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Glory Forever PCL (GLORY) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Glory Forever PCL THB 0.56, price THB 1.15, upside -51.3%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Thin data
Sep 24, 2026
Glory Forever PCL
GLORY · BKStretched ValuationStrong overvaluation with only moderate quality.
!Fair value 0.5600 THB · Strongly overvalued (−51%)
!Quality 59/100
!Mixed Growth (revenue 5y +10.4 %/yr)
!Loss-making · -30.7% net margin (TTM)
✓generates free cash flow
!Trails peers (3/10)
!Narrow moat 12/100
!Insider activity 40/100
!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
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
59‑month range 0.5300 THB – 7.45 THB · fair‑value band 0.3900 THB – 0.8300 THB · the 1.15 THB price screens above the 0.5600 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
Glory Forever Public Company Limited operates an online media platform for digital books in Thailand. It operates in three segments: E-commerce, Residential, and Other segments. The company operates Alisa, a generative AI chatbot; and platforms for reading-writing, including Kawebook and Jinovel.
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Glory Forever Public Company Limited operates an online media platform for digital books in Thailand. It operates in three segments: E-commerce, Residential, and Other segments. The company operates Alisa, a generative AI chatbot; and platforms for reading-writing, including Kawebook and Jinovel. In addition, it provides management services and contracting works for residential projects; online novel platform; and offers health products. Glory Forever Public Company Limited was incorporated in 2017 and is based in Mueang Samut Sakhon, Thailand.
Stock analysis
Glory Forever PCL (GLORY) currently trades at 1.15 THB, while our model-based Fair Value estimate is 0.5600 THB, implying the stock looks roughly 105.3% overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 0.6600 THB per share, and 0 of the 3 models we run sit above the 1.15 THB price.
Bear case: the Asset-Based group reads lowest at 0.3900 THB, and 3 of the 3 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.3900 THB (bear) to 0.8300 THB (bull), the price of 1.15 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 59/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Glory Forever PCL reported revenue of 129M THB in FY2025 versus 91.1M THB in FY2021, a compound +9.0%/yr. Reported net income was −36.8M THB in FY2025.
Key figures
Market cap 311M THB (≈ $9.3M) · P/S ratio 2.31 · EPS (TTM) −0.1500 THB · Net margin −28.6% · Return on equity −18.3% · Return on assets (EBIT) −3.7% · Operating margin −12.0% · Revenue (TTM) 125M THB.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 117% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 38% fair-value upside, at −51%, GLORY screens richer than that median.
Fair Value models
Bear 0.3900 THB
Fair Value 0.5600 THB
Bull 0.8300 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
Growth DCF
0.4700 THB
0.8000 THB
1.33 THB
71
Rev-Margin DCF
0.4200 THB
0.6600 THB
1.16 THB
65
NCAV (Graham)
0.2900 THB
0.3900 THB
0.5900 THB
51
All 3 models by family
Asset-Based
NCAV (Graham)
0.2900 THB
0.3900 THB
0.5900 THB
51
Growth DCF
Growth DCF
0.4700 THB
0.8000 THB
1.33 THB
71
Rev-Margin DCF
0.4200 THB
0.6600 THB
1.16 THB
65
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Set up alert →Quality Score breakdown
Overall quality
59/100
Of which business quality 60 · Market factors (momentum, volatility) 46
Profitability
14
Margins and returns on capital today
Quality Growth
65
Are margins and returns improving?
Cashflow
41
Earnings quality: real cash, not paper profit
Fin. Strength
87
Balance sheet, leverage, solvency risk
Investment
99
Disciplined investing over empire-building
Low Volatility
21
Calm price path (market factor)
Momentum
58
Price trend over the last 3–12 months (market factor)
52W Momentum
56
Distance to the 52-week high (market factor)
Net Issuance
81
Share count: buybacks or dilution?
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.
48/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.4%
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.
−1.1%
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.
+10.4%
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.
+81.3%
’17
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’21
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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.
23.6% (2020) → −11.6% (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
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).
+29.4%
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 +27.9% a year for the price.
GLORY screens 105% overvalued. Compare with 3M Company →
Compare Glory Forever PCL 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.Conglomerates · 378 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation Multiplesvs Conglomerates median · lower = cheaper
Context: sector, industry, market
- Is the Communication Services sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Communication Services
- Valuation of the Thailand 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
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| CITIC Limited 0267 | HK$13.08 | HK$26.16 | +100% |
| Poste Italiane S.p.A PST | €25.61 | €7.65 | −70% |
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| CK Hutchison Holdings 0001 | HK$67.60 | HK$135.20 | +100% |
| SK Inc 034730 | 611,000 KRW | 351,594 KRW | −42% |
| PT Astra International Tbk, ASII | 4,750 IDR | 9,500 IDR | +100% |
| Jardine Matheson Holdings J36 | $57.30 | $79.11 | +38% |
| Kingboard Holdings 0148 | HK$55.55 | HK$85.25 | +53% |
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Frequently asked questions
Is Glory Forever PCL (GLORY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.5600 THB versus a price of 1.15 THB, about −51% upside (overvalued).
What is the fair value of GLORY?
Our model-based fair value for Glory Forever PCL is 0.5600 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 1.15 THB.
What is the quality score of GLORY?
Glory Forever PCL has a Quality Score of 59/100. 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 Glory Forever PCL (GLORY)?
Our model-based price target is the fair value of 0.5600 THB (as of Sep 24, 2026) from 3 valuation models. Cautious scenario 0.3900 THB, optimistic scenario 0.8300 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Glory Forever PCL stock forecast for 2026?
Our models put fair value at 0.5600 THB, about −51% upside versus a price of 1.15 THB (overvalued). Cautious scenario 0.3900 THB, optimistic scenario 0.8300 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Glory Forever PCL (GLORY)?
Glory Forever PCL reported trailing-twelve-month revenue of about 125M THB (latest available figure, as of Sep 24, 2026).
What growth is priced into Glory Forever PCL (GLORY)?
For today's price to be fair in a discounted-cash-flow model, Glory Forever PCL would have to grow free cash flow by +29.4 % per year for five years (discount rate 12.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of GLORY use?
Our models discount Glory Forever PCL at 12.3 %: a base by market capitalisation (nano), damped by beta 1.25, 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 Glory Forever PCL that is +29.4 % per year a year over ten years, using the same discount rate (12.3 %) and the same formula as our fair value.
How much growth has Glory Forever PCL (GLORY) delivered so far?
Over the past 5 years revenue at Glory Forever PCL grew +10.4 % a year. The price currently implies +29.4 % 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 Glory Forever PCL (GLORY) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Glory Forever PCL (+29.4 % 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 Glory Forever PCL (GLORY)?
The free-cash-flow yield on the price is 2.11 %: that much free cash flow Glory Forever PCL produces per unit of market value. When it exceeds the discount rate of our models (12.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Glory Forever PCL (GLORY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Glory Forever PCL it is 0.5600 THB per share (as of Sep 24, 2026), against a price of 1.15 THB. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Glory Forever PCL stock overvalued or undervalued in 2026?
As of Sep 24, 2026, GLORY trades above its calculated fair value: price 1.15 THB, fair value 0.5600 THB, a gap of about −51% (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 GLORY?
No. The price is what the market pays today (1.15 THB); the fair value is what the company's own numbers justify (0.5600 THB). For Glory Forever PCL the two are 0.5900 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Glory Forever PCL worth?
The market values Glory Forever PCL at about 311M THB (market capitalisation, as of Sep 24, 2026). Per share that is 1.15 THB; our models calculate a fair value of 0.5600 THB per share.
What do the bullish and bearish scenarios say about GLORY?
Our models span a range for Glory Forever PCL: cautious scenario 0.3900 THB, base 0.5600 THB, optimistic 0.8300 THB per share (as of Sep 24, 2026, price 1.15 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Glory Forever PCL (GLORY)?
Balance-sheet figures for Glory Forever PCL (as of Sep 24, 2026): return on equity −18.3%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is GLORY from its 52-week high?
Glory Forever PCL trades at 1.15 THB, about 20% below its 52-week high of 1.44 THB and 117% above the low of 0.5300 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 0.5600 THB is for.
Which stocks are comparable to Glory Forever PCL?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Poste Italiane S.p.A, 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 Glory Forever PCL stock attractive at the current price?
The data as of Sep 24, 2026: price 1.15 THB, calculated fair value 0.5600 THB (−51%), Quality Score 59/100, from 3 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 GLORY calculated?
We run Glory Forever PCL through 3 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 0.5600 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 14.1 % above its aggregate fair value. Glory Forever PCL 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 Glory Forever PCL (GLORY)?
The closing price on Sep 23, 2026 was 1.15 THB. Our model-based fair value is 0.5600 THB, about −51% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Glory Forever PCL right now?
The price sits above even our optimistic bull case (0.8300 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 (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (0.3900 THB to 0.8300 THB) leaves room in how you read the outcome.
Key figures of Glory Forever PCL
How large is the market capitalisation of Glory Forever PCL (GLORY)?
The market capitalisation of Glory Forever PCL is 311M THB (≈ $9.3M). 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 Glory Forever PCL (GLORY)?
The price-to-sales ratio of Glory Forever PCL is 2.31 (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 Glory Forever PCL (GLORY)?
Earnings per share at Glory Forever PCL are −0.1500 THB. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Glory Forever PCL (GLORY)?
The net margin of Glory Forever PCL is −28.6% (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 Glory Forever PCL (GLORY)?
The return on equity (ROE) of Glory Forever PCL is −18.3% (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 Glory Forever PCL (GLORY)?
On an EBIT basis the return on assets of Glory Forever PCL is −3.7% (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 Glory Forever PCL (GLORY)?
The operating margin of Glory Forever PCL is −12.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Glory Forever PCL (GLORY)?
Revenue at Glory Forever PCL is growing −9.4% versus a year earlier (3y avg −1.1%). 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 Glory Forever PCL (GLORY)?
Earnings per share at Glory Forever PCL are growing −97.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Glory Forever PCL (GLORY) hold?
Glory Forever PCL holds more cash than debt, 28.8M THB net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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