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Nava Nakorn Public Company (NNCL) Fair Value & Analysis

Utilities · TH · Market cap 3.5B THB

NN Nava Nakorn Public Company NNCL · BK
Price1.78 THB
Fair Value1.85 THB
Upside+3.9%
Quality61/100
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Weak Growth
Highly profitable · 30.9% net margin
Low debt · generates free cash flow
Ranks above peers (10/14)
Wide moat 66/100
Evidence: High Range 1.61 THB – 2.87 THB Share as image

Fair value as of: Jul 16, 2026

From 16 valuation models · updated 25 days ago

Share price +4.7% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 1.61 THB (bear) to 2.87 THB (bull), base 1.85 THB. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 61/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

2.07 THB 1.19 THB Fair Value 1.85 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 1.19 THB – 2.07 THB · fair‑value band 1.61 THB – 2.87 THB · the 1.78 THB price screens below the 1.85 THB fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Nava Nakorn Public Company (NNCL) currently trades at 1.78 THB, while our model-based Fair Value estimate is 1.85 THB, implying the stock looks roughly 3.9% fairly valued today. The Quality Score stands at 61/100 (solid quality), in the Utilities 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, Nava Nakorn Public Company generated revenue of 894M THB at a net margin of 30.9%. Revenue declined 16.2% year over year. It earns a return on equity of 7.1%. The balance sheet holds a net cash position of 208M THB. Fundamentals as of Jul 16, 2026

Our scenario range runs from 1.61 THB (bear case) to 2.87 THB (bull case); at 1.78 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 near its 52-week high and 51% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -59% fair-value upside, at 4%, NNCL 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
Growth DCF 1.25 THB 1.61 THB 2.23 THB 80
Residual Income 1.55 THB 1.66 THB 1.82 THB 76
Rev-Margin DCF 1.07 THB 1.49 THB 2.02 THB 74
All 16 models by family
DCF Models
FCF DCF 1.20 THB 1.58 THB 2.28 THB 38
5Y Revenue Exit 1.07 THB 1.46 THB 2.05 THB 39
5Y EBITDA Exit 1.68 THB 2.52 THB 3.64 THB 41
10Y Revenue Exit 1.09 THB 1.40 THB 1.75 THB 36
10Y EBITDA Exit 1.48 THB 2.06 THB 2.70 THB 37
Dividend Discount
Gordon GGM 0.9700 THB 1.06 THB 1.19 THB 70
DDM Multi-Stage 0.9700 THB 1.22 THB 1.55 THB 61
Multiples
P/S Multiple 1.91 THB 2.55 THB 3.18 THB 58
P/B Multiple 1.91 THB 2.55 THB 3.18 THB 55
EV/EBIT 1.80 THB 2.37 THB 2.93 THB 53
EV/EBITDA 2.30 THB 3.03 THB 3.76 THB 54
EV/Revenue 1.05 THB 1.45 THB 1.85 THB 43
Asset-Based
NCAV (Graham) 0.9400 THB 1.26 THB 1.88 THB 50
Growth DCF
Growth DCF 1.25 THB 1.61 THB 2.23 THB 80
Rev-Margin DCF 1.07 THB 1.49 THB 2.02 THB 74
Economic Profit
Residual Income 1.55 THB 1.66 THB 1.82 THB 76

Widest divergence: Multiples (2.55 THB) versus Dividend Discount (1.06 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 894M THB
Revenue growth (YoY) -16.2%
Net margin 30.9%
Return on equity 7.1%
Free cash flow 236M THB FY2025
P/E ratio 11.5
More key figures
Operating margin 34.3%
EPS (TTM) 0.1400 THB
EPS growth (YoY) -25.0%
Net cash 208M THB FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 60 · Market factors (momentum, volatility) 84

Profitability 41
Margins and returns on capital today
Quality Growth 13
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 71
Price trend over the last 3–12 months (market factor)
52W Momentum 91
Distance to the 52-week high (market factor)
Net Issuance 77
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.

About the company

Nava Nakorn Public Company Limited, together with its subsidiaries, engages in the real estate development business in Thailand. It operates in two segments, Real Estate Business and Utilities Services Business.

Full company description

Nava Nakorn Public Company Limited, together with its subsidiaries, engages in the real estate development business in Thailand. It operates in two segments, Real Estate Business and Utilities Services Business. The company is involved in property development; trading and leasing of industrial promotion zone projects; and provision of utilities and other facilities services in the industrial promotion zone. It also leases and operates hotels, resort hotels, condominiums, and other accommodations, as well as warehouses. The company was founded in 1971 and is headquartered in Pathum Thani, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Nava Nakorn Public Company reported revenue of 847M THB in FY2025 versus 890M THB in FY2021, a compound −1.2%/yr. Reported net income was 307M THB in FY2025, compounding −8.6%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
847M THB
Latest YoY
−8.5%
Avg. 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.
−3.1%
Avg. 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.
−2.9%
Avg. growth/yr (22Y) 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.
+2.4%
Revenue −1.2%/yr
FY21 890M THB
FY22 931M THB
FY23 955M THB
FY24 926M THB
FY25 847M THB
Net income −8.6%/yr
FY21 439M THB
FY22 217M THB
FY23 399M THB
FY24 396M THB
FY25 307M THB

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Cite: Fair Value Calculator (2026). "Nava Nakorn Public Company Fair Value". https://www.fairvalue-calculator.com/stock/NNCL

Peer Group

Utilities - Independent Power Producers · 77 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 60 · Top 25%
Fair Value upside +4% · Above median
Return on equity (TTM) 7% · Below median
Return on assets 4% · Top 25%
Net margin (TTM) 31% · Top 25%
Operating margin (TTM) 34% · Top 25%
Revenue growth -16% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.02× · Lower than 75% of peers

Valuation Multiples vs Utilities - Independent Power Producers median · lower = cheaper

P/E (TTM) 12.1× · Cheaper than median
P/B 0.91× · Cheaper than median
P/S (TTM) 3.89× · Pricier than 75% of peers
P/FCF 0.4× · Cheaper than median
EV/EBITDA 7.0× · Cheaper than median

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.

VALUE 39 · sector 23
FUTURE 0 · sector 0
PAST 28 · sector 32
HEALTH 99 · sector 70
DIVIDEND 0 · sector 52

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Utilities - Independent Power Producers stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Constellation Energy Corporation CEG $257.57 $89.08 -65%
Vistra Corp VST $158.86 $47.59 -70%
Adani Power Limited ADANIPOWER ₹218.45 ₹75.57 -65%
CGN Power Co 003816 ¥3.88 ¥3.13 -19%
NRG Energy, Inc NRG $137.90 $56.02 -59%
Gulf Development Public Company GULF 67.50 THB 40.44 THB -40%
Adani Energy Solutions Limited ADANIENSOL ₹1,730 ₹342.02 -80%
Talen Energy Corporation TLN $372.37 $44.67 -88%
Datang International Power Generation Co 601991 ¥5.80 ¥4.95 -15%
Power Assets Holdings 0006 HK$58.45 HK$31.90 -45%

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Frequently asked questions

Is Nava Nakorn Public Company (NNCL) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 1.85 THB versus a price of 1.78 THB, about +4% (fairly valued).
What is the fair value of NNCL?
Our model-based fair value for Nava Nakorn Public Company is 1.85 THB (as of Jul 16, 2026), built from audited fundamentals. The current price is 1.78 THB.
What is the quality score of NNCL?
Nava Nakorn Public Company has a Quality Score of 61/100. 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 Nava Nakorn Public Company (NNCL)?
Nava Nakorn Public Company reported trailing-twelve-month revenue of about 894M THB (latest available figure, as of Jul 16, 2026).
What is the net profit margin of NNCL?
The net profit margin of Nava Nakorn Public Company is about 30.9%, meaning it keeps roughly 30.9% of revenue as net income. 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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