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PTT Exploration and Production Public Company (PTTEP) Fair Value & Analysis

Energy · TH · Market cap 560B THB

PE PTT Exploration and Production Public Company PTTEP · BK
Price149.00 THB
Fair Value193.72 THB
Upside+30.0%
Quality64/100
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Expensive Growth
Solidly profitable · 19.4% net margin
Low debt · generates free cash flow
0.20% dividend yield
Ranks above peers (12/14)
Wide moat 68/100
Evidence: High Range 122.23 THB – 265.69 THB Share as image

Fair value as of: Jul 14, 2026

From 26 valuation models · updated 24 days ago

Share price +11.6% over the past month.

A solid business, screening 30% undervalued on our models.

What matters now

  • Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (122.23 THB to 265.69 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

161.50 THB 75.63 THB Fair Value 193.72 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range 75.63 THB – 161.50 THB · fair‑value band 122.23 THB – 265.69 THB · the 149.00 THB price screens below the 193.72 THB fair value. Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

PTT Exploration and Production Public Company (PTTEP) currently trades at 149.00 THB, while our model-based Fair Value estimate is 193.72 THB, implying the stock looks roughly 30.0% undervalued today. We read business quality at 64/100 (solid quality), in the Energy 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, PTT Exploration and Production Public Company generated revenue of 8.9B THB at a net margin of 19.4%. Revenue grew 14.7% year over year. It earns a return on equity of 10.8%. Net debt stands at 76.2B THB. Fundamentals as of Jul 14, 2026

Our scenario range runs from 122.23 THB (bear case) to 265.69 THB (bull case); at 149.00 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 9% below its 52-week high and 60% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -26% fair-value upside, at 30%, PTTEP 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 BearBaseBull Evidence
Highest evidence
Growth DCF 96.39 THB 149.13 THB 229.15 THB 80
Residual Income 122.23 THB 142.77 THB 253.34 THB 76
Rev-Margin DCF 109.06 THB 182.57 THB 267.60 THB 74
All 26 models by family
DCF Models
FCF DCF 94.52 THB 154.03 THB 250.29 THB 38
Owner Earnings 120.49 THB 195.91 THB 317.92 THB 31
5Y Revenue Exit 109.06 THB 183.28 THB 278.97 THB 39
5Y EBITDA Exit 315.09 THB 571.66 THB 876.38 THB 41
5Y P/E Exit 165.63 THB 289.92 THB 421.93 THB 38
10Y Revenue Exit 99.20 THB 167.10 THB 260.08 THB 36
10Y EBITDA Exit 237.94 THB 444.12 THB 729.99 THB 37
10Y P/E Exit 140.19 THB 243.16 THB 372.53 THB 35
Earnings-Based
Graham-Dodd 103.24 THB 332.82 THB 444.16 THB 54
Lynch FV 73.97 THB 105.67 THB 137.37 THB 50
PEG = 1.0 73.97 THB 105.67 THB 137.37 THB 46
EPV 137.70 THB 162.45 THB 184.45 THB 59
Dividend Discount
Gordon GGM 88.73 THB 193.72 THB 325.94 THB 70
DDM Multi-Stage 88.73 THB 152.03 THB 201.89 THB 61
Multiples
P/E Multiple 227.73 THB 303.64 THB 379.56 THB 63
P/S Multiple 132.93 THB 177.24 THB 221.54 THB 58
P/B Multiple 193.57 THB 258.10 THB 322.62 THB 55
EV/EBIT 335.90 THB 448.70 THB 561.51 THB 53
EV/EBITDA 475.68 THB 635.08 THB 794.48 THB 54
EV/Revenue 121.54 THB 174.71 THB 227.88 THB 43
Asset-Based
NCAV (Graham) 65.40 THB 87.64 THB 130.81 THB 50
Growth DCF
Growth DCF 96.39 THB 149.13 THB 229.15 THB 80
Rev-Margin DCF 109.06 THB 182.57 THB 267.60 THB 74
Economic Profit
Residual Income 122.23 THB 142.77 THB 253.34 THB 76
ROIC Compounder 139.83 THB 181.73 THB 237.69 THB 72
Growth Earnings
Growth-Adj P/E 191.69 THB 273.84 THB 355.99 THB 68

Widest divergence: Growth Earnings (273.84 THB) versus Asset-Based (87.64 THB). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 8.9B THB
Revenue growth (YoY) +14.7%
Net margin 19.4%
Return on equity 10.8%
Free cash flow 31.9B THB FY2025
P/E ratio 10.1
More key figures
Operating margin 32.1%
EPS (TTM) 13.99 THB
Dividend yield 0.2%
EPS growth (YoY) -22.9%
Net debt 76.2B THB FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 55 · Market factors (momentum, volatility) 74

Profitability 45
Margins and returns on capital today
Quality Growth 18
Are margins and returns improving?
Cashflow 64
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 57
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 78
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

PTT Exploration and Production Public Company Limited, together with its subsidiaries, engages in the exploration, development, and production of petroleum in Thailand, rest of Southeast Asia, the Middle East, Africa, and internationally. It operates through Exploration and Production; and Other Businesses and Corporate segments.

Full company description

PTT Exploration and Production Public Company Limited, together with its subsidiaries, engages in the exploration, development, and production of petroleum in Thailand, rest of Southeast Asia, the Middle East, Africa, and internationally. It operates through Exploration and Production; and Other Businesses and Corporate segments. The company is also involved in the gas pipeline transportation and solar power businesses, as well as renewable energy and related activities. In addition, it provides petroleum-related technology, human resource support, and technology and innovation services. The company was founded in 1985 and is based in Bangkok, Thailand. PTT Exploration and Production Public Company Limited is a subsidiary of PTT Public Company Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PTT Exploration and Production Public Company reported revenue of 281B THB in FY2025 versus 219B THB in FY2021, a compound +6.5%/yr. Reported net income was 60.3B THB in FY2025, compounding +11.6%/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)
281B THB
Latest YoY
−9.9%
Avg. growth/yr (3Y)
−5.3%
Avg. growth/yr (5Y)
+11.9%
Avg. growth/yr (25Y)
+10.8%
Revenue +6.5%/yr
FY21 219B THB
FY22 331B THB
FY23 301B THB
FY24 312B THB
FY25 281B THB
Net income +11.6%/yr
FY21 38.9B THB
FY22 70.9B THB
FY23 76.7B THB
FY24 78.8B THB
FY25 60.3B THB

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Cite: Fair Value Calculator (2026). "PTT Exploration and Production Public Company Fair Value". https://www.fairvalue-calculator.com/stock/PTTEP

Peer Group

Oil & Gas E&P · 316 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 64 · Top 25%
Fair Value upside +30% · Top 25%
Return on equity (TTM) 11% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 19% · Top 25%
Operating margin (TTM) 32% · Top 25%
Revenue growth 15% · Above median
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 0.16× · Lower than median

Valuation Multiples vs Oil & Gas E&P median · lower = cheaper

P/E (TTM) 10.1× · Cheaper than median
P/S (TTM) 1.91× · Cheaper than median
P/FCF 0.5× · Cheaper than 75% of peers
EV/EBITDA 5.0× · Cheaper than median
PEG 26.17× · Pricier 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 73 · sector 15
FUTURE 74 · sector 0
PAST 43 · sector 0
HEALTH 92 · sector 87
DIVIDEND 4 · sector 71

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Oil & Gas E&P stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
CNOOC Limited 600938 ¥28.97 ¥32.55 +12%
ConocoPhillips explores for, COP $109.04 $91.79 -16%
Canadian Natural Resources Limited CNQ $42.86 $31.54 -26%
EOG Resources, Inc EOG $139.89 $130.19 -7%
Occidental Petroleum Corporation OXY $54.86 $30.68 -44%
Diamondback Energy, Inc FANG $183.39 $106.12 -42%
Devon Energy Corporation DVN $43.83 $27.06 -38%
Woodside Energy Group WDS A$30.46 A$20.71 -32%
EQT Corporation EQT $48.85 $42.85 -12%
Texas Pacific Land Corporation TPL $415.70 $79.20 -81%

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Frequently asked questions

Is PTT Exploration and Production Public Company (PTTEP) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of 193.72 THB versus a price of 149.00 THB, about +30% (undervalued).
What is the fair value of PTTEP?
Our model-based fair value for PTT Exploration and Production Public Company is 193.72 THB (as of Jul 14, 2026), built from audited fundamentals. The current price is 149.00 THB.
What is the quality score of PTTEP?
PTT Exploration and Production Public Company has a Quality Score of 64/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of PTT Exploration and Production Public Company (PTTEP)?
PTT Exploration and Production Public Company reported trailing-twelve-month revenue of about 8.9B THB (latest available figure, as of Jul 14, 2026).
What is the net profit margin of PTTEP?
The net profit margin of PTT Exploration and Production Public Company is about 19.4%, meaning it keeps roughly 19.4% of revenue as net income. Based on the latest reported figures.
Does PTT Exploration and Production Public Company pay a dividend?
PTT Exploration and Production Public Company currently shows a dividend yield of about 0.19% relative to its recent price (as of Jul 14, 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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