TTW Public Company Limited (TTAPY) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of TTW Public Company Limited $12.02, price $15.16, upside -20.7%, quality 61 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 24, 2026.
How to read this chart
60‑month range $7.65 – $16.10 · fair‑value band $8.06 – $17.71 · the $15.16 price screens above the $12.02 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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TTW Public Company Limited, together with its subsidiaries, engages in the production and sale of treated water in Thailand. The company supplies water to the Provincial Waterworks Authority in the Amphur Nakorn Chaisri, Amphur Sam Pran, and Amphur Budha Monthon areas of Nakhon Pathom; and Amphur Muang and Amphur Kratumban areas of Samut Sakhon.
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TTW Public Company Limited, together with its subsidiaries, engages in the production and sale of treated water in Thailand. The company supplies water to the Provincial Waterworks Authority in the Amphur Nakorn Chaisri, Amphur Sam Pran, and Amphur Budha Monthon areas of Nakhon Pathom; and Amphur Muang and Amphur Kratumban areas of Samut Sakhon. It also provides water treatment and maintenance services to Provincial Waterworks; manages wastewater treatment systems; and operates and maintains water supply projects. The company was formerly known as Thai Tap Water Supply Public Company Limited and changed its name to TTW Public Company Limited in March 2014. The company was incorporated in 2000 and is based in Sam Phran, Thailand.
Stock analysis
TTW Public Company Limited (TTAPY) currently trades at $15.16, while our model-based Fair Value estimate is $12.02, 20.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $16.04 per share, and 4 of the 24 models we run sit above the $15.16 price.
Bear case: the Asset-Based group reads lowest at $4.17, and 20 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: $8.06 (bear) to $17.71 (bull), the price of $15.16 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 61/100 (solid quality), in the Utilities sector.
Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
TTW Public Company Limited reported revenue of 5.0B THB in FY2025 versus 5.8B THB in FY2021, a compound −3.6%/yr. Reported net income was 3.1B THB in FY2025, compounding +0.2%/yr from FY2021.
Key figures
Market cap $1.2B · P/E ratio 12.2 · P/S ratio 7.62 · EPS (TTM) $1.24 · Dividend yield 4.0% · Net margin 62.3% · Return on equity 19.5% · Return on assets (EBIT) 215%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (medium confidence).
What moves the price
The share trades about 6% below its 52-week high and 17% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −41% fair-value upside, at −21%, TTAPY screens cheaper than that median.
Fair Value models
Bear $8.06Fair Value $12.02Bull $17.71
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 ($0.4839 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.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.55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Profit margin (trend) ⓘ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.
61.8% (2020) → 63.3% (2025)
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).
+4.2%
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.
+3.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in THB, Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +3.0% a year for the price and +2.1% for the forecasts.
Compare TTW 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 - Regulated Water · 61 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Top 25%
Fair Value upside−28.6% · Below median
Profitability
Return on equity (TTM)19.5% · Top 25%
Return on assets9.3% · Top 25%
Net margin (TTM)62.0% · Top 25%
Operating margin (TTM)63.0% · Top 25%
Growth and dividend
Revenue growth1.4% · Below median
Dividend yield (TTM)4.0% · Top 25%
Balance sheet
Debt / equity0.32× · Lowest 25%
Valuation Multiplesvs Utilities - Regulated Water median · lower = cheaper
P/E (TTM)12.2× · Cheapest 25%
P/B2.44× · Priciest 25%
P/S (TTM)7.70× · Priciest 25%
P/FCF13.7× · Cheaper than median
EV/EBITDA11.5× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)7· sector 31
PAST (return on equity)78· sector 31
HEALTH (low debt)84· sector 60
DIVIDEND (yield)79· sector 52
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). "TTW Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TTAPY
Frequently asked questions
Is TTW Public Company Limited (TTAPY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $12.02 versus a price of $15.16, about −21% upside (overvalued).
What is the fair value of TTAPY?
Our model-based fair value for TTW Public Company Limited is $12.02 (as of Sep 24, 2026), built from audited fundamentals. The current price: $15.16.
What is the quality score of TTAPY?
TTW Public Company Limited has a Quality Score of 61/100. 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 TTW Public Company Limited (TTAPY)?
Our model-based price target is the fair value of $12.02 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario $8.06, optimistic scenario $17.71. It is a calculation from audited fundamentals, not an analyst target.
What is the TTW Public Company Limited stock forecast for 2026?
Our models put fair value at $12.02, about −21% upside versus a price of $15.16 (overvalued). Cautious scenario $8.06, optimistic scenario $17.71. The calculation is refreshed regularly with new filings.
What is the revenue of TTW Public Company Limited (TTAPY)?
TTW Public Company Limited reported trailing-twelve-month revenue of about 5.3B THB (latest available figure, as of Sep 24, 2026).
Does TTW Public Company Limited pay a dividend?
TTW Public Company Limited currently shows a dividend yield of about 3.96% relative to its recent price (as of Sep 24, 2026).
What growth is priced into TTW Public Company Limited (TTAPY)?
For today's price to be fair in a discounted-cash-flow model, TTW Public Company Limited would have to grow free cash flow by +4.2 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -4.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TTAPY use?
Our models discount TTW Public Company Limited at 9.8 %: a base by market capitalisation (small), damped by beta 0.16, country premium for USA. 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 TTW Public Company Limited that is +4.2 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has TTW Public Company Limited (TTAPY) delivered so far?
Over the past 5 years revenue at TTW Public Company Limited grew -4.1 % a year. The price currently implies +4.2 % 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 TTW Public Company Limited (TTAPY) growing?
The median revenue growth in the sector is +3.2 % a year. That is the yardstick for the growth priced into TTW Public Company Limited (+4.2 % 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 TTW Public Company Limited (TTAPY)?
The free-cash-flow yield on the price is 7.30 %: that much free cash flow TTW Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TTW Public Company Limited (TTAPY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TTW Public Company Limited it is $12.02 per share (as of Sep 24, 2026), against a price of $15.16. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is TTW Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TTAPY trades above its calculated fair value: price $15.16, fair value $12.02, a gap of about −21% (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 TTAPY?
No. The price is what the market pays today ($15.16); the fair value is what the company's own numbers justify ($12.02). For TTW Public Company Limited the two are $3.14 per share apart. That gap is exactly why we show both numbers side by side.
How much is TTW Public Company Limited worth?
The market values TTW Public Company Limited at about $1.2B (market capitalisation, as of Sep 24, 2026). Per share that is $15.16; our models calculate a fair value of $12.02 per share.
What do the bullish and bearish scenarios say about TTAPY?
Our models span a range for TTW Public Company Limited: cautious scenario $8.06, base $12.02, optimistic $17.71 per share (as of Sep 24, 2026, price $15.16). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TTAPY?
TTW Public Company Limited trades at a price-to-earnings ratio of 12.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $12.02 is built from several models across several years. Other multiples: P/B 2.4, P/S 7.7, EV/EBITDA 11.5.
How solid is the balance sheet of TTW Public Company Limited (TTAPY)?
Balance-sheet figures for TTW Public Company Limited (as of Sep 24, 2026): return on equity 19.5%, debt of 0.32 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is TTAPY from its 52-week high?
TTW Public Company Limited trades at $15.16, about 6% below its 52-week high of $16.10 and 17% above the low of $12.96 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $12.02 is for.
Which stocks are comparable to TTW Public Company Limited?
From the same area (Utilities) we also value American Water Works Company, Essential Utilities, Inc, Guangdong Investment Limited, Grandblue Environment Co, 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 TTW Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price $15.16, calculated fair value $12.02 (−21%), Quality Score 61/100, from 24 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 TTAPY calculated?
We run TTW Public Company Limited through 24 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 $12.02, 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 14.5 % above its aggregate fair value. TTW 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 TTW Public Company Limited (TTAPY)?
The closing price on Oct 2, 2026 was $15.16. Our model-based fair value is $12.02, about −21% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TTW Public Company Limited right now?
Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($8.06 to $17.71) leaves room in how you read the outcome.
Where does the earnings growth of TTW Public Company Limited (TTAPY) come from?
Earnings per share at TTW Public Company Limited grew +1.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.2 %, EBIT margin −1.1 %, tax rate −0.6 %, residual (interest, one-offs) +2.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of TTW Public Company Limited
How large is the market capitalisation of TTW Public Company Limited (TTAPY)?
The market capitalisation of TTW Public Company Limited is $1.2B. 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 TTW Public Company Limited (TTAPY)?
The price-to-sales ratio of TTW Public Company Limited is 7.62 (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 TTW Public Company Limited (TTAPY)?
Earnings per share at TTW Public Company Limited are $1.24 (price ÷ EPS = P/E 12.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TTW Public Company Limited (TTAPY)?
The dividend yield of TTW Public Company Limited is 4.0% (payout 48.4%). 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 TTW Public Company Limited (TTAPY)?
The net margin of TTW Public Company Limited is 62.3% (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 TTW Public Company Limited (TTAPY)?
The return on equity (ROE) of TTW Public Company Limited is 19.5% (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 TTW Public Company Limited (TTAPY)?
On an EBIT basis the return on assets of TTW Public Company Limited is 215% (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 TTW Public Company Limited (TTAPY)?
The operating margin of TTW Public Company Limited is 63.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TTW Public Company Limited (TTAPY)?
Revenue at TTW Public Company Limited is growing +1.4% versus a year earlier (3y avg −4.1%). 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 TTW Public Company Limited (TTAPY)?
Earnings per share at TTW Public Company Limited are growing +0.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does TTW Public Company Limited (TTAPY) carry?
The net debt of TTW Public Company Limited is 6.0B THB (fiscal year 2025, ≈ 2.0 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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Broad data
Sep 24, 2026