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Electricity Generating Public Company (EGCO) Fair Value & Analysis

Utilities · TH · Market cap 69.2B THB

EG Electricity Generating Public Company EGCO · BK
Price132.00 THB
Fair Value127.00 THB
Upside-3.8%
Quality56/100
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Mixed Growth
Thin margins · 6.5% net margin
Moderate debt · generates free cash flow
5.04% dividend yield
Mixed vs. peers (6/15)
Narrow moat 36/100
Evidence: High Range 86.62 THB – 153.79 THB Share as image

Fair value as of: Jul 18, 2026

From 20 valuation models · updated 22 days ago

Share price +10.0% 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.
  • Our model range runs from 86.62 THB (bear) to 153.79 THB (bull), base 127.00 THB. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 56/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

153.55 THB 82.18 THB Fair Value 127.00 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 82.18 THB – 153.55 THB · fair‑value band 86.62 THB – 153.79 THB · the 132.00 THB price screens above the 127.00 THB fair value. Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Electricity Generating Public Company (EGCO) currently trades at 132.00 THB, while our model-based Fair Value estimate is 127.00 THB, implying the stock looks roughly 3.8% fairly valued today. The Quality Score stands at 56/100 (solid quality), in the Utilities sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Electricity Generating Public Company generated revenue of 31.0B THB at a net margin of 6.5%. Revenue declined 11.5% year over year. It earns a return on equity of 1.9%. Net debt stands at 77.7B THB. Fundamentals as of Jul 18, 2026

Our scenario range runs from 86.62 THB (bear case) to 153.79 THB (bull case); at 132.00 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 last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 5% below its 52-week high and 41% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -59% fair-value upside, at -4%, EGCO 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 BearBaseBull Evidence
Highest evidence
Growth DCF 57.50 THB 112.47 THB 200.74 THB 80
Residual Income 145.58 THB 148.04 THB 141.36 THB 76
Rev-Margin DCF 23.40 THB 74
All 20 models by family
DCF Models
FCF DCF 51.84 THB 108.79 THB 206.58 THB 38
Owner Earnings 31.09 THB 80.29 THB 164.76 THB 31
5Y Revenue Exit 17.81 THB 39
5Y EBITDA Exit 19.15 THB 54.32 THB 41
5Y P/E Exit 22.14 THB 73.13 THB 130.07 THB 38
10Y Revenue Exit 2.82 THB 23.04 THB 44.41 THB 36
10Y EBITDA Exit 12.82 THB 39.81 THB 69.15 THB 37
10Y P/E Exit 32.19 THB 75.65 THB 120.47 THB 35
Earnings-Based
Graham-Dodd 61.06 THB 112.21 THB 138.92 THB 54
Dividend Discount
Gordon GGM 59.67 THB 79.40 THB 99.43 THB 70
DDM Multi-Stage 59.67 THB 82.01 THB 108.66 THB 61
Multiples
P/E Multiple 121.22 THB 161.63 THB 202.04 THB 63
P/S Multiple 114.27 THB 152.36 THB 190.45 THB 58
P/B Multiple 114.49 THB 152.65 THB 190.81 THB 55
EV/EBITDA 5.15 THB 54
Asset-Based
NCAV (Graham) 94.78 THB 127.00 THB 189.55 THB 50
Growth DCF
Growth DCF 57.50 THB 112.47 THB 200.74 THB 80
Rev-Margin DCF 23.40 THB 74
Economic Profit
Residual Income 145.58 THB 148.04 THB 141.36 THB 76
Growth Earnings
Growth-Adj P/E 86.62 THB 123.75 THB 160.87 THB 68

Widest divergence: Multiples (152.65 THB) versus DCF Models (73.13 THB). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 31.0B THB
Revenue growth (YoY) -11.5%
Net margin 6.5%
Return on equity 1.9%
Free cash flow 7.8B THB FY2025
P/E ratio 29.9
More key figures
Operating margin 9.5%
EPS (TTM) 3.85 THB
Dividend yield 5.7%
EPS growth (YoY) -75.6%
Net debt 77.7B THB FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 55 · Market factors (momentum, volatility) 73

Profitability 25
Margins and returns on capital today
Quality Growth 18
Are margins and returns improving?
Cashflow 92
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 73
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

Electricity Generating Public Company Limited, together with its subsidiaries, generates and sells electricity to government sector and industrial users primarily in Thailand, Laos, the Philippines, Indonesia, Australia, South Korea, Taiwan, and the United States. It operates through Electricity Generation and Other Businesses segments.

Full company description

Electricity Generating Public Company Limited, together with its subsidiaries, generates and sells electricity to government sector and industrial users primarily in Thailand, Laos, the Philippines, Indonesia, Australia, South Korea, Taiwan, and the United States. It operates through Electricity Generation and Other Businesses segments. The company generates electricity from various resources, such as biomass, hydropower, solar and wind power, battery energy, and fuel cell. It also involved in operation, maintenance, engineering and construction services to power plants, petrochemical plants, oil refineries and other industries; coal mining, management, and oil pipeline business. The company was incorporated in 1992 and is based in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Electricity Generating Public Company reported revenue of 32.1B THB in FY2025 versus 35.9B THB in FY2021, a compound −2.8%/yr. Reported net income was 4.7B THB in FY2025, compounding +3.6%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
32.1B THB
Latest YoY
−20.4%
Avg. growth/yr (3Y)
−18.7%
Avg. growth/yr (5Y)
−0.9%
Avg. growth/yr (25Y)
+4.9%
Revenue −2.8%/yr
FY21 35.9B THB
FY22 59.6B THB
FY23 49.6B THB
FY24 40.3B THB
FY25 32.1B THB
Net income +3.6%/yr
FY21 4.1B THB
FY22 2.7B THB
FY23 −8.4B THB
FY24 5.4B THB
FY25 4.7B THB

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

Peer Group

Utilities - Independent Power Producers · 78 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 56 · Above median
Fair Value upside −4% · Above median
Return on equity (TTM) 2% · Below median
Return on assets 0% · Bottom 25%
Net margin (TTM) 7% · Below median
Operating margin (TTM) 10% · Below median
Revenue growth -12% · Below median
Dividend yield (TTM) 5.0% · Top 25%
Debt / equity 0.84× · Higher than median

Valuation Multiples vs Utilities - Independent Power Producers median · lower = cheaper

P/E (TTM) 34.2× · Pricier than 75% of peers
P/B 0.69× · Cheaper than median
P/S (TTM) 2.23× · Pricier than median
P/FCF 0.3× · Cheaper than median
EV/EBITDA 35.2× · Pricier than 75% of peers
PEG 0.63× · 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.

VALUE 28 · sector 23
FUTURE 0 · sector 0
PAST 8 · sector 31
HEALTH 58 · sector 70
DIVIDEND 100 · sector 52

Insider activity: 45/100

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 Utilities - Independent Power Producers stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Constellation Energy Corporation CEG $257.57 $89.08 -65%
Vistra Corp VST $158.86 $47.59 -70%
Adani Power Limited ADANIPOWER ₹218.45 ₹75.57 -65%
CGN Power Co 003816 ¥3.88 ¥3.13 -19%
NRG Energy, Inc NRG $137.90 $56.02 -59%
Gulf Development Public Company GULF 67.50 THB 40.44 THB -40%
Adani Energy Solutions Limited ADANIENSOL ₹1,730 ₹342.02 -80%
Talen Energy Corporation TLN $372.37 $44.67 -88%
Datang International Power Generation Co 601991 ¥5.80 ¥4.95 -15%
Power Assets Holdings 0006 HK$58.45 HK$31.90 -45%

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Frequently asked questions

Is Electricity Generating Public Company (EGCO) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 127.00 THB versus a price of 132.00 THB, about −4% (fairly valued).
What is the fair value of EGCO?
Our model-based fair value for Electricity Generating Public Company is 127.00 THB (as of Jul 18, 2026), built from audited fundamentals. The current price is 132.00 THB.
What is the quality score of EGCO?
Electricity Generating Public Company has a Quality Score of 56/100. 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 Electricity Generating Public Company (EGCO)?
Electricity Generating Public Company reported trailing-twelve-month revenue of about 31.0B THB (latest available figure, as of Jul 18, 2026).
What is the net profit margin of EGCO?
The net profit margin of Electricity Generating Public Company is about 6.5%, meaning it keeps roughly 6.5% of revenue as net income. Based on the latest reported figures.
Does Electricity Generating Public Company pay a dividend?
Electricity Generating Public Company currently shows a dividend yield of about 5.65% relative to its recent price (as of Jul 18, 2026).

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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