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Thaitheparos Public Company (SAUCE) Fair Value & Analysis

Consumer Defensive · TH · Market cap 14.7B THB

TP Thaitheparos Public Company SAUCE · BK
Price41.75 THB
Fair Value32.20 THB
Upside-22.9%
Quality80/100
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Mixed Growth
Highly profitable · 22.3% net margin
Low debt · generates free cash flow
4.39% dividend yield
Ranks above peers (9/15)
Wide moat 85/100
Evidence: High Range 22.60 THB – 43.65 THB Share as image

Fair value as of: Jul 19, 2026

From 24 valuation models · updated 22 days ago

Share price +1.2% over the past month.

A strong business, but screening 23% overvalued on our models.

What matters now

  • A high-quality business (quality 80/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • A fairly wide model range (22.60 THB to 43.65 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

41.75 THB 19.22 THB Fair Value 32.20 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range 19.22 THB – 41.75 THB · fair‑value band 22.60 THB – 43.65 THB · the 41.75 THB price screens above the 32.20 THB fair value. Dashed = 300-day average. As of Jul 19, 2026.

Full chart & analysis →

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Analysis

Thaitheparos Public Company (SAUCE) currently trades at 41.75 THB, while our model-based Fair Value estimate is 32.20 THB, implying the stock looks roughly 22.9% overvalued today. The Quality Score stands at 80/100 (high quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Thaitheparos Public Company generated revenue of 3.5B THB at a net margin of 22.3%. Revenue declined 4.4% year over year. It earns a return on equity of 24.5%. The balance sheet holds a net cash position of 535M THB. Fundamentals as of Jul 19, 2026

Our scenario range runs from 22.60 THB (bear case) to 43.65 THB (bull case); at 41.75 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 near its 52-week high and 19% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at -23%, SAUCE screens richer 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 21.66 THB 29.18 THB 39.34 THB 80
Residual Income 13.12 THB 15.71 THB 40.70 THB 76
Rev-Margin DCF 14.68 THB 20.03 THB 25.75 THB 74
All 24 models by family
DCF Models
FCF DCF 21.01 THB 28.94 THB 40.07 THB 38
Owner Earnings 24.45 THB 33.77 THB 46.87 THB 31
5Y Revenue Exit 14.68 THB 19.70 THB 25.71 THB 39
5Y EBITDA Exit 23.85 THB 35.73 THB 48.83 THB 41
5Y P/E Exit 27.65 THB 42.35 THB 56.82 THB 38
10Y Revenue Exit 16.62 THB 21.47 THB 27.10 THB 36
10Y EBITDA Exit 22.60 THB 32.20 THB 43.65 THB 37
10Y P/E Exit 24.95 THB 36.64 THB 49.36 THB 35
Earnings-Based
Graham-Dodd 14.90 THB 30.94 THB 39.10 THB 54
EPV 20.57 THB 23.75 THB 26.54 THB 59
Dividend Discount
Gordon GGM 16.44 THB 24.48 THB 32.97 THB 70
DDM Multi-Stage 16.44 THB 23.39 THB 31.36 THB 61
Multiples
P/E Multiple 34.51 THB 46.01 THB 57.51 THB 63
P/S Multiple 11.65 THB 15.54 THB 19.42 THB 58
P/B Multiple 27.94 THB 37.25 THB 46.56 THB 55
EV/EBIT 34.03 THB 44.87 THB 55.72 THB 53
EV/EBITDA 29.09 THB 38.29 THB 47.50 THB 54
EV/Revenue 11.68 THB 16.05 THB 20.42 THB 43
Asset-Based
NCAV (Graham) 4.57 THB 6.13 THB 9.15 THB 50
Growth DCF
Growth DCF 21.66 THB 29.18 THB 39.34 THB 80
Rev-Margin DCF 14.68 THB 20.03 THB 25.75 THB 74
Economic Profit
Residual Income 13.12 THB 15.71 THB 40.70 THB 76
ROIC Compounder 21.17 THB 25.25 THB 29.41 THB 72
Growth Earnings
Growth-Adj P/E 25.25 THB 36.07 THB 46.90 THB 68

Widest divergence: Multiples (37.25 THB) versus Asset-Based (6.13 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.5B THB
Revenue growth (YoY) -2.7%
Net margin 22.3%
Return on equity 23.0%
Free cash flow 674M THB FY2025
P/E ratio 18.6
More key figures
Operating margin 29.5%
EPS (TTM) 2.19 THB
Dividend yield 4.4%
Net cash 535M THB FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 80/100

Of which business quality 76 · Market factors (momentum, volatility) 71

Profitability 83
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 90
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 75
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

Thaitheparos Public Company Limited manufactures and distributes sauces and condiments in Thailand and internationally. It offers seasoning food products, including seasoning sauces, distilled vinegar, hot and spicy chili sauces, ketchups, tomato sauces, oyster sauces, chicken sauces, light soy, dark soy, soy sauces, and Japanese soy sauces.

Full company description

Thaitheparos Public Company Limited manufactures and distributes sauces and condiments in Thailand and internationally. It offers seasoning food products, including seasoning sauces, distilled vinegar, hot and spicy chili sauces, ketchups, tomato sauces, oyster sauces, chicken sauces, light soy, dark soy, soy sauces, and Japanese soy sauces. The company sells its products under the Golden Mountain, Kinzan, and E Zeee brands. The company was formerly known as Thai Theparos Food Products Public Company Limited and changed its name to Thaitheparos Public Company Limited in April 2011. Thaitheparos Public Company Limited was founded in 1954 and is headquartered in Samut Prakan, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Thaitheparos Public Company reported revenue of 3.5B THB in FY2025 versus 3.1B THB in FY2021, a compound +3.0%/yr. Reported net income was 789M THB in FY2025, compounding +6.2%/yr from FY2021.

Growth Quality 69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.5B THB
Latest YoY
−0.4%
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.
+2.5%
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.
+3.6%
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.
+3.4%
Revenue +3.0%/yr
FY21 3.1B THB
FY22 3.2B THB
FY23 3.5B THB
FY24 3.5B THB
FY25 3.5B THB
Net income +6.2%/yr
FY21 619M THB
FY22 632M THB
FY23 740M THB
FY24 744M THB
FY25 789M THB
Character of growth · EPS growth decomposed (2014-2025) +7.6 % p.a.
Revenue per share +3.0 pp

of which total revenue +3.0 pp · buybacks/dilution +0.0 pp

EBIT margin +4.1 pp
Tax rate +0.0 pp
Residual (interest, one-offs) +0.5 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).

SAUCE screens 23% overvalued. Compare with Nestlé India Limited →

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

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 80 · Top 25%
Fair Value upside −23% · Below median
Return on equity (TTM) 23% · Top 25%
Return on assets 16% · Top 25%
Net margin (TTM) 22% · Top 25%
Operating margin (TTM) 29% · Top 25%
Revenue growth -3% · Bottom 25%
Dividend yield (TTM) 4.4% · Top 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 18.6× · Pricier than median
P/B 4.46× · Pricier than 75% of peers
P/S (TTM) 4.16× · Pricier than 75% of peers
P/FCF 0.7× · Cheaper than median
EV/EBITDA 13.0× · Pricier than 75% of peers
PEG 0.42× · 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 3 · sector 28
FUTURE 0 · sector 20
PAST 92 · sector 27
HEALTH 100 · sector 96
DIVIDEND 88 · sector 47

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 19, 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 Thaitheparos Public Company (SAUCE) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 32.20 THB versus a price of 41.75 THB, about −23% (overvalued).
What is the fair value of SAUCE?
Our model-based fair value for Thaitheparos Public Company is 32.20 THB (as of Jul 19, 2026), built from audited fundamentals. The current price is 41.75 THB.
What is the quality score of SAUCE?
Thaitheparos Public Company has a Quality Score of 80/100. 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 Thaitheparos Public Company (SAUCE)?
Thaitheparos Public Company reported trailing-twelve-month revenue of about 3.5B THB (latest available figure, as of Jul 19, 2026).
What is the net profit margin of SAUCE?
The net profit margin of Thaitheparos Public Company is about 22.3%, meaning it keeps roughly 22.3% of revenue as net income. Based on the latest reported figures.

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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