Demco Public Company Limited (DEMCO) fair value: what the stock is really worth
As of Oct 26, 2026: fair value (intrinsic value) of Demco Public Company Limited stock THB 0.36, price THB 3.58, upside -89.9%, quality 51 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?No
Good quality?Yes
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
Demco Public Company Limited, together with its subsidiaries, engages in the provision of electric system construction and service works in the fields of electric engineering and telecommunication in Thailand.
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The company operates through six segments: Sales, Electricity from Solar Power, Electrical Work Services, Engagement Work Services, Other Services, and Sales and Providing Service to Biomass Power Plant.
The Sales segment produces and sells steel structure fabrications for electrical and telecommunication works; and water. The Electricity from Solar Power segment generates and sells electricity from solar power. The Electrical Work Services segment designs, constructs, and manages electrical work.
The Engagement Work Services segment produces and installs fabricated steel structures and high-pressure vessels. The Other Services segment provides civil work, communication, and other services.
The Sales and Providing Service to Biomass Power Plant segment engages in the operating service and maintenance of biomass power plant; and offers biomass fuel.
The company also manufactures and trades in steel supporting structures and steel towers; and trades in assembled telecommunication equipment, communication equipment, and electrical equipment, as well as sells construction materials, and manufacture and sale of galvanized structure steel and electrical equipment.
In addition, it invests in projects of renewable energy generation and utilities system, including wind energy, solar farm, and solar roof projects.
Further, the company design, procurement, construct, test, install, and maintain electrical engineering, renewable energy, signaling and communication, mechanical and electrical, telecommunication tower, and energy conservative work.
Additionally, it operates in renewable energy of an utility systems; and electricity generation and transmission business. Demco Public Company Limited was incorporated in 1992 and is headquartered in Pathum Thani, Thailand.
Stock analysis
Demco Public Company Limited (DEMCO) currently trades at 3.58 THB, while our model-based Fair Value estimate is 0.3600 THB, 89.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 2.94 THB per share, and 1 of the 19 models we run sit above the 3.58 THB price.
Bear case: the Earnings-Based group reads lowest at 0.1400 THB, and 18 of the 19 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.2700 THB (bear) to 0.4500 THB (bull), the price of 3.58 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 51/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Demco Public Company Limited reported revenue of 2.1B THB in FY2025 versus 2.6B THB in FY2021, a compound −4.3%/yr. Reported net income was 12.8M THB in FY2025, compounding −40.3%/yr from FY2021.
Key figures
Market cap 2.7B THB (≈ $80.0M) Micro · P/E ratio 51.1 · P/S ratio 1.36 · EPS (TTM) 0.0700 THB · Net margin 2.5% · Return on equity 1.4% · Return on assets (EBIT) −1.2% · Operating margin 4.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 25 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 69% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −29% fair-value upside, at −90%, DEMCO screens richer than that median.
Fair Value models
Bear0.2700 THBFair Value 0.3600 THBBull0.4500 THB
Price 3.58 THB · Upside -89.9%
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 (0.0575 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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−27.9%
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.
+0.7%
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.
−2.3%
Start year 2020 (pandemic). Over 10 years: −8.4% a year
Revenue growth 20 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.
+1.7%
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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.
−25.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−25.9%
Dividend (yield on the price)0.0%
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.−25.9% vs −29.1%, 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.6% → 2%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 8.4%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+36.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +34.6% a year for the price.
Compare Demco Public Company Limited with another stock
Price, fair value, quality and upside side by side.
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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 · 802 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score51 · Above median
Fair Value upside−89.9% · Bottom 25%
Profitability
Return on equity (12 months)1.4% · Below median
Return on assets0.2% · Bottom 25%
Net margin (12 months)2.5% · Below median
Operating margin (12 months)4.2% · Below median
Growth and dividend
Revenue growth (quarter YoY)−0.9% · Below median
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)51.1× · Priciest 25%
P/B0.75× · Cheaper than median
P/S (12 months)1.36× · Pricier than median
Price / free cash flow34.6× · Priciest 25%
EV/EBITDA32.8× · Priciest 25%
PEG0.19× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 38
FUTURE (revenue growth)0· sector 19
PAST (return on equity)5· sector 28
HEALTH (low debt)99· sector 94
DIVIDEND (yield)0· sector 43
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). "Demco Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/DEMCO
Frequently asked questions
Is Demco Public Company Limited (DEMCO) overvalued or undervalued?
As of Oct 26, 2026, our model estimates a fair value of 0.3600 THB versus a price of 3.58 THB, about −90% upside (overvalued).
What is the fair value of DEMCO?
Our model-based fair value for Demco Public Company Limited is 0.3600 THB (as of Oct 26, 2026), built from audited fundamentals. The current price: 3.58 THB.
What is the quality score of DEMCO?
Demco Public Company Limited 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 price target for Demco Public Company Limited (DEMCO)?
Our model-based price target is the fair value of 0.3600 THB (as of Oct 26, 2026) from 19 valuation models. Cautious scenario 0.2700 THB, optimistic scenario 0.4500 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Demco Public Company Limited stock forecast for 2026?
Our models put fair value at 0.3600 THB, about −90% upside versus a price of 3.58 THB (overvalued). Cautious scenario 0.2700 THB, optimistic scenario 0.4500 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Demco Public Company Limited (DEMCO)?
Demco Public Company Limited reported trailing-twelve-month revenue of about 2.0B THB (latest available figure, as of Oct 26, 2026).
What growth is priced into Demco Public Company Limited (DEMCO)?
For today's price to be fair in a discounted-cash-flow model, Demco Public Company Limited would have to grow free cash flow by +36.3 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.3 % per year. As of Oct 26, 2026.
What discount rate (WACC) does the fair value of DEMCO use?
Our models discount Demco Public Company Limited at 13.5 %: a base by market capitalisation (micro), damped by beta 0.70, country premium for Thailand. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Demco Public Company Limited that is +36.3 % per year a year over ten years, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Demco Public Company Limited (DEMCO) delivered so far?
Over the past 5 years revenue at Demco Public Company Limited grew -2.3 % a year. The price currently implies +36.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Demco Public Company Limited (DEMCO) growing?
The median revenue growth in the sector is +7.6 % a year. That is the yardstick for the growth priced into Demco Public Company Limited (+36.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Demco Public Company Limited (DEMCO)?
The free-cash-flow yield on the price is 2.89 %: that much free cash flow Demco Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Demco Public Company Limited (DEMCO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Demco Public Company Limited it is 0.3600 THB per share (as of Oct 26, 2026), against a price of 3.58 THB. It is the blended result of 19 valuation models (cash flow, earnings, asset, dividend).
Is Demco Public Company Limited stock overvalued or undervalued in 2026?
As of Oct 26, 2026, DEMCO trades above its calculated fair value: price 3.58 THB, fair value 0.3600 THB, a gap of about −90% (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 DEMCO?
No. The price is what the market pays today (3.58 THB); the fair value is what the company's own numbers justify (0.3600 THB). For Demco Public Company Limited the two are 3.22 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Demco Public Company Limited worth?
The market values Demco Public Company Limited at about 2.7B THB (market capitalisation, as of Oct 26, 2026). Per share that is 3.58 THB; our models calculate a fair value of 0.3600 THB per share.
What do the bullish and bearish scenarios say about DEMCO?
Our models span a range for Demco Public Company Limited: cautious scenario 0.2700 THB, base 0.3600 THB, optimistic 0.4500 THB per share (as of Oct 26, 2026, price 3.58 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DEMCO?
Demco Public Company Limited trades at a price-to-earnings ratio of 51.1 (as of Oct 26, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.3600 THB is built from several models across several years. Other multiples: PEG 0.2, P/B 0.8, P/S 1.4, EV/EBITDA 32.8.
What is the PEG ratio of DEMCO?
The PEG ratio of Demco Public Company Limited is 0.19 (P/E divided by earnings growth, as of Oct 26, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Demco Public Company Limited (DEMCO)?
Balance-sheet figures for Demco Public Company Limited (as of Oct 26, 2026): return on equity 1.4%, debt of 0.02 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is DEMCO from its 52-week high?
Demco Public Company Limited trades at 3.58 THB, about 14% below its 52-week high of 4.14 THB and 69% above the low of 2.12 THB (as of Oct 26, 2026). Distance from the high says nothing about value: that is what the fair value of 0.3600 THB is for.
Which stocks are comparable to Demco Public Company Limited?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 Demco Public Company Limited stock attractive at the current price?
The data as of Oct 26, 2026: price 3.58 THB, calculated fair value 0.3600 THB (−90%), Quality Score 51/100, from 19 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 DEMCO calculated?
We run Demco Public Company Limited through 19 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 0.3600 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 12.7 % above its aggregate fair value. Demco 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 Demco Public Company Limited (DEMCO)?
The closing price on Oct 26, 2026 was 3.58 THB. Our model-based fair value is 0.3600 THB, about −90% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Demco Public Company Limited right now?
The price sits above even our optimistic bull case (0.4500 THB). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Demco Public Company Limited
How large is the market capitalisation of Demco Public Company Limited (DEMCO)?
The market capitalisation of Demco Public Company Limited is 2.7B THB (≈ $80.0M). 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 Demco Public Company Limited (DEMCO)?
The price-to-sales ratio of Demco Public Company Limited is 1.36 (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 Demco Public Company Limited (DEMCO)?
Earnings per share at Demco Public Company Limited are 0.0700 THB (price ÷ EPS = P/E 51.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Demco Public Company Limited (DEMCO)?
The net margin of Demco Public Company Limited is 2.5% (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 Demco Public Company Limited (DEMCO)?
The return on equity (ROE) of Demco Public Company Limited is 1.4% (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 Demco Public Company Limited (DEMCO)?
On an EBIT basis the return on assets of Demco Public Company Limited is −1.2% (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 Demco Public Company Limited (DEMCO)?
The operating margin of Demco Public Company Limited is 4.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Demco Public Company Limited (DEMCO)?
Revenue at Demco Public Company Limited is growing −0.9% versus a year earlier (3y avg +0.7%). 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 Demco Public Company Limited (DEMCO)?
Earnings per share at Demco Public Company Limited are growing −36.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Demco Public Company Limited (DEMCO) carry?
The net debt of Demco Public Company Limited is 1.1B THB (fiscal year 2025, ≈ 13.9 yrs of FCF). 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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Thin data
Oct 26, 2026