PTT PCL (PUTRY) fair value: what the stock is really worth
As of Sep 18, 2026: fair value of PTT PCL $6.45, price $6.73, upside -4.2%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 $3.79 – $6.73 · fair‑value band $4.44 – $8.06 · the $6.73 price screens above the $6.45 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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PTT Public Company Limited engages in petroleum business in Thailand, Asia, Europe, America, and internationally.
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PTT Public Company Limited engages in petroleum business in Thailand, Asia, Europe, America, and internationally. It is involved in the exploration and production of petroleum; natural gas procurement, pipeline transmission, distribution, and separation activities; and management and maintenance services of port, LNG storage, and LNG station; and cooling management and other related businesses. The company also markets petroleum products and lube oil through procurement, storage, and distribution of products, as well as conducts retail business at service stations. In addition, it is involved in the import and export of petroleum and petrochemical products, and other related products; production and distribution of electricity, steam, and water for industrial purpose; and provision of human resource management and support, petroleum related technology, consultant management, petrol station and convenience store management, maintenance, engineering, plant inspection, and safety and environmental services; and operates as a technical consultants for electricity businesses. Further, the company produces and distributes chilled water/constructs and installs electricity generating systems; distributes polymers and other polymers-related products; develops and rents real estate properties; operates vocational schools; manufactures and distributes biochemical products, paraxylene, and industrial coatings and additives, as well as offers polyethylene and oleochemical products, nonwoven fabrics, and medical consumables; and distributes plastic resin and chemical products. Additionally, it provides financial services; coffee and beverages; and manufactures and distributes circular products. The company was founded in 1978 and is headquartered in Bangkok, Thailand.
Stock analysis
PTT PCL ADR (PUTRY) currently trades at $6.73, while our model-based Fair Value estimate is $6.45, implying the stock looks roughly 4.3% fairly valued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $6.86 per share, and 6 of the 22 models we run sit above the $6.73 price.
Bear case: the Earnings-Based group reads lowest at $2.77, and 16 of the 22 models stay below the price. Evidence for this calculation is high.
Scenario range: $4.44 (bear) to $8.06 (bull), the price of $6.73 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 51/100 (solid quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
PTT PCL ADR reported revenue of 2.6T THB in FY2025 versus 2.3T THB in FY2021, a compound +3.1%/yr. Reported net income was 86.4B THB in FY2025, compounding −5.5%/yr from FY2021.
Key figures
Market cap $38.2B · P/E ratio 13.5 · P/S ratio 0.46 · EPS (TTM) $0.5000 · Dividend yield 6.0% · Net margin 3.4% · Return on equity 7.5% · Return on assets (EBIT) 6.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 50% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −21% fair-value upside, at −4%, PUTRY screens cheaper than that median.
Fair Value models
Bear $4.44Fair Value $6.45Bull $8.06
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.
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−17.4%
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.
−8.8%
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.
+9.6%
Start year 2020 (pandemic). Over 10 years: +2.3% a year
Revenue growth 22 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.
+7.8%
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What shareholders gained per year (last 5 years), in THB ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+42.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+36.6%
Dividend (yield on the price)6.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.37% vs 5%, picking up
Profit margin 2020 to 2025 ⓘ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.6% → 6%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−0.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in THB, Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about −1.4% a year for the price and +2.5% for the forecasts.
Price, fair value, quality and upside side by side.
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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.Oil & Gas Integrated · 52 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside+5% · Above median
Profitability
Return on equity (TTM)7% · Below median
Return on assets3% · Bottom 25%
Net margin (TTM)3% · Below median
Operating margin (TTM)9% · Below median
Growth and dividend
Revenue growth3% · Above median
Dividend yield (TTM)6.0% · Top 25%
Balance sheet
Debt / equity0.59× · Highest 25%
Valuation Multiplesvs Oil & Gas Integrated median · lower = cheaper
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As of Sep 24, 2026, our model estimates a fair value of $6.45 versus a price of $6.73, about −4% upside (fairly valued).
What is the fair value of PUTRY?
Our model-based fair value for PTT PCL ADR is $6.45 (as of Sep 24, 2026), built from audited fundamentals. The current price: $6.73.
What is the quality score of PUTRY?
PTT PCL ADR has a Quality Score of 51/100. 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 PTT PCL (PUTRY)?
Our model-based price target is the fair value of $6.45 (as of Sep 24, 2026) from 22 valuation models. Cautious scenario $4.44, optimistic scenario $8.06. It is a calculation from audited fundamentals, not an analyst target.
What is the PTT PCL ADR stock forecast for 2026?
Our models put fair value at $6.45, about −4% upside versus a price of $6.73 (fairly valued). Cautious scenario $4.44, optimistic scenario $8.06. The calculation is refreshed regularly with new filings.
What is the revenue of PTT PCL (PUTRY)?
PTT PCL ADR reported trailing-twelve-month revenue of about 2.7T THB (latest available figure, as of Sep 24, 2026).
Does PTT PCL ADR pay a dividend?
PTT PCL ADR currently shows a dividend yield of about 5.96% relative to its recent price (as of Sep 24, 2026).
What growth is priced into PTT PCL (PUTRY)?
For today's price to be fair in a discounted-cash-flow model, PTT PCL ADR would have to grow free cash flow by -0.2 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of PUTRY use?
Our models discount PTT PCL ADR at 8.1 %: a base by market capitalisation (large), damped by beta 0.39, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For PTT PCL ADR that is -0.2 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has PTT PCL (PUTRY) delivered so far?
Over the past 5 years revenue at PTT PCL ADR grew +9.6 % a year. The price currently implies -0.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of PTT PCL (PUTRY) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into PTT PCL ADR (-0.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of PTT PCL (PUTRY)?
The free-cash-flow yield on the price is 9.31 %: that much free cash flow PTT PCL ADR produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PTT PCL (PUTRY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PTT PCL ADR it is $6.45 per share (as of Sep 24, 2026), against a price of $6.73. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is PTT PCL ADR stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PUTRY trades above its calculated fair value: price $6.73, fair value $6.45, a gap of about −4% (fairly valued). 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 PUTRY?
No. The price is what the market pays today ($6.73); the fair value is what the company's own numbers justify ($6.45). For PTT PCL ADR the two are $0.2800 per share apart. That gap is exactly why we show both numbers side by side.
How much is PTT PCL ADR worth?
The market values PTT PCL ADR at about $38.2B (market capitalisation, as of Sep 24, 2026). Per share that is $6.73; our models calculate a fair value of $6.45 per share.
What do the bullish and bearish scenarios say about PUTRY?
Our models span a range for PTT PCL ADR: cautious scenario $4.44, base $6.45, optimistic $8.06 per share (as of Sep 24, 2026, price $6.73). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PUTRY?
PTT PCL ADR trades at a price-to-earnings ratio of 13.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $6.45 is built from several models across several years. Other multiples: PEG 1.3, P/B 1.1, P/S 0.5, EV/EBITDA 5.1.
What is the PEG ratio of PUTRY?
The PEG ratio of PTT PCL ADR is 1.31 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of PTT PCL (PUTRY)?
Balance-sheet figures for PTT PCL ADR (as of Sep 24, 2026): return on equity 7.5%, debt of 0.59 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is PUTRY from its 52-week high?
PTT PCL ADR trades at $6.73, at its 52-week high of $6.73 and 50% above the low of $4.50 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of $6.45 is for.
Which stocks are comparable to PTT PCL ADR?
From the same area (Energy) we also value Saudi Arabian Oil Company, Exxon Mobil Corporation, Chevron Corporation, PetroChina Company, 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 PTT PCL ADR stock attractive at the current price?
The data as of Sep 24, 2026: price $6.73, calculated fair value $6.45 (−4%), Quality Score 51/100, from 22 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 PUTRY calculated?
We run PTT PCL ADR through 22 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 $6.45, 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. PTT PCL ADR itself currently trades above fair value. 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 PTT PCL (PUTRY)?
The closing price on Sep 18, 2026 was $6.73. Our model-based fair value is $6.45, about −4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PTT PCL ADR right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($4.44 to $8.06) leaves room in how you read the outcome.
Where does the earnings growth of PTT PCL (PUTRY) come from?
Earnings per share at PTT PCL ADR grew +6.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.3 %, EBIT margin +2.8 %, tax rate −1.1 %, residual (interest, one-offs) +1.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of PTT PCL ADR
How large is the market capitalisation of PTT PCL (PUTRY)?
The market capitalisation of PTT PCL ADR is $38.2B. 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 PTT PCL (PUTRY)?
The price-to-sales ratio of PTT PCL ADR is 0.46 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of PTT PCL (PUTRY)?
Earnings per share at PTT PCL ADR are $0.5000 (price ÷ EPS = P/E 13.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of PTT PCL (PUTRY)?
The dividend yield of PTT PCL ADR is 6.0% (payout 80.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of PTT PCL (PUTRY)?
The net margin of PTT PCL ADR is 3.4% (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 PTT PCL (PUTRY)?
The return on equity (ROE) of PTT PCL ADR is 7.5% (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 PTT PCL (PUTRY)?
On an EBIT basis the return on assets of PTT PCL ADR is 6.8% (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 PTT PCL (PUTRY)?
The operating margin of PTT PCL ADR is 9.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PTT PCL (PUTRY)?
Revenue at PTT PCL ADR is growing +2.6% versus a year earlier (3y avg −8.8%). 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 PTT PCL (PUTRY)?
Earnings per share at PTT PCL ADR are growing +11.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does PTT PCL (PUTRY) carry?
The net debt of PTT PCL ADR is 639B THB (fiscal year 2025, ≈ 5.4 yrs of FCF). 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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Broad data
Sep 24, 2026