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NSL Foods Public Company (NSL) Fair Value & Analysis

Consumer Defensive · TH · Market cap 6.8B THB

NF NSL Foods Public Company NSL · BK
Price22.90 THB
Fair Value38.27 THB
Upside+67.1%
Quality59/100
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Expensive Growth
Thin margins · 8.4% net margin
Low debt · generates free cash flow
4.65% dividend yield
Ranks above peers (11/14)
Wide moat 65/100
Evidence: High Range 20.26 THB – 61.55 THB Share as image

Fair value as of: Jul 11, 2026

From 26 valuation models · updated 30 days ago

Fair value updated Jul 11, 2026, revised from 39.87 THB to 38.27 THB (−4.0%) since Jun 24, 2026. Share price +0.4% over the past month.

A solid business, screening 67% undervalued on our models.

What matters now

  • The model range is unusually wide (20.26 THB to 61.55 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

34.63 THB 11.16 THB Fair Value 38.27 THB May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range 11.16 THB – 34.63 THB · fair‑value band 20.26 THB – 61.55 THB · the 22.90 THB price screens below the 38.27 THB fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

NSL Foods Public Company (NSL) currently trades at 22.90 THB, while our model-based Fair Value estimate is 38.27 THB, implying the stock looks roughly 67.1% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Consumer Defensive 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, NSL Foods Public Company generated revenue of 7.1B THB at a net margin of 8.4%. Revenue grew 9.5% year over year. It earns a return on equity of 26.5%. Net debt stands at 150M THB. Fundamentals as of Jul 11, 2026

Our scenario range runs from 20.26 THB (bear case) to 61.55 THB (bull case); at 22.90 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 about 30% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at 67%, NSL 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 6.57 THB 12.57 THB 21.64 THB 80
Residual Income 12.52 THB 15.94 THB 70.93 THB 76
Rev-Margin DCF 17.73 THB 35.81 THB 61.03 THB 74
All 26 models by family
DCF Models
FCF DCF 6.76 THB 12.06 THB 24.81 THB 38
Owner Earnings 17.01 THB 33.42 THB 63.65 THB 31
5Y Revenue Exit 17.73 THB 36.92 THB 64.97 THB 39
5Y EBITDA Exit 21.20 THB 44.59 THB 76.14 THB 41
5Y P/E Exit 22.91 THB 48.39 THB 79.82 THB 38
10Y Revenue Exit 13.24 THB 30.28 THB 60.30 THB 36
10Y EBITDA Exit 16.35 THB 36.00 THB 70.09 THB 37
10Y P/E Exit 17.49 THB 38.84 THB 73.32 THB 35
Earnings-Based
Graham-Dodd 13.69 THB 79.52 THB 110.64 THB 54
Lynch FV 22.47 THB 32.10 THB 41.73 THB 50
PEG = 1.0 22.47 THB 32.10 THB 41.73 THB 46
EPV 18.10 THB 20.92 THB 23.35 THB 59
Dividend Discount
Gordon GGM 9.22 THB 18.37 THB 27.82 THB 70
DDM Multi-Stage 9.22 THB 15.88 THB 19.40 THB 61
Multiples
P/E Multiple 31.72 THB 42.29 THB 52.87 THB 63
P/S Multiple 25.68 THB 34.24 THB 42.80 THB 58
P/B Multiple 25.68 THB 34.24 THB 42.80 THB 55
EV/EBIT 31.33 THB 41.68 THB 52.03 THB 53
EV/EBITDA 29.35 THB 39.05 THB 48.74 THB 54
EV/Revenue 22.44 THB 31.94 THB 41.43 THB 43
Asset-Based
NCAV (Graham) 3.63 THB 4.86 THB 7.26 THB 50
Growth DCF
Growth DCF 6.57 THB 12.57 THB 21.64 THB 80
Rev-Margin DCF 17.73 THB 35.81 THB 61.03 THB 74
Economic Profit
Residual Income 12.52 THB 15.94 THB 70.93 THB 76
ROIC Compounder 21.26 THB 28.90 THB 38.87 THB 72
Growth Earnings
Growth-Adj P/E 33.14 THB 47.35 THB 61.55 THB 68

Widest divergence: Growth Earnings (47.35 THB) versus Asset-Based (4.86 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 7.1B THB
Revenue growth (YoY) +9.5%
Net margin 8.4%
Return on equity 26.5%
Free cash flow 144M THB FY2025
P/E ratio 10.8
More key figures
Operating margin 11.1%
EPS (TTM) 1.98 THB
Dividend yield 4.9%
EPS growth (YoY) -4.6%
Net debt 150M THB FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 59 · Market factors (momentum, volatility) 45

Profitability 79
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 22
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 39
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 82
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

NSL Foods Public Company Limited engages in the manufacture and distribution of bakery and snack products in Thailand. The company offers snacks, bakeries, desserts, and other food products.

Full company description

NSL Foods Public Company Limited engages in the manufacture and distribution of bakery and snack products in Thailand. The company offers snacks, bakeries, desserts, and other food products. It is also involved in the wholesale of frozen and processed fish, aquatic products, meat, seaweed, vegetables, and hold investment in other companies; and processing of meat products such as descaling, slicing, and portioning into various sizes with packaging options for convenient meal preparation to restaurants, hotels, catering services, and international schools. The company offers its products under Eazy Taste, Eazy Sweet, Eazy Bake, Seven Fresh, Kao Tang by NSL, Pang Thai, Natural Bite, NSL Bakery, and NSL Selection through various points of sale, such as convenient stores, supermarkets, wholesalers, hypermarkets, and cash and carry, as well as markets, grocery stores, souvenir stores, and gift shops. In addition, it is involved in exporting and importing products; manufacture, processing and distribution of products from coconut, baby corn and other agricultural products; bakery and manufacture, wholesale, retail, export food and drinks. NSL Foods Public Company Limited was founded in 2003 and is headquartered in Nonthaburi, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

NSL Foods Public Company reported revenue of 6.9B THB in FY2025 versus 3.0B THB in FY2021, a compound +22.9%/yr. Reported net income was 604M THB in FY2025, compounding +33.3%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
6.9B THB
Latest YoY
+18.5%
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.
+20.0%
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.
+18.8%
Avg. growth/yr (9Y) 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.
+10.5%
Revenue +22.9%/yr
FY21 3.0B THB
FY22 4.0B THB
FY23 4.8B THB
FY24 5.8B THB
FY25 6.9B THB
Net income +33.3%/yr
FY21 191M THB
FY22 298M THB
FY23 333M THB
FY24 541M THB
FY25 604M THB

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

Peer Group

Packaged Foods · 649 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 59 · Above median
Fair Value upside +67% · Top 25%
Return on equity (TTM) 27% · Top 25%
Return on assets 13% · Top 25%
Net margin (TTM) 8% · Top 25%
Operating margin (TTM) 11% · Above median
Revenue growth 10% · Above median
Dividend yield (TTM) 4.7% · Top 25%
Debt / equity 0.08× · Higher than median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 11.5× · Cheaper than 75% of peers
P/B 3.14× · Pricier than 75% of peers
P/S (TTM) 0.96× · Pricier than median
P/FCF 1.4× · Cheaper than median
EV/EBITDA 7.5× · 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 100 · sector 28
FUTURE 48 · sector 20
PAST 100 · sector 27
HEALTH 96 · sector 96
DIVIDEND 93 · sector 47

Insider activity: 40/100

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 Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is NSL Foods Public Company (NSL) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of 38.27 THB versus a price of 22.90 THB, about +67% (undervalued).
What is the fair value of NSL?
Our model-based fair value for NSL Foods Public Company is 38.27 THB (as of Jul 11, 2026), built from audited fundamentals. The current price is 22.90 THB.
What is the quality score of NSL?
NSL Foods Public Company has a Quality Score of 59/100. 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 NSL Foods Public Company (NSL)?
NSL Foods Public Company reported trailing-twelve-month revenue of about 7.1B THB (latest available figure, as of Jul 11, 2026).
What is the net profit margin of NSL?
The net profit margin of NSL Foods Public Company is about 8.4%, meaning it keeps roughly 8.4% of revenue as net income. Based on the latest reported figures.
Does NSL Foods Public Company pay a dividend?
NSL Foods Public Company currently shows a dividend yield of about 4.88% relative to its recent price (as of Jul 11, 2026).

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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