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Nonthavej Hospital Public Company (NTV) Fair Value & Analysis

Healthcare · TH · Market cap 3.0B THB

NH Nonthavej Hospital Public Company NTV · BK
Price19.00 THB
Fair Value37.13 THB
Upside+95.4%
Quality61/100
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Mixed Growth
Solidly profitable · 10.4% net margin
generates free cash flow
5.53% dividend yield
Ranks above peers (11/13)
Moderate moat 48/100
Evidence: High Range 25.93 THB – 47.57 THB Share as image

Fair value as of: Jul 16, 2026

From 25 valuation models · updated 25 days ago

Share price +0.5% over the past month.

A solid business, screening 95% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (25.93 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (25.93 THB to 47.57 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

38.57 THB 18.40 THB Fair Value 37.13 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 18.40 THB – 38.57 THB · fair‑value band 25.93 THB – 47.57 THB · the 19.00 THB price screens below the 37.13 THB fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Nonthavej Hospital Public Company (NTV) currently trades at 19.00 THB, while our model-based Fair Value estimate is 37.13 THB, implying the stock looks roughly 95.4% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Healthcare 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, Nonthavej Hospital Public Company generated revenue of 2.3B THB at a net margin of 10.4%. Revenue declined 7.7% year over year. It earns a return on equity of 9.2%. The balance sheet holds a net cash position of 1.1B THB. Fundamentals as of Jul 16, 2026

Our scenario range runs from 25.93 THB (bear case) to 47.57 THB (bull case); at 19.00 THB, 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. The share trades about 27% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at 11% fair-value upside, at 95%, NTV 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
Residual Income 15.31 THB 16.82 THB 21.79 THB 76
Growth DCF 20.23 THB 25.38 THB 32.17 THB 72
Gordon GGM 12.03 THB 21.60 THB 33.63 THB 70
All 25 models by family
DCF Models
FCF DCF 19.92 THB 25.55 THB 33.34 THB 38
Owner Earnings 22.68 THB 29.51 THB 38.95 THB 31
5Y Revenue Exit 22.17 THB 30.84 THB 41.63 THB 39
5Y EBITDA Exit 30.26 THB 45.36 THB 62.46 THB 41
5Y P/E Exit 27.47 THB 40.36 THB 53.35 THB 38
10Y Revenue Exit 20.69 THB 28.17 THB 37.63 THB 36
10Y EBITDA Exit 26.14 THB 37.81 THB 52.58 THB 37
10Y P/E Exit 24.43 THB 34.49 THB 46.04 THB 35
Earnings-Based
Graham-Dodd 11.76 THB 29.19 THB 37.84 THB 54
PEG = 1.0 5.30 THB 7.58 THB 9.85 THB 46
EPV 20.66 THB 22.83 THB 24.69 THB 59
Dividend Discount
Gordon GGM 12.03 THB 21.60 THB 33.63 THB 70
DDM Multi-Stage 12.03 THB 17.87 THB 23.95 THB 61
Multiples
P/E Multiple 28.54 THB 38.05 THB 47.57 THB 63
P/S Multiple 22.05 THB 29.41 THB 36.76 THB 58
P/B Multiple 22.05 THB 29.41 THB 36.76 THB 55
EV/EBIT 31.64 THB 39.87 THB 48.10 THB 53
EV/EBITDA 40.57 THB 51.78 THB 62.98 THB 54
EV/Revenue 24.57 THB 32.12 THB 39.68 THB 43
Asset-Based
NCAV (Graham) 8.80 THB 11.80 THB 17.61 THB 50
Growth DCF
Growth DCF 20.23 THB 25.38 THB 32.17 THB 72
Rev-Margin DCF 22.17 THB 30.92 THB 40.38 THB 67
Economic Profit
Residual Income 15.31 THB 16.82 THB 21.79 THB 76
ROIC Compounder 21.09 THB 24.25 THB 27.80 THB 67
Growth Earnings
Growth-Adj P/E 21.87 THB 31.24 THB 40.62 THB 68

Widest divergence: Multiples (32.12 THB) versus Asset-Based (11.80 THB). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 2.3B THB
Revenue growth (YoY) -7.7%
Net margin 10.4%
Return on equity 9.2%
Free cash flow 203M THB FY2025
P/E ratio 12.4
More key figures
Operating margin 9.3%
EPS (TTM) 1.53 THB
Dividend yield 5.5%
EPS growth (YoY) -42.4%
Net cash 1.1B 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 62 · Market factors (momentum, volatility) 41

Profitability 49
Margins and returns on capital today
Quality Growth 17
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 69
Disciplined investing over empire-building
Low Volatility 99
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 9
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

Nonthavej Hospital Public Company Limited engages in the business of medical treatment in Thailand. The company provides medical services for inpatients and outpatients, as well as emergency cases with 24-hour ambulance service.

Full company description

Nonthavej Hospital Public Company Limited engages in the business of medical treatment in Thailand. The company provides medical services for inpatients and outpatients, as well as emergency cases with 24-hour ambulance service. It operates specialized medical centers and clinics that offer services in the areas of laparoscope surgery, breast cancer, children and teens, neurology, dental, diabetes, diagnostic digital imaging, emergency, gastrointestinal system and liver, general medicine, gynecologic cancer treatment, gynecologic laparoscopic surgery and gynecologic cancer, gynecological, hemodialysis, ICU and CCU, minimally invasive surgery, nephrology, operations, orthopedics, pain clinic, physical medicine and rehabilitation, pregnancy, respiration, skin and cosmetic surgery, sleep lab, vascular, and wellness, as well as eye, ear, nose, and throat. In addition, the company provides health checkup, ambulatory, and ward facility services. Nonthavej Hospital Public Company Limited was founded in 1981 and is headquartered in Nonthaburi, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Nonthavej Hospital Public Company reported revenue of 2.4B THB in FY2025 versus 1.8B THB in FY2021, a compound +7.4%/yr. Reported net income was 277M THB in FY2025, compounding +14.8%/yr from FY2021.

Growth Quality 67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
2.4B THB
Latest YoY
−4.5%
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.
+1.7%
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.
+4.8%
Avg. growth/yr (25Y) 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.
+7.2%
Revenue +7.4%/yr
FY21 1.8B THB
FY22 2.3B THB
FY23 2.5B THB
FY24 2.5B THB
FY25 2.4B THB
Net income +14.8%/yr
FY21 159M THB
FY22 301M THB
FY23 388M THB
FY24 361M THB
FY25 277M THB
Character of growth · EPS growth decomposed (2014-2025) +1.7 % p.a.
Revenue per share +2.7 pp

of which total revenue +2.7 pp · buybacks/dilution +0.0 pp

EBIT margin −1.6 pp
Tax rate −0.1 pp
Residual (interest, one-offs) +0.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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

Peer Group

Medical Care Facilities · 261 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 61 · Above median
Fair Value upside +95% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 6% · Above median
Net margin (TTM) 10% · Above median
Operating margin (TTM) 9% · Above median
Revenue growth -8% · Bottom 25%
Dividend yield (TTM) 5.5% · Top 25%

Valuation Multiples vs Medical Care Facilities median · lower = cheaper

P/E (TTM) 12.4× · Cheaper than 75% of peers
P/B 1.08× · Cheaper than median
P/S (TTM) 1.30× · Pricier than median
P/FCF 0.5× · Cheaper than 75% of peers
EV/EBITDA 4.0× · 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 23
FUTURE 0 · sector 24
PAST 37 · sector 30
HEALTH 0 · sector 90
DIVIDEND 100 · sector 38

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 Medical Care Facilities stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
HCA Healthcare, Inc HCA $378.85 $554.93 +46%
Fresenius SE FRE €41.73 €32.15 -23%
Dr. Sulaiman Al Habib Medical Services Group 4013 235.00 SAR 112.37 SAR -52%
IHH Healthcare Berhad, an investment holding company, Q0F 2.58 SGD 1.44 SGD -44%
Tenet Healthcare Corporation THC $194.91 $338.05 +73%
Rede D'Or São Luiz S.A RDOR3 R$36.01 R$47.31 +31%
DaVita Inc DVA $231.61 $255.97 +11%
Apollo Hospitals Enterprise Limited APOLLOHOSP ₹8,955 ₹2,955 -67%
Fresenius Medical Care AG FMS $24.68 $45.60 +85%
Aier Eye Hospital Group 300015 ¥8.68 ¥7.67 -12%

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Frequently asked questions

Is Nonthavej Hospital Public Company (NTV) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 37.13 THB versus a price of 19.00 THB, about +95% (undervalued).
What is the fair value of NTV?
Our model-based fair value for Nonthavej Hospital Public Company is 37.13 THB (as of Jul 16, 2026), built from audited fundamentals. The current price is 19.00 THB.
What is the quality score of NTV?
Nonthavej Hospital 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 Nonthavej Hospital Public Company (NTV)?
Nonthavej Hospital Public Company reported trailing-twelve-month revenue of about 2.3B THB (latest available figure, as of Jul 16, 2026).
What is the net profit margin of NTV?
The net profit margin of Nonthavej Hospital Public Company is about 10.4%, meaning it keeps roughly 10.4% of revenue as net income. Based on the latest reported figures.
Does Nonthavej Hospital Public Company pay a dividend?
Nonthavej Hospital Public Company currently shows a dividend yield of about 5.45% relative to its recent price (as of Jul 16, 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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