WHA Utilities and Power Public Company (WHAUP) Fair Value & Analysis
Utilities · TH · Market cap 30.8B THB
Fair value as of: Jul 13, 2026
From 22 valuation models · updated 28 days ago
Share price +15.7% over the past month.
A solid business, but screening 47% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (4.11 THB). The favourable scenario is already priced in.
- Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.
How to read this chart
60‑month range 2.64 THB – 8.25 THB · fair‑value band 3.03 THB – 4.11 THB · the 7.75 THB price screens above the 4.11 THB fair value. Dashed = 300-day average. As of Jul 13, 2026.
Analysis
WHA Utilities and Power Public Company (WHAUP) currently trades at 7.75 THB, while our model-based Fair Value estimate is 4.11 THB, implying the stock looks roughly 47.0% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Utilities 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: high).
Over the trailing twelve months, WHA Utilities and Power Public Company generated revenue of 3.6B THB at a net margin of 30.4%. Revenue grew 58.6% year over year. It earns a return on equity of 8.0%. Net debt stands at 16.1B THB. Fundamentals as of Jul 13, 2026
Our scenario range runs from 3.03 THB (bear case) to 4.11 THB (bull case); at 7.75 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 near its 52-week high and 189% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -10% fair-value upside, at -47%, WHAUP 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.
All 22 models by family
Widest divergence: Growth Earnings (4.11 THB) versus DCF Models (0.9700 THB). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 92
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
WHA Utilities and Power Public Company Limited provides utilities and water solutions in Thailand and internationally. It produces and distributes industrial water; and provides waste water treatment and management services to industrial estates.
Full company description
WHA Utilities and Power Public Company Limited provides utilities and water solutions in Thailand and internationally. It produces and distributes industrial water; and provides waste water treatment and management services to industrial estates. The company engages in the solar power business; investment in water and power businesses; natural gas distribution; emission reduction services; and coal, gas, hydro, solar, and alternative power generation. The company was formerly known as Hemaraj Clean Water Company Limited and changed its name to WHA Utilities and Power Public Company Limited in August 2016. WHA Utilities and Power Public Company Limited was founded in 2008 and is headquartered in Samut Prakan, Thailand. The company is a subsidiary of WHA Industrial Development Public Company Limited.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
WHA Utilities and Power Public Company reported revenue of 3.2B THB in FY2025 versus 2.2B THB in FY2021, a compound +10.0%/yr. Reported net income was 1.0B THB in FY2025, compounding +8.4%/yr from FY2021.
WHAUP screens 47% overvalued. Compare with American Water Works Company →
Peer Group
Utilities - Regulated Water · 67 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.
Valuation Multiples vs Utilities - Regulated Water median · lower = cheaper
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: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Utilities - Regulated Water stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| American Water Works Company AWK | $134.33 | $65.80 | -51% |
| SBSP3 SBSP3 | R$29.22 | R$31.23 | +7% |
| SBS SBS | $5.79 | $5.21 | -10% |
| Essential Utilities, Inc WTRG | $38.59 | $21.81 | -43% |
| CSMG3 CSMG3 | R$66.10 | R$60.17 | -9% |
| Grandblue Environment Co 600323 | ¥29.42 | ¥33.29 | +13% |
| American States Water Company AWR | $85.01 | $48.02 | -44% |
| Chengdu Xingrong Environment Co 000598 | ¥6.97 | ¥10.74 | +54% |
| California Water Service Group CWT | $49.73 | $33.56 | -33% |
| Chongqing Water Group 601158 | ¥4.12 | ¥2.77 | -33% |
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Frequently asked questions
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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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