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Finansa Public Company Limited (FNS) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Finansa Public Company Limited THB 0.98, price THB 0.49, upside +100.0%, quality 27 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
  3. Add to watchlist

Financial Services · TH · ISIN TH0686010Z06

FP Thin data Sep 24, 2026

Finansa Public Company Limited

FNS · BK

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

✓Fair value 0.9800 THB · Strongly undervalued (+100%)
!Quality 27/100
!Weak Growth (revenue 5y −12.4 %/yr)
!Loss-making · -185.8% net margin (TTM)
!High debt · negative free cash flow
!Trails peers (3/9)
!Narrow moat 6/100
!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

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Price vs Fair Value

4.60 THB 0.4500 THB Fair Value 0.9800 THB Apr 2021 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

60‑month range 0.4500 THB – 4.60 THB · fair‑value band 0.7270 THB – 1.46 THB · the 0.4900 THB price screens below the 0.9800 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

FNS Holdings Public Company Limited, together with its subsidiaries, provides various financial services in Thailand. It operates through two segments: Investment, Advisory, and Management Business; and Health and Wellness Center. The company invests in and provides finance and management advisory services.

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FNS Holdings Public Company Limited, together with its subsidiaries, provides various financial services in Thailand. It operates through two segments: Investment, Advisory, and Management Business; and Health and Wellness Center. The company invests in and provides finance and management advisory services. It also provides holistic healthcare; health and wellness; finance and management advisory; and investment advisory services. The company was formerly known as Finansa Public Company Limited and changed its name to FNS Holdings Public Company Limited in May 2022. FNS Holdings Public Company Limited was incorporated in 1989 and is based in Bangkok, Thailand.

Stock analysis

Finansa Public Company Limited (FNS) currently trades at 0.4900 THB, while our model-based Fair Value estimate is 0.9800 THB, implying the stock looks roughly 50.0% undervalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: 0.7270 THB (bear) to 1.46 THB (bull), the price of 0.4900 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 27/100 (below-average quality), in the Financial Services sector.

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

Finansa Public Company Limited reported revenue of 387M THB in FY2025 versus 43.7M THB in FY2021, a compound +72.5%/yr. Reported net income was −691M THB in FY2025.

Key figures

Market cap 315M THB (≈ $9.5M) · P/S ratio 0.95 · EPS (TTM) −1.23 THB · Net margin −186% · Return on equity −43.5% · Return on assets (EBIT) −6.3% · Operating margin −54.9% · Revenue (TTM) 332M THB.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).

What moves the price

The share trades about 53% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 100%, FNS screens cheaper than that median.

Fair Value models

Bear 0.7270 THB Fair Value 0.9800 THB Bull 1.46 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
NCAV (Graham) 1.18 THB 1.58 THB 2.36 THB 54
All 1 models by family
Asset-Based
NCAV (Graham) 1.18 THB 1.58 THB 2.36 THB 54

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Quality Score breakdown

Overall quality 27/100

Of which business quality 27 · Market factors (momentum, volatility) 22

Profitability 0
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 26
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 43
Calm price path (market factor)
Momentum 19
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 40
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. 6/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+40.2%
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.
+63.5%
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.
−12.4%
Start year 2020 (pandemic). Over 10 years: −2.4% a year
Revenue growth 24 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.
+3.1%
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.
28.7% (2020) → −125.8% (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.Asset Management · 657 stocks

Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 27 · Bottom 25%
Fair Value upside +100% · Top 25%
Profitability
Return on assets −20% · Bottom 25%
Net margin (TTM) −186% · Bottom 25%
Operating margin (TTM) −55% · Bottom 25%
Growth and dividend
Revenue growth 67% · Top 25%
Balance sheet
Debt / equity 7.17× · Highest 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/S (TTM) 0.03× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 54
FUTURE (revenue growth)100 · sector 21
PAST (return on equity)0 · sector 23
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)0 · sector 81

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 Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $124.01 $52.88 −57%
Brookfield Corporation BN $37.85 $13.75 −64%
KKR & Co KKR $97.21 $29.25 −70%
Apollo Global Management, Inc APO $124.36 $229.64 +85%
State Street Corporation STT $179.95 $138.33 −23%
Ameriprise Financial, Inc AMP $502.79 $579.51 +15%
Ares Management Corporation ARES $124.72 $119.25 −4%
Northern Trust Corporation NTRS $173.40 $122.02 −30%
Raymond James Financial, Inc RJF $158.23 $312.27 +97%
T. Rowe Price Group TROW $104.57 $209.14 +100%

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Finansa Public Company Limited · Fair Value
0.9800 THB +50%Fair Value
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Cite: Fair Value Calculator (2026). "Finansa Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/FNS

Frequently asked questions

Is Finansa Public Company Limited (FNS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.9800 THB versus a price of 0.4900 THB, about +100% upside (undervalued).
What is the fair value of FNS?
Our model-based fair value for Finansa Public Company Limited is 0.9800 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.4900 THB.
What is the quality score of FNS?
Finansa Public Company Limited has a Quality Score of 27/100. 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 Finansa Public Company Limited (FNS)?
Our model-based price target is the fair value of 0.9800 THB (as of Sep 24, 2026) from 1 valuation models. Cautious scenario 0.7270 THB, optimistic scenario 1.46 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Finansa Public Company Limited stock forecast for 2026?
Our models put fair value at 0.9800 THB, about +100% upside versus a price of 0.4900 THB (undervalued). Cautious scenario 0.7270 THB, optimistic scenario 1.46 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Finansa Public Company Limited (FNS)?
Finansa Public Company Limited reported trailing-twelve-month revenue of about 332M THB (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Finansa Public Company Limited (FNS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Finansa Public Company Limited it is 0.9800 THB per share (as of Sep 24, 2026), against a price of 0.4900 THB. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Finansa Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FNS trades below its calculated fair value: price 0.4900 THB, fair value 0.9800 THB, a gap of about +100% (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 FNS?
No. The price is what the market pays today (0.4900 THB); the fair value is what the company's own numbers justify (0.9800 THB). For Finansa Public Company Limited the two are 0.4900 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Finansa Public Company Limited worth?
The market values Finansa Public Company Limited at about 315M THB (market capitalisation, as of Sep 24, 2026). Per share that is 0.4900 THB; our models calculate a fair value of 0.9800 THB per share.
What do the bullish and bearish scenarios say about FNS?
Our models span a range for Finansa Public Company Limited: cautious scenario 0.7270 THB, base 0.9800 THB, optimistic 1.46 THB per share (as of Sep 24, 2026, price 0.4900 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Finansa Public Company Limited (FNS)?
Balance-sheet figures for Finansa Public Company Limited (as of Sep 24, 2026): return on equity −43.5%, debt of 7.17 per unit of equity. They feed the Quality Score of 27/100, which measures business quality independently of the share price.
How far is FNS from its 52-week high?
Finansa Public Company Limited trades at 0.4900 THB, about 53% below its 52-week high of 1.04 THB and 9% above the low of 0.4500 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.9800 THB is for.
Which stocks are comparable to Finansa Public Company Limited?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, 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 Finansa Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 0.4900 THB, calculated fair value 0.9800 THB (+100%), Quality Score 27/100, from 1 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 FNS calculated?
We run Finansa Public Company Limited through 1 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 0.9800 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 13.0 % above its aggregate fair value. Finansa Public Company Limited currently trades 100 % 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 Finansa Public Company Limited (FNS)?
The closing price on Sep 24, 2026 was 0.4900 THB. Our model-based fair value is 0.9800 THB, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Finansa Public Company Limited right now?
The large discount to fair value meets weak quality (27/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (0.7270 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. A fairly wide model range (0.7270 THB to 1.46 THB) leaves room in how you read the outcome.

Key figures of Finansa Public Company Limited

How large is the market capitalisation of Finansa Public Company Limited (FNS)?
The market capitalisation of Finansa Public Company Limited is 315M THB (≈ $9.5M). 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 Finansa Public Company Limited (FNS)?
The price-to-sales ratio of Finansa Public Company Limited is 0.95 (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 Finansa Public Company Limited (FNS)?
Earnings per share at Finansa Public Company Limited are −1.23 THB. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Finansa Public Company Limited (FNS)?
The net margin of Finansa Public Company Limited is −186% (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 Finansa Public Company Limited (FNS)?
The return on equity (ROE) of Finansa Public Company Limited is −43.5% (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 Finansa Public Company Limited (FNS)?
On an EBIT basis the return on assets of Finansa Public Company Limited is −6.3% (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 Finansa Public Company Limited (FNS)?
The operating margin of Finansa Public Company Limited is −54.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Finansa Public Company Limited (FNS)?
Revenue at Finansa Public Company Limited is growing +66.7% versus a year earlier (3y avg +63.5%). 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 Finansa Public Company Limited (FNS)?
Earnings per share at Finansa Public Company Limited are growing −44.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Finansa Public Company Limited (FNS) generate?
The free cash flow of Finansa Public Company Limited is −278M 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 Finansa Public Company Limited (FNS) carry?
The net debt of Finansa Public Company Limited is 1.1B 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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