Global Power Synergy PCL (GPSC) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Global Power Synergy PCL THB 53.63, price THB 49.25, upside +8.9%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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
60‑month range 22.72 THB – 80.74 THB · fair‑value band 42.54 THB – 69.70 THB · the 49.25 THB price screens below the 53.63 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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Global Power Synergy Public Company Limited, together with its subsidiaries, engages in the production and distribution of electricity, steam, and water for industrial use to the government and industrial customers in Thailand. It operates through three segments: Independent Power Producer, Small Power Producer, and Others.
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Global Power Synergy Public Company Limited, together with its subsidiaries, engages in the production and distribution of electricity, steam, and water for industrial use to the government and industrial customers in Thailand. It operates through three segments: Independent Power Producer, Small Power Producer, and Others. The company generates electricity through solar, wind, hydropower, and thermal power plants. The company also engages in the maintenance, construction, and installation of electricity system services; and technical and consultancy services for power sector. It owns and operates 4,027 megawatts (MW) of power generation; 3,294 tons of steam; 7,689 cubic meters of industrial water; and 10,184 refrigerated tons of chilled water. The company was founded in 2013 and is headquartered in Bangkok, Thailand.
Stock analysis
Global Power Synergy PCL (GPSC) currently trades at 49.25 THB, while our model-based Fair Value estimate is 53.63 THB, implying the stock looks roughly 8.2% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 61.70 THB per share, and 8 of the 24 models we run sit above the 49.25 THB price.
Bear case: the Dividend Discount group reads lowest at 15.29 THB, and 16 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 42.54 THB (bear) to 69.70 THB (bull), the price of 49.25 THB sits inside 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 62/100 (solid quality), in the Utilities sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Global Power Synergy PCL reported revenue of 84.9B THB in FY2025 versus 74.9B THB in FY2021, a compound +3.2%/yr. Reported net income was 6.4B THB in FY2025, compounding −3.3%/yr from FY2021.
Key figures
Market cap 154B THB (≈ $4.6B) · P/E ratio 19.9 · P/S ratio 1.50 · EPS (TTM) 2.48 THB · Dividend yield 2.9% · Net margin 7.5% · Return on equity 6.3% · Return on assets (EBIT) 3.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 64% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −36% fair-value upside, at 9%, GPSC screens cheaper than that median.
Fair Value models
Bear 42.54 THBFair Value 53.63 THBBull 69.70 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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.7535 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.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.
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 inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−6.4%
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.
−11.8%
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.
+4.1%
Start year 2020 (pandemic). Over 10 years: +14.2% a year
Revenue growth 12 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.
+10.5%
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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. Basis: EBIT basis. 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.
≈ −2.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.4%
Dividend (yield on the price)2.9%
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.−3% vs 6%, slowing
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.18% → 11%
Start year 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 73% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
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).
+4.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−2.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +3.0% a year for the price and −3.8% for the forecasts.
Compare Global Power Synergy 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.Utilities - Regulated Electric · 157 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside+9% · Above median
Profitability
Return on equity (TTM)6% · Below median
Return on assets2% · Bottom 25%
Net margin (TTM)9% · Below median
Operating margin (TTM)13% · Below median
Growth and dividend
Revenue growth−22% · Bottom 25%
Dividend yield (TTM)2.9% · Below median
Balance sheet
Debt / equity0.93× · Below median
Valuation Multiplesvs Utilities - Regulated Electric median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Global Power Synergy PCL Fair Value". https://www.fairvalue-calculator.com/stock/GPSC
Frequently asked questions
Is Global Power Synergy PCL (GPSC) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 53.63 THB versus a price of 49.25 THB, about +9% upside (fairly valued).
What is the fair value of GPSC?
Our model-based fair value for Global Power Synergy PCL is 53.63 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 49.25 THB.
What is the quality score of GPSC?
Global Power Synergy PCL has a Quality Score of 62/100. 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 Global Power Synergy PCL (GPSC)?
Our model-based price target is the fair value of 53.63 THB (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 42.54 THB, optimistic scenario 69.70 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Global Power Synergy PCL stock forecast for 2026?
Our models put fair value at 53.63 THB, about +9% upside versus a price of 49.25 THB (fairly valued). Cautious scenario 42.54 THB, optimistic scenario 69.70 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Global Power Synergy PCL (GPSC)?
Global Power Synergy PCL reported trailing-twelve-month revenue of about 80.5B THB (latest available figure, as of Sep 24, 2026).
Does Global Power Synergy PCL pay a dividend?
Global Power Synergy PCL currently shows a dividend yield of about 2.94% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Global Power Synergy PCL (GPSC)?
For today's price to be fair in a discounted-cash-flow model, Global Power Synergy PCL would have to grow free cash flow by +4.2 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of GPSC use?
Our models discount Global Power Synergy PCL at 10.7 %: a base by market capitalisation (large), damped by beta 0.87, 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 Global Power Synergy PCL that is +4.2 % per year a year over ten years, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Global Power Synergy PCL (GPSC) delivered so far?
Over the past 5 years revenue at Global Power Synergy PCL grew +4.1 % a year. The price currently implies +4.2 % 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 Global Power Synergy PCL (GPSC) growing?
The median revenue growth in the sector is +0.7 % a year. That is the yardstick for the growth priced into Global Power Synergy PCL (+4.2 % 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 Global Power Synergy PCL (GPSC)?
The free-cash-flow yield on the price is 13.54 %: that much free cash flow Global Power Synergy PCL produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Global Power Synergy PCL (GPSC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Global Power Synergy PCL it is 53.63 THB per share (as of Sep 24, 2026), against a price of 49.25 THB. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Global Power Synergy PCL stock overvalued or undervalued in 2026?
As of Sep 24, 2026, GPSC trades below its calculated fair value: price 49.25 THB, fair value 53.63 THB, a gap of about +9% (fairly valued). 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 GPSC?
No. The price is what the market pays today (49.25 THB); the fair value is what the company's own numbers justify (53.63 THB). For Global Power Synergy PCL the two are 4.38 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Global Power Synergy PCL worth?
The market values Global Power Synergy PCL at about 154B THB (market capitalisation, as of Sep 24, 2026). Per share that is 49.25 THB; our models calculate a fair value of 53.63 THB per share.
What do the bullish and bearish scenarios say about GPSC?
Our models span a range for Global Power Synergy PCL: cautious scenario 42.54 THB, base 53.63 THB, optimistic 69.70 THB per share (as of Sep 24, 2026, price 49.25 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GPSC?
Global Power Synergy PCL trades at a price-to-earnings ratio of 19.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 53.63 THB is built from several models across several years. Other multiples: PEG 1.9, P/B 1.5, P/S 1.9, EV/EBITDA 14.0.
What is the PEG ratio of GPSC?
The PEG ratio of Global Power Synergy PCL is 1.91 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Global Power Synergy PCL (GPSC)?
Balance-sheet figures for Global Power Synergy PCL (as of Sep 24, 2026): return on equity 6.3%, debt of 0.93 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is GPSC from its 52-week high?
Global Power Synergy PCL trades at 49.25 THB, about 10% below its 52-week high of 54.50 THB and 64% above the low of 30.00 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 53.63 THB is for.
Which stocks are comparable to Global Power Synergy PCL?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, American Electric Power Company, 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 Global Power Synergy PCL stock attractive at the current price?
The data as of Sep 24, 2026: price 49.25 THB, calculated fair value 53.63 THB (+9%), Quality Score 62/100, from 26 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 GPSC calculated?
We run Global Power Synergy PCL through 26 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 53.63 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. Global Power Synergy PCL currently trades 9 % 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 Global Power Synergy PCL (GPSC)?
The closing price on Sep 23, 2026 was 49.25 THB. Our model-based fair value is 53.63 THB, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Global Power Synergy PCL right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Global Power Synergy PCL (GPSC) come from?
Earnings per share at Global Power Synergy PCL grew +3.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.7 %, EBIT margin −1.3 %, tax rate −0.6 %, residual (interest, one-offs) −4.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Global Power Synergy PCL
How large is the market capitalisation of Global Power Synergy PCL (GPSC)?
The market capitalisation of Global Power Synergy PCL is 154B THB (≈ $4.6B). 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 Global Power Synergy PCL (GPSC)?
The price-to-sales ratio of Global Power Synergy PCL is 1.50 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Global Power Synergy PCL (GPSC)?
Earnings per share at Global Power Synergy PCL are 2.48 THB (price ÷ EPS = P/E 19.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Global Power Synergy PCL (GPSC)?
The dividend yield of Global Power Synergy PCL is 2.9% (payout 58.5%). 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 Global Power Synergy PCL (GPSC)?
The net margin of Global Power Synergy PCL is 7.5% (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 Global Power Synergy PCL (GPSC)?
The return on equity (ROE) of Global Power Synergy PCL is 6.3% (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 Global Power Synergy PCL (GPSC)?
On an EBIT basis the return on assets of Global Power Synergy PCL is 3.0% (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 Global Power Synergy PCL (GPSC)?
The operating margin of Global Power Synergy PCL is 12.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Global Power Synergy PCL (GPSC)?
Revenue at Global Power Synergy PCL is growing −22.2% versus a year earlier (3y avg −11.8%). 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 Global Power Synergy PCL (GPSC)?
Earnings per share at Global Power Synergy PCL are growing +52.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Global Power Synergy PCL (GPSC) carry?
The net debt of Global Power Synergy PCL is 115B THB (fiscal year 2025, ≈ 6.1 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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