Netbay Public Company Limited (NETBAY) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Netbay Public Company Limited THB 26.45, price THB 12.00, upside +120.4%, quality 91 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 9.25 THB – 27.14 THB · fair‑value band 15.76 THB – 41.18 THB · the 12.00 THB price screens below the 26.45 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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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.
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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.
Stock analysis
Netbay Public Company Limited (NETBAY) currently trades at 12.00 THB, while our model-based Fair Value estimate is 26.45 THB, implying the stock looks roughly 54.6% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 31.93 THB per share, and 23 of the 26 models we run sit above the 12.00 THB price.
Bear case: the Economic Profit group reads lowest at 7.39 THB, and 3 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: 15.76 THB (bear) to 41.18 THB (bull), the price of 12.00 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 91/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Netbay Public Company Limited 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.
Key figures
Market cap 2.9B THB (≈ $87.9M) · P/E ratio 10.4 · P/S ratio 3.81 · EPS (TTM) 1.15 THB · Dividend yield 10.0% · Net margin 36.5% · Return on equity 39.3% · Return on assets (EBIT) 34.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 49% below its 52-week high and 30% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −6% fair-value upside, at 120%, NETBAY screens cheaper than that median.
Fair Value models
Bear 15.76 THBFair Value 26.45 THBBull 41.18 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.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.99/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+25.2%
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.
+16.8%
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.
+13.4%
Start year 2020 (pandemic). Over 10 years: +12.5% a year
Revenue growth 13 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.
+13.9%
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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.
+19.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.9%
Dividend (yield on the price)10.0%
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.10% vs 15%, slowing
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.41% → 45%
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).
−1.8%
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 −2.9% a year for the price.
Compare Netbay Public Company Limited with another stock
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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.Software - Application · 721 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score91 · Top 25%
Fair Value upside+120% · Top 25%
Profitability
Return on equity (TTM)39% · Top 25%
Return on assets23% · Top 25%
Net margin (TTM)33% · Top 25%
Operating margin (TTM)31% · Top 25%
Growth and dividend
Revenue growth−24% · Bottom 25%
Dividend yield (TTM)10.0% · Top 25%
Valuation Multiplesvs Software - Application 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). "Netbay Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/NETBAY
Frequently asked questions
Is Netbay Public Company Limited (NETBAY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 26.45 THB versus a price of 12.00 THB, about +120% upside (undervalued).
What is the fair value of NETBAY?
Our model-based fair value for Netbay Public Company Limited is 26.45 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 12.00 THB.
What is the quality score of NETBAY?
Netbay Public Company Limited has a Quality Score of 91/100. 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 Netbay Public Company Limited (NETBAY)?
Our model-based price target is the fair value of 26.45 THB (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 15.76 THB, optimistic scenario 41.18 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Netbay Public Company Limited stock forecast for 2026?
Our models put fair value at 26.45 THB, about +120% upside versus a price of 12.00 THB (undervalued). Cautious scenario 15.76 THB, optimistic scenario 41.18 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Netbay Public Company Limited (NETBAY)?
Netbay Public Company Limited reported trailing-twelve-month revenue of about 685M THB (latest available figure, as of Sep 24, 2026).
Does Netbay Public Company Limited pay a dividend?
Netbay Public Company Limited currently shows a dividend yield of about 10.00% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Netbay Public Company Limited (NETBAY)?
For today's price to be fair in a discounted-cash-flow model, Netbay Public Company Limited would have to grow free cash flow by -1.8 % per year for five years (discount rate 14.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of NETBAY use?
Our models discount Netbay Public Company Limited at 14.6 %: a base by market capitalisation (micro), 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 Netbay Public Company Limited that is -1.8 % per year a year over ten years, using the same discount rate (14.6 %) and the same formula as our fair value.
How much growth has Netbay Public Company Limited (NETBAY) delivered so far?
Over the past 5 years revenue at Netbay Public Company Limited grew +13.4 % a year. The price currently implies -1.8 % 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 Netbay Public Company Limited (NETBAY) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Netbay Public Company Limited (-1.8 % 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 Netbay Public Company Limited (NETBAY)?
The free-cash-flow yield on the price is 12.35 %: that much free cash flow Netbay Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (14.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Netbay Public Company Limited (NETBAY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Netbay Public Company Limited it is 26.45 THB per share (as of Sep 24, 2026), against a price of 12.00 THB. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Netbay Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NETBAY trades below its calculated fair value: price 12.00 THB, fair value 26.45 THB, a gap of about +120% (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 NETBAY?
No. The price is what the market pays today (12.00 THB); the fair value is what the company's own numbers justify (26.45 THB). For Netbay Public Company Limited the two are 14.45 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Netbay Public Company Limited worth?
The market values Netbay Public Company Limited at about 2.9B THB (market capitalisation, as of Sep 24, 2026). Per share that is 12.00 THB; our models calculate a fair value of 26.45 THB per share.
What do the bullish and bearish scenarios say about NETBAY?
Our models span a range for Netbay Public Company Limited: cautious scenario 15.76 THB, base 26.45 THB, optimistic 41.18 THB per share (as of Sep 24, 2026, price 12.00 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NETBAY?
Netbay Public Company Limited trades at a price-to-earnings ratio of 10.4 (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 26.45 THB is built from several models across several years. Other multiples: PEG 1.9, P/B 5.8, P/S 4.3, EV/EBITDA 9.1.
What is the PEG ratio of NETBAY?
The PEG ratio of Netbay Public Company Limited is 1.85 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Netbay Public Company Limited (NETBAY)?
Balance-sheet figures for Netbay Public Company Limited (as of Sep 24, 2026): return on equity 39.3%. They feed the Quality Score of 91/100, which measures business quality independently of the share price.
How far is NETBAY from its 52-week high?
Netbay Public Company Limited trades at 12.00 THB, about 49% below its 52-week high of 23.46 THB and 30% above the low of 9.25 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 26.45 THB is for.
Which stocks are comparable to Netbay Public Company Limited?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, 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 Netbay Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 12.00 THB, calculated fair value 26.45 THB (+120%), Quality Score 91/100, 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 NETBAY calculated?
We run Netbay Public Company Limited 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 26.45 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 14.0 % above its aggregate fair value. Netbay Public Company Limited currently trades 120 % 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 Netbay Public Company Limited (NETBAY)?
The closing price on Sep 24, 2026 was 12.00 THB. Our model-based fair value is 26.45 THB, about +120% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Netbay Public Company Limited right 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 (15.76 THB). The market is more pessimistic than our downside scenario. The model range is unusually wide (15.76 THB to 41.18 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of Netbay Public Company Limited (NETBAY) come from?
Earnings per share at Netbay Public Company Limited grew +14.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.8 %, EBIT margin +6.0 %, tax rate −1.7 %, residual (interest, one-offs) +0.2 %. 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 Netbay Public Company Limited
How large is the market capitalisation of Netbay Public Company Limited (NETBAY)?
The market capitalisation of Netbay Public Company Limited is 2.9B THB (≈ $87.9M). 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 Netbay Public Company Limited (NETBAY)?
The price-to-sales ratio of Netbay Public Company Limited is 3.81 (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 Netbay Public Company Limited (NETBAY)?
Earnings per share at Netbay Public Company Limited are 1.15 THB (price ÷ EPS = P/E 10.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Netbay Public Company Limited (NETBAY)?
The dividend yield of Netbay Public Company Limited is 10.0% (payout 104%). 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 Netbay Public Company Limited (NETBAY)?
The net margin of Netbay Public Company Limited is 36.5% (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 return on equity of Netbay Public Company Limited (NETBAY)?
The return on equity (ROE) of Netbay Public Company Limited is 39.3% (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 Netbay Public Company Limited (NETBAY)?
On an EBIT basis the return on assets of Netbay Public Company Limited is 34.3% (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 Netbay Public Company Limited (NETBAY)?
The operating margin of Netbay Public Company Limited is 30.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Netbay Public Company Limited (NETBAY)?
Revenue at Netbay Public Company Limited is growing −23.9% versus a year earlier (3y avg +16.8%). 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 Netbay Public Company Limited (NETBAY)?
Earnings per share at Netbay Public Company Limited are growing −52.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Netbay Public Company Limited (NETBAY) hold?
Netbay Public Company Limited holds more cash than debt, 170M THB net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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