Bangkok Expressway and Metro Public Company Limited (BEM) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Bangkok Expressway and Metro Public Company Limited THB 2.64, price THB 6.95, upside -62.0%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Bangkok Expressway and Metro Public Company Limited for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
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, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range 4.53 THB – 9.21 THB · fair‑value band 2.64 THB – 4.39 THB · the 6.95 THB price screens above the 2.64 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
Follow Bangkok Expressway and Metro Public Company in your weekly email
Every Wednesday you see whether Bangkok Expressway and Metro Public Company is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Bangkok Expressway and Metro Public Company Limited, together with its subsidiaries, provides transportation services in Thailand. It operates through four segments: Expressway Business, Rail Business, Commercial Development Business, and Others.
Show more
Bangkok Expressway and Metro Public Company Limited, together with its subsidiaries, provides transportation services in Thailand. It operates through four segments: Expressway Business, Rail Business, Commercial Development Business, and Others. The company engages in the construction, operation, and management of expressways; and operation of rapid rail transit systems. It is also involved in the rental of retail space; provision of advertising media and telecommunication services inside and outside of underground train stations and expressways; operation of metro services; and commercial development. The company was formerly known as Bangkok Metro Public Company Limited and changed its name to Bangkok Expressway and Metro Public Company Limited in December 2015. Bangkok Expressway and Metro Public Company Limited was founded in 1998 and is headquartered in Bangkok, Thailand.
Stock analysis
Bangkok Expressway and Metro Public Company Limited (BEM) currently trades at 6.95 THB, while our model-based Fair Value estimate is 2.64 THB, implying the stock looks roughly 163.2% overvalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of 7.61 THB per share, and 2 of the 14 models we run sit above the 6.95 THB price.
Bear case: the Asset-Based group reads lowest at 1.66 THB, and 12 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: 2.64 THB (bear) to 4.39 THB (bull), the price of 6.95 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 43/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Bangkok Expressway and Metro Public Company Limited reported revenue of 16.9B THB in FY2025 versus 10.7B THB in FY2021, a compound +12.1%/yr. Reported net income was 3.8B THB in FY2025, compounding +39.1%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 104B THB (≈ $3.1B) · P/E ratio 27.8 · P/S ratio 6.21 · EPS (TTM) 0.2500 THB · Dividend yield 2.2% · Net margin 22.4% · Return on equity 10.2% · Return on assets (EBIT) 4.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 43% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 0% fair-value upside, at −62%, BEM screens richer than that median.
Fair Value models
Bear 2.64 THBFair Value 2.64 THBBull 4.39 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 (0.0732 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.35/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−0.5%
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.
+6.4%
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.
+4.6%
Start year 2020 (pandemic). Over 10 years: +3.7% a year
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.
+4.6%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+15.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.5%
Dividend (yield on the price)2.2%
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.14% vs −1%, 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.34% → 37%
Compare Bangkok Expressway and Metro Public Company Limited with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Railroads · 114 stocks
Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score43 · Bottom 25%
Fair Value upside−62% · Bottom 25%
Profitability
Return on equity (TTM)10% · Above median
Return on assets3% · Below median
Net margin (TTM)22% · Top 25%
Operating margin (TTM)38% · Top 25%
Growth and dividend
Revenue growth1% · Below median
Dividend yield (TTM)2.2% · Below median
Balance sheet
Debt / equity2.05× · Highest 25%
Valuation Multiplesvs Railroads median · lower = cheaper
P/E (TTM)27.8× · Pricier than median
P/B2.81× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM)6.15× · Priciest 25%
EV/EBITDA19.7× · Priciest 25%
PEG3.20× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 25
FUTURE (revenue growth)3· sector 20
PAST (return on equity)41· sector 30
HEALTH (low debt)0· sector 88
DIVIDEND (yield)43· sector 44
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). "Bangkok Expressway and Metro Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/BEM
Frequently asked questions
Is Bangkok Expressway and Metro Public Company Limited (BEM) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 2.64 THB versus a price of 6.95 THB, about −62% upside (overvalued).
What is the fair value of BEM?
Our model-based fair value for Bangkok Expressway and Metro Public Company Limited is 2.64 THB (as of Sep 23, 2026), built from audited fundamentals. The current price: 6.95 THB.
What is the quality score of BEM?
Bangkok Expressway and Metro Public Company Limited has a Quality Score of 43/100. 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 Expressway and Metro Public Company Limited (BEM)?
Our model-based price target is the fair value of 2.64 THB (as of Sep 23, 2026) from 14 valuation models. Cautious scenario 2.64 THB, optimistic scenario 4.39 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Bangkok Expressway and Metro Public Company Limited stock forecast for 2026?
Our models put fair value at 2.64 THB, about −62% upside versus a price of 6.95 THB (overvalued). Cautious scenario 2.64 THB, optimistic scenario 4.39 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Bangkok Expressway and Metro Public Company Limited (BEM)?
Bangkok Expressway and Metro Public Company Limited reported trailing-twelve-month revenue of about 16.9B THB (latest available figure, as of Sep 23, 2026).
Does Bangkok Expressway and Metro Public Company Limited pay a dividend?
Bangkok Expressway and Metro Public Company Limited currently shows a dividend yield of about 2.16% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Bangkok Expressway and Metro Public Company Limited (BEM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bangkok Expressway and Metro Public Company Limited it is 2.64 THB per share (as of Sep 23, 2026), against a price of 6.95 THB. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Bangkok Expressway and Metro Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 23, 2026, BEM trades above its calculated fair value: price 6.95 THB, fair value 2.64 THB, a gap of about −62% (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 BEM?
No. The price is what the market pays today (6.95 THB); the fair value is what the company's own numbers justify (2.64 THB). For Bangkok Expressway and Metro Public Company Limited the two are 4.31 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Bangkok Expressway and Metro Public Company Limited worth?
The market values Bangkok Expressway and Metro Public Company Limited at about 104B THB (market capitalisation, as of Sep 23, 2026). Per share that is 6.95 THB; our models calculate a fair value of 2.64 THB per share.
What do the bullish and bearish scenarios say about BEM?
Our models span a range for Bangkok Expressway and Metro Public Company Limited: cautious scenario 2.64 THB, base 2.64 THB, optimistic 4.39 THB per share (as of Sep 23, 2026, price 6.95 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BEM?
Bangkok Expressway and Metro Public Company Limited trades at a price-to-earnings ratio of 27.8 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.64 THB is built from several models across several years. Other multiples: PEG 3.2, P/B 2.8, P/S 6.1, EV/EBITDA 19.7.
What is the PEG ratio of BEM?
The PEG ratio of Bangkok Expressway and Metro Public Company Limited is 3.20 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Bangkok Expressway and Metro Public Company Limited (BEM)?
Balance-sheet figures for Bangkok Expressway and Metro Public Company Limited (as of Sep 23, 2026): return on equity 10.2%, debt of 2.05 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is BEM from its 52-week high?
Bangkok Expressway and Metro Public Company Limited trades at 6.95 THB, about 5% below its 52-week high of 7.35 THB and 43% above the low of 4.86 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 2.64 THB is for.
Which stocks are comparable to Bangkok Expressway and Metro Public Company Limited?
From the same area (Industrials) we also value Union Pacific Corporation, CSX Corporation, Canadian Pacific Kansas City Limited, Norfolk Southern Corporation, 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 Expressway and Metro Public Company Limited stock attractive at the current price?
The data as of Sep 23, 2026: price 6.95 THB, calculated fair value 2.64 THB (−62%), Quality Score 43/100, from 14 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 BEM calculated?
We run Bangkok Expressway and Metro Public Company Limited through 14 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 2.64 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. Bangkok Expressway and Metro 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 Bangkok Expressway and Metro Public Company Limited (BEM)?
The closing price on Sep 23, 2026 was 6.95 THB. Our model-based fair value is 2.64 THB, about −62% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bangkok Expressway and Metro Public Company Limited right now?
The price sits above even our optimistic bull case (4.39 THB). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of Bangkok Expressway and Metro Public Company Limited (BEM) come from?
Earnings per share at Bangkok Expressway and Metro Public Company Limited grew +0.1 % a year from 2015 to 2025. Broken into its drivers: revenue per share −0.3 %, EBIT margin +1.4 %, tax rate +0.3 %, residual (interest, one-offs) −1.3 %. 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 Expressway and Metro Public Company Limited
How large is the market capitalisation of Bangkok Expressway and Metro Public Company Limited (BEM)?
The market capitalisation of Bangkok Expressway and Metro Public Company Limited is 104B THB (≈ $3.1B). 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 Expressway and Metro Public Company Limited (BEM)?
The price-to-sales ratio of Bangkok Expressway and Metro Public Company Limited is 6.21 (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 Expressway and Metro Public Company Limited (BEM)?
Earnings per share at Bangkok Expressway and Metro Public Company Limited are 0.2500 THB (price ÷ EPS = P/E 27.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bangkok Expressway and Metro Public Company Limited (BEM)?
The dividend yield of Bangkok Expressway and Metro Public Company Limited is 2.2% (payout 60.0%). 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 Expressway and Metro Public Company Limited (BEM)?
The net margin of Bangkok Expressway and Metro Public Company Limited is 22.4% (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 Expressway and Metro Public Company Limited (BEM)?
The return on equity (ROE) of Bangkok Expressway and Metro Public Company Limited is 10.2% (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 Expressway and Metro Public Company Limited (BEM)?
On an EBIT basis the return on assets of Bangkok Expressway and Metro Public Company Limited is 4.0% (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 Expressway and Metro Public Company Limited (BEM)?
The operating margin of Bangkok Expressway and Metro Public Company Limited is 38.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bangkok Expressway and Metro Public Company Limited (BEM)?
Revenue at Bangkok Expressway and Metro Public Company Limited is growing +0.6% versus a year earlier (3y avg +6.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Bangkok Expressway and Metro Public Company Limited (BEM) generate?
The free cash flow of Bangkok Expressway and Metro Public Company Limited is −13.1B THB (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Bangkok Expressway and Metro Public Company Limited (BEM) carry?
The net debt of Bangkok Expressway and Metro Public Company Limited is 110B THB (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Bangkok Expressway and Metro Public Company Limited in the live analysis
One click puts Bangkok Expressway and Metro Public Company Limited on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
