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CAZ (Thailand) Public Company (CAZ) Fair Value & Analysis

Industrials · TH · Market cap 752M THB

CT CAZ (Thailand) Public Company CAZ · BK
Price2.46 THB
Fair Value2.62 THB
Upside+6.5%
Quality62/100
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Mixed Growth
Loss-making · -9.7% net margin
Low debt · generates free cash flow
Ranks above peers (7/10)
Narrow moat 29/100
Evidence: Medium Range 2.16 THB – 4.52 THB Share as image

Fair value as of: Jul 15, 2026

From 13 valuation models · updated 26 days ago

Fair value updated Jul 15, 2026, revised from 21.76 THB to 2.62 THB (−88.0%) since Jun 24, 2026. Share price −0.8% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (2.16 THB to 4.52 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

7.03 THB 1.38 THB Fair Value 2.62 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 1.38 THB – 7.03 THB · fair‑value band 2.16 THB – 4.52 THB · the 2.46 THB price screens below the 2.62 THB fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

CAZ (Thailand) Public Company (CAZ) currently trades at 2.46 THB, while our model-based Fair Value estimate is 2.62 THB, implying the stock looks roughly 6.5% fairly valued today. The Quality Score stands at 62/100 (solid quality), in the Industrials 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: medium), always confirm before acting.

Over the trailing twelve months, CAZ (Thailand) Public Company generated revenue of 3.1B THB at a net margin of -9.7%. Revenue grew 20.3% year over year. It earns a return on equity of -49.5%. Net debt stands at 281M THB. Fundamentals as of Jul 15, 2026

Our scenario range runs from 2.16 THB (bear case) to 4.52 THB (bull case); at 2.46 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 20% below its 52-week high and 80% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 6%, CAZ 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 10.25 THB 16.64 THB 25.92 THB 80
Rev-Margin DCF 11.27 THB 19.88 THB 31.14 THB 74
ROIC Compounder 15.90 THB 18.88 THB 21.87 THB 72
All 13 models by family
DCF Models
FCF DCF 10.45 THB 17.79 THB 29.21 THB 38
5Y Revenue Exit 11.27 THB 20.14 THB 32.27 THB 39
5Y EBITDA Exit 17.99 THB 34.13 THB 54.72 THB 41
10Y Revenue Exit 10.44 THB 18.32 THB 30.54 THB 36
10Y EBITDA Exit 14.89 THB 27.74 THB 47.86 THB 37
Earnings-Based
EPV 15.18 THB 17.27 THB 19.01 THB 59
Multiples
EV/EBIT 28.88 THB 38.55 THB 48.22 THB 53
EV/EBITDA 24.48 THB 32.69 THB 40.89 THB 54
EV/Revenue 11.99 THB 17.19 THB 22.38 THB 43
Asset-Based
NCAV (Graham) 0.8200 THB 1.09 THB 1.63 THB 50
Growth DCF
Growth DCF 10.25 THB 16.64 THB 25.92 THB 80
Rev-Margin DCF 11.27 THB 19.88 THB 31.14 THB 74
Economic Profit
ROIC Compounder 15.90 THB 18.88 THB 21.87 THB 72

Widest divergence: Multiples (32.69 THB) versus Asset-Based (1.09 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.1B THB
Revenue growth (YoY) +20.3%
Net margin -9.7%
Return on equity -49.5%
Free cash flow 299M THB FY2025
Operating margin 4.8%
More key figures
EPS (TTM) -1.03 THB
EPS growth (YoY) -15.4%
Net debt 281M THB FY2025

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

Quality Score breakdown

Overall quality 62/100

Of which business quality 61 · Market factors (momentum, volatility) 64

Profitability 27
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 70
Price trend over the last 3–12 months (market factor)
52W Momentum 54
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

CAZ (Thailand) Public Company Limited engages in the construction business in Thailand. It offers engineering, procurement, construction, and construction management services; and civil engineering and structural services in the areas of foundation, infrastructure, and building works, including steel structure works, piping erection, and mechanical and …

Full company description

CAZ (Thailand) Public Company Limited engages in the construction business in Thailand. It offers engineering, procurement, construction, and construction management services; and civil engineering and structural services in the areas of foundation, infrastructure, and building works, including steel structure works, piping erection, and mechanical and equipment installation services. The company undertakes structure erection, piping fabrication and erection, equipment erection, and electric and instrument works, including pre-commissioning and commissioning; and civil and building construction works, including engineering works. In addition, it is involved in mechanical fabrication works, including structures, vessels, heat exchangers, and tanks. It serves industrial, energy, and petrochemical/chemical sectors. CAZ (Thailand) Public Company Limited was incorporated in 2014 and is based in Rayong, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CAZ (Thailand) Public Company reported revenue of 2.9B THB in FY2025 versus 2.2B THB in FY2021, a compound +7.4%/yr. Reported net income was −297M THB in FY2025.

Growth Quality 65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
2.9B THB
Avg. 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.
+19.3%
Avg. 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.
+12.9%
Avg. growth/yr (10Y) 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.
+29.9%
Revenue +7.4%/yr
FY21 2.2B THB
FY22 3.1B THB
FY23 3.2B THB
FY24 3.7B THB
FY25 2.9B THB
Net income
FY21 137M THB
FY22 201M THB
FY23 215M THB
FY24 −232M THB
FY25 −297M THB

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

Peer Group

Engineering & Construction · 839 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 62 · Top 25%
Fair Value upside +7% · Above median
Return on assets 15% · Top 25%
Net margin (TTM) -10% · Bottom 25%
Operating margin (TTM) 5% · Above median
Revenue growth 20% · Above median
Debt / equity 0.28× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/B 0.05× · Cheaper than 75% of peers
P/FCF 0.1× · Cheaper 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 42 · sector 16
FUTURE 100 · sector 17
PAST 0 · sector 26
HEALTH 86 · sector 94
DIVIDEND 0 · sector 33

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is CAZ (Thailand) Public Company (CAZ) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 2.62 THB versus a price of 2.46 THB, about +6% (fairly valued).
What is the fair value of CAZ?
Our model-based fair value for CAZ (Thailand) Public Company is 2.62 THB (as of Jul 15, 2026), built from audited fundamentals. The current price is 2.46 THB.
What is the quality score of CAZ?
CAZ (Thailand) Public Company has a Quality Score of 62/100. 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 CAZ (Thailand) Public Company (CAZ)?
CAZ (Thailand) Public Company reported trailing-twelve-month revenue of about 3.1B THB (latest available figure, as of Jul 15, 2026).
What is the net profit margin of CAZ?
The net profit margin of CAZ (Thailand) Public Company is about -9.7%, meaning it is currently running at a net loss. 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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