Golden Ventures Leasehold Real Estate Investment Trust (GVREIT) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Golden Ventures Leasehold Real Estate Investment Trust THB 6.42, price THB 7.60, upside -15.5%, quality 64 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 3.79 THB – 8.30 THB · fair‑value band 4.60 THB – 9.31 THB · the 7.60 THB price screens above the 6.42 THB fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Golden Ventures Leasehold Real Estate Investment Trust, a real estate investment trust, engages in the rental of properties in Thailand. It holds leasehold rights of Park Ventures Ecoplex building, as well as land and building sub-lease rights of Sathorn Square located at the Central Business District of Thailand.
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Golden Ventures Leasehold Real Estate Investment Trust, a real estate investment trust, engages in the rental of properties in Thailand. It holds leasehold rights of Park Ventures Ecoplex building, as well as land and building sub-lease rights of Sathorn Square located at the Central Business District of Thailand. The company has elected to be taxed as a real estate investment trust. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. The company was founded in 2016 and is based in Bangkok, Thailand.
Stock analysis
Golden Ventures Leasehold Real Estate Investment Trust (GVREIT) currently trades at 7.60 THB, while our model-based Fair Value estimate is 6.42 THB, implying the stock looks roughly 18.4% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 7.25 THB per share, and 4 of the 15 models we run sit above the 7.60 THB price.
Bear case: the Dividend Discount group reads lowest at 6.09 THB, and 11 of the 15 models stay below the price. Evidence for this calculation is low.
Scenario range: 4.60 THB (bear) to 9.31 THB (bull), the price of 7.60 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 64/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Golden Ventures Leasehold Real Estate Investment Trust reported revenue of 1.1B THB in FY2025 versus 1.1B THB in FY2021, a compound +0.2%/yr. Reported net income was 168M THB in FY2025, compounding −30.2%/yr from FY2021.
Key figures
Market cap 6.2B THB (≈ $185M) · P/E ratio 63.3 · P/S ratio 9.47 · EPS (TTM) 0.1200 THB · Dividend yield 9.8% · Net margin 15.0% · Return on equity 1.1% · Return on assets (EBIT) 6.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 33% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 2% fair-value upside, at −16%, GVREIT screens richer than that median.
Fair Value models
Bear 4.60 THBFair Value 6.42 THBBull 9.31 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.
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 is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−1.0%
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.
−0.3%
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.
−1.0%
Start year 2020 (pandemic)
Revenue growth 9 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.
+8.5%
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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.
+8.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.1%
Dividend (yield on the price)9.8%
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.−26% vs −4%, slowing
Profit margin 2017 to 2022 ⓘ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.71% → 75%
Start year 2020 (pandemic)
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).
+9.4%
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 +8.1% a year for the price.
Compare Golden Ventures Leasehold Real Estate Investment Trust 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.REIT - Office · 68 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−16% · Below median
Profitability
Return on equity (TTM)1% · Below median
Return on assets4% · Top 25%
Net margin (TTM)9% · Below median
Operating margin (TTM)72% · Top 25%
Growth and dividend
Revenue growth−6% · Bottom 25%
Dividend yield (TTM)9.8% · Top 25%
Balance sheet
Debt / equity0.24× · Lowest 25%
Valuation Multiplesvs REIT - Office median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Golden Ventures Leasehold Real Estate Investment Trust Fair Value". https://www.fairvalue-calculator.com/stock/GVREIT
Frequently asked questions
Is Golden Ventures Leasehold Real Estate Investment Trust (GVREIT) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 6.42 THB versus a price of 7.60 THB, about −16% upside (overvalued).
What is the fair value of GVREIT?
Our model-based fair value for Golden Ventures Leasehold Real Estate Investment Trust is 6.42 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 7.60 THB.
What is the quality score of GVREIT?
Golden Ventures Leasehold Real Estate Investment Trust has a Quality Score of 64/100. 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 Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
Our model-based price target is the fair value of 6.42 THB (as of Sep 24, 2026) from 15 valuation models. Cautious scenario 4.60 THB, optimistic scenario 9.31 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Golden Ventures Leasehold Real Estate Investment Trust stock forecast for 2026?
Our models put fair value at 6.42 THB, about −16% upside versus a price of 7.60 THB (overvalued). Cautious scenario 4.60 THB, optimistic scenario 9.31 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
Golden Ventures Leasehold Real Estate Investment Trust reported trailing-twelve-month revenue of about 1.1B THB (latest available figure, as of Sep 24, 2026).
Does Golden Ventures Leasehold Real Estate Investment Trust pay a dividend?
Golden Ventures Leasehold Real Estate Investment Trust currently shows a dividend yield of about 9.78% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
For today's price to be fair in a discounted-cash-flow model, Golden Ventures Leasehold Real Estate Investment Trust would have to grow free cash flow by +9.4 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of GVREIT use?
Our models discount Golden Ventures Leasehold Real Estate Investment Trust at 13.1 %: a base by market capitalisation (micro), damped by beta 0.34, 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 Golden Ventures Leasehold Real Estate Investment Trust that is +9.4 % per year a year over ten years, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has Golden Ventures Leasehold Real Estate Investment Trust (GVREIT) delivered so far?
Over the past 5 years revenue at Golden Ventures Leasehold Real Estate Investment Trust grew -1.0 % a year. The price currently implies +9.4 % 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 Golden Ventures Leasehold Real Estate Investment Trust (GVREIT) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Golden Ventures Leasehold Real Estate Investment Trust (+9.4 % 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 Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
The free-cash-flow yield on the price is 12.22 %: that much free cash flow Golden Ventures Leasehold Real Estate Investment Trust produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Golden Ventures Leasehold Real Estate Investment Trust it is 6.42 THB per share (as of Sep 24, 2026), against a price of 7.60 THB. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Golden Ventures Leasehold Real Estate Investment Trust stock overvalued or undervalued in 2026?
As of Sep 24, 2026, GVREIT trades above its calculated fair value: price 7.60 THB, fair value 6.42 THB, a gap of about −16% (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 GVREIT?
No. The price is what the market pays today (7.60 THB); the fair value is what the company's own numbers justify (6.42 THB). For Golden Ventures Leasehold Real Estate Investment Trust the two are 1.18 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Golden Ventures Leasehold Real Estate Investment Trust worth?
The market values Golden Ventures Leasehold Real Estate Investment Trust at about 6.2B THB (market capitalisation, as of Sep 24, 2026). Per share that is 7.60 THB; our models calculate a fair value of 6.42 THB per share.
What do the bullish and bearish scenarios say about GVREIT?
Our models span a range for Golden Ventures Leasehold Real Estate Investment Trust: cautious scenario 4.60 THB, base 6.42 THB, optimistic 9.31 THB per share (as of Sep 24, 2026, price 7.60 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GVREIT?
Golden Ventures Leasehold Real Estate Investment Trust trades at a price-to-earnings ratio of 63.3 (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 6.42 THB is built from several models across several years. Other multiples: P/B 0.8, P/S 5.6, EV/EBITDA 30.2.
How solid is the balance sheet of Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
Balance-sheet figures for Golden Ventures Leasehold Real Estate Investment Trust (as of Sep 24, 2026): return on equity 1.1%, debt of 0.24 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is GVREIT from its 52-week high?
Golden Ventures Leasehold Real Estate Investment Trust trades at 7.60 THB, about 8% below its 52-week high of 8.30 THB and 33% above the low of 5.71 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 6.42 THB is for.
Which stocks are comparable to Golden Ventures Leasehold Real Estate Investment Trust?
From the same area (Real Estate) we also value BXP, Inc, MERLIN Properties SOCIMI, S.A, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Golden Ventures Leasehold Real Estate Investment Trust stock attractive at the current price?
The data as of Sep 24, 2026: price 7.60 THB, calculated fair value 6.42 THB (−16%), Quality Score 64/100, from 15 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 GVREIT calculated?
We run Golden Ventures Leasehold Real Estate Investment Trust through 15 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 6.42 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 12.7 % above its aggregate fair value. Golden Ventures Leasehold Real Estate Investment Trust 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 Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
The closing price on Sep 24, 2026 was 7.60 THB. Our model-based fair value is 6.42 THB, about −16% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Golden Ventures Leasehold Real Estate Investment Trust right now?
Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (4.60 THB to 9.31 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. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Golden Ventures Leasehold Real Estate Investment Trust
How large is the market capitalisation of Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
The market capitalisation of Golden Ventures Leasehold Real Estate Investment Trust is 6.2B THB (≈ $185M). 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 Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
The price-to-sales ratio of Golden Ventures Leasehold Real Estate Investment Trust is 9.47 (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 Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
Earnings per share at Golden Ventures Leasehold Real Estate Investment Trust are 0.1200 THB (price ÷ EPS = P/E 63.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
The dividend yield of Golden Ventures Leasehold Real Estate Investment Trust is 9.8%. 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 Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
The net margin of Golden Ventures Leasehold Real Estate Investment Trust is 15.0% (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 Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
The return on equity (ROE) of Golden Ventures Leasehold Real Estate Investment Trust is 1.1% (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 Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
On an EBIT basis the return on assets of Golden Ventures Leasehold Real Estate Investment Trust is 6.9% (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 Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
The operating margin of Golden Ventures Leasehold Real Estate Investment Trust is 71.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
Revenue at Golden Ventures Leasehold Real Estate Investment Trust is growing −6.0% versus a year earlier (3y avg −0.3%). 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 Golden Ventures Leasehold Real Estate Investment Trust (GVREIT)?
Earnings per share at Golden Ventures Leasehold Real Estate Investment Trust are growing −16.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Golden Ventures Leasehold Real Estate Investment Trust (GVREIT) carry?
The net debt of Golden Ventures Leasehold Real Estate Investment Trust is 2.6B THB (fiscal year 2025, ≈ 3.5 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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