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Samart Aviation Solutions Public Company (SAV) Fair Value & Analysis

Industrials · TH · Market cap 7.4B THB

SA Samart Aviation Solutions Public Company SAV · BK
Price11.80 THB
Fair Value17.89 THB
Upside+51.6%
Quality84/100
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Mixed Growth
Highly profitable · 26.5% net margin
Moderate debt · generates free cash flow
7.76% dividend yield
Ranks above peers (10/15)
Wide moat 90/100
Evidence: High Range 13.47 THB – 26.84 THB Share as image

Fair value as of: Jul 16, 2026

From 26 valuation models · updated 25 days ago

Fair value updated Jul 16, 2026, revised from 14.01 THB to 17.89 THB (+27.7%) since Jun 24, 2026. Share price +4.4% over the past month.

A strong business, screening 52% undervalued on our models.

What matters now

  • The rarer combination: high quality (84/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (13.47 THB). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (13.47 THB to 26.84 THB) leaves room in how you read the outcome.
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Price vs Fair Value (3 years)

21.93 THB 9.37 THB Fair Value 17.89 THB Sep 2023 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

34‑month range 9.37 THB – 21.93 THB · fair‑value band 13.47 THB – 26.84 THB · the 11.80 THB price screens below the 17.89 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Samart Aviation Solutions Public Company (SAV) currently trades at 11.80 THB, while our model-based Fair Value estimate is 17.89 THB, implying the stock looks roughly 51.6% undervalued today. The Quality Score stands at 84/100 (high quality), in the Industrials 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, Samart Aviation Solutions Public Company generated revenue of 2.1B THB at a net margin of 26.5%. Revenue declined 1.7% year over year. It earns a return on equity of 33.7%. The balance sheet holds a net cash position of 681M THB. Fundamentals as of Jul 16, 2026

Our scenario range runs from 13.47 THB (bear case) to 26.84 THB (bull case); at 11.80 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 16% below its 52-week high and 29% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -29% fair-value upside, at 52%, SAV 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 15.03 THB 28.36 THB 53.07 THB 80
Residual Income 4.87 THB 5.73 THB 21.30 THB 76
Rev-Margin DCF 7.08 THB 11.92 THB 19.10 THB 74
All 26 models by family
DCF Models
FCF DCF 15.83 THB 25.85 THB 54.21 THB 38
Owner Earnings 14.25 THB 31.68 THB 66.95 THB 31
5Y Revenue Exit 7.08 THB 11.03 THB 18.42 THB 39
5Y EBITDA Exit 11.28 THB 20.07 THB 36.06 THB 41
5Y P/E Exit 12.11 THB 24.00 THB 39.16 THB 38
10Y Revenue Exit 9.57 THB 15.83 THB 21.83 THB 36
10Y EBITDA Exit 12.61 THB 23.67 THB 43.22 THB 37
10Y P/E Exit 13.18 THB 25.22 THB 45.50 THB 35
Earnings-Based
Graham-Dodd 5.81 THB 40.54 THB 56.90 THB 54
Lynch FV 12.26 THB 17.52 THB 22.77 THB 50
PEG = 1.0 12.26 THB 17.52 THB 22.77 THB 46
EPV 8.43 THB 9.78 THB 10.94 THB 59
Dividend Discount
Gordon GGM 7.92 THB 15.77 THB 23.88 THB 70
DDM Multi-Stage 7.92 THB 13.63 THB 16.65 THB 61
Multiples
P/E Multiple 10.90 THB 14.53 THB 18.17 THB 63
P/S Multiple 3.65 THB 4.87 THB 6.08 THB 58
P/B Multiple 4.85 THB 6.47 THB 8.09 THB 55
EV/EBIT 12.30 THB 16.43 THB 20.56 THB 53
EV/EBITDA 9.62 THB 12.85 THB 16.09 THB 54
EV/Revenue 3.31 THB 4.77 THB 6.23 THB 43
Asset-Based
NCAV (Graham) 1.08 THB 1.45 THB 2.16 THB 50
Growth DCF
Growth DCF 15.03 THB 28.36 THB 53.07 THB 80
Rev-Margin DCF 7.08 THB 11.92 THB 19.10 THB 74
Economic Profit
Residual Income 4.87 THB 5.73 THB 21.30 THB 76
ROIC Compounder 10.02 THB 13.63 THB 18.28 THB 72
Growth Earnings
Growth-Adj P/E 15.30 THB 21.86 THB 28.42 THB 68

Widest divergence: DCF Models (23.67 THB) versus Asset-Based (1.45 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.1B THB
Revenue growth (YoY) -1.7%
Net margin 26.5%
Return on equity 33.7%
Free cash flow 676M THB FY2025
P/E ratio 12.9
More key figures
Operating margin 37.4%
EPS (TTM) 0.8500 THB
Dividend yield 8.1%
EPS growth (YoY) +1.2%
Net cash 681M THB FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 84/100

Of which business quality 81 · Market factors (momentum, volatility) 51

Profitability 89
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 87
Earnings quality: real cash, not paper profit
Fin. Strength 87
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 38
Distance to the 52-week high (market factor)
Net Issuance 83
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

Samart Aviation Solutions Public Company Limited, an investment holding company, provides air traffic control services in Cambodia, Laos, and Thailand. The company offers air navigation services, including air traffic management, aeronautical communications, aeronautical information services, and flight procedure design services.

Full company description

Samart Aviation Solutions Public Company Limited, an investment holding company, provides air traffic control services in Cambodia, Laos, and Thailand. The company offers air navigation services, including air traffic management, aeronautical communications, aeronautical information services, and flight procedure design services. It also provides programming for billing and payment processing, website design, hardware maintenance, and other IT software solutions. In addition, it is involved in utilities and transportation. The company was formerly known as SamartTransolutions Co., Ltd. The company was founded in 2017 and is headquartered in Pak Kret, Thailand. Samart Aviation Solutions Public Company Limited is a subsidiary of Samart U-Trans Co., Ltd.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Samart Aviation Solutions Public Company reported revenue of 2.1B THB in FY2025 versus 456M THB in FY2021, a compound +46.0%/yr. Reported net income was 546M THB in FY2025.

Growth Quality 92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
2.1B THB
Latest YoY
+18.0%
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.
+19.4%
Avg. growth/yr (8Y) 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.
+1.4%
Revenue +46.0%/yr
FY21 456M THB
FY22 1.2B THB
FY23 1.6B THB
FY24 1.8B THB
FY25 2.1B THB
Net income
FY21 −74.3M THB
FY22 200M THB
FY23 272M THB
FY24 464M THB
FY25 546M THB

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Cite: Fair Value Calculator (2026). "Samart Aviation Solutions Public Company Fair Value". https://www.fairvalue-calculator.com/stock/SAV

Peer Group

Airports & Air Services · 55 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 84 · Top 25%
Fair Value upside +52% · Top 25%
Return on equity (TTM) 34% · Top 25%
Return on assets 19% · Top 25%
Net margin (TTM) 26% · Top 25%
Operating margin (TTM) 37% · Top 25%
Revenue growth -2% · Bottom 25%
Dividend yield (TTM) 7.8% · Top 25%
Debt / equity 0.54× · Higher than median

Valuation Multiples vs Airports & Air Services median · lower = cheaper

P/E (TTM) 13.6× · Cheaper than 75% of peers
P/B 5.38× · Pricier than 75% of peers
P/S (TTM) 3.58× · Pricier than median
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 9.8× · Pricier than median
PEG 0.40× · 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 36
FUTURE 0 · sector 31
PAST 100 · sector 45
HEALTH 73 · sector 90
DIVIDEND 100 · sector 46

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 Airports & Air Services stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Aena S.M.E., S.A AENA €26.24 €28.41 +8%
Airports of Thailand Public Company TATD 2.44 SGD 1.25 SGD -49%
Grupo Aeroportuario del Pacífico, S.A. PAC $220.91 $246.06 +11%
GMR Airports Limited GMRINFRA ₹112.80 ₹22.29 -80%
Flughafen Zürich AG FHZN CHF 237.20 CHF 121.30 -49%
Shanghai International Airport Co 600009 ¥24.08 ¥17.09 -29%
Auckland International Airport Limited AIA A$7.11 A$2.80 -61%
Fraport AG FRA €69.35 €49.83 -28%
Københavns Lufthavne A/S KBHL kr 5,660 kr 1,821 -68%
SATS Ltd S58 4.82 SGD 4.03 SGD -16%

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Frequently asked questions

Is Samart Aviation Solutions Public Company (SAV) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 17.89 THB versus a price of 11.80 THB, about +52% (undervalued).
What is the fair value of SAV?
Our model-based fair value for Samart Aviation Solutions Public Company is 17.89 THB (as of Jul 16, 2026), built from audited fundamentals. The current price is 11.80 THB.
What is the quality score of SAV?
Samart Aviation Solutions Public Company has a Quality Score of 84/100. 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 Samart Aviation Solutions Public Company (SAV)?
Samart Aviation Solutions Public Company reported trailing-twelve-month revenue of about 2.1B THB (latest available figure, as of Jul 16, 2026).
What is the net profit margin of SAV?
The net profit margin of Samart Aviation Solutions Public Company is about 26.5%, meaning it keeps roughly 26.5% of revenue as net income. Based on the latest reported figures.
Does Samart Aviation Solutions Public Company pay a dividend?
Samart Aviation Solutions Public Company currently shows a dividend yield of about 8.11% 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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