MFEC PCL (MFEC) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of MFEC PCL THB 14.89, price THB 6.20, upside +140.2%, quality 65 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 4.18 THB – 8.56 THB · fair‑value band 11.17 THB – 18.61 THB · the 6.20 THB price screens below the 14.89 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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MFEC Public Company Limited, together with its subsidiaries, provides information technology solutions and services in Thailand. The company operates in four segments: Systems Integration, Maintenance Service, IT Professional Service, and Cloud Computing Service.
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MFEC Public Company Limited, together with its subsidiaries, provides information technology solutions and services in Thailand. The company operates in four segments: Systems Integration, Maintenance Service, IT Professional Service, and Cloud Computing Service. It offers DataWise services, including modernized databases, intelligent data platform, advanced analytics, artificial intelligence, and database health-check package; and enterprise services, such as digital process automation, customer service solution, and enterprise content management, as well as financial solutions comprising capital market and lending, monitoring solution, customer engagement solution, IT services management solution, and IT automation and robotic solution. The company also provides cybersecurity services, which include network, data, end point, and cloud security, as well as security assessment and DevSecOps; and cloud technologies and hybrid infrastructure services, such as cloud platform, professional, and technical operations services, as well as enterprise networking, wireless and mobility, and network security. In addition, it offers digital transformation and AI adoption services comprising IoT and smart solutions, AI-Lab, and digital sustainability. Further, the company is involved in the provision of electronic payment gateway services; sale and development of computer systems and programs; operation as consultant for network system designing; personnel recruitment and IT system maintenance; research and experimental development on other engineering and technology; investment; and consulting services. It serves the banking/finance, government, telecommunication, and energy/utility industries. The company was incorporated in 1997 and is headquartered in Bangkok, Thailand.
Stock analysis
MFEC PCL (MFEC) currently trades at 6.20 THB, while our model-based Fair Value estimate is 14.89 THB, implying the stock looks roughly 58.4% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 21.24 THB per share, and 18 of the 26 models we run sit above the 6.20 THB price.
Bear case: the Earnings-Based group reads lowest at 3.82 THB, and 8 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 11.17 THB (bear) to 18.61 THB (bull), the price of 6.20 THB sits below 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 Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
MFEC PCL reported revenue of 6.9B THB in FY2025 versus 5.2B THB in FY2021, a compound +7.4%/yr. Reported net income was 235M THB in FY2025, compounding −2.2%/yr from FY2021.
Key figures
Market cap 2.7B THB (≈ $82.1M) · P/E ratio 11.1 · P/S ratio 0.38 · EPS (TTM) 0.5600 THB · Dividend yield 8.1% · Net margin 3.4% · Return on equity 9.6% · Return on assets (EBIT) 6.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 35% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 66% fair-value upside, at 140%, MFEC screens cheaper than that median.
Fair Value models
Bear 11.17 THBFair Value 14.89 THBBull 18.61 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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.0441 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.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.76/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.1%
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.
+8.3%
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.
+8.1%
Start year 2020 (pandemic). Over 10 years: +7.5% a year
Revenue growth 22 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.
+10.7%
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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.
+7.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.8%
Dividend (yield on the price)8.1%
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.−1% vs 1%, steady
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.7% → 5%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less 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).
−28.1%
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 −28.9% a year for the price.
Price, fair value, quality and upside side by side.
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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.Information Technology Services · 490 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside+140% · Top 25%
Profitability
Return on equity (TTM)10% · Above median
Return on assets3% · Below median
Net margin (TTM)4% · Below median
Operating margin (TTM)5% · Below median
Growth and dividend
Revenue growth5% · Below median
Dividend yield (TTM)8.1% · Top 25%
Valuation Multiplesvs Information Technology Services median · lower = cheaper
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). "MFEC PCL Fair Value". https://www.fairvalue-calculator.com/stock/MFEC
Frequently asked questions
Is MFEC PCL (MFEC) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 14.89 THB versus a price of 6.20 THB, about +140% upside (undervalued).
What is the fair value of MFEC?
Our model-based fair value for MFEC PCL is 14.89 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 6.20 THB.
What is the quality score of MFEC?
MFEC PCL 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 MFEC PCL (MFEC)?
Our model-based price target is the fair value of 14.89 THB (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 11.17 THB, optimistic scenario 18.61 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the MFEC PCL stock forecast for 2026?
Our models put fair value at 14.89 THB, about +140% upside versus a price of 6.20 THB (undervalued). Cautious scenario 11.17 THB, optimistic scenario 18.61 THB. The calculation is refreshed regularly with new filings.
What is the revenue of MFEC PCL (MFEC)?
MFEC PCL reported trailing-twelve-month revenue of about 7.0B THB (latest available figure, as of Sep 24, 2026).
Does MFEC PCL pay a dividend?
MFEC PCL currently shows a dividend yield of about 8.06% relative to its recent price (as of Sep 24, 2026).
What growth is priced into MFEC PCL (MFEC)?
For today's price to be fair in a discounted-cash-flow model, MFEC PCL would have to grow free cash flow by -28.1 % 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 +8.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of MFEC use?
Our models discount MFEC PCL at 13.1 %: a base by market capitalisation (micro), damped by beta 0.16, 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 MFEC PCL that is -28.1 % 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 MFEC PCL (MFEC) delivered so far?
Over the past 5 years revenue at MFEC PCL grew +8.1 % a year. The price currently implies -28.1 % 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 MFEC PCL (MFEC) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into MFEC PCL (-28.1 % 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 MFEC PCL (MFEC)?
The free-cash-flow yield on the price is 35.07 %: that much free cash flow MFEC PCL 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 MFEC PCL (MFEC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MFEC PCL it is 14.89 THB per share (as of Sep 24, 2026), against a price of 6.20 THB. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is MFEC PCL stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MFEC trades below its calculated fair value: price 6.20 THB, fair value 14.89 THB, a gap of about +140% (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 MFEC?
No. The price is what the market pays today (6.20 THB); the fair value is what the company's own numbers justify (14.89 THB). For MFEC PCL the two are 8.69 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is MFEC PCL worth?
The market values MFEC PCL at about 2.7B THB (market capitalisation, as of Sep 24, 2026). Per share that is 6.20 THB; our models calculate a fair value of 14.89 THB per share.
What do the bullish and bearish scenarios say about MFEC?
Our models span a range for MFEC PCL: cautious scenario 11.17 THB, base 14.89 THB, optimistic 18.61 THB per share (as of Sep 24, 2026, price 6.20 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MFEC?
MFEC PCL trades at a price-to-earnings ratio of 11.1 (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 14.89 THB is built from several models across several years. Other multiples: PEG 0.9, P/B 1.1, P/S 0.4, EV/EBITDA 5.3.
What is the PEG ratio of MFEC?
The PEG ratio of MFEC PCL is 0.90 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of MFEC PCL (MFEC)?
Balance-sheet figures for MFEC PCL (as of Sep 24, 2026): return on equity 9.6%. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is MFEC from its 52-week high?
MFEC PCL trades at 6.20 THB, about 2% below its 52-week high of 6.35 THB and 35% above the low of 4.59 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 14.89 THB is for.
Which stocks are comparable to MFEC PCL?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, 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 MFEC PCL stock attractive at the current price?
The data as of Sep 24, 2026: price 6.20 THB, calculated fair value 14.89 THB (+140%), 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 MFEC calculated?
We run MFEC PCL through 26 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 14.89 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 14.1 % above its aggregate fair value. MFEC PCL currently trades 140 % 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 MFEC PCL (MFEC)?
The closing price on Sep 23, 2026 was 6.20 THB. Our model-based fair value is 14.89 THB, about +140% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MFEC PCL right now?
The price is below even our cautious bear case (11.17 THB). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of MFEC PCL (MFEC) come from?
Earnings per share at MFEC PCL grew +6.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.3 %, EBIT margin +1.6 %, tax rate +1.0 %, residual (interest, one-offs) −2.6 %. 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 MFEC PCL
How large is the market capitalisation of MFEC PCL (MFEC)?
The market capitalisation of MFEC PCL is 2.7B THB (≈ $82.1M). 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 MFEC PCL (MFEC)?
The price-to-sales ratio of MFEC PCL is 0.38 (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 MFEC PCL (MFEC)?
Earnings per share at MFEC PCL are 0.5600 THB (price ÷ EPS = P/E 11.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of MFEC PCL (MFEC)?
The dividend yield of MFEC PCL is 8.1% (payout 89.3%). 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 MFEC PCL (MFEC)?
The net margin of MFEC PCL is 3.4% (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 MFEC PCL (MFEC)?
The return on equity (ROE) of MFEC PCL is 9.6% (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 MFEC PCL (MFEC)?
On an EBIT basis the return on assets of MFEC PCL is 6.2% (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 MFEC PCL (MFEC)?
The operating margin of MFEC PCL is 4.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MFEC PCL (MFEC)?
Revenue at MFEC PCL is growing +4.5% versus a year earlier (3y avg +8.3%). 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 MFEC PCL (MFEC)?
Earnings per share at MFEC PCL are growing +21.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does MFEC PCL (MFEC) hold?
MFEC PCL holds more cash than debt, 319M THB net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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