STECON GROUP NON-VOTING DR PCL (STECON) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of STECON GROUP NON-VOTING DR PCL THB 21.42, price THB 19.20, upside +11.6%, quality 64 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 23, 2026.
How to read this chart
23‑month range 3.28 THB – 19.80 THB · fair‑value band 16.06 THB – 27.71 THB · the 19.20 THB price screens below the 21.42 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 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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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. 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 19.20 THB, while our model-based Fair Value estimate is 21.42 THB, implying the stock looks roughly 10.4% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 31.94 THB per share, and 14 of the 22 models we run sit above the 19.20 THB price.
Bear case: the Asset-Based group reads lowest at 7.34 THB, and 8 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 16.06 THB (bear) to 27.71 THB (bull), the price of 19.20 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 64/100 (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 28.8B THB (≈ $865M) · P/E ratio 14.7 · P/S ratio 0.85 · EPS (TTM) 1.31 THB · Dividend yield 2.9% · Net margin 5.8% · Return on equity 11.2% · Return on assets (EBIT) 0.3%.
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 about 3% below its 52-week high and 276% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 12%, STECON screens cheaper than that median.
Fair Value models
Bear 16.06 THBFair Value 21.42 THBBull 27.71 THB
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.5559 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.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.80/100
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 about as much growth as 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).
+8.3%
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.
+5.3%
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 +7.0% a year for the price and +4.1% for the forecasts.
Compare STECON GROUP NON-VOTING DR PCL with another stock
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.Engineering & Construction · 822 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside+15% · Above median
Profitability
Return on equity (TTM)11% · Above median
Return on assets2% · Above median
Net margin (TTM)6% · Above median
Operating margin (TTM)7% · Above median
Growth and dividend
Revenue growth12% · Above median
Dividend yield (TTM)2.9% · Above median
Balance sheet
Debt / equity0.03× · Below median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
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 Sep 23, 2026, our model estimates a fair value of 21.42 THB versus a price of 19.20 THB, about +12% upside (undervalued).
What is the fair value of STECON?
Our model-based fair value for STECON GROUP NON-VOTING DR PCL is 21.42 THB (as of Sep 23, 2026), built from audited fundamentals. The current price: 19.20 THB.
What is the quality score of STECON?
STECON GROUP NON-VOTING DR PCL has a Quality Score of 64/100. 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 21.42 THB (as of Sep 23, 2026) from 22 valuation models. Cautious scenario 16.06 THB, optimistic scenario 27.71 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 21.42 THB, about +12% upside versus a price of 19.20 THB (undervalued). Cautious scenario 16.06 THB, optimistic scenario 27.71 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 33.6B THB (latest available figure, as of Sep 23, 2026).
Does STECON GROUP NON-VOTING DR PCL pay a dividend?
STECON GROUP NON-VOTING DR PCL currently shows a dividend yield of about 2.86% relative to its recent price (as of Sep 23, 2026).
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 +8.3 % per year for five years (discount rate 11.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 2 years revenue grew +6.3 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of STECON use?
Our models discount STECON GROUP NON-VOTING DR PCL at 11.1 %: a base by market capitalisation (large), damped by beta 1.02, 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 +8.3 % per year a year over ten years, using the same discount rate (11.1 %) 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 +8.3 % 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 STECON GROUP NON-VOTING DR PCL (STECON) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into STECON GROUP NON-VOTING DR PCL (+8.3 % 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 STECON GROUP NON-VOTING DR PCL (STECON)?
The free-cash-flow yield on the price is 7.38 %: 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 (11.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of 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 21.42 THB per share (as of Sep 23, 2026), against a price of 19.20 THB. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is STECON GROUP NON-VOTING DR PCL stock overvalued or undervalued in 2026?
As of Sep 23, 2026, STECON trades below its calculated fair value: price 19.20 THB, fair value 21.42 THB, a gap of about +12% (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 (19.20 THB); the fair value is what the company's own numbers justify (21.42 THB). For STECON GROUP NON-VOTING DR PCL the two are 2.22 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 28.8B THB (market capitalisation, as of Sep 23, 2026). Per share that is 19.20 THB; our models calculate a fair value of 21.42 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 16.06 THB, base 21.42 THB, optimistic 27.71 THB per share (as of Sep 23, 2026, price 19.20 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 14.7 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 21.42 THB is built from several models across several years. Other multiples: PEG 1.0, P/B 1.7, P/S 0.8, EV/EBITDA 9.1.
What is the PEG ratio of STECON?
The PEG ratio of STECON GROUP NON-VOTING DR PCL is 1.01 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
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 Sep 23, 2026): return on equity 10.6%, debt of 0.03 per unit of equity. They feed the Quality Score of 64/100, 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 19.20 THB, about 3% below its 52-week high of 19.80 THB and 276% above the low of 5.11 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 21.42 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, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Sep 23, 2026: price 19.20 THB, calculated fair value 21.42 THB (+12%), Quality Score 64/100, 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 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 21.42 THB, 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. STECON GROUP NON-VOTING DR PCL currently trades 12 % 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 Sep 23, 2026 was 19.20 THB. Our model-based fair value is 21.42 THB, about +12% 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?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more 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 28.8B THB (≈ $865M). 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 0.85 (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 STECON GROUP NON-VOTING DR PCL (STECON)?
Earnings per share at STECON GROUP NON-VOTING DR PCL are 1.31 THB (price ÷ EPS = P/E 14.7). 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 2.9% (payout 42.0%). 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 5.8% (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 STECON GROUP NON-VOTING DR PCL (STECON)?
The return on equity (ROE) of STECON GROUP NON-VOTING DR PCL is 11.2% (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 10.9% (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 +38.2% 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 +20.1% 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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