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Thai Vegetable Oil Public Company (TVO) Fair Value & Analysis

Consumer Defensive · TH · Market cap 23.6B THB

TV Thai Vegetable Oil Public Company TVO · BK
Price27.25 THB
Fair Value35.83 THB
Upside+31.5%
Quality68/100
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Mixed Growth
Thin margins · 8.3% net margin
Low debt · generates free cash flow
7.36% dividend yield
Ranks above peers (13/15)
Moderate moat 56/100
Evidence: High Range 23.22 THB – 52.41 THB Share as image

Fair value as of: Jul 16, 2026

From 24 valuation models · updated 24 days ago

Share price +3.8% over the past month.

A solid business, screening 31% undervalued on our models.

What matters now

  • Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (23.22 THB to 52.41 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

27.50 THB 15.91 THB Fair Value 35.83 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 15.91 THB – 27.50 THB · fair‑value band 23.22 THB – 52.41 THB · the 27.25 THB price screens below the 35.83 THB fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Thai Vegetable Oil Public Company (TVO) currently trades at 27.25 THB, while our model-based Fair Value estimate is 35.83 THB, implying the stock looks roughly 31.5% undervalued today. The Quality Score stands at 68/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Thai Vegetable Oil Public Company generated revenue of 28.7B THB at a net margin of 8.3%. Revenue grew 12.7% year over year. It earns a return on equity of 19.7%. The balance sheet holds a net cash position of 590M THB. Fundamentals as of Jul 16, 2026

Our scenario range runs from 23.22 THB (bear case) to 52.41 THB (bull case); at 27.25 THB, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 45% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at 31%, TVO screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 16.64 THB 22.37 THB 30.93 THB 80
Residual Income 15.54 THB 19.09 THB 46.06 THB 76
Rev-Margin DCF 22.22 THB 34.35 THB 47.80 THB 74
All 24 models by family
DCF Models
FCF DCF 16.09 THB 22.07 THB 31.52 THB 38
Owner Earnings 24.92 THB 34.32 THB 49.17 THB 31
5Y Revenue Exit 22.22 THB 34.19 THB 49.91 THB 39
5Y EBITDA Exit 24.52 THB 38.17 THB 54.36 THB 41
5Y P/E Exit 27.53 THB 43.38 THB 60.16 THB 38
10Y Revenue Exit 18.99 THB 29.16 THB 41.36 THB 36
10Y EBITDA Exit 21.16 THB 31.82 THB 44.45 THB 37
10Y P/E Exit 23.03 THB 35.29 THB 48.47 THB 35
Earnings-Based
Graham-Dodd 16.73 THB 32.43 THB 40.53 THB 54
EPV 23.74 THB 27.59 THB 30.96 THB 59
Dividend Discount
Gordon GGM 15.88 THB 22.12 THB 28.50 THB 70
DDM Multi-Stage 15.88 THB 22.14 THB 29.49 THB 61
Multiples
P/E Multiple 38.76 THB 51.68 THB 64.60 THB 63
P/S Multiple 31.37 THB 41.83 THB 52.29 THB 58
P/B Multiple 31.37 THB 41.83 THB 52.29 THB 55
EV/EBIT 38.60 THB 51.25 THB 63.90 THB 53
EV/EBITDA 33.88 THB 44.96 THB 56.04 THB 54
EV/Revenue 27.73 THB 39.34 THB 50.95 THB 43
Asset-Based
NCAV (Graham) 6.50 THB 8.71 THB 13.00 THB 50
Growth DCF
Growth DCF 16.64 THB 22.37 THB 30.93 THB 80
Rev-Margin DCF 22.22 THB 34.35 THB 47.80 THB 74
Economic Profit
Residual Income 15.54 THB 19.09 THB 46.06 THB 76
ROIC Compounder 24.37 THB 29.26 THB 34.28 THB 72
Growth Earnings
Growth-Adj P/E 27.87 THB 39.81 THB 51.76 THB 68

Widest divergence: Multiples (41.83 THB) versus Asset-Based (8.71 THB). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 28.7B THB
Revenue growth (YoY) +12.7%
Net margin 8.3%
Return on equity 19.7%
Free cash flow 1.3B THB FY2025
P/E ratio 9.7
More key figures
Operating margin 7.8%
EPS (TTM) 2.66 THB
Dividend yield 7.6%
EPS growth (YoY) +32.9%
Net cash 590M THB FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 65 · Market factors (momentum, volatility) 78

Profitability 68
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 95
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 83
Distance to the 52-week high (market factor)
Net Issuance 83
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Thai Vegetable Oil Public Company Limited, together with its subsidiary, Prodigy Public Company Limited, manufactures and distributes soy meal and soybean oil in Thailand and internationally.

Full company description

Thai Vegetable Oil Public Company Limited, together with its subsidiary, Prodigy Public Company Limited, manufactures and distributes soy meal and soybean oil in Thailand and internationally. The company offers soybean, sunflower, corn, and canola oils under the ANGOON, Champ, Healthy Chef, and Queen brands; olive oil under the MONINI brand; Camellia Oleifera oil; and canned fish products under the Siam Yim and Dolly brands. It also provides dehulled soymeal, hipromeal, dehulled full fat soy, and full fat soy animal feeds; and lecithin, soy hull, and crude degummed soybean oil under the TVO brand, as well as industrial oil. In addition, the company manufactures and distributes packaging products. The company was founded in 1985 and is headquartered in Bangkok, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Thai Vegetable Oil Public Company reported revenue of 27.8B THB in FY2025 versus 31.3B THB in FY2021, a compound −2.9%/yr. Reported net income was 2.2B THB in FY2025, compounding +1.4%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
27.8B THB
Latest YoY
−9.2%
Avg. growth/yr (3Y)
−10.8%
Avg. growth/yr (5Y)
+2.2%
Avg. growth/yr (25Y)
+4.9%
Revenue −2.9%/yr
FY21 31.3B THB
FY22 39.1B THB
FY23 34.2B THB
FY24 30.6B THB
FY25 27.8B THB
Net income +1.4%/yr
FY21 2.1B THB
FY22 1.6B THB
FY23 730M THB
FY24 2.1B THB
FY25 2.2B THB

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Cite: Fair Value Calculator (2026). "Thai Vegetable Oil Public Company Fair Value". https://www.fairvalue-calculator.com/stock/TVO

Peer Group

Packaged Foods · 653 stocks

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.

Quality Score 68 · Top 25%
Fair Value upside +32% · Above median
Return on equity (TTM) 20% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 8% · Top 25%
Operating margin (TTM) 8% · Above median
Revenue growth 13% · Above median
Dividend yield (TTM) 7.4% · Top 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 10.0× · Cheaper than 75% of peers
P/B 2.04× · Pricier than median
P/S (TTM) 0.82× · Pricier than median
P/FCF 0.5× · Cheaper than median
EV/EBITDA 7.7× · Cheaper than median
PEG 0.38× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 75 · sector 29
FUTURE 64 · sector 19
PAST 79 · sector 27
HEALTH 100 · sector 96
DIVIDEND 100 · sector 47

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is Thai Vegetable Oil Public Company (TVO) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 35.83 THB versus a price of 27.25 THB, about +31% (undervalued).
What is the fair value of TVO?
Our model-based fair value for Thai Vegetable Oil Public Company is 35.83 THB (as of Jul 16, 2026), built from audited fundamentals. The current price is 27.25 THB.
What is the quality score of TVO?
Thai Vegetable Oil Public Company has a Quality Score of 68/100. 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 revenue of Thai Vegetable Oil Public Company (TVO)?
Thai Vegetable Oil Public Company reported trailing-twelve-month revenue of about 28.7B THB (latest available figure, as of Jul 16, 2026).
What is the net profit margin of TVO?
The net profit margin of Thai Vegetable Oil Public Company is about 8.3%, meaning it keeps roughly 8.3% of revenue as net income. Based on the latest reported figures.
Does Thai Vegetable Oil Public Company pay a dividend?
Thai Vegetable Oil Public Company currently shows a dividend yield of about 7.58% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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