Noble Development Public Company Limited (NOBLE) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Noble Development Public Company Limited THB 2.33, price THB 1.43, upside +62.6%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Noble Development Public Company Limited 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 1.42 THB – 6.35 THB · fair‑value band 1.27 THB – 4.25 THB · the 1.43 THB price screens below the 2.33 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 Noble Development Public Company in your weekly email
Every Wednesday you see whether Noble Development Public Company 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.
Noble Development Public Company Limited, together with its subsidiaries, develops and sells real estate properties in Thailand. It operates through Condominium, House and Land, Rental and Service Business, and Others segments.
Show more
Noble Development Public Company Limited, together with its subsidiaries, develops and sells real estate properties in Thailand. It operates through Condominium, House and Land, Rental and Service Business, and Others segments. It is involved in the sale of lands, lands and single detached houses, interior equipment, and condominium units; and provision of construction, rental and services, construction consulting, management, and juristic management services. The company is also involved in the manufacturing and sale of furniture. Noble Development Public Company Limited was founded in 1991 and is headquartered in Bangkok, Thailand.
Stock analysis
Noble Development Public Company Limited (NOBLE) currently trades at 1.43 THB, while our model-based Fair Value estimate is 2.33 THB, implying the stock looks roughly 38.5% undervalued today.
Show more
Valuation
Bull case: the Growth DCF group reads highest at a median of 21.90 THB per share, and 10 of the 12 models we run sit above the 1.43 THB price.
Bear case: the Dividend Discount group reads lowest at 1.15 THB, and 2 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: 1.27 THB (bear) to 4.25 THB (bull), the price of 1.43 THB sits inside 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 53/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Noble Development Public Company Limited reported revenue of 6.9B THB in FY2025 versus 6.8B THB in FY2021, a compound +0.4%/yr. Reported net income was 593M THB in FY2025, compounding −10.7%/yr from FY2021.
Key figures
Market cap 2.6B THB (≈ $78.7M) · P/E ratio 3.5 · P/S ratio 0.30 · EPS (TTM) 0.4100 THB · Dividend yield 5.4% · Net margin 8.6% · Return on equity 8.2% · Return on assets (EBIT) 2.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 47% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 63%, NOBLE screens cheaper than that median.
Fair Value models
Bear 1.27 THBFair Value 2.33 THBBull 4.25 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 (0.3010 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.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.38/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−37.0%
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.
−5.5%
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.
−8.4%
Start year 2020 (pandemic)
Revenue growth 25 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.
+16.1%
’13
’14
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
−15.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−20.6%
Dividend (yield on the price)5.4%
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.−21% vs 3%, 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.23% → −5%
Compare Noble Development Public Company Limited with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Real Estate - Development · 578 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside+63% · Above median
Profitability
Return on equity (TTM)8% · Above median
Return on assets−1% · Bottom 25%
Net margin (TTM)8% · Above median
Operating margin (TTM)−8% · Bottom 25%
Growth and dividend
Revenue growth−20% · Below median
Dividend yield (TTM)5.4% · Above median
Balance sheet
Debt / equity1.03× · Highest 25%
Valuation Multiplesvs Real Estate - Development 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). "Noble Development Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/NOBLE
Frequently asked questions
Is Noble Development Public Company Limited (NOBLE) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2.33 THB versus a price of 1.43 THB, about +63% upside (undervalued).
What is the fair value of NOBLE?
Our model-based fair value for Noble Development Public Company Limited is 2.33 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 1.43 THB.
What is the quality score of NOBLE?
Noble Development Public Company Limited has a Quality Score of 53/100. 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 Noble Development Public Company Limited (NOBLE)?
Our model-based price target is the fair value of 2.33 THB (as of Sep 24, 2026) from 12 valuation models. Cautious scenario 1.27 THB, optimistic scenario 4.25 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Noble Development Public Company Limited stock forecast for 2026?
Our models put fair value at 2.33 THB, about +63% upside versus a price of 1.43 THB (undervalued). Cautious scenario 1.27 THB, optimistic scenario 4.25 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Noble Development Public Company Limited (NOBLE)?
Noble Development Public Company Limited reported trailing-twelve-month revenue of about 6.6B THB (latest available figure, as of Sep 24, 2026).
Does Noble Development Public Company Limited pay a dividend?
Noble Development Public Company Limited currently shows a dividend yield of about 5.42% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Noble Development Public Company Limited (NOBLE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Noble Development Public Company Limited it is 2.33 THB per share (as of Sep 24, 2026), against a price of 1.43 THB. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Noble Development Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NOBLE trades below its calculated fair value: price 1.43 THB, fair value 2.33 THB, a gap of about +63% (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 NOBLE?
No. The price is what the market pays today (1.43 THB); the fair value is what the company's own numbers justify (2.33 THB). For Noble Development Public Company Limited the two are 0.8950 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Noble Development Public Company Limited worth?
The market values Noble Development Public Company Limited at about 2.6B THB (market capitalisation, as of Sep 24, 2026). Per share that is 1.43 THB; our models calculate a fair value of 2.33 THB per share.
What do the bullish and bearish scenarios say about NOBLE?
Our models span a range for Noble Development Public Company Limited: cautious scenario 1.27 THB, base 2.33 THB, optimistic 4.25 THB per share (as of Sep 24, 2026, price 1.43 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NOBLE?
Noble Development Public Company Limited trades at a price-to-earnings ratio of 3.5 (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 2.33 THB is built from several models across several years. Other multiples: PEG 0.1, P/B 0.4, P/S 0.4.
What is the PEG ratio of NOBLE?
The PEG ratio of Noble Development Public Company Limited is 0.14 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Noble Development Public Company Limited (NOBLE)?
Balance-sheet figures for Noble Development Public Company Limited (as of Sep 24, 2026): return on equity 8.2%, debt of 1.03 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is NOBLE from its 52-week high?
Noble Development Public Company Limited trades at 1.43 THB, about 47% below its 52-week high of 2.68 THB and 1% above the low of 1.42 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 2.33 THB is for.
Which stocks are comparable to Noble Development Public Company Limited?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 Noble Development Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 1.43 THB, calculated fair value 2.33 THB (+63%), Quality Score 53/100, from 12 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 NOBLE calculated?
We run Noble Development Public Company Limited through 12 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 2.33 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. Noble Development Public Company Limited currently trades 63 % 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 Noble Development Public Company Limited (NOBLE)?
The closing price on Sep 24, 2026 was 1.43 THB. Our model-based fair value is 2.33 THB, about +63% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Noble Development Public Company Limited right now?
The model range is unusually wide (1.27 THB to 4.25 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. Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Noble Development Public Company Limited (NOBLE) come from?
Earnings per share at Noble Development Public Company Limited grew +5.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +13.6 %, EBIT margin −10.0 %, tax rate −1.4 %, residual (interest, one-offs) +4.7 %. 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 Noble Development Public Company Limited
How large is the market capitalisation of Noble Development Public Company Limited (NOBLE)?
The market capitalisation of Noble Development Public Company Limited is 2.6B THB (≈ $78.7M). 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 Noble Development Public Company Limited (NOBLE)?
The price-to-sales ratio of Noble Development Public Company Limited is 0.30 (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 Noble Development Public Company Limited (NOBLE)?
Earnings per share at Noble Development Public Company Limited are 0.4100 THB (price ÷ EPS = P/E 3.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Noble Development Public Company Limited (NOBLE)?
The dividend yield of Noble Development Public Company Limited is 5.4% (payout 18.9%). 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 Noble Development Public Company Limited (NOBLE)?
The net margin of Noble Development Public Company Limited is 8.6% (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 Noble Development Public Company Limited (NOBLE)?
The return on equity (ROE) of Noble Development Public Company Limited is 8.2% (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 Noble Development Public Company Limited (NOBLE)?
On an EBIT basis the return on assets of Noble Development Public Company Limited is 2.5% (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 Noble Development Public Company Limited (NOBLE)?
The operating margin of Noble Development Public Company Limited is −8.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Noble Development Public Company Limited (NOBLE)?
Revenue at Noble Development Public Company Limited is growing −19.7% versus a year earlier (3y avg −5.5%). 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 Noble Development Public Company Limited (NOBLE)?
Earnings per share at Noble Development Public Company Limited are growing −43.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Noble Development Public Company Limited (NOBLE) generate?
The free cash flow of Noble Development Public Company Limited is 1.7B THB (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Noble Development Public Company Limited (NOBLE) carry?
The net debt of Noble Development Public Company Limited is 12.6B THB (fiscal year 2025, ≈ 7.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Noble Development Public Company Limited in the live analysis
One click puts Noble Development Public Company Limited 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.
