Thachang Green Energy PCL (TGE) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Thachang Green Energy PCL stock THB 1.41, price THB 0.93, upside +51.6%, quality 54 out of 100. Rating: strongly undervalued. Calculated from audited financials with 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 6, 2026.
How to read this chart
51‑month range 0.8900 THB – 4.89 THB · fair‑value band 0.8900 THB – 1.82 THB · the 0.9300 THB price screens below the 1.41 THB fair value. As of Nov 6, 2026.
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Thachang Green Energy Public Company Limited engages in the renewable energy business in Thailand. It operates through two segments, Biomass Power Plant Business and Waste Power Plant Business. The company generates and supplies electricity and steam from biomass.
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It also offers waste management and construction services. Thachang Green Energy Public Company Limited was founded in 2011 and is headquartered in Surat Thani, Thailand.
Stock analysis
Thachang Green Energy PCL (TGE) currently trades at 0.9300 THB, while our model-based Fair Value estimate is 1.41 THB, implying the stock looks roughly 34% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 2.03 THB per share, and 20 of the 26 models we run sit above the 0.9300 THB price.
Bear case: the Economic Profit group reads lowest at 0.8150 THB, and 6 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.8900 THB (bear) to 1.82 THB (bull), the price of 0.9300 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 54/100 (solid quality), in the Utilities sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Thachang Green Energy PCL reported revenue of 1.2B THB in FY2025 versus 781M THB in FY2021, a compound +11.9%/yr. Reported net income was 232M THB in FY2025, compounding +3.5%/yr from FY2021.
Key figures
Market cap 2.3B THB (≈ $69.8M) Micro · P/E ratio 11.6 · P/S ratio 2.07 · EPS (TTM) 0.0800 THB · Dividend yield 0.3% · Net margin 18.6% · Return on equity 6.8% · Return on assets (EBIT) 7.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (low confidence).
What moves the price
The share trades about 35% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −52% fair-value upside, at 52%, TGE screens cheaper than that median.
Fair Value models
Bear0.8900 THBFair Value 1.41 THBBull1.82 THB
Price 0.9300 THB · Upside +51.6%
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 (0.0660 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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+22.6%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+9.3%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+11.6%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+118.6%
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What shareholders gained per year (last 5 years), in THB ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+4.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.5%
Dividend (yield on the price)0.3%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.29% → 21%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
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).
+10.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +9.5% a year for the price.
Compare Thachang Green Energy 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.Utilities - Renewable · 196 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside+51.6% · Top 25%
Profitability
Return on equity (12 months)6.8% · Above median
Return on assets5.6% · Top 25%
Net margin (12 months)18.6% · Top 25%
Operating margin (12 months)21.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)−29.8% · Bottom 25%
Dividend yield (12 months)0.3% · Bottom 25%
Balance sheet
Debt / equity0.05× · Lowest 25%
Valuation Multiplesvs Utilities - Renewable median · lower = cheaper
P/E (12 months)11.6× · Cheaper than median
P/B0.75× · Cheaper than median
P/S (12 months)2.07× · Cheaper than median
Price / free cash flow (fiscal year)14.3× · Pricier 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). "Thachang Green Energy PCL Fair Value". https://www.fairvalue-calculator.com/stock/TGE
Frequently asked questions
Is Thachang Green Energy PCL (TGE) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 1.41 THB versus a price of 0.9300 THB, about +52% upside (undervalued).
What is the fair value of TGE?
Our model-based fair value for Thachang Green Energy PCL is 1.41 THB (as of Nov 6, 2026), built from audited fundamentals. The current price: 0.9300 THB.
What is the quality score of TGE?
Thachang Green Energy PCL has a Quality Score of 54/100. 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 Thachang Green Energy PCL (TGE)?
Our model-based price target is the fair value of 1.41 THB (as of Nov 6, 2026) from 26 valuation models. Cautious scenario 0.8900 THB, optimistic scenario 1.82 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Thachang Green Energy PCL stock forecast for 2026?
Our models put fair value at 1.41 THB, about +52% upside versus a price of 0.9300 THB (undervalued). Cautious scenario 0.8900 THB, optimistic scenario 1.82 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Thachang Green Energy PCL (TGE)?
Thachang Green Energy PCL reported trailing-twelve-month revenue of about 1.1B THB (latest available figure, as of Nov 6, 2026).
Does Thachang Green Energy PCL pay a dividend?
Thachang Green Energy PCL currently shows a dividend yield of 0.32% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Thachang Green Energy PCL (TGE) and when is the ex-dividend date?
Thachang Green Energy PCL pays a dividend of 0.003 THB per share a year, a dividend yield of 0.3%. The last ex-dividend date was May 6, 2026. The payout ratio is 3.8% of earnings. Free cash flow covers the dividend 21.73 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 Thachang Green Energy PCL (TGE)?
For today's price to be fair in a discounted-cash-flow model, Thachang Green Energy PCL would have to grow free cash flow by +10.8 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.6 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of TGE use?
Our models discount Thachang Green Energy PCL at 13.1 %: a base by market capitalisation (micro), damped by beta 0.04, 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 Thachang Green Energy PCL that is +10.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has Thachang Green Energy PCL (TGE) delivered so far?
Over the past 5 years revenue at Thachang Green Energy PCL grew +11.6 % a year. The price currently implies free-cash-flow growth of +10.8 % 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 Thachang Green Energy PCL (TGE) growing?
The median revenue growth in the sector is +4.8 % a year. That is the yardstick for the growth priced into Thachang Green Energy PCL (+10.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Thachang Green Energy PCL (TGE)?
The free-cash-flow yield on the price is 7.45 %: that much free cash flow Thachang Green Energy PCL produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Thachang Green Energy PCL (TGE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thachang Green Energy PCL it is 1.41 THB per share (as of Nov 6, 2026), against a price of 0.9300 THB. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Thachang Green Energy PCL stock overvalued or undervalued in 2026?
As of Nov 6, 2026, TGE trades below its calculated fair value: price 0.9300 THB, fair value 1.41 THB, a gap of about +52% (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 TGE?
No. The price is what the market pays today (0.9300 THB); the fair value is what the company's own numbers justify (1.41 THB). For Thachang Green Energy PCL the two are 0.4800 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Thachang Green Energy PCL worth?
The market values Thachang Green Energy PCL at about 2.3B THB (market capitalisation, as of Nov 6, 2026). Per share that is 0.9300 THB; our models calculate a fair value of 1.41 THB per share.
What do the bullish and bearish scenarios say about TGE?
Our models span a range for Thachang Green Energy PCL: cautious scenario 0.8900 THB, base 1.41 THB, optimistic 1.82 THB per share (as of Nov 6, 2026, price 0.9300 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TGE?
Thachang Green Energy PCL trades at a price-to-earnings ratio of 11.6 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1.41 THB is built from several models across several years. Other multiples: P/B 0.8, P/S 2.1, EV/EBITDA 6.1.
How solid is the balance sheet of Thachang Green Energy PCL (TGE)?
Balance-sheet figures for Thachang Green Energy PCL (as of Nov 6, 2026): return on equity 6.8%, debt of 0.05 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is TGE from its 52-week high?
Thachang Green Energy PCL trades at 0.9300 THB, about 35% below its 52-week high of 1.44 THB and 4% above the low of 0.8900 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 1.41 THB is for.
Which stocks are comparable to Thachang Green Energy PCL?
From the same area (Utilities) we also value China Yangtze Power Co, Ørsted A/S, Huaneng Lancang River Hydropower Inc, VERBUND AG, 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 Thachang Green Energy PCL stock attractive at the current price?
The data as of Nov 6, 2026: price 0.9300 THB, calculated fair value 1.41 THB (+52%), Quality Score 54/100, from 26 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 TGE calculated?
We run Thachang Green Energy PCL through 26 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 1.41 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. Thachang Green Energy PCL currently trades 34% 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 Thachang Green Energy PCL (TGE)?
The closing price on Nov 6, 2026 was 0.9300 THB. Our model-based fair value is 1.41 THB, about +52% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thachang Green Energy PCL right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (0.8900 THB to 1.82 THB) leaves room in how you read the outcome.
Key figures of Thachang Green Energy PCL
How large is the market capitalisation of Thachang Green Energy PCL (TGE)?
The market capitalisation of Thachang Green Energy PCL is 2.3B THB (≈ $69.8M). 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 Thachang Green Energy PCL (TGE)?
The price-to-sales ratio of Thachang Green Energy PCL is 2.07 (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 Thachang Green Energy PCL (TGE)?
Earnings per share at Thachang Green Energy PCL are 0.0800 THB (price ÷ EPS = P/E 11.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thachang Green Energy PCL (TGE)?
The dividend yield of Thachang Green Energy PCL is 0.3% (payout 3.8%). 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 Thachang Green Energy PCL (TGE)?
The net margin of Thachang Green Energy PCL is 18.6% (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 Thachang Green Energy PCL (TGE)?
The return on equity (ROE) of Thachang Green Energy PCL is 6.8% (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 Thachang Green Energy PCL (TGE)?
On an EBIT basis the return on assets of Thachang Green Energy PCL is 7.6% (avg 5y). 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 Thachang Green Energy PCL (TGE)?
The operating margin of Thachang Green Energy PCL is 21.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thachang Green Energy PCL (TGE)?
Revenue at Thachang Green Energy PCL is growing −29.8% versus a year earlier (3y avg +9.3%). 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 Thachang Green Energy PCL (TGE)?
Earnings per share at Thachang Green Energy PCL are growing −33.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Thachang Green Energy PCL (TGE) carry?
The net debt of Thachang Green Energy PCL is 642M THB (fiscal year 2025, ≈ 3.9 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 6, 2026