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J.R.W. Utility Public Company (JR) Fair Value & Analysis

Industrials · TH · Market cap 1.3B THB

JR J.R.W. Utility Public Company JR · BK
Price1.83 THB
Fair Value2.09 THB
Upside+14.2%
Quality60/100
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Expensive Growth
Thin margins · 4.9% net margin
generates free cash flow
3.14% dividend yield
Ranks above peers (8/13)
Narrow moat 32/100
Evidence: High Range 1.43 THB – 2.78 THB Share as image

Fair value as of: Jul 18, 2026

From 25 valuation models · updated 23 days ago

Share price +4.0% over the past month.

A solid business, screening 14% undervalued on our models.

What matters now

  • A fairly wide model range (1.43 THB to 2.78 THB) leaves room in how you read the outcome.
  • Our model range runs from 1.43 THB (bear) to 2.78 THB (bull), base 2.09 THB. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 60/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

7.96 THB 1.39 THB Fair Value 2.09 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 1.39 THB – 7.96 THB · fair‑value band 1.43 THB – 2.78 THB · the 1.83 THB price screens below the 2.09 THB fair value. Dashed = 300-day average. As of Jul 18, 2026.

Full chart & analysis →

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Analysis

J.R.W. Utility Public Company (JR) currently trades at 1.83 THB, while our model-based Fair Value estimate is 2.09 THB, implying the stock looks roughly 14.2% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials 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, J.R.W. Utility Public Company generated revenue of 2.0B THB at a net margin of 4.9%. Revenue grew 5.2% year over year. It earns a return on equity of 5.6%. The balance sheet holds a net cash position of 144M THB. Fundamentals as of Jul 18, 2026

Our scenario range runs from 1.43 THB (bear case) to 2.78 THB (bull case); at 1.83 THB, the current price sits within 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 10% below its 52-week high and 14% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 14%, JR 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 1.70 THB 1.70 THB 1.57 THB 76
Growth DCF 0.6600 THB 0.7500 THB 0.8600 THB 72
Gordon GGM 0.3100 THB 0.5600 THB 0.7700 THB 70
All 25 models by family
DCF Models
FCF DCF 0.6600 THB 0.7500 THB 0.8800 THB 38
Owner Earnings 1.88 THB 2.59 THB 3.58 THB 31
5Y Revenue Exit 1.29 THB 1.99 THB 2.92 THB 39
5Y EBITDA Exit 1.37 THB 2.14 THB 3.07 THB 41
5Y P/E Exit 1.67 THB 2.71 THB 3.85 THB 38
10Y Revenue Exit 1.00 THB 1.54 THB 2.32 THB 36
10Y EBITDA Exit 1.07 THB 1.63 THB 2.42 THB 37
10Y P/E Exit 1.25 THB 2.00 THB 2.98 THB 35
Earnings-Based
Graham-Dodd 0.8900 THB 3.17 THB 4.28 THB 54
Lynch FV 0.7500 THB 1.07 THB 1.39 THB 50
PEG = 1.0 0.7500 THB 1.07 THB 1.39 THB 46
EPV 1.29 THB 1.40 THB 1.49 THB 59
Dividend Discount
Gordon GGM 0.3100 THB 0.5600 THB 0.7700 THB 70
DDM Multi-Stage 0.3100 THB 0.5100 THB 0.6000 THB 61
Multiples
P/E Multiple 2.06 THB 2.75 THB 3.44 THB 63
P/S Multiple 1.67 THB 2.23 THB 2.78 THB 58
P/B Multiple 1.67 THB 2.23 THB 2.78 THB 55
EV/EBIT 2.27 THB 2.87 THB 3.47 THB 53
EV/EBITDA 1.99 THB 2.49 THB 3.00 THB 54
EV/Revenue 1.76 THB 2.31 THB 2.86 THB 43
Asset-Based
NCAV (Graham) 1.16 THB 1.56 THB 2.32 THB 50
Growth DCF
Growth DCF 0.6600 THB 0.7500 THB 0.8600 THB 72
Economic Profit
Residual Income 1.70 THB 1.70 THB 1.57 THB 76
ROIC Compounder 1.29 THB 1.40 THB 1.49 THB 67
Growth Earnings
Growth-Adj P/E 1.43 THB 2.05 THB 2.66 THB 68

Widest divergence: Multiples (2.31 THB) versus Dividend Discount (0.5100 THB). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 2.0B THB
Revenue growth (YoY) +5.2%
Net margin 4.9%
Return on equity 5.6%
Free cash flow 14.3M THB FY2025
P/E ratio 12.9
More key figures
Operating margin -1.3%
EPS (TTM) 0.1300 THB
Dividend yield 3.3%
EPS growth (YoY) +43.8%
Net cash 144M THB FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 57 · Market factors (momentum, volatility) 64

Profitability 27
Margins and returns on capital today
Quality Growth 71
Are margins and returns improving?
Cashflow 34
Earnings quality: real cash, not paper profit
Fin. Strength 63
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 49
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

J.R.W. Utility Public Company Limited engages in the design, procurement, construction, and installation of electrical power, and telecommunication and information technology systems in Thailand. It operates in two segments, Contract Services and Sales of Electronics Equipment.

Full company description

J.R.W. Utility Public Company Limited engages in the design, procurement, construction, and installation of electrical power, and telecommunication and information technology systems in Thailand. It operates in two segments, Contract Services and Sales of Electronics Equipment. The company is involved in the construction of high voltage transmission line systems; construction and installation of high-voltage substations and related equipment; construction work to change overhead power lines to underground power lines; and infrastructure planning, setting up the core network, software and application system designing, and setup of other equipment services. It also offers repairing and maintaining electrical and telecommunication systems, and information technology equipment. In addition, the company engages in the contractor, consultation, installation, repair, inspection, trading, and distribution of tools, equipment, and materials relating to electricity, civil, mechanical, electronic, security equipment, and various types of telecommunication systems. The company was incorporated in 1993 and is based in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

J.R.W. Utility Public Company reported revenue of 1.9B THB in FY2025 versus 2.1B THB in FY2021, a compound −2.9%/yr. Reported net income was 99.5M THB in FY2025, compounding −17.7%/yr from FY2021.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
1.9B THB
Latest YoY
+22.6%
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.
+0.4%
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.
+8.3%
Avg. growth/yr (9Y) 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.
+13.2%
Revenue −2.9%/yr
FY21 2.1B THB
FY22 1.9B THB
FY23 1.9B THB
FY24 1.6B THB
FY25 1.9B THB
Net income −17.7%/yr
FY21 217M THB
FY22 149M THB
FY23 61.8M THB
FY24 66.2M THB
FY25 99.5M THB

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Cite: Fair Value Calculator (2026). "J.R.W. Utility Public Company Fair Value". https://www.fairvalue-calculator.com/stock/JR

Peer Group

Engineering & Construction · 839 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 60 · Top 25%
Fair Value upside +14% · Above median
Return on equity (TTM) 6% · Below median
Return on assets 2% · Below median
Net margin (TTM) 5% · Above median
Operating margin (TTM) -1% · Bottom 25%
Revenue growth 5% · Above median
Dividend yield (TTM) 3.1% · Above median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 13.5× · Cheaper than median
P/B 0.75× · Cheaper than median
P/S (TTM) 0.68× · Pricier than median
P/FCF 2.8× · Pricier than median
EV/EBITDA 6.9× · Cheaper than median

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 52 · sector 16
FUTURE 26 · sector 17
PAST 22 · sector 26
HEALTH 0 · sector 94
DIVIDEND 63 · sector 33

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is J.R.W. Utility Public Company (JR) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 2.09 THB versus a price of 1.83 THB, about +14% (undervalued).
What is the fair value of JR?
Our model-based fair value for J.R.W. Utility Public Company is 2.09 THB (as of Jul 18, 2026), built from audited fundamentals. The current price is 1.83 THB.
What is the quality score of JR?
J.R.W. Utility Public Company has a Quality Score of 60/100. 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 J.R.W. Utility Public Company (JR)?
J.R.W. Utility Public Company reported trailing-twelve-month revenue of about 2.0B THB (latest available figure, as of Jul 18, 2026).
What is the net profit margin of JR?
The net profit margin of J.R.W. Utility Public Company is about 4.9%, meaning it keeps roughly 4.9% of revenue as net income. Based on the latest reported figures.
Does J.R.W. Utility Public Company pay a dividend?
J.R.W. Utility Public Company currently shows a dividend yield of about 3.27% relative to its recent price (as of Jul 18, 2026).

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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