Gunkul Engineering Public Company Limited (GUNKUL) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Gunkul Engineering Public Company Limited stock THB 5.43, price THB 4.78, upside +13.7%, quality 65 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range 1.26 THB – 5.86 THB · fair‑value band 2.78 THB – 7.07 THB · the 4.78 THB price screens below the 5.43 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Gunkul Engineering Public Company Limited, together with its subsidiaries, generates and sells renewable energy in Thailand, Japan, and Vietnam.
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The company operates in four segments: Manufacturing and Selling of Equipment for Electrical Systems; Generating and Selling Electricity; Construction Service; and Maintenance Service, Rental Service and Others.
The company operates solar farms and rooftops, and wind farms; and operates and maintains power plants.
It also constructs and invests in the electricity generation and sale business; manufactures, distributes, imports, and exports equipment for electrical systems; manufactures and sells energy-saving products; investsting; and provides training services.
In addition, the company offers cables and accessories, fuses and switches, hardware and connectors, insulators and preformed products, lighting protection products, service and maintenance equipment, tools and maintenance equipment products, grounding systems, live part cover and animal protection products, circuit breakers, instrument transformers, street lighting, and meters and accessories; and led and streetlamps, floodlights, solar systems, batteries, bipv glass, flexible solar PV, and solar water pump products.
Further, it provides drone thermal scan, peer-to-peer energy trading platform, energy living solutions for residential platforms, virtual power plant sandbox, battery energy storage system and virtual power plant, volt energy marketplace, and godungfaifaa online marketplace services.
The company was incorporated in 1982 and is headquartered in Bangkok, Thailand. Gunkul Engineering Public Company Limited is a subsidiary of Gunkul Group Company Limited.
Stock analysis
Gunkul Engineering Public Company Limited (GUNKUL) currently trades at 4.78 THB, while our model-based Fair Value estimate is 5.43 THB, implying the stock looks roughly 12% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 4.11 THB per share, and 2 of the 26 models we run sit above the 4.78 THB price.
Bear case: the Economic Profit group reads lowest at 0.8250 THB, and 24 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: 2.78 THB (bear) to 7.07 THB (bull), the price of 4.78 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 65/100 (solid quality), in the Utilities sector.
Mixed Growth: Spin-off in 2013: revenue and profit before it include the divested business. Growth is measured afresh from 2013.
Gunkul Engineering Public Company Limited reported revenue of 8.2B THB in FY2025 versus 9.3B THB in FY2021, a compound −3.1%/yr. Reported net income was 1.8B THB in FY2025, compounding −5.6%/yr from FY2021.
Key figures
Market cap 41.8B THB (≈ $1.2B) Small · P/E ratio 21.7 · P/S ratio 4.69 · EPS (TTM) 0.2200 THB · Dividend yield 2.9% · Net margin 21.8% · Return on equity 13.3% · Return on assets (EBIT) 5.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 178% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −48% fair-value upside, at 14%, GUNKUL screens cheaper than that median.
Fair Value models
Bear2.78 THBFair Value 5.43 THBBull7.07 THB
Price 4.78 THB · Upside +13.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.0684 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.55/100
Spin-off in 2013: revenue and profit before it include the divested business. Growth is measured afresh from 2013.
Revenue growth 1 year
−9.5%
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.
+3.0%
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.
−1.1%
Start year 2020 (pandemic). Over 10 years: +6.3% 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.
+12.4%
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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. 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.
−1.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.0%
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.−4.0% vs 10.8%, 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.26% → 20%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes more growth than the company has delivered so far and about what 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).
+16.2%
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.
+14.6%
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 +14.8% a year for the price and +13.3% for the forecasts.
Compare Gunkul Engineering Public Company Limited with another stock
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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 · 77 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+13.7% · Above median
Profitability
Return on equity (12 months)13.3% · Above median
Return on assets5.6% · Top 25%
Net margin (12 months)21.8% · Top 25%
Operating margin (12 months)19.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)50.8% · Top 25%
Dividend yield (12 months)2.9% · Below median
Balance sheet
Debt / equity0.68× · Above median
Valuation Multiplesvs Utilities - Independent Power Producers median · lower = cheaper
P/E (12 months)21.7× · Pricier than median
P/B2.96× · Priciest 25%
P/S (12 months)4.69× · Priciest 25%
Price / free cash flow (fiscal year)15.6× · Pricier than median
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). "Gunkul Engineering Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/GUNKUL
Frequently asked questions
Is Gunkul Engineering Public Company Limited (GUNKUL) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 5.43 THB versus a price of 4.78 THB, about +14% upside (undervalued).
What is the fair value of GUNKUL?
Our model-based fair value for Gunkul Engineering Public Company Limited is 5.43 THB (as of Nov 6, 2026), built from audited fundamentals. The current price: 4.78 THB.
What is the quality score of GUNKUL?
Gunkul Engineering Public Company Limited has a Quality Score of 65/100. 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 Gunkul Engineering Public Company Limited (GUNKUL)?
Our model-based price target is the fair value of 5.43 THB (as of Nov 6, 2026) from 26 valuation models. Cautious scenario 2.78 THB, optimistic scenario 7.07 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Gunkul Engineering Public Company Limited stock forecast for 2026?
Our models put fair value at 5.43 THB, about +14% upside versus a price of 4.78 THB (undervalued). Cautious scenario 2.78 THB, optimistic scenario 7.07 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Gunkul Engineering Public Company Limited (GUNKUL)?
Gunkul Engineering Public Company Limited reported trailing-twelve-month revenue of about 8.9B THB (latest available figure, as of Nov 6, 2026).
Does Gunkul Engineering Public Company Limited pay a dividend?
Gunkul Engineering Public Company Limited currently shows a dividend yield of 2.93% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Gunkul Engineering Public Company Limited (GUNKUL) and when is the ex-dividend date?
Gunkul Engineering Public Company Limited pays a dividend of 0.14 THB per share a year, a dividend yield of 2.9%. The last ex-dividend date was May 22, 2026. A dividend has been paid every year since at least 2011. The payout ratio is 63.6% of earnings. Free cash flow covers the dividend 2.16 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Gunkul Engineering Public Company Limited (GUNKUL)?
For today's price to be fair in a discounted-cash-flow model, Gunkul Engineering Public Company Limited would have to grow free cash flow by +16.2 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.1 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of GUNKUL use?
Our models discount Gunkul Engineering Public Company Limited at 12.7 %: a base by market capitalisation (small), damped by beta 0.89, 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 Gunkul Engineering Public Company Limited that is +16.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has Gunkul Engineering Public Company Limited (GUNKUL) delivered so far?
Over the past 5 years revenue at Gunkul Engineering Public Company Limited grew -1.1 % a year. The price currently implies free-cash-flow growth of +16.2 % per 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 Gunkul Engineering Public Company Limited (GUNKUL) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Gunkul Engineering Public Company Limited (+16.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Gunkul Engineering Public Company Limited (GUNKUL)?
The free-cash-flow yield on the price is 6.43 %: that much free cash flow Gunkul Engineering Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Gunkul Engineering Public Company Limited (GUNKUL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gunkul Engineering Public Company Limited it is 5.43 THB per share (as of Nov 6, 2026), against a price of 4.78 THB. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Gunkul Engineering Public Company Limited stock overvalued or undervalued in 2026?
As of Nov 6, 2026, GUNKUL trades below its calculated fair value: price 4.78 THB, fair value 5.43 THB, a gap of about +14% (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 GUNKUL?
No. The price is what the market pays today (4.78 THB); the fair value is what the company's own numbers justify (5.43 THB). For Gunkul Engineering Public Company Limited the two are 0.6540 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Gunkul Engineering Public Company Limited worth?
The market values Gunkul Engineering Public Company Limited at about 41.8B THB (market capitalisation, as of Nov 6, 2026). Per share that is 4.78 THB; our models calculate a fair value of 5.43 THB per share.
What do the bullish and bearish scenarios say about GUNKUL?
Our models span a range for Gunkul Engineering Public Company Limited: cautious scenario 2.78 THB, base 5.43 THB, optimistic 7.07 THB per share (as of Nov 6, 2026, price 4.78 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GUNKUL?
Gunkul Engineering Public Company Limited trades at a price-to-earnings ratio of 21.7 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 5.43 THB is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2019 to 2025), reported earnings: 12.2. Other multiples: PEG 0.4, P/B 3.0, P/S 4.7, EV/EBITDA 20.5.
What is the PEG ratio of GUNKUL?
The PEG ratio of Gunkul Engineering Public Company Limited is 0.45 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Gunkul Engineering Public Company Limited (GUNKUL)?
Balance-sheet figures for Gunkul Engineering Public Company Limited (as of Nov 6, 2026): return on equity 13.3%, debt of 0.68 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is GUNKUL from its 52-week high?
Gunkul Engineering Public Company Limited trades at 4.78 THB, about 12% below its 52-week high of 5.45 THB and 178% above the low of 1.72 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 5.43 THB is for.
Which stocks are comparable to Gunkul Engineering 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 Gunkul Engineering Public Company Limited stock attractive at the current price?
The data as of Nov 6, 2026: price 4.78 THB, calculated fair value 5.43 THB (+14%), Quality Score 65/100, 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 GUNKUL calculated?
We run Gunkul Engineering Public Company Limited through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 5.43 THB builds on their evidence-weighted average, 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. Gunkul Engineering Public Company Limited currently trades 12% 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 Gunkul Engineering Public Company Limited (GUNKUL)?
The closing price on Nov 6, 2026 was 4.78 THB. Our model-based fair value is 5.43 THB, about +14% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gunkul Engineering Public Company Limited right now?
A fairly wide model range (2.78 THB to 7.07 THB) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Gunkul Engineering Public Company Limited (GUNKUL) come from?
Earnings per share at Gunkul Engineering Public Company Limited grew +10.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.0 %, EBIT margin +2.6 %, tax rate −0.2 %, residual (interest, one-offs) −0.5 %. 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 Gunkul Engineering Public Company Limited
How large is the market capitalisation of Gunkul Engineering Public Company Limited (GUNKUL)?
The market capitalisation of Gunkul Engineering Public Company Limited is 41.8B THB (≈ $1.2B). 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 Gunkul Engineering Public Company Limited (GUNKUL)?
The price-to-sales ratio of Gunkul Engineering Public Company Limited is 4.69 (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 Gunkul Engineering Public Company Limited (GUNKUL)?
Earnings per share at Gunkul Engineering Public Company Limited are 0.2200 THB (price ÷ EPS = P/E 21.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Gunkul Engineering Public Company Limited (GUNKUL)?
The dividend yield of Gunkul Engineering Public Company Limited is 2.9% (payout 63.6%). 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 Gunkul Engineering Public Company Limited (GUNKUL)?
The net margin of Gunkul Engineering Public Company Limited is 21.8% (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 Gunkul Engineering Public Company Limited (GUNKUL)?
The return on equity (ROE) of Gunkul Engineering Public Company Limited is 13.3% (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 Gunkul Engineering Public Company Limited (GUNKUL)?
On an EBIT basis the return on assets of Gunkul Engineering Public Company Limited is 5.4% (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 Gunkul Engineering Public Company Limited (GUNKUL)?
The operating margin of Gunkul Engineering Public Company Limited is 19.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gunkul Engineering Public Company Limited (GUNKUL)?
Revenue at Gunkul Engineering Public Company Limited is growing +50.8% versus a year earlier (3y avg +3.0%). 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 Gunkul Engineering Public Company Limited (GUNKUL)?
Earnings per share at Gunkul Engineering Public Company Limited are growing +16.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Gunkul Engineering Public Company Limited (GUNKUL) carry?
The net debt of Gunkul Engineering Public Company Limited is 12.6B THB (fiscal year 2025, ≈ 4.7 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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Nov 6, 2026