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Civil Engineering PCL (CIVIL) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Civil Engineering PCL THB 1.67, price THB 0.97, upside +72.2%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Industrials · TH

CE Thin data Sep 24, 2026

Civil Engineering PCL

CIVIL · BK

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value 1.67 THB · Strongly undervalued (+72%)
!Quality 40/100
!Weak Growth (revenue 5y +3.5 %/yr)
!Loss-making · -0.3% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (3/9)
!Narrow moat 20/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

6.21 THB 0.5800 THB Fair Value 1.67 THB Jan 2022 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

56‑month range 0.5800 THB – 6.21 THB · fair‑value band 1.40 THB – 1.67 THB · the 0.9700 THB price screens below the 1.67 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Civil Engineering Public Company Limited provides construction services in Thailand. The company operates through three segments: Construction Services, Sales of Construction Materials, and Rental Services.

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Civil Engineering Public Company Limited provides construction services in Thailand. The company operates through three segments: Construction Services, Sales of Construction Materials, and Rental Services. The Construction Services segment includes highway and road, rail systems comprising high speed and double track, airport and port, water infrastructure, and industrial constructions, as well as other constructions, such as canal construction projects, landfill projects, and wastewater treatment system projects. Its Sales of Construction Materials segment involves manufacture and sale of reinforced concrete pipes for drainage works; prefabricated hollow concrete bridge sections and prefabricated reinforced concrete parapets; concrete products; and asphaltic products, as well as corrugated steel guardrails for highway construction. Its Rental Services segment engages in the investment and real estate development business, including renting office buildings. The company was founded in 1966 and is headquartered in Bangkok, Thailand. Civil Engineering Public Company Limited operates as a subsidiary of Atsavasirisuk Holding Company Limited.

Stock analysis

Civil Engineering PCL (CIVIL) currently trades at 0.9700 THB, while our model-based Fair Value estimate is 1.67 THB, implying the stock looks roughly 41.9% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of 3.55 THB per share, and 3 of the 5 models we run sit above the 0.9700 THB price.

Bear case: the Dividend Discount group reads lowest at 0.2400 THB, and 2 of the 5 models stay below the price. Evidence for this calculation is low.

Scenario range: 1.40 THB (bear) to 1.67 THB (bull), the price of 0.9700 THB sits below 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 40/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Civil Engineering PCL reported revenue of 4.9B THB in FY2025 versus 5.0B THB in FY2021, a compound −0.9%/yr. Reported net income was −29.0M THB in FY2025.

Key figures

Market cap 868M THB (≈ $26.0M) · P/S ratio 0.17 · EPS (TTM) −0.0200 THB · Dividend yield 1.6% · Net margin −0.6% · Return on equity −0.9% · Return on assets (EBIT) 1.4% · Operating margin 1.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 29% below its 52-week high and 67% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 72%, CIVIL screens cheaper than that median.

Fair Value models

Bear 1.40 THB Fair Value 1.67 THB Bull 1.67 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. 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.
Highest evidence
Owner Earnings 2.74 THB 3.55 THB 4.77 THB 78
Gordon GGM 0.1800 THB 0.2400 THB 0.3100 THB 69
DDM Multi-Stage 0.1800 THB 0.2400 THB 0.3200 THB 67
All 5 models by family
DCF Models
Owner Earnings 2.74 THB 3.55 THB 4.77 THB 78
Dividend Discount
Gordon GGM 0.1800 THB 0.2400 THB 0.3100 THB 69
DDM Multi-Stage 0.1800 THB 0.2400 THB 0.3200 THB 67
Multiples
EV/EBITDA 2.54 THB 3.21 THB 3.89 THB 67
Asset-Based
NCAV (Graham) 1.33 THB 1.78 THB 2.66 THB 54

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Quality Score breakdown

Overall quality 40/100

Of which business quality 38 · Market factors (momentum, volatility) 38

Profitability 16
Margins and returns on capital today
Quality Growth 21
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 18
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 39
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 38
Distance to the 52-week high (market factor)
Net Issuance 83
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 13/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−1.7%
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.
−7.1%
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.
+3.5%
Start year 2020 (pandemic)
Revenue growth 8 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.
+4.9%
Profit margin (trend) ⓘ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.
2.8% (2020) → −1.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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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.Engineering & Construction · 840 stocks

Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 40 · Below median
Fair Value upside +72% · Top 25%
Profitability
Return on assets 0% · Bottom 25%
Net margin (TTM) 0% · Bottom 25%
Operating margin (TTM) 2% · Below median
Growth and dividend
Revenue growth 25% · Top 25%
Dividend yield (TTM) 1.6% · Below median
Balance sheet
Debt / equity 0.00× · Lowest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 29
FUTURE (revenue growth)100 · sector 11
PAST (return on equity)0 · sector 29
HEALTH (low debt)100 · sector 94
DIVIDEND (yield)32 · sector 40

Context: sector, industry, market

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Quanta Services, Inc PWR $634.90 $163.08 −74%
Vinci SA DG €110.50 €185.62 +68%
Comfort Systems USA, Inc FIX $1,626 $1,122 −31%
Larsen & Toubro Limited LT ₹3,930 ₹1,994 −49%
Ferrovial N.V FER $56.30 $24.01 −57%
Samsung C&T Corporation 028260 367,000 KRW 256,792 KRW −30%
HOCHTIEF Aktiengesellschaft HOT €397.00 €203.87 −49%
ACS, Actividades de Construcción y Servicios, S.A ACS €92.75 €75.04 −19%
EMCOR Group EME $751.80 $521.87 −31%
MasTec, Inc MTZ $217.52 $106.05 −51%

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Civil Engineering PCL · Fair Value
1.67 THB +42%Fair Value
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Cite: Fair Value Calculator (2026). "Civil Engineering PCL Fair Value". https://www.fairvalue-calculator.com/stock/CIVIL

Frequently asked questions

Is Civil Engineering PCL (CIVIL) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 1.67 THB versus a price of 0.9700 THB, about +72% upside (undervalued).
What is the fair value of CIVIL?
Our model-based fair value for Civil Engineering PCL is 1.67 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.9700 THB.
What is the quality score of CIVIL?
Civil Engineering PCL has a Quality Score of 40/100. 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 Civil Engineering PCL (CIVIL)?
Our model-based price target is the fair value of 1.67 THB (as of Sep 24, 2026) from 5 valuation models. Cautious scenario 1.40 THB, optimistic scenario 1.67 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Civil Engineering PCL stock forecast for 2026?
Our models put fair value at 1.67 THB, about +72% upside versus a price of 0.9700 THB (undervalued). Cautious scenario 1.40 THB, optimistic scenario 1.67 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Civil Engineering PCL (CIVIL)?
Civil Engineering PCL reported trailing-twelve-month revenue of about 5.2B THB (latest available figure, as of Sep 24, 2026).
Does Civil Engineering PCL pay a dividend?
Civil Engineering PCL currently shows a dividend yield of about 1.61% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Civil Engineering PCL (CIVIL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Civil Engineering PCL it is 1.67 THB per share (as of Sep 24, 2026), against a price of 0.9700 THB. It is the blended result of 5 valuation models (cash flow, earnings, asset, dividend).
Is Civil Engineering PCL stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CIVIL trades below its calculated fair value: price 0.9700 THB, fair value 1.67 THB, a gap of about +72% (undervalued). 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 CIVIL?
No. The price is what the market pays today (0.9700 THB); the fair value is what the company's own numbers justify (1.67 THB). For Civil Engineering PCL the two are 0.7000 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Civil Engineering PCL worth?
The market values Civil Engineering PCL at about 868M THB (market capitalisation, as of Sep 24, 2026). Per share that is 0.9700 THB; our models calculate a fair value of 1.67 THB per share.
What do the bullish and bearish scenarios say about CIVIL?
Our models span a range for Civil Engineering PCL: cautious scenario 1.40 THB, base 1.67 THB, optimistic 1.67 THB per share (as of Sep 24, 2026, price 0.9700 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Civil Engineering PCL (CIVIL)?
Balance-sheet figures for Civil Engineering PCL (as of Sep 24, 2026): return on equity −0.9%, debt of 0.00 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is CIVIL from its 52-week high?
Civil Engineering PCL trades at 0.9700 THB, about 29% below its 52-week high of 1.37 THB and 67% above the low of 0.5800 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 1.67 THB is for.
Which stocks are comparable to Civil Engineering PCL?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Civil Engineering PCL stock attractive at the current price?
The data as of Sep 24, 2026: price 0.9700 THB, calculated fair value 1.67 THB (+72%), Quality Score 40/100, from 5 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 CIVIL calculated?
We run Civil Engineering PCL through 5 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 1.67 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 14.0 % above its aggregate fair value. Civil Engineering PCL currently trades 72 % below its own fair value, and the market average says nothing about that. 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 Civil Engineering PCL (CIVIL)?
The closing price on Sep 24, 2026 was 0.9700 THB. Our model-based fair value is 1.67 THB, about +72% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Civil Engineering PCL right now?
The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (1.40 THB). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Civil Engineering PCL

How large is the market capitalisation of Civil Engineering PCL (CIVIL)?
The market capitalisation of Civil Engineering PCL is 868M THB (≈ $26.0M). 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 Civil Engineering PCL (CIVIL)?
The price-to-sales ratio of Civil Engineering PCL is 0.17 (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 Civil Engineering PCL (CIVIL)?
Earnings per share at Civil Engineering PCL are −0.0200 THB. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Civil Engineering PCL (CIVIL)?
The dividend yield of Civil Engineering PCL is 1.6%. 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 Civil Engineering PCL (CIVIL)?
The net margin of Civil Engineering PCL is −0.6% (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 Civil Engineering PCL (CIVIL)?
The return on equity (ROE) of Civil Engineering PCL is −0.9% (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 Civil Engineering PCL (CIVIL)?
On an EBIT basis the return on assets of Civil Engineering PCL is 1.4% (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 Civil Engineering PCL (CIVIL)?
The operating margin of Civil Engineering PCL is 1.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Civil Engineering PCL (CIVIL)?
Revenue at Civil Engineering PCL is growing +24.6% versus a year earlier (3y avg −7.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Civil Engineering PCL (CIVIL)?
Earnings per share at Civil Engineering PCL are growing +175% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Civil Engineering PCL (CIVIL) generate?
The free cash flow of Civil Engineering PCL is −417M 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 Civil Engineering PCL (CIVIL) carry?
The net debt of Civil Engineering PCL is 2.2B 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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