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Mud & Hound Public Company Limited (MUD) Fair Value & Analysis

Consumer Cyclical · TH · Market cap 969M THB (≈ $29.3M)

MH Mud & Hound Public Company Limited MUD · BK
Price0.7500 THB
Fair Value0.6200 THB
Upside-17.3%
Quality42/100
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Strengths

Low debt · generates free cash flow

Risks

!Trades 21% ABOVE our fair value of 0.6200 THB
!Weak Growth (revenue 5y +1.5 %/yr)
!Loss-making · -32.9% net margin
!Trails peers (2/10)
Weak Growth (revenue 5y +1.5 %/yr)
Loss-making · -32.9% net margin
Low debt · generates free cash flow
Trails peers (2/10)
Narrow moat 8/100
Evidence: Low Range 0.6200 THB – 1.42 THB Share as image

Fair value as of: Aug 14, 2026

From 10 valuation models · updated 17 days ago

Share price −12.8% over the past month.

Below-average quality, and trading another 21% above our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (0.6200 THB to 1.42 THB) leaves room in how you read the outcome.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
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Price vs Fair Value (5 years)

3.02 THB 0.3900 THB Fair Value 0.6200 THB Sep 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

60‑month range 0.3900 THB – 3.02 THB · fair‑value band 0.6200 THB – 1.42 THB · the 0.7500 THB price screens above the 0.6200 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

Mud & Hound Public Company Limited (MUD) currently trades at 0.7500 THB, while our model-based Fair Value estimate is 0.6200 THB, implying the stock looks roughly 17.3% overvalued today. The Quality Score stands at 42/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, Mud & Hound Public Company Limited generated revenue of 2.3B THB at a net margin of -32.9%. Revenue declined 17.2% year over year. It earns a return on equity of -60.8%. Net debt stands at 2.1B THB. Fundamentals as of Aug 14, 2026

Our scenario range runs from 0.6200 THB (bear case) to 1.42 THB (bull case); at 0.7500 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 38% below its 52-week high and 108% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -47% fair-value upside, at -17%, MUD 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
FCF DCF 1.22 THB 1.73 THB 2.60 THB 80
Growth DCF 1.27 THB 1.76 THB 2.52 THB 79
5Y EBITDA Exit 0.6900 THB 1.05 THB 1.53 THB 75
All 10 models by family
DCF Models
FCF DCF 1.22 THB 1.73 THB 2.60 THB 80
5Y Revenue Exit 1.23 THB 1.98 THB 3.07 THB 71
5Y EBITDA Exit 0.6900 THB 1.05 THB 1.53 THB 75
10Y Revenue Exit 1.17 THB 1.69 THB 2.24 THB 67
10Y EBITDA Exit 0.9200 THB 1.17 THB 1.42 THB 70
Multiples
EV/EBITDA 0.4100 THB 0.7100 THB 1.00 THB 65
EV/Revenue 1.39 THB 2.18 THB 2.98 THB 53
Asset-Based
NCAV (Graham) 0.5800 THB 0.7800 THB 1.16 THB 54
Growth DCF
Growth DCF 1.27 THB 1.76 THB 2.52 THB 79
Rev-Margin DCF 1.23 THB 2.02 THB 3.00 THB 72

Widest divergence: Growth DCF (1.76 THB) versus Multiples (0.7100 THB). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/S ratio 0.42 TTM
EPS (TTM) -0.7200 THB
Net margin -28.8% FY2025
Return on equity -60.8% TTM
Return on assets (EBIT) -1.9% avg 5y
Operating margin -19.0% TTM
More key figures
Growth
Revenue (TTM) 2.3B THB TTM
Revenue growth (YoY) -17.2% 3y avg -8.7%
EPS growth (YoY) +320%
Balance sheet & cash flow
Free cash flow 220M THB FY2025
Net debt 2.1B THB FY2025 · ≈ 9.7 yrs of FCF

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 42/100

Of which business quality 43 · Market factors (momentum, volatility) 42

Profitability 20
Margins and returns on capital today
Quality Growth 6
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 19
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 26
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Mud & Hound Public Company Limited, an investment holding company, engages in the retail of food and beverages in Thailand and internationally. The company operates in two segments, Food and Beverage, and Garment. The Food and Beverage segment produces and distributes snacks and drinks, as well as operates restaurants.

Full company description

Mud & Hound Public Company Limited, an investment holding company, engages in the retail of food and beverages in Thailand and internationally. The company operates in two segments, Food and Beverage, and Garment. The Food and Beverage segment produces and distributes snacks and drinks, as well as operates restaurants. The Garment segment produces and distributes clothing and leather work products. It operates as an authorized franchisee for Au Bon Pain bakery café and Dunkin' Donuts; and owns brands, such as Greyhound Café, Greyhound Original, M Kitchen, Le Grand Véfour, and Another Hound Café. In addition, the company provides management services. The company was formerly known as Mudman Public Company Limited and changed its name to Mud & Hound Public Company Limited in June 2021. The company was incorporated in 2006 and is based in Bangkok, Thailand. Mud & Hound Public Company Limited operates as a subsidiary of Sub Sri Thai Public Company Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Mud & Hound Public Company Limited reported revenue of 2.3B THB in FY2025 versus 2.2B THB in FY2021, a compound +1.8%/yr. Reported net income was −672M THB in FY2025.

Growth Quality 31/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
2.3B THB
Latest YoY
−22.2%
Avg. revenue 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.
−8.7%
Avg. revenue 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.
+1.5%
Avg. revenue growth/yr (13Y) 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.
+2.8%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +1.8%/yr
FY21 2.2B THB
FY22 3.1B THB
FY23 3.4B THB
FY24 3.0B THB
FY25 2.3B THB
Net income
FY21 −111M THB
FY22 3.7M THB
FY23 −12.1M THB
FY24 −306M THB
FY25 −672M THB

MUD screens 21% overvalued. Compare with McDonald's Corporation →

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Cite: Fair Value Calculator (2026). "Mud & Hound Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/MUD

Peer Group

Restaurants · 232 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 42 · Bottom 25%
Fair Value upside −17% · Below median
Return on assets -11% · Bottom 25%
Net margin (TTM) -33% · Bottom 25%
Operating margin (TTM) -19% · Bottom 25%
Revenue growth -17% · Bottom 25%
Debt / equity 0.45× · Higher than 75% of peers

Valuation Multiples vs Restaurants median · lower = cheaper

P/S (TTM) 0.01× · Cheaper than 75% of peers
P/FCF 0.1× · 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE10 · sector 24
FUTURE0 · sector 18
PAST0 · sector 15
HEALTH77 · sector 97
DIVIDEND0 · sector 67

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

Similar stocks

10 more Restaurants stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
McDonald's Corporation MCD $260.06 $149.03 -43%
Starbucks Corporation SBUX $107.26 $35.83 -67%
Chipotle Mexican Grill, Inc CMG $38.03 $17.92 -53%
Yum! Brands, Inc YUM $154.41 $58.17 -62%
Restaurant Brands International Inc QSR C$104.50 C$36.37 -65%
Darden Restaurants, Inc DRI $218.86 $173.68 -21%
Yum China Holdings YUMC $47.18 $54.27 +15%
Texas Roadhouse, Inc TXRH $198.99 $104.89 -47%
Dutch Bros Inc BROS $51.02 $12.80 -75%
Domino's Pizza, Inc DPZ $332.06 $227.31 -32%

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Frequently asked questions

Is Mud & Hound Public Company Limited (MUD) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of 0.6200 THB versus a price of 0.7500 THB, about −17% (overvalued).
What is the fair value of MUD?
Our model-based fair value for Mud & Hound Public Company Limited is 0.6200 THB (as of Aug 14, 2026), built from audited fundamentals. The current price: 0.7500 THB.
What is the quality score of MUD?
Mud & Hound Public Company Limited has a Quality Score of 42/100. 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 Mud & Hound Public Company Limited (MUD)?
Mud & Hound Public Company Limited reported trailing-twelve-month revenue of about 2.3B THB (latest available figure, as of Aug 14, 2026).
What is the net profit margin of MUD?
The net profit margin of Mud & Hound Public Company Limited is about -32.9%, meaning it is currently running at a net loss. 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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