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Sea Oil Public Company (SEAOIL) Fair Value & Analysis

Energy · TH · Market cap 2.3B THB

SO Sea Oil Public Company SEAOIL · BK
Price3.28 THB
Fair Value2.31 THB
Upside-29.5%
Quality68/100
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Healthy Growth
Thin margins · 1.4% net margin
Low debt · generates free cash flow
5.77% dividend yield
Ranks above peers (10/14)
Narrow moat 34/100
Evidence: High Range 1.73 THB – 2.89 THB Share as image

Fair value as of: Jul 14, 2026

From 26 valuation models · updated 27 days ago

Fair value updated Jul 14, 2026, revised from 4.99 THB to 2.31 THB (−53.6%) since Jun 24, 2026. Share price +5.1% over the past month.

A solid business, but screening 29% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (2.89 THB). The favourable scenario is already priced in.
  • Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

4.11 THB 1.76 THB Fair Value 2.31 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 1.76 THB – 4.11 THB · fair‑value band 1.73 THB – 2.89 THB · the 3.28 THB price screens above the 2.31 THB fair value. Dashed = 300-day average. As of Jul 14, 2026.

Full chart & analysis →

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Analysis

Sea Oil Public Company (SEAOIL) currently trades at 3.28 THB, while our model-based Fair Value estimate is 2.31 THB, implying the stock looks roughly 29.5% overvalued today. The Quality Score stands at 68/100 (solid quality), in the Energy 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, Sea Oil Public Company generated revenue of 20.5B THB at a net margin of 1.4%. Revenue grew 13.7% year over year. It earns a return on equity of 10.3%. The balance sheet holds a net cash position of 1.3B THB. Fundamentals as of Jul 14, 2026

Our scenario range runs from 1.73 THB (bear case) to 2.89 THB (bull case); at 3.28 THB, the current price sits above 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 20% below its 52-week high and 47% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -48% fair-value upside, at -29%, SEAOIL 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 9.84 THB 16.37 THB 29.16 THB 80
Residual Income 3.13 THB 3.45 THB 4.76 THB 76
Rev-Margin DCF 5.42 THB 8.14 THB 12.40 THB 74
All 26 models by family
DCF Models
FCF DCF 10.37 THB 15.07 THB 29.75 THB 38
Owner Earnings 7.67 THB 15.00 THB 29.82 THB 31
5Y Revenue Exit 5.42 THB 7.31 THB 11.04 THB 39
5Y EBITDA Exit 4.90 THB 6.23 THB 8.68 THB 41
5Y P/E Exit 6.80 THB 11.69 THB 18.03 THB 38
10Y Revenue Exit 6.82 THB 10.52 THB 12.84 THB 36
10Y EBITDA Exit 6.52 THB 9.47 THB 14.08 THB 37
10Y P/E Exit 7.86 THB 13.30 THB 22.38 THB 35
Earnings-Based
Graham-Dodd 2.42 THB 16.90 THB 23.71 THB 54
Lynch FV 5.81 THB 8.30 THB 10.79 THB 50
PEG = 1.0 5.81 THB 8.30 THB 10.79 THB 46
EPV 2.81 THB 2.99 THB 3.15 THB 59
Dividend Discount
Gordon GGM 1.76 THB 3.50 THB 5.30 THB 70
DDM Multi-Stage 1.76 THB 3.02 THB 3.69 THB 61
Multiples
P/E Multiple 3.74 THB 4.99 THB 6.24 THB 63
P/S Multiple 4.54 THB 6.06 THB 7.57 THB 58
P/B Multiple 4.54 THB 6.06 THB 7.57 THB 55
EV/EBIT 3.05 THB 3.52 THB 3.99 THB 53
EV/EBITDA 2.75 THB 3.11 THB 3.48 THB 54
EV/Revenue 3.35 THB 4.08 THB 4.81 THB 43
Asset-Based
NCAV (Graham) 1.81 THB 2.42 THB 3.61 THB 50
Growth DCF
Growth DCF 9.84 THB 16.37 THB 29.16 THB 80
Rev-Margin DCF 5.42 THB 8.14 THB 12.40 THB 74
Economic Profit
Residual Income 3.13 THB 3.45 THB 4.76 THB 76
ROIC Compounder 2.81 THB 2.99 THB 3.15 THB 72
Growth Earnings
Growth-Adj P/E 6.58 THB 9.40 THB 12.22 THB 68

Widest divergence: DCF Models (10.52 THB) versus Asset-Based (2.42 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 20.5B THB
Revenue growth (YoY) +13.7%
Net margin 1.4%
Return on equity 10.3%
Free cash flow 405M THB FY2025
P/E ratio 8.3
More key figures
Operating margin 1.3%
EPS (TTM) 0.3800 THB
Dividend yield 5.8%
EPS growth (YoY) +19.0%
Net cash 1.3B THB FY2025

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

Quality Score breakdown

Overall quality 68/100

Of which business quality 69 · Market factors (momentum, volatility) 62

Profitability 45
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 54
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 59
Distance to the 52-week high (market factor)
Net Issuance 90
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

Sea Oil Public Company Limited engages in the retail sale of fuel and lubricant oils, and related products in Thailand and internationally. It offers high-speed diesel oil, marine fuels, lubricants, and benzene.

Full company description

Sea Oil Public Company Limited engages in the retail sale of fuel and lubricant oils, and related products in Thailand and internationally. It offers high-speed diesel oil, marine fuels, lubricants, and benzene. The company also provides catering and supply management, and other services for sea habitation and marine and offshore oil rigs, and gas for onshore and offshore; and leases a solvent and petrochemical factory. It serves tankers, fishery boats, and reefer vessels, as well as land customers, factories, land transportation, and buses. The company was incorporated in 1997 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sea Oil Public Company reported revenue of 19.8B THB in FY2025 versus 11.3B THB in FY2021, a compound +14.9%/yr. Reported net income was 263M THB in FY2025, compounding +3.3%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
19.8B THB
Latest YoY
+13.0%
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.
−3.0%
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.
+30.2%
Avg. growth/yr (14Y) 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.
+15.8%
Revenue +14.9%/yr
FY21 11.3B THB
FY22 21.7B THB
FY23 13.8B THB
FY24 17.5B THB
FY25 19.8B THB
Net income +3.3%/yr
FY21 231M THB
FY22 441M THB
FY23 347M THB
FY24 357M THB
FY25 263M THB
Character of growth · EPS growth decomposed (2014-2025) +16.9 % p.a.
Revenue per share +14.7 pp

of which total revenue +20.4 pp · buybacks/dilution −5.7 pp

EBIT margin −11.3 pp
Tax rate +3.0 pp
Residual (interest, one-offs) +10.5 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).

SEAOIL screens 29% overvalued. Compare with Reliance Industries Limited →

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

Peer Group

Oil & Gas Refining & Marketing · 114 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 68 · Top 25%
Fair Value upside −30% · Below median
Return on equity (TTM) 10% · Above median
Return on assets 3% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 1% · Bottom 25%
Revenue growth 14% · Above median
Dividend yield (TTM) 5.8% · Top 25%
Debt / equity 0.07× · Lower than median

Valuation Multiples vs Oil & Gas Refining & Marketing median · lower = cheaper

P/E (TTM) 8.3× · Cheaper than 75% of peers
P/B 0.87× · Cheaper than median
P/S (TTM) 0.11× · Cheaper than 75% of peers
P/FCF 0.2× · Cheaper than median
EV/EBITDA 4.8× · Cheaper than median

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 0 · sector 15
FUTURE 69 · sector 15
PAST 41 · sector 32
HEALTH 97 · sector 80
DIVIDEND 100 · sector 50

VALUE 0: the price sits above our fair-value range.

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 Refining & Marketing stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
Reliance Industries Limited RELIANCE ₹1,293 ₹835.66 -35%
Valero Energy Corporation VLO $309.65 $127.32 -59%
Marathon Petroleum Corporation MPC $283.74 $135.80 -52%
Phillips 66 PSX $196.16 $101.04 -48%
Neste Oyj NESTE €31.10 €4.07 -87%
Formosa Petrochemical Corporation 6505 81.30 TWD 16.68 TWD -79%
Indian Oil Corporation IOC ₹138.96 ₹417.35 +200%
HF Sinclair Corporation DINO $88.59 $48.90 -45%
Bharat Petroleum Corporation BPCL ₹315.55 ₹846.81 +168%
SK Innovation Co 096770 121,400 KRW 58,865 KRW -52%

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Frequently asked questions

Is Sea Oil Public Company (SEAOIL) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of 2.31 THB versus a price of 3.28 THB, about −29% (overvalued).
What is the fair value of SEAOIL?
Our model-based fair value for Sea Oil Public Company is 2.31 THB (as of Jul 14, 2026), built from audited fundamentals. The current price is 3.28 THB.
What is the quality score of SEAOIL?
Sea Oil Public Company has a Quality Score of 68/100. 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 Sea Oil Public Company (SEAOIL)?
Sea Oil Public Company reported trailing-twelve-month revenue of about 20.5B THB (latest available figure, as of Jul 14, 2026).
What is the net profit margin of SEAOIL?
The net profit margin of Sea Oil Public Company is about 1.4%, meaning it keeps roughly 1.4% of revenue as net income. Based on the latest reported figures.
Does Sea Oil Public Company pay a dividend?
Sea Oil Public Company currently shows a dividend yield of about 5.70% 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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