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Interhides Public Company (IHL) Fair Value & Analysis

Consumer Cyclical · TH · Market cap 836M THB

IP Interhides Public Company IHL · BK
Price1.45 THB
Fair Value3.24 THB
Upside+123.5%
Quality43/100
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Expensive Growth
Thin margins · 4.0% net margin
Low debt · negative free cash flow
Mixed vs. peers (7/14)
Narrow moat 34/100
Evidence: High Range 2.37 THB – 4.22 THB Share as image

Fair value as of: Jul 11, 2026

From 16 valuation models · updated 30 days ago

Share price +2.8% over the past month.

Below-average quality, screening 123% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (43/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (2.37 THB). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

4.04 THB 1.34 THB Fair Value 3.24 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range 1.34 THB – 4.04 THB · fair‑value band 2.37 THB – 4.22 THB · the 1.45 THB price screens below the 3.24 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Interhides Public Company (IHL) currently trades at 1.45 THB, while our model-based Fair Value estimate is 3.24 THB, implying the stock looks roughly 123.5% undervalued today. The Quality Score stands at 43/100 (below-average quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Interhides Public Company generated revenue of 2.2B THB at a net margin of 5.2%. Revenue declined 32.2% year over year. It earns a return on equity of 6.8%. Net debt stands at 2.3B THB. Fundamentals as of Jul 11, 2026

Our scenario range runs from 2.37 THB (bear case) to 4.22 THB (bull case); at 1.45 THB, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -44% fair-value upside, at 123%, IHL screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Residual Income 2.17 THB 2.23 THB 2.19 THB 76
ROIC Compounder 2.11 THB 2.44 THB 2.72 THB 72
Gordon GGM 0.7800 THB 1.20 THB 1.62 THB 70
All 16 models by family
DCF Models
Owner Earnings 1.69 THB 2.39 THB 3.26 THB 31
Earnings-Based
Graham-Dodd 1.30 THB 3.02 THB 3.89 THB 54
PEG = 1.0 0.5200 THB 0.7400 THB 0.9600 THB 46
EPV 2.11 THB 2.44 THB 2.72 THB 59
Dividend Discount
Gordon GGM 0.7800 THB 1.20 THB 1.62 THB 70
DDM Multi-Stage 0.7800 THB 1.08 THB 1.38 THB 61
Multiples
P/E Multiple 3.15 THB 4.19 THB 5.24 THB 63
P/S Multiple 2.43 THB 3.24 THB 4.05 THB 58
P/B Multiple 2.43 THB 3.24 THB 4.05 THB 55
EV/EBIT 4.50 THB 6.12 THB 7.73 THB 53
EV/EBITDA 6.01 THB 8.13 THB 10.25 THB 54
EV/Revenue 2.77 THB 4.10 THB 5.43 THB 43
Asset-Based
NCAV (Graham) 1.43 THB 1.91 THB 2.86 THB 50
Economic Profit
Residual Income 2.17 THB 2.23 THB 2.19 THB 76
ROIC Compounder 2.11 THB 2.44 THB 2.72 THB 72
Growth Earnings
Growth-Adj P/E 2.37 THB 3.38 THB 4.40 THB 68

Widest divergence: Multiples (4.10 THB) versus Dividend Discount (1.08 THB). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 2.0B THB
Revenue growth (YoY) -24.6%
Net margin 5.2%
Return on equity 4.7%
Free cash flow −235M THB FY2025
P/E ratio 10.1
More key figures
Operating margin 6.8%
EPS (TTM) 0.1400 THB
EPS growth (YoY) -66.3%
Net debt 2.3B THB FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 43/100

Of which business quality 38 · Market factors (momentum, volatility) 55

Profitability 30
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 23
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 38
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Interhides Public Company Limited manufactures and distributes leather coverings for car seats in Thailand, China, Vietnam, and internationally. The company offers leather for automotive; shoe and upholstery leather; dog chew products under the Momo & Friends brand; collagen under the Chojen brand name; and organic products under the Grow Plus brand.

Full company description

Interhides Public Company Limited manufactures and distributes leather coverings for car seats in Thailand, China, Vietnam, and internationally. The company offers leather for automotive; shoe and upholstery leather; dog chew products under the Momo & Friends brand; collagen under the Chojen brand name; and organic products under the Grow Plus brand. It also provides tanning services; manufactures and distributes hydrolyzed protein from leather scrap by industrial process and collagen peptides; and trades in leather for the footwear industry. The company was founded in 1992 and is headquartered in Mueang Samut Prakan, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Interhides Public Company reported revenue of 2.2B THB in FY2025 versus 1.7B THB in FY2021, a compound +6.6%/yr. Reported net income was 113M THB in FY2025, compounding −5.3%/yr from FY2021.

Growth Quality 51/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.2B THB
Avg. growth/yr (3Y) 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.
+15.6%
Avg. growth/yr (5Y) 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.
+11.0%
Avg. growth/yr (20Y) 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.
+7.2%
Revenue +6.6%/yr
FY21 1.7B THB
FY22 2.1B THB
FY23 1.8B THB
FY24 2.6B THB
FY25 2.2B THB
Net income −5.3%/yr
FY21 141M THB
FY22 99.9M THB
FY23 16.8M THB
FY24 57.3M THB
FY25 113M THB
Character of growth · EPS growth decomposed (2014-2025) −13.7 % p.a.
Revenue per share −1.1 pp

of which total revenue +1.0 pp · buybacks/dilution −2.0 pp

EBIT margin −5.4 pp
Tax rate −1.8 pp
Residual (interest, one-offs) −5.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Interhides Public Company Fair Value". https://www.fairvalue-calculator.com/stock/IHL

Peer Group

Auto Parts · 641 stocks

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.

Quality Score 43 · Bottom 25%
Fair Value upside +123% · Top 25%
Return on equity (TTM) 5% · Below median
Return on assets 2% · Below median
Net margin (TTM) 4% · Below median
Operating margin (TTM) 7% · Above median
Revenue growth -25% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.12× · Higher than median

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 10.1× · Cheaper than 75% of peers
P/B 0.49× · Cheaper than 75% of peers
P/S (TTM) 0.41× · Cheaper than median
EV/EBITDA 2.9× · Cheaper than 75% of peers
PEG 0.08× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 17
FUTURE 0 · sector 24
PAST 19 · sector 26
HEALTH 94 · sector 95
DIVIDEND 0 · sector 30

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Auto Parts stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

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Magna International Inc MGAN 1,122 MXN 1,172 MXN +4%
Samvardhana Motherson International Limited MOTHERSON ₹144.17 ₹80.63 -44%
Bosch Limited BOSCHLTD ₹41,110 ₹14,004 -66%
Bharat Forge Limited BHARATFORG ₹2,117 ₹441.74 -79%
Uno Minda Limited UNOMINDA ₹1,158 ₹426.57 -63%
Schaeffler India Limited SCHAEFFLER ₹4,135 ₹1,412 -66%
Hankook Tire & Technology Co 161390 73,600 KRW 196,479 KRW +167%
MRF Limited MRF ₹131,025 ₹125,849 -4%
Sona BLW Precision Forgings Limited SONACOMS ₹792.00 ₹207.06 -74%

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Frequently asked questions

Is Interhides Public Company (IHL) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of 3.24 THB versus a price of 1.45 THB, about +123% (undervalued).
What is the fair value of IHL?
Our model-based fair value for Interhides Public Company is 3.24 THB (as of Jul 11, 2026), built from audited fundamentals. The current price is 1.45 THB.
What is the quality score of IHL?
Interhides Public Company has a Quality Score of 43/100. 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 revenue of Interhides Public Company (IHL)?
Interhides Public Company reported trailing-twelve-month revenue of about 2.2B THB (latest available figure, as of Jul 11, 2026).
What is the net profit margin of IHL?
The net profit margin of Interhides Public Company is about 5.2%, meaning it keeps roughly 5.2% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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