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Lanna Resources Public Company (LANNA) Fair Value & Analysis

Energy · TH · Market cap 7.7B THB

LR Lanna Resources Public Company LANNA · BK
Price15.10 THB
Fair Value22.59 THB
Upside+49.6%
Quality65/100
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Mixed Growth
Thin margins · 4.4% net margin
Low debt · generates free cash flow
6.76% dividend yield
Ranks above peers (13/15)
Narrow moat 41/100
Evidence: Medium Range 16.94 THB – 28.24 THB Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 26 days ago

Share price +3.4% over the past month.

A solid business, screening 50% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (16.94 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

16.40 THB 3.93 THB Fair Value 22.59 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range 3.93 THB – 16.40 THB · fair‑value band 16.94 THB – 28.24 THB · the 15.10 THB price screens below the 22.59 THB fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Lanna Resources Public Company (LANNA) currently trades at 15.10 THB, while our model-based Fair Value estimate is 22.59 THB, implying the stock looks roughly 49.6% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Energy 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: medium), always confirm before acting.

Over the trailing twelve months, Lanna Resources Public Company generated revenue of 14.5B THB at a net margin of 4.4%. Revenue declined 17.7% year over year. It earns a return on equity of 8.7%. The balance sheet holds a net cash position of 1.2B THB. Fundamentals as of Jul 15, 2026

Our scenario range runs from 16.94 THB (bear case) to 28.24 THB (bull case); at 15.10 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 8% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at -12% fair-value upside, at 50%, LANNA 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
Growth DCF 57.33 THB 80.86 THB 113.07 THB 80
Residual Income 13.02 THB 14.06 THB 16.09 THB 76
Rev-Margin DCF 38.32 THB 53.79 THB 71.71 THB 74
All 26 models by family
DCF Models
FCF DCF 56.57 THB 83.23 THB 122.08 THB 38
Owner Earnings 45.98 THB 67.18 THB 98.07 THB 31
5Y Revenue Exit 38.32 THB 53.18 THB 71.49 THB 39
5Y EBITDA Exit 38.34 THB 53.23 THB 69.99 THB 41
5Y P/E Exit 31.52 THB 40.51 THB 49.47 THB 38
10Y Revenue Exit 43.99 THB 58.93 THB 77.90 THB 36
10Y EBITDA Exit 44.70 THB 58.96 THB 76.78 THB 37
10Y P/E Exit 40.46 THB 50.34 THB 61.53 THB 35
Earnings-Based
Graham-Dodd 9.04 THB 27.62 THB 36.67 THB 54
Lynch FV 5.93 THB 8.48 THB 11.02 THB 50
PEG = 1.0 5.93 THB 8.48 THB 11.02 THB 46
EPV 23.02 THB 25.89 THB 28.36 THB 59
Dividend Discount
Gordon GGM 21.34 THB 42.52 THB 64.39 THB 70
DDM Multi-Stage 21.34 THB 34.40 THB 44.88 THB 61
Multiples
P/E Multiple 13.95 THB 18.60 THB 23.25 THB 63
P/S Multiple 16.94 THB 22.59 THB 28.24 THB 58
P/B Multiple 16.94 THB 22.59 THB 28.24 THB 55
EV/EBIT 28.79 THB 36.76 THB 44.73 THB 53
EV/EBITDA 30.89 THB 39.57 THB 48.24 THB 54
EV/Revenue 29.12 THB 39.51 THB 49.90 THB 43
Asset-Based
NCAV (Graham) 7.73 THB 10.36 THB 15.46 THB 50
Growth DCF
Growth DCF 57.33 THB 80.86 THB 113.07 THB 80
Rev-Margin DCF 38.32 THB 53.79 THB 71.71 THB 74
Economic Profit
Residual Income 13.02 THB 14.06 THB 16.09 THB 76
ROIC Compounder 24.18 THB 29.00 THB 34.54 THB 72
Growth Earnings
Growth-Adj P/E 12.06 THB 17.23 THB 22.39 THB 68

Widest divergence: Growth DCF (53.79 THB) versus Earnings-Based (8.48 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 14.5B THB
Revenue growth (YoY) -17.7%
Net margin 4.4%
Return on equity 8.7%
Free cash flow 2.5B THB FY2025
P/E ratio 12.1
More key figures
Operating margin 12.3%
EPS (TTM) 1.21 THB
Dividend yield 6.8%
EPS growth (YoY) -26.6%
Net cash 1.2B THB FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 68 · Market factors (momentum, volatility) 57

Profitability 53
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 84
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 39
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

Lanna Resources Public Company Limited, together with its subsidiaries, manufacture and distributes coal. It operates through three segments: Domestic Coal, Overseas Coal, and Ethanol Division. The company also purchases and sells coal; produces and distributes ethanol, and soil amendment substances; and generates and distributes power.

Full company description

Lanna Resources Public Company Limited, together with its subsidiaries, manufacture and distributes coal. It operates through three segments: Domestic Coal, Overseas Coal, and Ethanol Division. The company also purchases and sells coal; produces and distributes ethanol, and soil amendment substances; and generates and distributes power. In addition, it is involved in wood pellet production and distribution; and renewable energy, coal trading, and ocean freight transport businesses. It operates in Thailand, India, Singapore, Indonesia, the United Arab Emirates, and China. The company was founded in 1985 and is headquartered in Bangkok, Thailand. Lanna Resources Public Company Limited is a subsidiary of Siam City Cement Public Company Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Lanna Resources Public Company reported revenue of 15.2B THB in FY2025 versus 15.7B THB in FY2021, a compound −0.9%/yr. Reported net income was 698M THB in FY2025, compounding −28.8%/yr from FY2021.

Growth Quality 74/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
15.2B THB
Latest YoY
−27.1%
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.
+9.8%
Avg. growth/yr (25Y) 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.
+11.9%
Revenue −0.9%/yr
FY21 15.7B THB
FY22 25.2B THB
FY23 22.9B THB
FY24 20.8B THB
FY25 15.2B THB
Net income −28.8%/yr
FY21 2.7B THB
FY22 4.9B THB
FY23 2.1B THB
FY24 1.7B THB
FY25 698M THB
Character of growth · EPS growth decomposed (2014-2025) +17.9 % p.a.
Revenue per share +7.3 pp

of which total revenue +7.3 pp · buybacks/dilution +0.0 pp

EBIT margin +11.8 pp
Tax rate −2.6 pp
Residual (interest, one-offs) +1.4 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). "Lanna Resources Public Company Fair Value". https://www.fairvalue-calculator.com/stock/LANNA

Peer Group

Thermal Coal · 101 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 65 · Top 25%
Fair Value upside +50% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 4% · Below median
Operating margin (TTM) 12% · Above median
Revenue growth -18% · Bottom 25%
Dividend yield (TTM) 6.8% · Top 25%
Debt / equity 0.02× · Lower than 75% of peers

Valuation Multiples vs Thermal Coal median · lower = cheaper

P/E (TTM) 12.1× · Cheaper than median
P/B 0.95× · Cheaper than median
P/S (TTM) 0.53× · Cheaper than median
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 3.2× · Cheaper than 75% of peers
PEG 0.18× · 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 99 · sector 22
FUTURE 0 · sector 0
PAST 35 · sector 21
HEALTH 99 · sector 92
DIVIDEND 100 · sector 31

Insider activity: 40/100

Values & ESG

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

Coal Oil & gas

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

Similar stocks

10 more Thermal Coal stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

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Frequently asked questions

Is Lanna Resources Public Company (LANNA) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 22.59 THB versus a price of 15.10 THB, about +50% (undervalued).
What is the fair value of LANNA?
Our model-based fair value for Lanna Resources Public Company is 22.59 THB (as of Jul 15, 2026), built from audited fundamentals. The current price is 15.10 THB.
What is the quality score of LANNA?
Lanna Resources Public Company 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 revenue of Lanna Resources Public Company (LANNA)?
Lanna Resources Public Company reported trailing-twelve-month revenue of about 14.5B THB (latest available figure, as of Jul 15, 2026).
What is the net profit margin of LANNA?
The net profit margin of Lanna Resources Public Company is about 4.4%, meaning it keeps roughly 4.4% of revenue as net income. Based on the latest reported figures.
Does Lanna Resources Public Company pay a dividend?
Lanna Resources Public Company currently shows a dividend yield of about 6.90% relative to its recent price (as of Jul 15, 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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