Netbay Public Company (NETBAY) Fair Value & Analysis
Technology · TH · Market cap 2.9B THB
Fair value as of: Jul 15, 2026
From 26 valuation models · updated 26 days ago
Share price −9.2% over the past month.
A strong business, screening 89% undervalued on our models.
What matters now
- The rarer combination: high quality (91/100) AND below fair value. That earns a closer look rather than a quick verdict.
- The price is below even our cautious bear case (18.33 THB). The market is more pessimistic than our downside scenario.
- A fairly wide model range (18.33 THB to 34.48 THB) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
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 9.25 THB – 27.14 THB · fair‑value band 18.33 THB – 34.48 THB · the 12.80 THB price screens below the 24.15 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.
Analysis
Netbay Public Company (NETBAY) currently trades at 12.80 THB, while our model-based Fair Value estimate is 24.15 THB, implying the stock looks roughly 88.7% undervalued today. The Quality Score stands at 91/100 (high quality), in the Technology 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, Netbay Public Company generated revenue of 685M THB at a net margin of 33.3%. Revenue declined 23.9% year over year. It earns a return on equity of 39.3%. The balance sheet holds a net cash position of 170M THB. Fundamentals as of Jul 15, 2026
Our scenario range runs from 18.33 THB (bear case) to 34.48 THB (bull case); at 12.80 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 46% below its 52-week high and 41% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -27% fair-value upside, at 89%, NETBAY 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.
All 26 models by family
Widest divergence: DCF Models (31.71 THB) versus Asset-Based (1.69 THB). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 88 · Market factors (momentum, volatility) 25
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
Netbay Public Company Limited engages in the provision of Software as a Service (SaaS) for online electronic transactions between business-to-government, business-to-business, and business-to-consumer groups in Thailand. It operates in two segments, The e-Business and The e-Service.
Full company description
Netbay Public Company Limited engages in the provision of Software as a Service (SaaS) for online electronic transactions between business-to-government, business-to-business, and business-to-consumer groups in Thailand. It operates in two segments, The e-Business and The e-Service. The company invents, creates, and develops various digital business technology platforms and e-business service applications for digital business service transactions. It also provides electronic transaction system in the form of SaaS model that covers data center system, backup processing system, and operating software system that supports transaction system; and networking and data security protection services. The company's software applications include ShippingNet, an e-customs declaration application offered to prepare and deliver urgently signed import/outgoing invoices with e-signatures; e-Express Consignment, an application for the preparation and delivery of express import/export declaration with electronic signature; e-Manifest, an application that generates and delivers inbound and outbound vehicle report data; e-Customs Permit, an application for printing documents; e-Payment Gateway, an electronic payment tool for companies to work smart, and reducing financial risks and the workflow of paying customs; e-Transit/Transshipment, an application to prepare and deliver information on cargo declaration for transshipment; and License Per Invoice, an e-Single Entry Form NSW application for preparing license information according to the import and export project of regulated goods. It also offers Intelligent Box, an online document exchange platform. The company was incorporated in 2004 and is based in Bangkok, Thailand.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Netbay Public Company reported revenue of 728M THB in FY2025 versus 400M THB in FY2021, a compound +16.1%/yr. Reported net income was 266M THB in FY2025, compounding +12.5%/yr from FY2021.
of which total revenue +11.4 pp · buybacks/dilution −1.6 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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Peer Group
Software - Application · 710 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.
Valuation Multiples vs Software - Application median · lower = cheaper
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.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SAP SE SAPS | C$12.69 | C$16.26 | +28% |
| Shopify Inc SHOP | C$173.23 | C$20.54 | -88% |
| Uber Technologies, Inc UBER | $72.67 | $51.11 | -30% |
| Salesforce, Inc CRM | $170.77 | $182.10 | +7% |
| ServiceNow, Inc NOW | $107.71 | $33.12 | -69% |
| Cadence Design Systems, Inc CDNS | $384.17 | $80.41 | -79% |
| Snowflake Inc SNOW | $271.87 | $34.04 | -87% |
| Adobe Inc ADBE | $230.61 | $379.48 | +65% |
| Automatic Data Processing, Inc ADP | $241.92 | $177.51 | -27% |
| Intuit Inc INTU | $291.09 | $258.69 | -11% |
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Frequently asked questions
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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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