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Nok Airlines Public Company (NOKPF) Fair Value & Analysis

Industrials · US · Market cap $37.3M

NA Nok Airlines Public Company logo Nok Airlines Public Company NOKPF · US
Price$0.0060
Fair Value$0.0118
Upside+96.7%
Quality60/100
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Weak Growth
Thin margins · 0.9% net margin
Negative equity (buybacks among others) · generates free cash flow
Mixed vs. peers (5/10)
Narrow moat 9/100
Evidence: Medium Range $0.0118 – $0.0127 Share as image

Fair value as of: Jul 29, 2026

From 21 valuation models · updated 12 days ago

Fair value updated Jul 29, 2026, revised from $0.0063 to $0.0118 (+88.8%) since Jun 26, 2026. Share price −29.4% over the past month.

A solid business, screening 97% undervalued on our models.

What matters now

  • The price is below even our cautious bear case ($0.0118). The market is more pessimistic than our downside scenario.
  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
  • The models converge in a tight band ($0.0118 to $0.0127), unusually little disagreement for a valuation.
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Price vs Fair Value (5 years)

$8.30 $0.0001 Fair Value $0.0118 May 2016 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 29, 2026.

How to read this chart

60‑month range $0.0001 – $8.30 · fair‑value band $0.0118 – $0.0127 · the $0.0060 price screens below the $0.0118 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 29, 2026.

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Analysis

Nok Airlines Public Company (NOKPF) currently trades at $0.0060, while our model-based Fair Value estimate is $0.0118, implying the stock looks roughly 96.7% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials 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: medium), always confirm before acting.

Over the trailing twelve months, Nok Airlines Public Company generated revenue of $7.3B at a net margin of 0.9%. Revenue declined 22.0% year over year. Net debt stands at $10.7B. The stock trades on a trailing P/E of 0.5. Fundamentals as of Jul 29, 2026

Our scenario range runs from $0.0118 (bear case) to $0.0127 (bull case); at $0.0060, 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. For context, the median of 10 Industrials peers we cover trades at 40% fair-value upside, at 97%, NOKPF 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 $0.0270 $0.0433 $0.0648 80
Rev-Margin DCF $0.0150 $0.0248 $0.0374 74
ROIC Compounder $0.0005 72
All 21 models by family
DCF Models
FCF DCF $0.0275 $0.0464 $0.0732 38
Owner Earnings $0.0037 $0.0088 $0.0161 31
5Y Revenue Exit $0.0150 $0.0245 $0.0365 39
5Y EBITDA Exit $0.0197 $0.0343 $0.0517 41
5Y P/E Exit $0.0092 $0.0126 $0.0157 38
10Y Revenue Exit $0.0195 $0.0295 $0.0431 36
10Y EBITDA Exit $0.0225 $0.0355 $0.0538 37
10Y P/E Exit $0.0166 $0.0220 $0.0284 35
Earnings-Based
Graham-Dodd $0.0008 $0.0037 $0.0050 54
Lynch FV $0.0009 $0.0014 $0.0017 50
PEG = 1.0 $0.0009 $0.0014 $0.0017 46
EPV $0.0005 59
Multiples
P/E Multiple $0.0019 $0.0025 $0.0031 63
P/S Multiple $0.0016 $0.0020 $0.0025 58
EV/EBIT $0.0115 $0.0171 $0.0226 53
EV/EBITDA $0.0166 $0.0237 $0.0310 54
EV/Revenue $0.0067 $0.0118 $0.0169 43
Growth DCF
Growth DCF $0.0270 $0.0433 $0.0648 80
Rev-Margin DCF $0.0150 $0.0248 $0.0374 74
Economic Profit
ROIC Compounder $0.0005 72
Growth Earnings
Growth-Adj P/E $0.0016 $0.0022 $0.0029 68

Widest divergence: Growth DCF ($0.0248) versus Earnings-Based ($0.0014). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) $7.3B
Revenue growth (YoY) -22.0%
Net margin 0.9%
Free cash flow $1.4B FY2023
P/E ratio 0.5
Operating margin -33.3%
More key figures
EPS (TTM) $0.0200
EPS growth (YoY) -28.4%
Net debt $10.7B FY2023

Figures from reported company fundamentals · as of Jul 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 58 · Market factors (momentum, volatility) 51

Profitability 23
Margins and returns on capital today
Quality Growth 96
Are margins and returns improving?
Cashflow 84
Earnings quality: real cash, not paper profit
Fin. Strength 7
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 83
Price trend over the last 3–12 months (market factor)
52W Momentum 54
Distance to the 52-week high (market factor)
Net Issuance 78
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

Nok Airlines Public Company Limited, together with its subsidiaries, offers air transport services for passengers, and parcels and parcel posts in Thailand. It also provides tourism and other related services. The company was formerly known as Nok Airlines Co., Ltd. and changed its name to Nok Airlines Public Company Limited in January 2013.

Full company description

Nok Airlines Public Company Limited, together with its subsidiaries, offers air transport services for passengers, and parcels and parcel posts in Thailand. It also provides tourism and other related services. The company was formerly known as Nok Airlines Co., Ltd. and changed its name to Nok Airlines Public Company Limited in January 2013. Nok Airlines Public Company Limited was incorporated in 2004 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2019 – FY2023 · reported fiscal years

Nok Airlines Public Company reported revenue of $8.3B in FY2023 versus $19.6B in FY2019, a compound −19.2%/yr. Reported net income was $47.7M in FY2023.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2023)
$8.3B
Latest YoY
+18.9%
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.
+8.3%
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.
−15.4%
Avg. growth/yr (14Y) 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.
+9.6%
Revenue −19.2%/yr
FY19 $19.6B
FY20 $6.6B
FY21 $2.3B
FY22 $7.0B
FY23 $8.3B
Net income
FY19 −$2.1B
FY20 −$8.0B
FY21 −$1.4B
FY22 −$2.6B
FY23 $47.7M

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Cite: Fair Value Calculator (2026). "Nok Airlines Public Company Fair Value". https://www.fairvalue-calculator.com/stock/NOKPF

Peer Group

Airlines · 58 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 +67% · Top 25%
Return on assets -6% · Bottom 25%
Net margin (TTM) 1% · Below median
Operating margin (TTM) -33% · Bottom 25%
Revenue growth -22% · Bottom 25%

Valuation Multiples vs Airlines median · lower = cheaper

P/E (TTM) 0.5× · Cheaper than 75% of peers
P/FCF 0.0× · 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.

VALUE 100 · sector 38
FUTURE 0 · sector 46
PAST 0 · sector 47
HEALTH 100 · sector 71
DIVIDEND 0 · sector 41

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

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 Airlines stocks, each showing price versus our Fair Value estimate (as of Jul 29, 2026).

Stock Price Fair Value vs Fair Value
Delta Air Lines, Inc DAL $84.17 $118.24 +40%
United Airlines Holdings UAL $120.97 $175.62 +45%
Ryanair Holdings RYA €25.47 €41.26 +62%
Southwest Airlines Co LUV $47.56 $14.76 -69%
InterGlobe Aviation Limited INDIGO ₹5,249 ₹3,704 -29%
Singapore Airlines Limited C6L 7.60 SGD 7.89 SGD +4%
Air China Limited 601111 ¥5.97 ¥7.16 +20%
LATAM Airlines Group LTM $54.87 $106.79 +95%
Deutsche Lufthansa AG 1LHA €8.57 €15.42 +80%
China Southern Airlines Company 600029 ¥4.99 ¥1.28 -74%

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Frequently asked questions

Is Nok Airlines Public Company (NOKPF) overvalued or undervalued?
As of Jul 29, 2026, our model estimates a fair value of $0.0118 versus a price of $0.0060, about +97% (undervalued).
What is the fair value of NOKPF?
Our model-based fair value for Nok Airlines Public Company is $0.0118 (as of Jul 29, 2026), built from audited fundamentals. The current price is $0.0060.
What is the quality score of NOKPF?
Nok Airlines Public Company has a Quality Score of 60/100. 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 Nok Airlines Public Company (NOKPF)?
Nok Airlines Public Company reported trailing-twelve-month revenue of about $7.3B (latest available figure, as of Jul 29, 2026).
What is the net profit margin of NOKPF?
The net profit margin of Nok Airlines Public Company is about 0.9%, meaning it keeps roughly 0.9% 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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