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Bound and Beyond PCL (BEYOND) Fair Value & Analysis

Consumer Cyclical · TH · Market cap 2.4B THB (≈ $71.0M) · ISIN TH0088010002

BA Bound and Beyond PCL BEYOND · BK
Price8.00 THB
Fair Value12.23 THB
Upside+52.9%
Quality51/100
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Strengths

Trades 35% below our fair value of 12.23 THB
Moderate debt · generates free cash flow
Ranks above peers (8/13)

Risks

!Mixed Growth (revenue 5y +56.8 %/yr)
!Thin margins · 1.7% net margin
!Narrow moat 41/100
!Weak on past: 3 out of 100
Mixed Growth (revenue 5y +56.8 %/yr)
Thin margins · 1.7% net margin
Moderate debt · generates free cash flow
Ranks above peers (8/13)
Narrow moat 41/100
Evidence: High Range 4.63 THB – 17.19 THB Share as image

Fair value as of: Aug 13, 2026

From 23 valuation models · updated 15 days ago

Fair value updated Aug 13, 2026, revised from 12.42 THB to 12.23 THB (−1.5%) since Jul 18, 2026. Share price −1.8% over the past month.

A solid business, trading 35% below our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The model range is unusually wide (4.63 THB to 17.19 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

16.70 THB 4.90 THB Fair Value 12.23 THB Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 4.90 THB – 16.70 THB · fair‑value band 4.63 THB – 17.19 THB · the 8.00 THB price screens below the 12.23 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Bound and Beyond PCL (BEYOND) currently trades at 8.00 THB, while our model-based Fair Value estimate is 12.23 THB, implying the stock looks roughly 52.9% undervalued today. The Quality Score stands at 51/100 (solid quality), in the Consumer Cyclical 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, Bound and Beyond PCL generated revenue of 3.4B THB at a net margin of 1.7%. Revenue grew 14.3% year over year. It earns a return on equity of 0.9%. Net debt stands at 5.0B THB. Fundamentals as of Aug 13, 2026

Our scenario range runs from 4.63 THB (bear case) to 17.19 THB (bull case); at 8.00 THB, the current price sits within 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 about 14% below its 52-week high and 63% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -63% fair-value upside, at 53%, BEYOND 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 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
Highest evidence
Growth DCF 7.60 THB 23.07 THB 50.54 THB 80
Residual Income 15.05 THB 13.56 THB 8.93 THB 76
Rev-Margin DCF 5.21 THB 17.38 THB 35.04 THB 74
All 23 models by family
DCF Models
FCF DCF 8.27 THB 20.29 THB 51.81 THB 38
Owner Earnings 0.9400 THB 10.73 THB 31
5Y Revenue Exit 5.21 THB 17.03 THB 36.48 THB 39
5Y EBITDA Exit 9.18 THB 25.86 THB 51.62 THB 41
10Y Revenue Exit 5.62 THB 18.60 THB 36.95 THB 36
10Y EBITDA Exit 8.78 THB 25.62 THB 55.19 THB 37
10Y P/E Exit 0.2100 THB 3.37 THB 7.42 THB 35
Earnings-Based
Graham-Dodd 0.0600 THB 0.3700 THB 0.5200 THB 54
Lynch FV 0.1100 THB 0.1500 THB 0.2000 THB 50
PEG = 1.0 0.1100 THB 0.1500 THB 0.2000 THB 46
EPV 2.28 THB 3.99 THB 5.47 THB 59
Multiples
P/E Multiple 0.1100 THB 0.1400 THB 0.1800 THB 63
P/S Multiple 0.1100 THB 0.1400 THB 0.1800 THB 58
P/B Multiple 0.1100 THB 0.1400 THB 0.1800 THB 55
EV/EBIT 5.35 THB 9.99 THB 14.63 THB 53
EV/EBITDA 10.27 THB 16.56 THB 22.84 THB 54
EV/Revenue 3.50 THB 8.67 THB 13.84 THB 43
Asset-Based
NCAV (Graham) 11.53 THB 15.45 THB 23.06 THB 50
Growth DCF
Growth DCF 7.60 THB 23.07 THB 50.54 THB 80
Rev-Margin DCF 5.21 THB 17.38 THB 35.04 THB 74
Economic Profit
Residual Income 15.05 THB 13.56 THB 8.93 THB 76
ROIC Compounder 2.28 THB 3.99 THB 5.47 THB 72
Growth Earnings
Growth-Adj P/E 0.1400 THB 0.2000 THB 0.2600 THB 68

Widest divergence: DCF Models (18.60 THB) versus Multiples (0.1400 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/E ratio 38.1
P/S ratio 0.03 P/E × margin
EPS (TTM) 0.2100 THB price ÷ EPS = P/E 38.1
Net margin 0.1% FY2025
Return on equity 0.9% TTM
Return on assets (EBIT) 1.0% avg 5y
More key figures
Profitability
Operating margin 22.3% TTM
Growth
Revenue (TTM) 3.4B THB TTM
Revenue growth (YoY) +14.3% 3y avg +15.5%
EPS growth (YoY) +104%
Balance sheet & cash flow
Free cash flow 330M THB FY2025
Net debt 5.0B THB FY2025 · ≈ 15.2 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 48 · Market factors (momentum, volatility) 57

Profitability 15
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 62
Distance to the 52-week high (market factor)
Net Issuance 81
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Bound and Beyond Public Company Limited, together with its subsidiaries, invests in, develops, and operates hotel and hospitality business in Thailand. It operates in two segments: Hotel and Other Services. The company owns hotels under the Four Seasons Hotel Bangkok and Capella Bangkok names.

Full company description

Bound and Beyond Public Company Limited, together with its subsidiaries, invests in, develops, and operates hotel and hospitality business in Thailand. It operates in two segments: Hotel and Other Services. The company owns hotels under the Four Seasons Hotel Bangkok and Capella Bangkok names. It also engages in the trading of various base metals and by-products; and provision of food and beverage services. Bound and Beyond Public Company Limited was founded in 1981 and is based in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bound and Beyond PCL reported revenue of 3.3B THB in FY2025 versus 222M THB in FY2021, a compound +96.6%/yr. Reported net income was 2.3M THB in FY2025, compounding −77.3%/yr from FY2021.

Growth Quality 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.3B THB
Latest YoY
−4.7%
Avg. revenue growth/yr (3Y) 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.
+15.5%
Avg. revenue growth/yr (5Y) 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.
+56.8%
Avg. revenue growth/yr (25Y) 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.
−1.9%
Value creation/yr (5Y, in THB) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
−66.6% (-66.6 + 0.0)
Revenue +96.6%/yr
FY21 222M THB
FY22 2.1B THB
FY23 3.0B THB
FY24 3.5B THB
FY25 3.3B THB
Net income −77.3%/yr
FY21 878M THB
FY22 −342M THB
FY23 157M THB
FY24 −37.0M THB
FY25 2.3M THB
Character of growth · EPS growth decomposed (2014-2025) −17.9 % p.a.
Revenue per share −8.1 pp

of which total revenue −5.4 pp · buybacks/dilution −2.7 pp

EBIT margin −1.4 pp
Tax rate +1.7 pp
Residual (interest, one-offs) −10.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Bound and Beyond PCL Fair Value". https://www.fairvalue-calculator.com/stock/BEYOND

Peer Group

Lodging · 171 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 51 · Below median
Fair Value upside +53% · Top 25%
Return on equity (TTM) 1% · Below median
Return on assets 2% · Above median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 22% · Above median
Revenue growth 14% · Top 25%
Debt / equity 0.53× · Higher than median

Valuation Multiples vs Lodging median · lower = cheaper

P/E (TTM) 38.1× · Pricier than 75% of peers
P/B 0.36× · Cheaper than 75% of peers
P/S (TTM) 0.68× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 7.6× · Cheaper than median

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 0
FUTURE72 · sector 25
PAST3 · sector 11
HEALTH73 · sector 91
DIVIDEND0 · sector 25

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

Similar stocks

10 more Lodging stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Marriott International, Inc MAR $358.67 $132.35 -63%
Hilton Worldwide Holdings HLT $332.56 $122.07 -63%
InterContinental Hotels Group IHG $161.82 $85.18 -47%
Hyatt Hotels Corporation H $178.37 $46.78 -74%
H World Group HTHT $41.25 $47.78 +16%
Accor SA AC €46.65 €36.87 -21%
The Indian Hotels Company INDHOTEL ₹723.35 ₹253.67 -65%
Wyndham Hotels & Resorts, Inc WH $74.02 $23.55 -68%
Hanjin Kal, 180640 118,200 KRW 36,890 KRW -69%
Choice Hotels International, Inc CHH $105.54 $61.72 -42%

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Frequently asked questions

Is Bound and Beyond PCL (BEYOND) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 12.23 THB versus a price of 8.00 THB, about +53% (undervalued).
What is the fair value of BEYOND?
Our model-based fair value for Bound and Beyond PCL is 12.23 THB (as of Aug 13, 2026), built from audited fundamentals. The current price: 8.00 THB.
What is the quality score of BEYOND?
Bound and Beyond PCL has a Quality Score of 51/100. 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 revenue of Bound and Beyond PCL (BEYOND)?
Bound and Beyond PCL reported trailing-twelve-month revenue of about 3.4B THB (latest available figure, as of Aug 13, 2026).
What is the net profit margin of BEYOND?
The net profit margin of Bound and Beyond PCL is about 1.7%, meaning it keeps roughly 1.7% 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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