Thai Solar Energy Public Company Limited (TSE) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Thai Solar Energy Public Company Limited stock THB 0.43, price THB 1.03, that is 58.3% below the price, quality 49 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 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 7, 2026.
How to read this chart
60‑month range 0.3000 THB – 3.01 THB · fair‑value band 0.3000 THB – 0.5600 THB · the 1.03 THB price screens above the 0.4300 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Thai Solar Energy Public Company Limited generates and distributes electricity from solar and biomass power plants in Thailand. The company operates in three segments, Power Plant, Management Services, and Other.
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It operates solar farm, solar rooftop, and solar floating projects, as well as biomass powerplants. The company also provides renewable energy, management, repair and maintenance, and medical services. It serves government and private sector clients.
The company was formerly known as Siam Solar Energy Co., Ltd. and changed its name to Thai Solar Energy Public Company Limited in 2009. Thai Solar Energy Public Company Limited was incorporated in 2008 and is headquartered in Bangkok, Thailand.
Stock analysis
Thai Solar Energy Public Company Limited (TSE) currently trades at 1.03 THB, while our model-based Fair Value estimate is 0.4300 THB, 58% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 0.7350 THB per share, and 2 of the 12 models we run sit above the 1.03 THB price.
Bear case: the Earnings-Based group reads lowest at 0.3100 THB, and 10 of the 12 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.3000 THB (bear) to 0.5600 THB (bull), the price of 1.03 THB sits above 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 49/100 (below-average quality), in the Utilities sector.
Mixed Growth: Spin-off in 2017: revenue and profit before it include the divested business. Growth is measured afresh from 2017.
Thai Solar Energy Public Company Limited reported revenue of 1.2B THB in FY2025 versus 1.5B THB in FY2021, a compound −5.0%/yr. Reported net income was 46.7M THB in FY2025, compounding −44.5%/yr from FY2021.
Key figures
Market cap 2.2B THB (≈ $65.1M) Micro · P/E ratio 103.0 · P/S ratio 1.73 · EPS (TTM) 0.0100 THB · Net margin 3.9% · Return on equity 1.2% · Return on assets (EBIT) −1.0% (5-year average) · Operating margin 24.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 178% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −52% fair-value upside, at −58%, TSE screens richer than that median.
Fair Value models
Bear0.3000 THBFair Value 0.4300 THBBull0.5600 THB
Price 1.03 THB · Downside -58.3%
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 (0.0086 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.55/100
Spin-off in 2017: revenue and profit before it include the divested business. Growth is measured afresh from 2017.
Revenue growth 1 year
+5.7%
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.
−1.9%
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.
−4.1%
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.
+23.5%
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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.
−37.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−37.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−37.6% vs −23.0%, slowing
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.14% → 13%
Compare Thai Solar Energy Public Company Limited 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 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score49 · Above median
Fair Value upside−58.3% · Bottom 25%
Profitability
Return on equity (12 months)1.2% · Below median
Return on assets0.7% · Below median
Net margin (12 months)3.9% · Below median
Operating margin (12 months)24.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)−6.4% · Below median
Balance sheet
Debt / equity0.52× · Below median
Valuation Multiplesvs Utilities - Renewable median · lower = cheaper
P/E (12 months)103.0× · Priciest 25%
P/B0.72× · Cheapest 25%
P/S (12 months)1.73× · Cheaper than median
EV/EBITDA6.0× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 15
FUTURE (revenue growth)0· sector 15
PAST (return on equity)5· sector 12
HEALTH (low debt)74· sector 70
DIVIDEND (yield)0· sector 47
VALUE 0: the price sits above our fair-value range.
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). "Thai Solar Energy Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TSE
Frequently asked questions
Is Thai Solar Energy Public Company Limited (TSE) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 0.4300 THB versus a price of 1.03 THB, about 58% lower (overvalued).
What is the fair value of TSE?
Our model-based fair value for Thai Solar Energy Public Company Limited is 0.4300 THB (as of Nov 7, 2026), built from audited fundamentals. The current price: 1.03 THB.
What is the quality score of TSE?
Thai Solar Energy Public Company Limited has a Quality Score of 49/100. 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 Thai Solar Energy Public Company Limited (TSE)?
Our model-based price target is the fair value of 0.4300 THB (as of Nov 7, 2026) from 14 valuation models. Cautious scenario 0.3000 THB, optimistic scenario 0.5600 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Thai Solar Energy Public Company Limited stock forecast for 2026?
Our models put fair value at 0.4300 THB, about 58% lower versus a price of 1.03 THB (overvalued). Cautious scenario 0.3000 THB, optimistic scenario 0.5600 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Thai Solar Energy Public Company Limited (TSE)?
Thai Solar Energy Public Company Limited reported trailing-twelve-month revenue of about 1.3B THB (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Thai Solar Energy Public Company Limited (TSE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thai Solar Energy Public Company Limited it is 0.4300 THB per share (as of Nov 7, 2026), against a price of 1.03 THB. It is the blended result of 14 valuation models in 5 families (Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Thai Solar Energy Public Company Limited stock overvalued or undervalued in 2026?
As of Nov 7, 2026, TSE trades above its calculated fair value: price 1.03 THB, fair value 0.4300 THB, a gap of about −58% (overvalued). 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 TSE?
No. The price is what the market pays today (1.03 THB); the fair value is what the company's own numbers justify (0.4300 THB). For Thai Solar Energy Public Company Limited the two are 0.6000 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Thai Solar Energy Public Company Limited worth?
The market values Thai Solar Energy Public Company Limited at about 2.2B THB (market capitalisation, as of Nov 7, 2026). Per share that is 1.03 THB; our models calculate a fair value of 0.4300 THB per share.
What do the bullish and bearish scenarios say about TSE?
Our models span a range for Thai Solar Energy Public Company Limited: cautious scenario 0.3000 THB, base 0.4300 THB, optimistic 0.5600 THB per share (as of Nov 7, 2026, price 1.03 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TSE?
Thai Solar Energy Public Company Limited trades at a price-to-earnings ratio of 103.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.4300 THB is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2018 to 2025), reported earnings: 11.9. Other multiples: P/B 0.7, P/S 1.7, EV/EBITDA 6.0.
How solid is the balance sheet of Thai Solar Energy Public Company Limited (TSE)?
Balance-sheet figures for Thai Solar Energy Public Company Limited (as of Nov 7, 2026): return on equity 1.2%, debt of 0.52 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is TSE from its 52-week high?
Thai Solar Energy Public Company Limited trades at 1.03 THB, about 20% below its 52-week high of 1.28 THB and 178% above the low of 0.3700 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 0.4300 THB is for.
Which stocks are comparable to Thai Solar Energy Public Company Limited?
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 Thai Solar Energy Public Company Limited stock attractive at the current price?
The data as of Nov 7, 2026: price 1.03 THB, calculated fair value 0.4300 THB (−58%), Quality Score 49/100, from 14 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 TSE calculated?
We run Thai Solar Energy Public Company Limited through 14 models from 5 families: Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 0.4300 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. Thai Solar Energy Public Company Limited itself currently trades above fair value. 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 Thai Solar Energy Public Company Limited (TSE)?
The closing price on Nov 6, 2026 was 1.03 THB. Our model-based fair value is 0.4300 THB, about 58% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thai Solar Energy Public Company Limited right now?
The price sits above even our optimistic bull case (0.5600 THB). The favourable scenario is already priced in. Weak quality (49/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (0.3000 THB to 0.5600 THB) leaves room in how you read the outcome.
Key figures of Thai Solar Energy Public Company Limited
How large is the market capitalisation of Thai Solar Energy Public Company Limited (TSE)?
The market capitalisation of Thai Solar Energy Public Company Limited is 2.2B THB (≈ $65.1M). 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 Thai Solar Energy Public Company Limited (TSE)?
The price-to-sales ratio of Thai Solar Energy Public Company Limited is 1.73 (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 Thai Solar Energy Public Company Limited (TSE)?
Earnings per share at Thai Solar Energy Public Company Limited are 0.0100 THB (price ÷ EPS = P/E 103.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Thai Solar Energy Public Company Limited (TSE)?
The net margin of Thai Solar Energy Public Company Limited is 3.9% (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 Thai Solar Energy Public Company Limited (TSE)?
The return on equity (ROE) of Thai Solar Energy Public Company Limited is 1.2% (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 Thai Solar Energy Public Company Limited (TSE)?
On an EBIT basis the return on assets of Thai Solar Energy Public Company Limited is −1.0% (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 Thai Solar Energy Public Company Limited (TSE)?
The operating margin of Thai Solar Energy Public Company Limited is 24.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thai Solar Energy Public Company Limited (TSE)?
Revenue at Thai Solar Energy Public Company Limited is growing −6.4% versus a year earlier (3y avg −1.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Thai Solar Energy Public Company Limited (TSE) generate?
The free cash flow of Thai Solar Energy Public Company Limited is −121M THB (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Thai Solar Energy Public Company Limited (TSE) carry?
The net debt of Thai Solar Energy Public Company Limited is 2.5B THB (fiscal year 2025). 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 7, 2026