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Nova Empire Public Company Limited (NOVA) fair value: what the stock is really worth

As of Sep 22, 2026: fair value of Nova Empire Public Company Limited THB 11.29, price THB 5.80, upside +94.7%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Technology · TH

NE Thin data Sep 24, 2026

Nova Empire Public Company Limited

NOVA · BK

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value 11.29 THB · Strongly undervalued (+95%)
!Quality 47/100
!Weak Growth (revenue 5y +8.4 %/yr)
!Loss-making · -12.2% net margin (TTM)
!Moderate debt · negative free cash flow
✓Ranks above peers (8/11)
!Narrow moat 29/100
!Evidence only low, so the estimate is less certain
!The models disagree: range 4.31 THB to 23.25 THB

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

15.13 THB 5.25 THB Fair Value 11.29 THB Jul 2020 Sep 2026

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 5.25 THB – 15.13 THB · fair‑value band 4.31 THB – 23.25 THB · the 5.80 THB price screens below the 11.29 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Nova Empire Public Company Limited, together with its subsidiaries, engages in the production and distribution of electricity in Thailand. It generates solar energy; provides offshore services related to the oil and gas industry; and provides ship management services, as well as engages in the investment business.

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Nova Empire Public Company Limited, together with its subsidiaries, engages in the production and distribution of electricity in Thailand. It generates solar energy; provides offshore services related to the oil and gas industry; and provides ship management services, as well as engages in the investment business. The company was formerly known as Thailand Iron Works Public Company Limited and changed its name to Nova Empire Public Company Limited in January 2021. Nova Empire Public Company Limited was founded in 1958 and is based in Bangkok, Thailand.

Stock analysis

Nova Empire Public Company Limited (NOVA) currently trades at 5.80 THB, while our model-based Fair Value estimate is 11.29 THB, implying the stock looks roughly 48.6% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of 21.38 THB per share, and 3 of the 4 models we run sit above the 5.80 THB price.

Bear case: the Asset-Based group reads lowest at 7.11 THB, and 1 of the 4 models stay below the price. Evidence for this calculation is low.

Scenario range: 4.31 THB (bear) to 23.25 THB (bull), the price of 5.80 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 47/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Nova Empire Public Company Limited reported revenue of 629M THB in FY2025 versus 44.0M THB in FY2021, a compound +94.4%/yr. Reported net income was −23.4M THB in FY2025.

Key figures

Market cap 815M THB (≈ $24.4M) · P/S ratio 1.12 · EPS (TTM) −0.7500 THB · Net margin −3.7% · Return on equity −6.7% · Return on assets (EBIT) 2.3% · Operating margin 16.2% · Revenue (TTM) 726M THB.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 53% below its 52-week high, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at 95%, NOVA screens cheaper than that median.

Fair Value models

Bear 4.31 THB Fair Value 11.29 THB Bull 23.25 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. 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.
Highest evidence
Owner Earnings 8.66 THB 21.38 THB 44.99 THB 68
EV/EBITDA 35.83 THB 48.84 THB 61.85 THB 67
EV/EBIT n/a 0.5700 THB 1.51 THB 61
All 4 models by family
DCF Models
Owner Earnings 8.66 THB 21.38 THB 44.99 THB 68
Multiples
EV/EBIT n/a 0.5700 THB 1.51 THB 61
EV/EBITDA 35.83 THB 48.84 THB 61.85 THB 67
Asset-Based
NCAV (Graham) 5.30 THB 7.11 THB 10.61 THB 54

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Quality Score breakdown

Overall quality 47/100

Of which business quality 43 · Market factors (momentum, volatility) 19

Profitability 7
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 28
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 10
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 17/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+1,104.2%
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.
−9.0%
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). Over 10 years: +6.2% a year
Revenue growth 20 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.
−4.2%
Profit margin (trend) ⓘ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.
−23.8% (2020) → 2.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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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.Solar · 115 stocks

Beats the industry median on 8/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 47 · Above median
Fair Value upside +95% · Top 25%
Profitability
Return on assets 2% · Above median
Net margin (TTM) −12% · Below median
Operating margin (TTM) 16% · Top 25%
Growth and dividend
Revenue growth 121% · Top 25%
Balance sheet
Debt / equity 0.81× · Above median

Valuation Multiplesvs Solar median · lower = cheaper

P/S (TTM) 0.03× · Cheapest 25%
EV/EBITDA 1.2× · Cheapest 25%
PEG 0.01× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 19
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)59 · sector 81
DIVIDEND (yield)0 · sector 30

Context: sector, industry, market

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

Similar stocks

10 more Solar stocks, each showing price versus our Fair Value estimate.

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First Solar, Inc FSLR $200.78 $392.12 +95%
Nextpower Inc NXT $82.52 $90.77 +10%
Tongwei Co 600438 ¥11.72 ¥12.13 +3%
Waaree Energies Limited WAAREEENER ₹2,495 ₹2,709 +9%
Jinko Solar Co 688223 ¥3.88 ¥6.47 +67%
Enphase Energy, Inc ENPH $34.42 $24.15 −30%
CSI Solar Co 688472 ¥8.60 ¥4.91 −43%
Hengdian Group 002056 ¥20.33 ¥31.86 +57%
Premier Energies Limited PREMIERENE ₹907.20 ₹648.94 −28%
Trina Solar Co 688599 ¥11.14 ¥32.70 +194%

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Nova Empire Public Company Limited · Fair Value
11.29 THB +49%Fair Value
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Cite: Fair Value Calculator (2026). "Nova Empire Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/NOVA

Frequently asked questions

Is Nova Empire Public Company Limited (NOVA) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 11.29 THB versus a price of 5.80 THB, about +95% upside (undervalued).
What is the fair value of NOVA?
Our model-based fair value for Nova Empire Public Company Limited is 11.29 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 5.80 THB.
What is the quality score of NOVA?
Nova Empire Public Company Limited has a Quality Score of 47/100. 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 Nova Empire Public Company Limited (NOVA)?
Our model-based price target is the fair value of 11.29 THB (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 4.31 THB, optimistic scenario 23.25 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Nova Empire Public Company Limited stock forecast for 2026?
Our models put fair value at 11.29 THB, about +95% upside versus a price of 5.80 THB (undervalued). Cautious scenario 4.31 THB, optimistic scenario 23.25 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Nova Empire Public Company Limited (NOVA)?
Nova Empire Public Company Limited reported trailing-twelve-month revenue of about 726M THB (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Nova Empire Public Company Limited (NOVA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nova Empire Public Company Limited it is 11.29 THB per share (as of Sep 24, 2026), against a price of 5.80 THB. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Nova Empire Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NOVA trades below its calculated fair value: price 5.80 THB, fair value 11.29 THB, a gap of about +95% (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 NOVA?
No. The price is what the market pays today (5.80 THB); the fair value is what the company's own numbers justify (11.29 THB). For Nova Empire Public Company Limited the two are 5.49 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Nova Empire Public Company Limited worth?
The market values Nova Empire Public Company Limited at about 815M THB (market capitalisation, as of Sep 24, 2026). Per share that is 5.80 THB; our models calculate a fair value of 11.29 THB per share.
What do the bullish and bearish scenarios say about NOVA?
Our models span a range for Nova Empire Public Company Limited: cautious scenario 4.31 THB, base 11.29 THB, optimistic 23.25 THB per share (as of Sep 24, 2026, price 5.80 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of NOVA?
The PEG ratio of Nova Empire Public Company Limited is 0.01 (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 Nova Empire Public Company Limited (NOVA)?
Balance-sheet figures for Nova Empire Public Company Limited (as of Sep 24, 2026): return on equity −6.7%, debt of 0.81 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is NOVA from its 52-week high?
Nova Empire Public Company Limited trades at 5.80 THB, about 53% below its 52-week high of 12.40 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 11.29 THB is for.
Which stocks are comparable to Nova Empire Public Company Limited?
From the same area (Technology) we also value First Solar, Inc, Nextpower Inc, Tongwei Co, Waaree Energies Limited, 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 Nova Empire Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 5.80 THB, calculated fair value 11.29 THB (+95%), Quality Score 47/100, from 4 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 NOVA calculated?
We run Nova Empire Public Company Limited through 4 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 11.29 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 14.1 % above its aggregate fair value. Nova Empire Public Company Limited currently trades 95 % 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 Nova Empire Public Company Limited (NOVA)?
The closing price on Sep 22, 2026 was 5.80 THB. Our model-based fair value is 11.29 THB, about +95% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nova Empire Public Company Limited right now?
The model range is unusually wide (4.31 THB to 23.25 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 (47/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of Nova Empire Public Company Limited

How large is the market capitalisation of Nova Empire Public Company Limited (NOVA)?
The market capitalisation of Nova Empire Public Company Limited is 815M THB (≈ $24.4M). 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 Nova Empire Public Company Limited (NOVA)?
The price-to-sales ratio of Nova Empire Public Company Limited is 1.12 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nova Empire Public Company Limited (NOVA)?
Earnings per share at Nova Empire Public Company Limited are −0.7500 THB. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Nova Empire Public Company Limited (NOVA)?
The net margin of Nova Empire Public Company Limited is −3.7% (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 Nova Empire Public Company Limited (NOVA)?
The return on equity (ROE) of Nova Empire Public Company Limited is −6.7% (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 Nova Empire Public Company Limited (NOVA)?
On an EBIT basis the return on assets of Nova Empire Public Company Limited is 2.3% (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 Nova Empire Public Company Limited (NOVA)?
The operating margin of Nova Empire Public Company Limited is 16.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nova Empire Public Company Limited (NOVA)?
Revenue at Nova Empire Public Company Limited is growing +121% versus a year earlier (3y avg −9.0%). 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 Nova Empire Public Company Limited (NOVA)?
Earnings per share at Nova Empire Public Company Limited are growing +55.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Nova Empire Public Company Limited (NOVA) generate?
The free cash flow of Nova Empire Public Company Limited is −53.0M 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 Nova Empire Public Company Limited (NOVA) carry?
The net debt of Nova Empire Public Company Limited is 3.6B THB (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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