MFC-Nichada Thani Property Fund 2 (MNIT2) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of MFC-Nichada Thani Property Fund 2 THB 2.56, price THB 4.96, upside -48.4%, quality 74 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch MFC-Nichada Thani Property Fund 2 for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
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 1.61 THB – 5.75 THB · fair‑value band 1.82 THB – 3.19 THB · the 4.96 THB price screens above the 2.56 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.
Follow MFC-Nichada Thani Property Fund 2 in your weekly email
Every Wednesday you see whether MFC-Nichada Thani Property Fund 2 is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
MFC-Nichada Thani Property Fund 2 is a fund specializing in real estate investments.
Stock analysis
MFC-Nichada Thani Property Fund 2 (MNIT2) currently trades at 4.96 THB, while our model-based Fair Value estimate is 2.56 THB, implying the stock looks roughly 93.8% overvalued today.
Show more
Valuation
Bull case: the Economic Profit group reads highest at a median of 4.84 THB per share, and 1 of the 16 models we run sit above the 4.96 THB price.
Bear case: the Growth DCF group reads lowest at 1.41 THB, and 15 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: 1.82 THB (bear) to 3.19 THB (bull), the price of 4.96 THB sits above 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 74/100 (solid quality), in the Energy sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
MFC-Nichada Thani Property Fund 2 reported revenue of 60.4M THB in FY2025 versus 29.6M THB in FY2021, a compound +19.5%/yr. Reported net income was 43.8M THB in FY2025, compounding +31.1%/yr from FY2021.
Key figures
Market cap 687M THB (≈ $20.6M) · P/E ratio 30.1 · P/S ratio 21.8 · EPS (TTM) 0.1650 THB · Dividend yield 5.5% · Net margin 72.5% · Return on assets (EBIT) 2.7% · Free cash flow 31.8M THB.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 11% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −22% fair-value upside, at −48%, MNIT2 screens richer than that median.
Fair Value models
Bear 1.82 THBFair Value 2.56 THBBull 3.19 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 (0.1221 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+0.2%
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.
+12.6%
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.
+11.9%
Start year 2020 (pandemic). Over 10 years: −2.9% a year
Revenue growth 10 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.
−2.9%
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
+16.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.5%
Dividend (yield on the price)5.5%
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.59% → 58%
⚠ Revenue per share shrinking 91.2%/yr over ~8Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+9.1%
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 +7.8% a year for the price.
Compare MFC-Nichada Thani Property Fund 2 with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “REITs” was too small, so the broader sector is used.)Energy · 1048 stocks
Beats the sector median on 4/9 measures
A mixed picture versus its sector peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside−48.4% · Bottom 25%
Profitability
Return on assets0.0% · Below median
Net margin (TTM)72.5% · Top 25%
Operating margin (TTM)0.0% · Below median
Growth and dividend
Revenue growth0.0% · Below median
Dividend yield (TTM)5.5% · Top 25%
Valuation Multiplesvs Energy median · lower = cheaper
P/E (TTM)30.1× · Priciest 25%
P/FCF0.6× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 20
FUTURE (revenue growth)0· sector 16
PAST (return on equity)0· sector 25
HEALTH (low debt)0· sector 88
DIVIDEND (yield)100· sector 56
VALUE 0: the price sits above our fair-value range.
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). "MFC-Nichada Thani Property Fund 2 Fair Value". https://www.fairvalue-calculator.com/stock/MNIT2
Frequently asked questions
Is MFC-Nichada Thani Property Fund 2 (MNIT2) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2.56 THB versus a price of 4.96 THB, about −48% upside (overvalued).
What is the fair value of MNIT2?
Our model-based fair value for MFC-Nichada Thani Property Fund 2 is 2.56 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 4.96 THB.
What is the quality score of MNIT2?
MFC-Nichada Thani Property Fund 2 has a Quality Score of 74/100. 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 MFC-Nichada Thani Property Fund 2 (MNIT2)?
Our model-based price target is the fair value of 2.56 THB (as of Sep 24, 2026) from 16 valuation models. Cautious scenario 1.82 THB, optimistic scenario 3.19 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the MFC-Nichada Thani Property Fund 2 stock forecast for 2026?
Our models put fair value at 2.56 THB, about −48% upside versus a price of 4.96 THB (overvalued). Cautious scenario 1.82 THB, optimistic scenario 3.19 THB. The calculation is refreshed regularly with new filings.
Does MFC-Nichada Thani Property Fund 2 pay a dividend?
MFC-Nichada Thani Property Fund 2 currently shows a dividend yield of about 5.48% relative to its recent price (as of Sep 24, 2026).
What growth is priced into MFC-Nichada Thani Property Fund 2 (MNIT2)?
For today's price to be fair in a discounted-cash-flow model, MFC-Nichada Thani Property Fund 2 would have to grow free cash flow by +9.1 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of MNIT2 use?
Our models discount MFC-Nichada Thani Property Fund 2 at 11.6 %: a base by market capitalisation (nano), 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 MFC-Nichada Thani Property Fund 2 that is +9.1 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has MFC-Nichada Thani Property Fund 2 (MNIT2) delivered so far?
Over the past 5 years revenue at MFC-Nichada Thani Property Fund 2 grew +11.9 % a year. The price currently implies +9.1 % 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 MFC-Nichada Thani Property Fund 2 (MNIT2) growing?
The median revenue growth in the sector is +3.1 % a year. That is the yardstick for the growth priced into MFC-Nichada Thani Property Fund 2 (+9.1 % 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 MFC-Nichada Thani Property Fund 2 (MNIT2)?
The free-cash-flow yield on the price is 6.38 %: that much free cash flow MFC-Nichada Thani Property Fund 2 produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of MFC-Nichada Thani Property Fund 2 (MNIT2)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MFC-Nichada Thani Property Fund 2 it is 2.56 THB per share (as of Sep 24, 2026), against a price of 4.96 THB. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is MFC-Nichada Thani Property Fund 2 stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MNIT2 trades above its calculated fair value: price 4.96 THB, fair value 2.56 THB, a gap of about −48% (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 MNIT2?
No. The price is what the market pays today (4.96 THB); the fair value is what the company's own numbers justify (2.56 THB). For MFC-Nichada Thani Property Fund 2 the two are 2.40 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is MFC-Nichada Thani Property Fund 2 worth?
The market values MFC-Nichada Thani Property Fund 2 at about 687M THB (market capitalisation, as of Sep 24, 2026). Per share that is 4.96 THB; our models calculate a fair value of 2.56 THB per share.
What do the bullish and bearish scenarios say about MNIT2?
Our models span a range for MFC-Nichada Thani Property Fund 2: cautious scenario 1.82 THB, base 2.56 THB, optimistic 3.19 THB per share (as of Sep 24, 2026, price 4.96 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MNIT2?
MFC-Nichada Thani Property Fund 2 trades at a price-to-earnings ratio of 30.1 (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 2.56 THB is built from several models across several years.
How far is MNIT2 from its 52-week high?
MFC-Nichada Thani Property Fund 2 trades at 4.96 THB, about 14% below its 52-week high of 5.75 THB and 11% above the low of 4.45 THB (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of 2.56 THB is for.
Which stocks are comparable to MFC-Nichada Thani Property Fund 2?
From the same area (Energy) we also value YKTS, ISSARA, Saudi Arabian Oil Company, Exxon Mobil Corporation, 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 MFC-Nichada Thani Property Fund 2 stock attractive at the current price?
The data as of Sep 24, 2026: price 4.96 THB, calculated fair value 2.56 THB (−48%), Quality Score 74/100, from 16 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 MNIT2 calculated?
We run MFC-Nichada Thani Property Fund 2 through 16 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 2.56 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 13.9 % above its aggregate fair value. MFC-Nichada Thani Property Fund 2 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 MFC-Nichada Thani Property Fund 2 (MNIT2)?
The closing price on Sep 25, 2026 was 4.96 THB. Our model-based fair value is 2.56 THB, about −48% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MFC-Nichada Thani Property Fund 2 right now?
A high-quality business (quality 74/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (3.19 THB). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of MFC-Nichada Thani Property Fund 2
How large is the market capitalisation of MFC-Nichada Thani Property Fund 2 (MNIT2)?
The market capitalisation of MFC-Nichada Thani Property Fund 2 is 687M THB (≈ $20.6M). 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 MFC-Nichada Thani Property Fund 2 (MNIT2)?
The price-to-sales ratio of MFC-Nichada Thani Property Fund 2 is 21.8 (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 MFC-Nichada Thani Property Fund 2 (MNIT2)?
Earnings per share at MFC-Nichada Thani Property Fund 2 are 0.1650 THB (price ÷ EPS = P/E 30.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of MFC-Nichada Thani Property Fund 2 (MNIT2)?
The dividend yield of MFC-Nichada Thani Property Fund 2 is 5.5% (payout 165%). 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 MFC-Nichada Thani Property Fund 2 (MNIT2)?
The net margin of MFC-Nichada Thani Property Fund 2 is 72.5% (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 EBIT return on assets of MFC-Nichada Thani Property Fund 2 (MNIT2)?
On an EBIT basis the return on assets of MFC-Nichada Thani Property Fund 2 is 2.7% (avg 4y). 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.
How much net cash does MFC-Nichada Thani Property Fund 2 (MNIT2) hold?
MFC-Nichada Thani Property Fund 2 holds more cash than debt, 6.4M THB net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed
Watch MFC-Nichada Thani Property Fund 2 in the live analysis
One click puts MFC-Nichada Thani Property Fund 2 on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
