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VGI Public Company (VGI) Fair Value & Analysis

Industrials · TH · Market cap 21.7B THB

VP VGI Public Company VGI · BK
Price0.9900 THB
Fair Value0.2380 THB
Upside-76.0%
Quality29/100
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Expensive Growth
Loss-making · -22.9% net margin
Low debt · negative free cash flow
Trails peers (3/11)
Narrow moat 9/100
Evidence: Low Range 0.1020 THB – 0.4165 THB Share as image

Fair value as of: Jul 18, 2026

From 3 valuation models · updated 23 days ago

Share price −2.0% over the past month.

Below-average quality, and screening another 76% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (0.4165 THB). The favourable scenario is already priced in.
  • Weak quality (29/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide (0.1020 THB to 0.4165 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
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Price vs Fair Value (5 years)

6.79 THB 0.7800 THB Fair Value 0.2380 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 0.7800 THB – 6.79 THB · fair‑value band 0.1020 THB – 0.4165 THB · the 0.9900 THB price screens above the 0.2380 THB fair value. Dashed = 300-day average. As of Jul 18, 2026.

Full chart & analysis →

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Analysis

VGI Public Company (VGI) currently trades at 0.9900 THB, while our model-based Fair Value estimate is 0.2380 THB, implying the stock looks roughly 76.0% overvalued today. The Quality Score stands at 29/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, VGI Public Company generated revenue of 4.6B THB at a net margin of -22.9%. Revenue declined 8.5% year over year. It earns a return on equity of -3.6%. The balance sheet holds a net cash position of 17.5B THB. Fundamentals as of Jul 18, 2026

Our scenario range runs from 0.1020 THB (bear case) to 0.4165 THB (bull case); at 0.9900 THB, the current price sits above 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 about 57% below its 52-week high and 29% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -14% fair-value upside, at -76%, VGI screens richer 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
Gordon GGM 0.1100 THB 0.2400 THB 0.3700 THB 70
DDM Multi-Stage 0.1100 THB 0.1900 THB 0.2500 THB 61
NCAV (Graham) 0.8300 THB 1.11 THB 1.66 THB 50
All 3 models by family
Dividend Discount
Gordon GGM 0.1100 THB 0.2400 THB 0.3700 THB 70
DDM Multi-Stage 0.1100 THB 0.1900 THB 0.2500 THB 61
Asset-Based
NCAV (Graham) 0.8300 THB 1.11 THB 1.66 THB 50

Widest divergence: Asset-Based (1.11 THB) versus Dividend Discount (0.1900 THB). Highest evidence: Gordon GGM (70).

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Key figures & financial health

Revenue (TTM) 4.6B THB
Revenue growth (YoY) -8.5%
Net margin -22.9%
Return on equity -3.6%
Free cash flow −549M THB FY2026
Operating margin -22.3%
More key figures
EPS (TTM) -0.0500 THB
EPS growth (YoY) -81.2%
Net cash 17.5B THB FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 29/100

Of which business quality 32 · Market factors (momentum, volatility) 34

Profitability 4
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 87
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 48
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 0
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

VGI Public Company Limited, together with its subsidiaries, provides advertising services in Thailand. It operates through four segments: Transportation System, Digital Services, Distribution, and Other.

Full company description

VGI Public Company Limited, together with its subsidiaries, provides advertising services in Thailand. It operates through four segments: Transportation System, Digital Services, Distribution, and Other. The company offers offline advertising services in BTS trains, stations, and junctions; LCD screens, office buildings, and condominium residents; and events. It also provides online advertising services, including data targeting and network, media planning, artwork adaptation, and optimization and reporting; data management; and electronic payment and other financial services, such as stored valued cards, insurance brokerage, and digital lending services. In addition, the company manages and distributes technology equipment under the Fanslink and Jaymart brand names. Further, it is involved in securities investing; management consulting; public relations services; retail business; leasing of retail and commercial spaces; and production and distribution of printed materials. The company was formerly known as VGI Global Media Public Company Limited and changed its name to VGI Public Company Limited in July 2019. VGI Public Company Limited was founded in 1995 and is based in Bangkok, Thailand.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

VGI Public Company reported revenue of 4.3B THB in FY2026 versus 3.8B THB in FY2022, a compound +3.2%/yr. Reported net income was −1.1B THB in FY2026.

Growth Quality 38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
4.3B THB
Latest YoY
−11.6%
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.
−2.2%
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.
+14.9%
Avg. growth/yr (16Y) 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.
+8.9%
Revenue +3.2%/yr
FY22 3.8B THB
FY23 4.7B THB
FY24 4.5B THB
FY25 4.9B THB
FY26 4.3B THB
Net income
FY22 −120M THB
FY23 −64.9M THB
FY24 −3.5B THB
FY25 501M THB
FY26 −1.1B THB

VGI screens 76% overvalued. Compare with CITIC Limited →

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

Peer Group

Conglomerates · 369 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 29 · Bottom 25%
Fair Value upside −76% · Bottom 25%
Return on assets -1% · Bottom 25%
Net margin (TTM) -23% · Bottom 25%
Operating margin (TTM) -22% · Bottom 25%
Revenue growth -9% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Conglomerates median · lower = cheaper

P/S (TTM) 0.14× · Cheaper than 75% of peers
PEG 1.14× · Cheaper than median

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 0 · sector 20
FUTURE 0 · sector 16
PAST 0 · sector 20
HEALTH 100 · sector 88
DIVIDEND 0 · sector 39

VALUE 0: the price sits above our fair-value range.

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 Conglomerates stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
CITIC Limited 0267 HK$11.28 HK$22.56 +100%
SK Inc 034730 580,000 KRW 497,919 KRW -14%
PT Astra International Tbk, ASII 4,810 IDR 9,620 IDR +100%
The Siam Cement Public Company SCC 254.00 THB 199.40 THB -21%
SRF Limited SRF ₹2,875 ₹1,053 -63%
Empresas Copec S.A COPEC 6,330 CLP 10,879 CLP +72%
Posco International Corporation 047050 50,900 KRW 61,248 KRW +20%
Tube Investments of India Limited TIINDIA ₹2,940 ₹559.30 -81%
Doosan Corporation 000155 464,000 KRW 75,620 KRW -84%
Thermax Limited THERMAX ₹4,809 ₹1,087 -77%

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Frequently asked questions

Is VGI Public Company (VGI) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 0.2380 THB versus a price of 0.9900 THB, about −76% (overvalued).
What is the fair value of VGI?
Our model-based fair value for VGI Public Company is 0.2380 THB (as of Jul 18, 2026), built from audited fundamentals. The current price is 0.9900 THB.
What is the quality score of VGI?
VGI Public Company has a Quality Score of 29/100. 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 VGI Public Company (VGI)?
VGI Public Company reported trailing-twelve-month revenue of about 4.6B THB (latest available figure, as of Jul 18, 2026).
What is the net profit margin of VGI?
The net profit margin of VGI Public Company is about -22.9%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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