STECON GROUP NON-VOTING DR PCL (STECON) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of STECON GROUP NON-VOTING DR PCL stock THB 21.32, price THB 17.20, upside +24.0%, quality 63 out of 100. Rating: undervalued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
24‑month range 3.28 THB – 19.80 THB · fair‑value band 14.95 THB – 27.25 THB · the 17.20 THB price screens below the 21.32 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Stecon Group Public Company Limited, through its subsidiaries, engages in the engineering and construction, utilities and power, infrastructure related to logistics, transportation, and other businesses in Thailand.
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The company undertakes construction works, such as public utilities, building, energy, industrial, environmental construction, and other projects activities.
It also engages in the sale and rental of construction machinery and spare parts; contracting services; production and transportation of precast concrete parts, such as precast boxes, concrete beams, columns, and crossbeams for infrastructure and public utilities, and building projects; production and services for piles driving; and provision of consulting services on precast concrete products.
In addition, the company is involved in the data center business; water supply and distribution for household and industrial use through the water supply system; and management and provision of expressways, electric railways, and airports.
Further, it engages in the office building rental; distribution and rental of machinery and construction equipment; investment in utilities and power businesses; investment in other companies; investment in transportation infrastructure; property development; provision of document storage service; and production and distribution of electricity.
The company was founded in 1962 and is based in Bangkok, Thailand.
Stock analysis
STECON GROUP NON-VOTING DR PCL (STECON) currently trades at 17.20 THB, while our model-based Fair Value estimate is 21.32 THB, implying the stock looks roughly 19% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 21.80 THB per share, and 13 of the 22 models we run sit above the 17.20 THB price.
Bear case: the Asset-Based group reads lowest at 7.21 THB, and 9 of the 22 models stay below the price. Data coverage for this calculation is low.
Scenario range: 14.95 THB (bear) to 27.25 THB (bull), the price of 17.20 THB 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 63/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
STECON GROUP NON-VOTING DR PCL reported revenue of 33.5B THB in FY2025 versus 29.6B THB in FY2023, a compound +6.3%/yr. Reported net income was 1.9B THB in FY2025, compounding +92.5%/yr from FY2023.
Key figures
Market cap 25.8B THB (≈ $772M) Small · P/E ratio 11.0 · P/S ratio 0.77 · EPS (TTM) 1.56 THB · Dividend yield 3.2% · Net margin 6.7% · Return on equity 12.7% · Return on assets (EBIT) 0.3% (3-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic.
The share trades about 13% below its 52-week high and 237% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 24%, STECON screens cheaper than that median.
Fair Value models
Bear14.95 THBFair Value 21.32 THBBull27.25 THB
Price 17.20 THB · Upside +24.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.8661 THB per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: only 3 usable fiscal years, at least 4 required
not computed
Growth Forecast
Price in line with expectations
The price assumes more growth than the company has delivered so far and about what 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).
+11.0%
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.
+9.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +9.7% a year for the price and +8.1% for the forecasts.
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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.Engineering & Construction · 791 stocks
Beats the industry median on 13/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside+18.4% · Above median
Profitability
Return on equity (12 months)12.7% · Above median
Return on assets3.5% · Above median
Net margin (12 months)6.7% · Above median
Operating margin (12 months)4.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)8.1% · Above median
Dividend yield (12 months)3.2% · Above median
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)11.0× · Cheaper than median
P/B1.63× · Pricier than median
P/S (12 months)0.77× · Cheaper than median
Price / free cash flow (fiscal year)12.7× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "STECON GROUP NON-VOTING DR PCL Fair Value". https://www.fairvalue-calculator.com/stock/STECON
Frequently asked questions
Is STECON GROUP NON-VOTING DR PCL (STECON) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 21.32 THB versus a price of 17.20 THB, about +24% upside (undervalued).
What is the fair value of STECON?
Our model-based fair value for STECON GROUP NON-VOTING DR PCL is 21.32 THB (as of Nov 5, 2026), built from audited fundamentals. The current price: 17.20 THB.
What is the quality score of STECON?
STECON GROUP NON-VOTING DR PCL has a Quality Score of 63/100. 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 STECON GROUP NON-VOTING DR PCL (STECON)?
Our model-based price target is the fair value of 21.32 THB (as of Nov 5, 2026) from 22 valuation models. Cautious scenario 14.95 THB, optimistic scenario 27.25 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the STECON GROUP NON-VOTING DR PCL stock forecast for 2026?
Our models put fair value at 21.32 THB, about +24% upside versus a price of 17.20 THB (undervalued). Cautious scenario 14.95 THB, optimistic scenario 27.25 THB. The calculation is refreshed regularly with new filings.
What is the revenue of STECON GROUP NON-VOTING DR PCL (STECON)?
STECON GROUP NON-VOTING DR PCL reported trailing-twelve-month revenue of about 35.0B THB (latest available figure, as of Nov 5, 2026).
Does STECON GROUP NON-VOTING DR PCL pay a dividend?
STECON GROUP NON-VOTING DR PCL currently shows a dividend yield of 3.20% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of STECON GROUP NON-VOTING DR PCL (STECON) and when is the ex-dividend date?
STECON GROUP NON-VOTING DR PCL pays a dividend of 0.55 THB per share a year, a dividend yield of 3.2%. The last ex-dividend date was Mar 9, 2026. The payout ratio is 35.3% of earnings. Free cash flow covers the dividend 2.55 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into STECON GROUP NON-VOTING DR PCL (STECON)?
For today's price to be fair in a discounted-cash-flow model, STECON GROUP NON-VOTING DR PCL would have to grow free cash flow by +11.0 % per year for five years (discount rate 13.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 2 years revenue grew +6.3 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of STECON use?
Our models discount STECON GROUP NON-VOTING DR PCL at 13.3 %: a base by market capitalisation (small), damped by beta 1.07, country premium for Thailand. 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 STECON GROUP NON-VOTING DR PCL that is +11.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.3 %) and the same formula as our fair value.
How much growth has STECON GROUP NON-VOTING DR PCL (STECON) delivered so far?
Over the past 2 years revenue at STECON GROUP NON-VOTING DR PCL grew +6.3 % a year. The price currently implies free-cash-flow growth of +11.0 % per 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 STECON GROUP NON-VOTING DR PCL (STECON) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into STECON GROUP NON-VOTING DR PCL (+11.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of STECON GROUP NON-VOTING DR PCL (STECON)?
The free-cash-flow yield on the price is 8.24 %: that much free cash flow STECON GROUP NON-VOTING DR PCL produces per unit of market value. When it exceeds the discount rate of our models (13.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of STECON GROUP NON-VOTING DR PCL (STECON)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For STECON GROUP NON-VOTING DR PCL it is 21.32 THB per share (as of Nov 5, 2026), against a price of 17.20 THB. It is the blended result of 22 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is STECON GROUP NON-VOTING DR PCL stock overvalued or undervalued in 2026?
As of Nov 5, 2026, STECON trades below its calculated fair value: price 17.20 THB, fair value 21.32 THB, a gap of about +24% (undervalued). 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 STECON?
No. The price is what the market pays today (17.20 THB); the fair value is what the company's own numbers justify (21.32 THB). For STECON GROUP NON-VOTING DR PCL the two are 4.12 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is STECON GROUP NON-VOTING DR PCL worth?
The market values STECON GROUP NON-VOTING DR PCL at about 25.8B THB (market capitalisation, as of Nov 5, 2026). Per share that is 17.20 THB; our models calculate a fair value of 21.32 THB per share.
What do the bullish and bearish scenarios say about STECON?
Our models span a range for STECON GROUP NON-VOTING DR PCL: cautious scenario 14.95 THB, base 21.32 THB, optimistic 27.25 THB per share (as of Nov 5, 2026, price 17.20 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of STECON?
STECON GROUP NON-VOTING DR PCL trades at a price-to-earnings ratio of 11.0 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 21.32 THB is built from several models across several years. Other multiples: PEG 0.7, P/B 1.6, P/S 0.8, EV/EBITDA 8.1.
What is the PEG ratio of STECON?
The PEG ratio of STECON GROUP NON-VOTING DR PCL is 0.72 (P/E divided by earnings growth, as of Nov 5, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of STECON GROUP NON-VOTING DR PCL (STECON)?
Balance-sheet figures for STECON GROUP NON-VOTING DR PCL (as of Nov 5, 2026): return on equity 12.7%, debt of 0.03 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is STECON from its 52-week high?
STECON GROUP NON-VOTING DR PCL trades at 17.20 THB, about 13% below its 52-week high of 19.80 THB and 237% above the low of 5.11 THB (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 21.32 THB is for.
Which stocks are comparable to STECON GROUP NON-VOTING DR PCL?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 STECON GROUP NON-VOTING DR PCL stock attractive at the current price?
The data as of Nov 5, 2026: price 17.20 THB, calculated fair value 21.32 THB (+24%), Quality Score 63/100, 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 STECON calculated?
We run STECON GROUP NON-VOTING DR PCL through 22 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 21.32 THB builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. STECON GROUP NON-VOTING DR PCL currently trades 19% below its own fair value, and the market average says nothing about that. 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 STECON GROUP NON-VOTING DR PCL (STECON)?
The closing price on Nov 9, 2026 was 17.20 THB. Our model-based fair value is 21.32 THB, about +24% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with STECON GROUP NON-VOTING DR PCL right now?
Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (14.95 THB to 27.25 THB) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of STECON GROUP NON-VOTING DR PCL
How large is the market capitalisation of STECON GROUP NON-VOTING DR PCL (STECON)?
The market capitalisation of STECON GROUP NON-VOTING DR PCL is 25.8B THB (≈ $772M). 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 STECON GROUP NON-VOTING DR PCL (STECON)?
The price-to-sales ratio of STECON GROUP NON-VOTING DR PCL is 0.77 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of STECON GROUP NON-VOTING DR PCL (STECON)?
Earnings per share at STECON GROUP NON-VOTING DR PCL are 1.56 THB (price ÷ EPS = P/E 11.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of STECON GROUP NON-VOTING DR PCL (STECON)?
The dividend yield of STECON GROUP NON-VOTING DR PCL is 3.2% (payout 35.3%). 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 STECON GROUP NON-VOTING DR PCL (STECON)?
The net margin of STECON GROUP NON-VOTING DR PCL is 6.7% (last twelve months). 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 STECON GROUP NON-VOTING DR PCL (STECON)?
The return on equity (ROE) of STECON GROUP NON-VOTING DR PCL is 12.7% (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 STECON GROUP NON-VOTING DR PCL (STECON)?
On an EBIT basis the return on assets of STECON GROUP NON-VOTING DR PCL is 0.3% (avg 3y). 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 STECON GROUP NON-VOTING DR PCL (STECON)?
The operating margin of STECON GROUP NON-VOTING DR PCL is 4.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at STECON GROUP NON-VOTING DR PCL (STECON)?
Revenue at STECON GROUP NON-VOTING DR PCL is growing +8.1% versus a year earlier. 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 STECON GROUP NON-VOTING DR PCL (STECON)?
Earnings per share at STECON GROUP NON-VOTING DR PCL are growing +77.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does STECON GROUP NON-VOTING DR PCL (STECON) carry?
The net debt of STECON GROUP NON-VOTING DR PCL is 4.4B THB (fiscal year 2025, ≈ 2.1 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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Thin data
Nov 5, 2026