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Utility Business Alliance Public Company (UBA) Fair Value & Analysis

Industrials · TH · Market cap 648M THB

UB Utility Business Alliance Public Company UBA · BK
Price1.15 THB
Fair Value1.77 THB
Upside+53.9%
Quality63/100
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Weak Growth
Solidly profitable · 15.0% net margin
Low debt · generates free cash flow
8.91% dividend yield
Ranks above peers (13/14)
Moderate moat 58/100
Evidence: High Range 1.45 THB – 2.32 THB Share as image

Fair value as of: Jul 14, 2026

From 24 valuation models · updated 27 days ago

Share price +4.5% over the past month.

A solid business, screening 54% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (1.45 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (4 years)

1.81 THB 0.5946 THB Fair Value 1.77 THB Dec 2022 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

44‑month range 0.5946 THB – 1.81 THB · fair‑value band 1.45 THB – 2.32 THB · the 1.15 THB price screens below the 1.77 THB fair value. Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Utility Business Alliance Public Company (UBA) currently trades at 1.15 THB, while our model-based Fair Value estimate is 1.77 THB, implying the stock looks roughly 53.9% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Industrials 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, Utility Business Alliance Public Company generated revenue of 476M THB at a net margin of 15.0%. Revenue grew 53.2% year over year. It earns a return on equity of 10.8%. The balance sheet holds a net cash position of 396M THB. Fundamentals as of Jul 14, 2026

Our scenario range runs from 1.45 THB (bear case) to 2.32 THB (bull case); at 1.15 THB, the current price sits below 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 48% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -40% fair-value upside, at 54%, UBA 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 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
Highest evidence
Growth DCF 1.28 THB 1.47 THB 1.77 THB 80
Residual Income 0.9000 THB 0.9700 THB 1.10 THB 76
Rev-Margin DCF 1.35 THB 1.72 THB 2.18 THB 74
All 24 models by family
DCF Models
FCF DCF 1.26 THB 1.46 THB 1.80 THB 38
Owner Earnings 1.49 THB 1.77 THB 2.23 THB 31
5Y Revenue Exit 1.35 THB 1.71 THB 2.23 THB 39
5Y EBITDA Exit 1.49 THB 1.95 THB 2.56 THB 41
5Y P/E Exit 1.68 THB 2.29 THB 3.00 THB 38
10Y Revenue Exit 1.29 THB 1.53 THB 1.79 THB 36
10Y EBITDA Exit 1.38 THB 1.67 THB 1.97 THB 37
10Y P/E Exit 1.49 THB 1.86 THB 2.21 THB 35
Earnings-Based
Graham-Dodd 0.7200 THB 0.8800 THB 0.9900 THB 54
EPV 1.36 THB 1.46 THB 1.55 THB 59
Dividend Discount
Gordon GGM 0.7800 THB 0.8400 THB 0.9300 THB 70
DDM Multi-Stage 0.7800 THB 0.9200 THB 1.12 THB 61
Multiples
P/E Multiple 1.66 THB 2.21 THB 2.77 THB 63
P/S Multiple 1.07 THB 1.43 THB 1.78 THB 58
P/B Multiple 1.34 THB 1.79 THB 2.24 THB 55
EV/EBIT 2.15 THB 2.67 THB 3.19 THB 53
EV/EBITDA 1.85 THB 2.27 THB 2.69 THB 54
EV/Revenue 1.49 THB 1.88 THB 2.26 THB 43
Asset-Based
NCAV (Graham) 0.5400 THB 0.7200 THB 1.08 THB 50
Growth DCF
Growth DCF 1.28 THB 1.47 THB 1.77 THB 80
Rev-Margin DCF 1.35 THB 1.72 THB 2.18 THB 74
Economic Profit
Residual Income 0.9000 THB 0.9700 THB 1.10 THB 76
ROIC Compounder 1.36 THB 1.49 THB 1.61 THB 72
Growth Earnings
Growth-Adj P/E 1.17 THB 1.67 THB 2.18 THB 68

Widest divergence: Multiples (1.88 THB) versus Asset-Based (0.7200 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 476M THB
Revenue growth (YoY) +53.2%
Net margin 15.0%
Return on equity 10.8%
Free cash flow 49.3M THB FY2025
P/E ratio 8.3
More key figures
Operating margin 17.6%
EPS (TTM) 0.1300 THB
Dividend yield 9.1%
EPS growth (YoY) +95.2%
Net cash 396M THB FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 62 · Market factors (momentum, volatility) 79

Profitability 46
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 56
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 66
Price trend over the last 3–12 months (market factor)
52W Momentum 83
Distance to the 52-week high (market factor)
Net Issuance 40
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

Utility Business Alliance Public Company Limited provides technical engineering and other related services in Thailand. The company undertakes the contracts for wastewater treatment system operation, which includes wastewater treatment system maintenance services.

Full company description

Utility Business Alliance Public Company Limited provides technical engineering and other related services in Thailand. The company undertakes the contracts for wastewater treatment system operation, which includes wastewater treatment system maintenance services. It also offers integrated operation and maintenance services, including startup and commissioning, water system operation and management, maintenance, and troubleshooting services. In addition, the company provides engineering services and equipment procurement, such as design and consulting, procurement and installation for machinery and equipment, and construction services. Utility Business Alliance Public Company Limited was founded in 2000 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Utility Business Alliance Public Company reported revenue of 428M THB in FY2025 versus 530M THB in FY2021, a compound −5.2%/yr. Reported net income was 63.2M THB in FY2025, compounding +4.8%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
428M THB
Latest YoY
−23.8%
Avg. growth/yr (3Y) 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.
−13.6%
Avg. growth/yr (5Y) 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.
−4.2%
Avg. growth/yr (7Y) 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.
−2.9%
Revenue −5.2%/yr
FY21 530M THB
FY22 664M THB
FY23 528M THB
FY24 562M THB
FY25 428M THB
Net income +4.8%/yr
FY21 52.4M THB
FY22 68.0M THB
FY23 71.5M THB
FY24 72.2M THB
FY25 63.2M THB

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Cite: Fair Value Calculator (2026). "Utility Business Alliance Public Company Fair Value". https://www.fairvalue-calculator.com/stock/UBA

Peer Group

Waste Management · 166 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 63 · Top 25%
Fair Value upside +54% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 8% · Top 25%
Net margin (TTM) 15% · Top 25%
Operating margin (TTM) 18% · Above median
Revenue growth 53% · Top 25%
Dividend yield (TTM) 8.9% · Top 25%
Debt / equity 0.06× · Lower than 75% of peers

Valuation Multiples vs Waste Management median · lower = cheaper

P/E (TTM) 8.3× · Cheaper than 75% of peers
P/B 1.00× · Cheaper than median
P/S (TTM) 1.36× · Pricier than median
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 3.2× · 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 100 · sector 8
FUTURE 100 · sector 22
PAST 43 · sector 25
HEALTH 97 · sector 81
DIVIDEND 100 · sector 30

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 Waste Management stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
Waste Management, Inc WM $233.33 $128.02 -45%
Republic Services, Inc RSG $219.20 $122.01 -44%
Waste Connections, Inc WCN C$242.43 C$78.67 -68%
Veolia Environnement SA VIE €37.51 €24.50 -35%
Clean Harbors, Inc CLH $303.64 $155.37 -49%
GFL Environmental Inc GFL C$55.40 C$94.12 +70%
Fomento de Construcciones y Contratas, S.A FCC €12.20 €7.30 -40%
GEM Co 002340 ¥6.32 ¥5.27 -17%
Zhejiang Weiming Environment Protection Co 603568 ¥15.75 ¥20.95 +33%
Cleanaway Waste Management Limited CWY A$2.34 A$1.18 -50%

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Frequently asked questions

Is Utility Business Alliance Public Company (UBA) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of 1.77 THB versus a price of 1.15 THB, about +54% (undervalued).
What is the fair value of UBA?
Our model-based fair value for Utility Business Alliance Public Company is 1.77 THB (as of Jul 14, 2026), built from audited fundamentals. The current price is 1.15 THB.
What is the quality score of UBA?
Utility Business Alliance Public Company has a Quality Score of 63/100. 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 Utility Business Alliance Public Company (UBA)?
Utility Business Alliance Public Company reported trailing-twelve-month revenue of about 476M THB (latest available figure, as of Jul 14, 2026).
What is the net profit margin of UBA?
The net profit margin of Utility Business Alliance Public Company is about 15.0%, meaning it keeps roughly 15.0% of revenue as net income. Based on the latest reported figures.
Does Utility Business Alliance Public Company pay a dividend?
Utility Business Alliance Public Company currently shows a dividend yield of about 9.07% relative to its recent price (as of Jul 14, 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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