Bangkok Expressway and Metro Public Company Limited (BEM) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Bangkok Expressway and Metro Public Company Limited stock THB 2.74, price THB 6.15, that is 55.4% below the price, quality 42 out of 100. Rating: strongly overvalued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.
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. As of Nov 8, 2026.
How to read this chart
60‑month range 4.53 THB – 9.21 THB · fair‑value band 2.74 THB – 4.88 THB · the 6.15 THB price screens above the 2.74 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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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.
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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 6.15 THB, while our model-based Fair Value estimate is 2.74 THB, 55% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 5.46 THB per share, and 1 of the 11 models we run sit above the 6.15 THB price.
Bear case: the Dividend Discount group reads lowest at 2.25 THB, and 10 of the 11 models stay below the price. Data coverage for this calculation is low.
Scenario range: 2.74 THB (bear) to 4.88 THB (bull), the price of 6.15 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 42/100 (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 92.1B THB (≈ $2.7B) Mid · P/E ratio 24.6 · P/S ratio 5.44 · EPS (TTM) 0.2500 THB · Dividend yield 2.4% · Net margin 22.5% · Return on equity 10.6% · Return on assets (EBIT) 4.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −19% fair-value upside, at −55%, BEM screens richer than that median.
Fair Value models
Bear2.74 THBFair Value 2.74 THBBull4.88 THB
Price 6.15 THB · Downside -55.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.0855 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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%
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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.
≈ +15.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +13.5%
Dividend (yield on the price)2.4%
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.base effect: 13.5% / −1.4%
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%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.13 per share, median 0.28 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
Compare Bangkok Expressway and Metro Public Company Limited with another stock
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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.Railroads · 109 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score42 · Bottom 25%
Fair Value upside−55.4% · Bottom 25%
Profitability
Return on equity (12 months)10.6% · Above median
Return on assets2.4% · Below median
Net margin (12 months)22.5% · Top 25%
Operating margin (12 months)42.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−0.4% · Below median
Dividend yield (12 months)2.4% · Above median
Balance sheet
Debt / equity2.05× · Highest 25%
Valuation Multiplesvs Railroads median · lower = cheaper
P/E (12 months)24.6× · Pricier than median
P/B2.49× · 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 (12 months)5.44× · Priciest 25%
EV/EBITDA18.3× · Priciest 25%
PEG3.06× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 20
FUTURE (revenue growth)0· sector 21
PAST (return on equity)42· sector 30
HEALTH (low debt)0· sector 91
DIVIDEND (yield)49· sector 42
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 Nov 8, 2026, our model estimates a fair value of 2.74 THB versus a price of 6.15 THB, about 55% lower (overvalued).
What is the fair value of BEM?
Our model-based fair value for Bangkok Expressway and Metro Public Company Limited is 2.74 THB (as of Nov 8, 2026), built from audited fundamentals. The current price: 6.15 THB.
What is the quality score of BEM?
Bangkok Expressway and Metro Public Company Limited 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 price target for Bangkok Expressway and Metro Public Company Limited (BEM)?
Our model-based price target is the fair value of 2.74 THB (as of Nov 8, 2026) from 12 valuation models. Cautious scenario 2.74 THB, optimistic scenario 4.88 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 2.74 THB, about 55% lower versus a price of 6.15 THB (overvalued). Cautious scenario 2.74 THB, optimistic scenario 4.88 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 Nov 8, 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 2.44% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Bangkok Expressway and Metro Public Company Limited (BEM) and when is the ex-dividend date?
Bangkok Expressway and Metro Public Company Limited pays a dividend of 0.15 THB per share a year, a dividend yield of 2.4%. The last ex-dividend date was Mar 10, 2026. A dividend has been paid every year since at least 2016. The payout ratio is 60.0% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
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 2.74 THB per share (as of Nov 8, 2026), against a price of 6.15 THB. It is the blended result of 12 valuation models in 6 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Economic Profit, Growth Earnings).
Is Bangkok Expressway and Metro Public Company Limited stock overvalued or undervalued in 2026?
As of Nov 8, 2026, BEM trades above its calculated fair value: price 6.15 THB, fair value 2.74 THB, a gap of about −55% (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 (6.15 THB); the fair value is what the company's own numbers justify (2.74 THB). For Bangkok Expressway and Metro Public Company Limited the two are 3.41 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 92.1B THB (market capitalisation, as of Nov 8, 2026). Per share that is 6.15 THB; our models calculate a fair value of 2.74 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 2.74 THB, base 2.74 THB, optimistic 4.88 THB per share (as of Nov 8, 2026, price 6.15 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 24.6 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.74 THB is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 36.1. Other multiples: PEG 3.1, P/B 2.5, P/S 5.4, EV/EBITDA 18.3.
What is the PEG ratio of BEM?
The PEG ratio of Bangkok Expressway and Metro Public Company Limited is 3.06 (P/E divided by earnings growth, as of Nov 8, 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 Nov 8, 2026): return on equity 10.6%, debt of 2.05 per unit of equity. They feed the Quality Score of 42/100, 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 6.15 THB, about 16% below its 52-week high of 7.35 THB and 24% above the low of 4.96 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 2.74 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 Nov 8, 2026: price 6.15 THB, calculated fair value 2.74 THB (−55%), Quality Score 42/100, from 12 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 12 models from 6 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 2.74 THB builds on their evidence-weighted average, 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 13.0% 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 Nov 6, 2026 was 6.15 THB. Our model-based fair value is 2.74 THB, about 55% lower (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 (4.88 THB). The favourable scenario is already priced in. Weak quality (42/100) 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 92.1B THB (≈ $2.7B). 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 Bangkok Expressway and Metro Public Company Limited (BEM)?
The price-to-sales ratio of Bangkok Expressway and Metro Public Company Limited is 5.44 (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 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 24.6). 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 2.4% (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 22.5% (last twelve months). 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 10.6% (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 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 42.6% (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 −0.4% 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.
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Nov 8, 2026