Bangkok Bank PCL (BBL) fair value: what the stock is really worth
We calculate from audited financials what Bangkok Bank PCL is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 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 18, 2026.
How to read this chart
60‑month range 80.76 THB – 203.00 THB · fair‑value band 248.91 THB – 297.59 THB · the 193.50 THB price screens below the 266.27 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
Bangkok Bank Public Company Limited provides various commercial banking products and services in Thailand and internationally. It operates through Domestic Banking, International Banking, Investment Banking, and Others segments.
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Bangkok Bank Public Company Limited provides various commercial banking products and services in Thailand and internationally. It operates through Domestic Banking, International Banking, Investment Banking, and Others segments. The company provides various personal banking products and services, including savings, current, fixed deposit, foreign currency deposit, securities trading, and other accounts; home and personal loans, as well as loans for pensioners; mutual funds; bonds and debentures; life and non-life bancassurance products; payment, funds transfer, currency exchange and foreign instrument, and SMS services; debit, credit, travel, and prepaid cards; and internet and mobile banking, ATM, and other services. It also offers business banking products and services comprising operating accounts; e-bank confirmation on blockchain, loans for SMEs, and electronic guarantee services, as well as online payments for buyers/dealers; securities services, such as custodian, mutual fund supervisor, provident fund registrar, securities registrar, and debenture holders' representative services; payment, collection, liquid management, and merchant services; digital banking services; and commercial cards. In addition, the company provides trade finance, remittances, export and import, project, corporate finance, electronic, capital market, project and structured finance, and financial advisory services, as well as business property insurance, and FX and interest rate risk management services. Further, it offers fund management, securities, and assets management services. The company was founded in 1944 and is headquartered in Bangkok, Thailand.
Stock analysis
Bangkok Bank PCL (BBL) currently trades at 193.50 THB, while our model-based Fair Value estimate is 266.27 THB, implying the stock looks roughly 27.3% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 313.32 THB per share, and 4 of the 6 models we run sit above the 193.50 THB price.
Bear case: the Dividend Discount group reads lowest at 135.04 THB, and 2 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: 248.91 THB (bear) to 297.59 THB (bull), the price of 193.50 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 61/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Bangkok Bank PCL reported revenue of 251B THB in FY2025 versus 135B THB in FY2021, a compound +16.8%/yr. Reported net income was 46.0B THB in FY2025, compounding +14.8%/yr from FY2021.
Key figures
Market cap 369B THB (≈ $11.1B) · P/E ratio 8.3 · P/S ratio 1.53 · EPS (TTM) 23.26 THB · Dividend yield 5.2% · Net margin 18.4% · Return on equity 7.8% · Return on assets (EBIT) 1.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades near its 52-week high and 53% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at 38%, BBL screens cheaper than that median.
Fair Value models
Bear 248.91 THBFair Value 266.27 THBBull 297.59 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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (9.62 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.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.80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.6%
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.
+21.7%
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.
+10.0%
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.
+4.5%
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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.
+16.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.7%
Dividend (yield on the price)5.2%
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.12% vs 3%, picking up
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.14% → 25%
Growth Forecast
Little 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).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−7.5%
Yearly sales growth analysts expect, extended to five years.
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.Banks - Regional · 1073 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Top 25%
Fair Value upside+83% · Top 25%
Profitability
Return on equity (TTM)8% · Below median
Return on assets1% · Below median
Net margin (TTM)32% · Above median
Operating margin (TTM)43% · Above median
Growth and dividend
Revenue growth−13% · Bottom 25%
Dividend yield (TTM)5.2% · Top 25%
Balance sheet
Debt / equity0.94× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Bangkok Bank PCL Fair Value". https://www.fairvalue-calculator.com/stock/BBL
Frequently asked questions
Is Bangkok Bank PCL (BBL) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of 266.27 THB versus a price of 193.50 THB, about +38% upside (undervalued).
What is the fair value of BBL?
Our model-based fair value for Bangkok Bank PCL is 266.27 THB (as of Sep 18, 2026), built from audited fundamentals. The current price: 193.50 THB.
What is the quality score of BBL?
Bangkok Bank PCL has a Quality Score of 61/100. 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 Bangkok Bank PCL (BBL)?
Our model-based price target is the fair value of 266.27 THB (as of Sep 18, 2026) from 6 valuation models. Cautious scenario 248.91 THB, optimistic scenario 297.59 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Bangkok Bank PCL stock forecast for 2026?
Our models put fair value at 266.27 THB, about +38% upside versus a price of 193.50 THB (undervalued). Cautious scenario 248.91 THB, optimistic scenario 297.59 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Bangkok Bank PCL (BBL)?
Bangkok Bank PCL reported trailing-twelve-month revenue of about 138B THB (latest available figure, as of Sep 18, 2026).
Does Bangkok Bank PCL pay a dividend?
Bangkok Bank PCL currently shows a dividend yield of about 5.17% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Bangkok Bank PCL (BBL)?
For today's price to be fair in a discounted-cash-flow model, Bangkok Bank PCL would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.0 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of BBL use?
Our models discount Bangkok Bank PCL at 9.7 %: a base by market capitalisation (large), damped by beta 0.20, 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 Bangkok Bank PCL that is less than minus 40 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Bangkok Bank PCL (BBL) delivered so far?
Over the past 5 years revenue at Bangkok Bank PCL grew +10.0 % a year. The price currently implies less than minus 40 % 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 Bangkok Bank PCL (BBL) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Bangkok Bank PCL (less than minus 40 % 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 Bangkok Bank PCL (BBL)?
The free-cash-flow yield on the price is 17.25 %: that much free cash flow Bangkok Bank PCL produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bangkok Bank PCL (BBL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bangkok Bank PCL it is 266.27 THB per share (as of Sep 18, 2026), against a price of 193.50 THB. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Bangkok Bank PCL stock overvalued or undervalued in 2026?
As of Sep 18, 2026, BBL trades below its calculated fair value: price 193.50 THB, fair value 266.27 THB, a gap of about +38% (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 BBL?
No. The price is what the market pays today (193.50 THB); the fair value is what the company's own numbers justify (266.27 THB). For Bangkok Bank PCL the two are 72.77 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Bangkok Bank PCL worth?
The market values Bangkok Bank PCL at about 369B THB (market capitalisation, as of Sep 18, 2026). Per share that is 193.50 THB; our models calculate a fair value of 266.27 THB per share.
What do the bullish and bearish scenarios say about BBL?
Our models span a range for Bangkok Bank PCL: cautious scenario 248.91 THB, base 266.27 THB, optimistic 297.59 THB per share (as of Sep 18, 2026, price 193.50 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BBL?
Bangkok Bank PCL trades at a price-to-earnings ratio of 8.3 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 266.27 THB is built from several models across several years. Other multiples: PEG 17.7, P/B 0.7, P/S 2.7, EV/EBITDA 13.0.
What is the PEG ratio of BBL?
The PEG ratio of Bangkok Bank PCL is 17.70 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Bangkok Bank PCL (BBL)?
Balance-sheet figures for Bangkok Bank PCL (as of Sep 18, 2026): return on equity 7.8%, debt of 0.94 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is BBL from its 52-week high?
Bangkok Bank PCL trades at 193.50 THB, about 10% below its 52-week high of 176.00 THB and 53% above the low of 126.87 THB (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of 266.27 THB is for.
Which stocks are comparable to Bangkok Bank PCL?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank 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 Bangkok Bank PCL stock attractive at the current price?
The data as of Sep 18, 2026: price 193.50 THB, calculated fair value 266.27 THB (+38%), Quality Score 61/100, from 6 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 BBL calculated?
We run Bangkok Bank PCL through 6 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 266.27 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 16.1 % above its aggregate fair value. Bangkok Bank PCL currently trades 38 % 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 Bangkok Bank PCL (BBL)?
The closing price on Sep 18, 2026 was 193.50 THB. Our model-based fair value is 266.27 THB, about +38% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bangkok Bank PCL right now?
The price is below even our cautious bear case (248.91 THB). The market is more pessimistic than our downside scenario. Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Bangkok Bank PCL (BBL) come from?
Earnings per share at Bangkok Bank PCL grew +2.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.0 %, EBIT margin −2.6 %, tax rate +0.1 %, residual (interest, one-offs) −0.5 %. 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 Bangkok Bank PCL
How large is the market capitalisation of Bangkok Bank PCL (BBL)?
The market capitalisation of Bangkok Bank PCL is 369B THB (≈ $11.1B). 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 Bangkok Bank PCL (BBL)?
The price-to-sales ratio of Bangkok Bank PCL is 1.53 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bangkok Bank PCL (BBL)?
Earnings per share at Bangkok Bank PCL are 23.26 THB (price ÷ EPS = P/E 8.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bangkok Bank PCL (BBL)?
The dividend yield of Bangkok Bank PCL is 5.2% (payout 43.0%). 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 Bangkok Bank PCL (BBL)?
The net margin of Bangkok Bank PCL is 18.4% (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 Bangkok Bank PCL (BBL)?
The return on equity (ROE) of Bangkok Bank PCL is 7.8% (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 Bangkok Bank PCL (BBL)?
On an EBIT basis the return on assets of Bangkok Bank PCL is 1.4% (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 Bangkok Bank PCL (BBL)?
The operating margin of Bangkok Bank PCL is 42.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bangkok Bank PCL (BBL)?
Revenue at Bangkok Bank PCL is growing −13.1% versus a year earlier (3y avg +21.7%). 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 Bangkok Bank PCL (BBL)?
Earnings per share at Bangkok Bank PCL are growing −12.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Bangkok Bank PCL (BBL) carry?
The net debt of Bangkok Bank PCL is 491B THB (fiscal year 2025, ≈ 7.7 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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Broad data
Sep 18, 2026