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Bangkok Bank Public Company (BBL) Fair Value & Analysis

Financial Services · TH · Market cap 377B THB

BB Bangkok Bank Public Company BBL · BK
Price195.00 THB
Fair Value313.32 THB
Upside+60.7%
Quality70/100
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Mixed Growth
Highly profitable · 32.3% net margin
Moderate debt · generates free cash flow
5.09% dividend yield
Ranks above peers (9/15)
Wide moat 66/100
Evidence: High Range 234.99 THB – 391.65 THB Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 23 days ago

Share price +0.8% over the past month.

A solid business, screening 61% undervalued on our models.

What matters now

  • The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (234.99 THB). The market is more pessimistic than our downside scenario.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

203.00 THB 80.76 THB Fair Value 313.32 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 80.76 THB – 203.00 THB · fair‑value band 234.99 THB – 391.65 THB · the 195.00 THB price screens below the 313.32 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Bangkok Bank Public Company (BBL) currently trades at 195.00 THB, while our model-based Fair Value estimate is 313.32 THB, implying the stock looks roughly 60.7% undervalued today. We read business quality at 70/100 (solid quality), in the Financial Services 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, Bangkok Bank Public Company generated revenue of 138B THB at a net margin of 32.3%. Revenue declined 13.1% year over year. It earns a return on equity of 7.8%. Net debt stands at 491B THB. Fundamentals as of Jul 15, 2026

Our scenario range runs from 234.99 THB (bear case) to 391.65 THB (bull case); at 195.00 THB, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 54% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at 61%, BBL 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 BearBaseBull Evidence
Highest evidence
Growth DCF 147.19 THB 350.79 THB 654.98 THB 80
Residual Income 254.82 THB 275.11 THB 338.06 THB 76
Rev-Margin DCF 21.09 THB 163.48 THB 326.37 THB 74
All 26 models by family
DCF Models
FCF DCF 137.95 THB 364.18 THB 722.28 THB 38
Owner Earnings 51.76 THB 228.62 THB 508.59 THB 31
5Y Revenue Exit 21.09 THB 160.06 THB 333.23 THB 39
5Y EBITDA Exit 81.64 THB 272.34 THB 491.00 THB 41
5Y P/E Exit 89.07 THB 286.10 THB 489.68 THB 38
10Y Revenue Exit 51.30 THB 188.97 THB 366.34 THB 36
10Y EBITDA Exit 97.88 THB 268.34 THB 488.56 THB 37
10Y P/E Exit 102.71 THB 278.07 THB 487.53 THB 35
Earnings-Based
Graham-Dodd 163.89 THB 486.88 THB 644.45 THB 54
Lynch FV 102.58 THB 146.54 THB 190.50 THB 50
PEG = 1.0 102.58 THB 146.54 THB 190.50 THB 46
EPV 20.42 THB 69.38 THB 112.91 THB 59
Dividend Discount
Gordon GGM 81.75 THB 178.48 THB 300.30 THB 70
DDM Multi-Stage 81.75 THB 135.04 THB 186.01 THB 61
Multiples
P/E Multiple 361.53 THB 482.04 THB 602.54 THB 63
P/S Multiple 246.13 THB 328.17 THB 410.21 THB 58
P/B Multiple 307.30 THB 409.73 THB 512.16 THB 55
EV/EBIT 185.58 THB 333.13 THB 480.67 THB 53
EV/EBITDA 91.87 THB 208.18 THB 324.49 THB 54
EV/Revenue 71.12 THB 169.57 THB 43
Asset-Based
NCAV (Graham) 150.33 THB 201.45 THB 300.67 THB 50
Growth DCF
Growth DCF 147.19 THB 350.79 THB 654.98 THB 80
Rev-Margin DCF 21.09 THB 163.48 THB 326.37 THB 74
Economic Profit
Residual Income 254.82 THB 275.11 THB 338.06 THB 76
ROIC Compounder 20.42 THB 69.38 THB 112.91 THB 72
Growth Earnings
Growth-Adj P/E 295.69 THB 422.42 THB 549.14 THB 68

Widest divergence: Growth Earnings (422.42 THB) versus Economic Profit (69.38 THB). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 138B THB
Revenue growth (YoY) -13.1%
Net margin 32.3%
Return on equity 7.8%
Free cash flow 63.7B THB FY2025
P/E ratio 7.3
More key figures
Operating margin 42.6%
EPS (TTM) 23.26 THB
EPS growth (YoY) -12.9%
Net debt 491B THB FY2025

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

Quality Score breakdown

Overall quality 70/100

Of which business quality 53 · Market factors (momentum, volatility) 84

Profitability 29
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 88
Earnings quality: real cash, not paper profit
Fin. Strength 3
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 76
Price trend over the last 3–12 months (market factor)
52W Momentum 87
Distance to the 52-week high (market factor)
Net Issuance 82
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

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.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bangkok Bank Public Company 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.

Growth Quality 80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
251B THB
Latest YoY
−0.6%
Avg. growth/yr (3Y)
+21.7%
Avg. growth/yr (5Y)
+10.0%
Avg. growth/yr (25Y)
+4.5%
Revenue +16.8%/yr
FY21 135B THB
FY22 139B THB
FY23 233B THB
FY24 252B THB
FY25 251B THB
Net income +14.8%/yr
FY21 26.5B THB
FY22 29.3B THB
FY23 41.6B THB
FY24 45.2B THB
FY25 46.0B THB

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Cite: Fair Value Calculator (2026). "Bangkok Bank Public Company Fair Value". https://www.fairvalue-calculator.com/stock/BBL

Peer Group

Banks - Regional · 1082 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 69 · Top 25%
Fair Value upside +61% · Top 25%
Return on equity (TTM) 8% · Below median
Return on assets 1% · Below median
Net margin (TTM) 32% · Above median
Operating margin (TTM) 43% · Above median
Revenue growth -13% · Bottom 25%
Dividend yield (TTM) 5.1% · Top 25%
Debt / equity 0.94× · Higher than 75% of peers

Valuation Multiples vs Banks - Regional median · lower = cheaper

P/E (TTM) 8.5× · Cheaper than 75% of peers
P/B 0.66× · Cheaper than 75% of peers
P/S (TTM) 2.74× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 13.0× · Pricier than median
PEG 17.70× · Pricier 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 39
FUTURE 0 · sector 44
PAST 31 · sector 41
HEALTH 53 · sector 85
DIVIDEND 100 · sector 49

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 Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
PT Bank Central Asia Tbk BBCA 6,175 IDR 6,087 IDR -1%
KB Financial Group 105560 184,400 KRW 213,797 KRW +16%
PT Bank Rakyat Indonesia (Persero) Tbk BBRI 2,970 IDR 4,891 IDR +65%
PT Bank Mandiri (Persero) Tbk BMRI 4,310 IDR 7,841 IDR +82%
Banco Bradesco S.A BBD 5,120 ARS 10,240 ARS +100%
Shinhan Financial Group 055550 107,900 KRW 137,259 KRW +27%
Hana Financial Group 086790 136,800 KRW 193,969 KRW +42%
Lloyds Banking Group LYG 4,138 ARS 8,275 ARS +100%
Banco de Chile, CHILE 193.10 CLP 152.55 CLP -21%
Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB 59,400 VND 84,201 VND +42%

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Frequently asked questions

Is Bangkok Bank Public Company (BBL) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 313.32 THB versus a price of 195.00 THB, about +61% (undervalued).
What is the fair value of BBL?
Our model-based fair value for Bangkok Bank Public Company is 313.32 THB (as of Jul 15, 2026), built from audited fundamentals. The current price is 195.00 THB.
What is the quality score of BBL?
Bangkok Bank Public Company has a Quality Score of 70/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Bangkok Bank Public Company (BBL)?
Bangkok Bank Public Company reported trailing-twelve-month revenue of about 138B THB (latest available figure, as of Jul 15, 2026).
What is the net profit margin of BBL?
The net profit margin of Bangkok Bank Public Company is about 32.3%, meaning it keeps roughly 32.3% 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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