 Banpu Public Company Limited (BANPU)?
The closing price on Sep 23, 2026 was 14.90 THB. Our model-based fair value is 11.12 THB, about −25% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Banpu Public Company Limited right now?
Weak quality (27/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (3.56 THB to 28.71 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Banpu Public Company Limited
How large is the market capitalisation of Banpu Public Company Limited (BANPU)?
The market capitalisation of Banpu Public Company Limited is 57.6B THB (≈ $1.7B). 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 Banpu Public Company Limited (BANPU)?
The price-to-sales ratio of Banpu Public Company Limited is 10.8 (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 Banpu Public Company Limited (BANPU)?
Earnings per share at Banpu Public Company Limited are −0.1300 THB. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Banpu Public Company Limited (BANPU)?
The dividend yield of Banpu Public Company Limited is 0.1%. 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 Banpu Public Company Limited (BANPU)?
The net margin of Banpu Public Company Limited is −1.2% (fiscal year 2025). 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 Banpu Public Company Limited (BANPU)?
The return on equity (ROE) of Banpu Public Company Limited is 1.6% (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 Banpu Public Company Limited (BANPU)?
On an EBIT basis the return on assets of Banpu Public Company Limited is 9.4% (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 Banpu Public Company Limited (BANPU)?
The operating margin of Banpu Public Company Limited is 7.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Banpu Public Company Limited (BANPU)?
Revenue at Banpu Public Company Limited is growing +4.4% versus a year earlier (3y avg −10.6%). 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 Banpu Public Company Limited (BANPU)?
Earnings per share at Banpu Public Company Limited are growing −75.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Banpu Public Company Limited (BANPU) carry?
The net debt of Banpu Public Company Limited is $5.7B (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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