Gulf Energy Development Public Company Limited (GULF) fair value: what the stock is really worth
We calculate from audited financials what Gulf Energy Development Public Company Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 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 18, 2026.
How to read this chart
18‑month range 38.09 THB – 67.75 THB · fair‑value band 48.65 THB – 83.99 THB · the 62.25 THB price screens above the 57.04 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
Gulf Development Public Company Limited generates and sells electricity and steam to public and private clients in Thailand and internationally. The company operates through Power Business, Consulting Business, Infrastructure Business and Satellite and Digital Business segments.
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Gulf Development Public Company Limited generates and sells electricity and steam to public and private clients in Thailand and internationally. The company operates through Power Business, Consulting Business, Infrastructure Business and Satellite and Digital Business segments. It generates electricity through gas-fired, solar, biomass hydroelectric, waste-to-energy, and wind power projects under independent power producers and small power producers. The company undertakes infrastructure and logistics projects; distributes, supplies, and sells natural gas; and operates a digital infrastructure. In addition, the company is involved in the management, technical support, technology, investment services; storing and converting natural gas; satellite and related services; sale of direct television and satellite equipment; transponder services; engineering and development services; broadband network and content services; and broadcasting, television, and telecommunication services. Further, it provides system integration consultancy services for broadband network and technology systems, products and services related to artificial intelligence and space technology. Gulf Development Public Company Limited was founded in 2007 and is based in Bangkok, Thailand.
Stock analysis
Gulf Energy Development Public Company Limited (GULF) currently trades at 62.25 THB, while our model-based Fair Value estimate is 57.04 THB, implying the stock looks roughly 9.1% fairly valued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 234.21 THB per share, and 8 of the 21 models we run sit above the 62.25 THB price.
Bear case: the Growth DCF group reads lowest at 10.72 THB, and 13 of the 21 models stay below the price. Evidence for this calculation is high.
Scenario range: 48.65 THB (bear) to 83.99 THB (bull), the price of 62.25 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 32/100 (below-average quality), in the Utilities sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Gulf Energy Development Public Company Limited reported revenue of 98.9B THB in FY2025 versus 47.5B THB in FY2021, a compound +20.1%/yr. Reported net income was 80.0B THB in FY2025, compounding +79.7%/yr from FY2021.
Key figures
Market cap 930B THB (≈ $28.0B) · P/E ratio 34.8 · P/S ratio 28.1 · EPS (TTM) 1.79 THB · Dividend yield 2.2% · Net margin 80.9% · Return on equity 36.2% · Return on assets (EBIT) 4.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (medium confidence).
What moves the price
The share trades about 9% below its 52-week high and 68% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −53% fair-value upside, at −8%, GULF screens cheaper than that median.
Fair Value models
Bear 48.65 THBFair Value 57.04 THBBull 83.99 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 (0.2532 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.71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−18.2%
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.
+1.6%
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.
+24.7%
Revenue growth 11 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.
+55.4%
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What shareholders gained per year (last 5 years), in THB (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+35.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+33.3%
Dividend (yield on the price)2.2%
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.52% vs 64%, 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.28% → 16%
2025 sits 323% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than 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).
+30.0%
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.
+10.6%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (10 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare Gulf Energy Development 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.Utilities - Independent Power Producers · 75 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score32 · Bottom 25%
Fair Value upside−46% · Below median
Profitability
Return on equity (TTM)36% · Top 25%
Return on assets2% · Below median
Net margin (TTM)65% · Top 25%
Operating margin (TTM)21% · Above median
Growth and dividend
Revenue growth22% · Top 25%
Dividend yield (TTM)2.2% · Below median
Balance sheet
Debt / equity0.88× · Above median
Valuation Multiplesvs Utilities - Independent Power Producers median · lower = cheaper
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). "Gulf Energy Development Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/GULF
Frequently asked questions
Is Gulf Energy Development Public Company Limited (GULF) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of 57.04 THB versus a price of 62.25 THB, about −8% upside (fairly valued).
What is the fair value of GULF?
Our model-based fair value for Gulf Energy Development Public Company Limited is 57.04 THB (as of Sep 18, 2026), built from audited fundamentals. The current price: 62.25 THB.
What is the quality score of GULF?
Gulf Energy Development Public Company Limited has a Quality Score of 32/100. 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 Gulf Energy Development Public Company Limited (GULF)?
Our model-based price target is the fair value of 57.04 THB (as of Sep 18, 2026) from 23 valuation models. Cautious scenario 48.65 THB, optimistic scenario 83.99 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Gulf Energy Development Public Company Limited stock forecast for 2026?
Our models put fair value at 57.04 THB, about −8% upside versus a price of 62.25 THB (fairly valued). Cautious scenario 48.65 THB, optimistic scenario 83.99 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Gulf Energy Development Public Company Limited (GULF)?
Gulf Energy Development Public Company Limited reported trailing-twelve-month revenue of about 137B THB (latest available figure, as of Sep 18, 2026).
Does Gulf Energy Development Public Company Limited pay a dividend?
Gulf Energy Development Public Company Limited currently shows a dividend yield of about 2.25% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Gulf Energy Development Public Company Limited (GULF)?
For today's price to be fair in a discounted-cash-flow model, Gulf Energy Development Public Company Limited would have to grow free cash flow by +30.0 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +24.7 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of GULF use?
Our models discount Gulf Energy Development Public Company Limited at 9.7 %: a base by market capitalisation (large), damped by beta 0.51, 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 Gulf Energy Development Public Company Limited that is +30.0 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Gulf Energy Development Public Company Limited (GULF) delivered so far?
Over the past 5 years revenue at Gulf Energy Development Public Company Limited grew +24.7 % a year. The price currently implies +30.0 % 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 Gulf Energy Development Public Company Limited (GULF) growing?
The median revenue growth in the sector is +0.7 % a year. That is the yardstick for the growth priced into Gulf Energy Development Public Company Limited (+30.0 % 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 Gulf Energy Development Public Company Limited (GULF)?
The free-cash-flow yield on the price is 2.30 %: that much free cash flow Gulf Energy Development Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Gulf Energy Development Public Company Limited (GULF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gulf Energy Development Public Company Limited it is 57.04 THB per share (as of Sep 18, 2026), against a price of 62.25 THB. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Gulf Energy Development Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 18, 2026, GULF trades above its calculated fair value: price 62.25 THB, fair value 57.04 THB, a gap of about −8% (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 GULF?
No. The price is what the market pays today (62.25 THB); the fair value is what the company's own numbers justify (57.04 THB). For Gulf Energy Development Public Company Limited the two are 5.22 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Gulf Energy Development Public Company Limited worth?
The market values Gulf Energy Development Public Company Limited at about 930B THB (market capitalisation, as of Sep 18, 2026). Per share that is 62.25 THB; our models calculate a fair value of 57.04 THB per share.
What do the bullish and bearish scenarios say about GULF?
Our models span a range for Gulf Energy Development Public Company Limited: cautious scenario 48.65 THB, base 57.04 THB, optimistic 83.99 THB per share (as of Sep 18, 2026, price 62.25 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GULF?
Gulf Energy Development Public Company Limited trades at a price-to-earnings ratio of 34.8 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 57.04 THB is built from several models across several years. Other multiples: PEG 1.2, P/B 2.8, P/S 6.9, EV/EBITDA 40.5.
What is the PEG ratio of GULF?
The PEG ratio of Gulf Energy Development Public Company Limited is 1.19 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Gulf Energy Development Public Company Limited (GULF)?
Balance-sheet figures for Gulf Energy Development Public Company Limited (as of Sep 18, 2026): return on equity 36.2%, debt of 0.88 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is GULF from its 52-week high?
Gulf Energy Development Public Company Limited trades at 62.25 THB, about 9% below its 52-week high of 68.50 THB and 68% above the low of 37.11 THB (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of 57.04 THB is for.
Which stocks are comparable to Gulf Energy Development Public Company Limited?
From the same area (Utilities) we also value Constellation Energy Corporation, Vistra Corp, Adani Power Limited, CGN Power Co, 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 Gulf Energy Development Public Company Limited stock attractive at the current price?
The data as of Sep 18, 2026: price 62.25 THB, calculated fair value 57.04 THB (−8%), Quality Score 32/100, from 23 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 GULF calculated?
We run Gulf Energy Development Public Company Limited through 23 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 57.04 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 16.1 % above its aggregate fair value. Gulf Energy Development 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 Gulf Energy Development Public Company Limited (GULF)?
The closing price on Sep 21, 2026 was 62.25 THB. Our model-based fair value is 57.04 THB, about −8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gulf Energy Development Public Company Limited 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.
Key figures of Gulf Energy Development Public Company Limited
How large is the market capitalisation of Gulf Energy Development Public Company Limited (GULF)?
The market capitalisation of Gulf Energy Development Public Company Limited is 930B THB (≈ $28.0B). 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 Gulf Energy Development Public Company Limited (GULF)?
The price-to-sales ratio of Gulf Energy Development Public Company Limited is 28.1 (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 Gulf Energy Development Public Company Limited (GULF)?
Earnings per share at Gulf Energy Development Public Company Limited are 1.79 THB (price ÷ EPS = P/E 34.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Gulf Energy Development Public Company Limited (GULF)?
The dividend yield of Gulf Energy Development Public Company Limited is 2.2% (payout 78.2%). 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 Gulf Energy Development Public Company Limited (GULF)?
The net margin of Gulf Energy Development Public Company Limited is 80.9% (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 Gulf Energy Development Public Company Limited (GULF)?
The return on equity (ROE) of Gulf Energy Development Public Company Limited is 36.2% (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 Gulf Energy Development Public Company Limited (GULF)?
On an EBIT basis the return on assets of Gulf Energy Development Public Company Limited is 4.0% (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 Gulf Energy Development Public Company Limited (GULF)?
The operating margin of Gulf Energy Development Public Company Limited is 20.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gulf Energy Development Public Company Limited (GULF)?
Revenue at Gulf Energy Development Public Company Limited is growing +22.3% versus a year earlier (3y avg +1.6%). 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 Gulf Energy Development Public Company Limited (GULF)?
Earnings per share at Gulf Energy Development Public Company Limited are growing +32.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Gulf Energy Development Public Company Limited (GULF) carry?
The net debt of Gulf Energy Development Public Company Limited is 320B THB (fiscal year 2025, ≈ 15.2 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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