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Delta Electronics (Thailand) Public Company Limited (DELTA) Fair Value & Analysis

Industrials · TH · Market cap 3.7T THB (≈ $114B) · ISIN TH0528010Z00

What is Delta Electronics (Thailand) Public Company Limited really worth?

DE Delta Electronics (Thailand) Public Company Limited DELTA · BK
Price256.00 THB
Fair Value40.28 THB
Upside−84.3% ⚠
Quality63/100

Structural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.

A solid business, but trading 536% above our fair value of 40.28 THB.

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Strengths

✓Solidly profitable · 13.1% net margin
✓Low debt · generates free cash flow
✓Wide moat 71/100

Risks

!Mixed Growth (revenue 5y +25.7 %/yr)
!Mixed vs. peers (7/15)
!Evidence only low, so the estimate is less certain
!Weak on dividend: 5 out of 100

For context

·0.23% dividend yield
Evidence: Low Range 22.00 THB – 63.76 THB

Fair value as of: Aug 31, 2026

From 26 valuation models · updated 5 days ago

Share price −3.4% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (63.76 THB). The favourable scenario is already priced in.
  • The model range is unusually wide (22.00 THB to 63.76 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.
  • Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

364.00 THB 28.39 THB Fair Value 40.28 THB Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 31, 2026.

How to read this chart

60‑month range 28.39 THB – 364.00 THB · fair‑value band 22.00 THB – 63.76 THB · the 256.00 THB price screens above the 40.28 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 31, 2026.

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Analysis

Delta Electronics (Thailand) Public Company Limited (DELTA) currently trades at 256.00 THB, while our model-based Fair Value estimate is 40.28 THB, implying the stock looks roughly 535.7% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of 41.92 THB per share, and 0 of the 26 models we run sit above the 256.00 THB price. Bear case: the Asset-Based group reads lowest at 5.20 THB, and 26 of the 26 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Delta Electronics (Thailand) Public Company Limited generated revenue of 217B THB at a net margin of 13.1%. Revenue grew 44.2% year over year. It earns a return on equity of 29.6%. The balance sheet holds a net cash position of 18.7B THB. Fundamentals as of Aug 31, 2026

Our scenario range runs from 22.00 THB (bear case) to 63.76 THB (bull case); at 256.00 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 30% below its 52-week high and 179% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −44% fair-value upside, at −84%, DELTA screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 1.13 THB per share, which is 2.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (5.20 THB to 59.07 THB). Read the values as a conservative anchor, not as a price target.
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
FCF DCF best evidence 14.54 THB 24.73 THB 42.68 THB 78
Growth DCF 14.58 THB 24.34 THB 41.53 THB 76
Owner Earnings 19.75 THB 34.02 THB 59.16 THB 74
All 26 models by family
DCF Models
FCF DCF best evidence 14.54 THB 24.73 THB 42.68 THB 78
Owner Earnings 19.75 THB 34.02 THB 59.16 THB 74
5Y Revenue Exit 18.56 THB 32.31 THB 50.91 THB 71
5Y EBITDA Exit 29.10 THB 53.50 THB 83.94 THB 73
5Y P/E Exit 31.87 THB 59.07 THB 89.86 THB 69
10Y Revenue Exit 16.48 THB 29.22 THB 48.52 THB 65
10Y EBITDA Exit 24.22 THB 44.88 THB 76.13 THB 66
10Y P/E Exit 26.08 THB 49.00 THB 81.08 THB 62
Earnings-Based
Graham-Dodd 13.53 THB 57.23 THB 78.11 THB 64
Lynch FV 14.57 THB 20.81 THB 27.05 THB 61
PEG = 1.0 14.57 THB 20.81 THB 27.05 THB 57
EPV 19.39 THB 22.54 THB 25.34 THB 74
Dividend Discount
Gordon GGM 4.42 THB 9.66 THB 16.25 THB 65
DDM Multi-Stage 4.42 THB 7.91 THB 10.07 THB 66
Multiples
P/E Multiple 41.78 THB 55.70 THB 69.63 THB 63
P/S Multiple 25.36 THB 33.82 THB 42.27 THB 58
P/B Multiple 25.36 THB 33.82 THB 42.27 THB 55
EV/EBIT 39.54 THB 52.21 THB 64.87 THB 66
EV/EBITDA 38.91 THB 51.37 THB 63.82 THB 67
EV/Revenue 20.76 THB 28.99 THB 37.22 THB 54
Asset-Based
NCAV (Graham) 3.88 THB 5.20 THB 7.75 THB 54
Growth DCF
Growth DCF 14.58 THB 24.34 THB 41.53 THB 76
Rev-Margin DCF 18.56 THB 31.89 THB 48.58 THB 71
Economic Profit
Residual Income 14.28 THB 19.83 THB 136.43 THB 64
ROIC Compounder 21.51 THB 27.94 THB 36.00 THB 72
Growth Earnings
Growth-Adj P/E 29.35 THB 41.92 THB 54.50 THB 67

Widest divergence: Growth Earnings (41.92 THB) versus Asset-Based (5.20 THB). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 113.3
P/S ratio 14.2 P/E × margin
EPS (TTM) 2.26 THB price ÷ EPS = P/E 113.3
Dividend yield 0.2% payout 26.5%
Net margin 12.5% FY2025
Return on equity 29.6% TTM
More key figures
Profitability
Return on assets (EBIT) 15.6% avg 5y
Operating margin 16.1% TTM
Growth
Revenue (TTM) 217B THB TTM
Revenue growth (YoY) +44.2% 3y avg +18.7%
EPS growth (YoY) +65.9%
Balance sheet & cash flow
Free cash flow 12.3B THB FY2025
Net cash 18.7B THB FY2025

Figures from reported company fundamentals · as of Aug 31, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 64 · Market factors (momentum, volatility) 57

Profitability 79
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 24
Disciplined investing over empire-building
Low Volatility 48
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 76
Distance to the 52-week high (market factor)
Net Issuance 82
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Delta Electronics (Thailand) Public Company Limited, together with its subsidiaries, researches and develops, manufactures, and distributes electronic products. The company operates through four segments: Power Electronics, Mobility, Infrastructure, and Automation.

Full company description

Delta Electronics (Thailand) Public Company Limited, together with its subsidiaries, researches and develops, manufactures, and distributes electronic products. The company operates through four segments: Power Electronics, Mobility, Infrastructure, and Automation. It offers inductors, RF inductors, transformers, networking products, EMI filters, solenoids, current sensing resistors, and power modules; power and system products, such as USB socket outlets, medical power, industrial power supplies, industrial battery charging, high voltage power, embedded power, and adapters; DC brushless fans and blowers, motors, thermal management products, cabinet thermal solutions, indoor air quality solutions, and automotive fans; EV powertrain systems; and display and visualization, mobile power, industrial power, and medical power products, as well as healthcare devices. The company also provides building automation products comprising building management and control system, LED lighting, smart surveillance, indoor air quality, healthy lighting, and building energy management system products; industrial automation products; data center, telecom power systems, networking systems, and UPS and datacenter infrastructure solutions; EV charging and energy storage systems, renewable energy, industrial battery charging, healthcare devices, industrial equipment, energy IoT, and display and visualization products; and visual display and smart education solutions. In addition, it offers industrial and building automation, data center, telecom energy, smart energy, displays and monitoring, and EV charging solutions. Further, the company rents properties; and manufactures and trades electric vehicle, as well as engages in holding business. It operates in Thailand, the United States, Germany, Singapore, China, India, Taiwan, the Netherlands, Hungary, Malaysia, and internationally. The company was incorporated in 1988 and is based in Samut Prakan, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Delta Electronics (Thailand) Public Company Limited reported revenue of 198B THB in FY2025 versus 84.3B THB in FY2021, a compound +23.8%/yr. Reported net income was 24.8B THB in FY2025, compounding +38.7%/yr from FY2021.

Growth Quality 86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
198B THB
Latest YoY
+20.3%
Avg. revenue 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.
+18.7%
Avg. revenue 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.
+25.7%
Avg. revenue growth/yr (25Y) ⓘ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.
+8.3%
Value creation/yr (5Y, in THB) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+30.1% (29.9 + 0.2)
Revenue +23.8%/yr
FY21 84.3B THB
FY22 119B THB
FY23 146B THB
FY24 165B THB
FY25 198B THB
Net income +38.7%/yr
FY21 6.7B THB
FY22 15.3B THB
FY23 18.4B THB
FY24 18.9B THB
FY25 24.8B THB
Character of growth · EPS growth decomposed (2014-2025) +14.6 % p.a.
Revenue per share +15.6 %

of which total revenue +15.6 % · buybacks/dilution +0.0 %

EBIT margin −0.2 %
Tax rate −0.7 %
Residual (interest, one-offs) +0.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

DELTA screens 536% overvalued. Compare with Contemporary Amperex Technology Co →

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Delta Electronics (Thailand) Public Company Limited · Fair Value
40.28 THB −536%Fair Value
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Cite: Fair Value Calculator (2026). "Delta Electronics (Thailand) Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/DELTA

Peer Group

Electrical Equipment & Parts · 543 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 −84% · Bottom 25%
Return on equity (TTM) 30% · Top 25%
Return on assets 13% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 16% · Top 25%
Revenue growth 44% · Top 25%
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Electrical Equipment & Parts median · lower = cheaper

P/E (TTM) 113.3× · Pricier than 75% of peers
P/B 38.69× · Pricier than 75% of peers
P/S (TTM) 17.24× · Pricier than 75% of peers
P/FCF 9.2× · Pricier than median
EV/EBITDA 95.6× · Pricier than 75% of peers
PEG 2.79× · Pricier than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 56
PAST100 · sector 26
HEALTH100 · sector 97
DIVIDEND5 · sector 23

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.

None of the checked exposures detected

Similar stocks

10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Aug 31, 2026).

Stock Price Fair Value vs Fair Value
Contemporary Amperex Technology Co 3750 HK$652.50 HK$394.19 −40%
ABB Ltd ABBN CHF 80.10 CHF 28.70 −64%
Vertiv Holdings VRT $257.08 $63.13 −75%
LG Energy Solution, Ltd 373220 365,500 KRW 201,455 KRW −45%
Prysmian S.p.A PRY €117.10 €84.15 −28%
Legrand SA LR €139.65 €78.82 −44%
Sungrow Power Supply Co 300274 ¥86.40 ¥123.83 +43%
Hubbell Incorporated HUBB $443.31 $285.77 −36%
Shenzhen Inovance Technology Co 300124 ¥61.07 ¥33.04 −46%
nVent Electric plc NVT $151.98 $40.68 −73%

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Frequently asked questions

Is Delta Electronics (Thailand) Public Company Limited (DELTA) overvalued or undervalued?
As of Aug 31, 2026, our model estimates a fair value of 40.28 THB versus a price of 256.00 THB, about −84% upside (overvalued).
What is the fair value of DELTA?
Our model-based fair value for Delta Electronics (Thailand) Public Company Limited is 40.28 THB (as of Aug 31, 2026), built from audited fundamentals. The current price: 256.00 THB.
What is the quality score of DELTA?
Delta Electronics (Thailand) Public Company Limited 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 Delta Electronics (Thailand) Public Company Limited (DELTA)?
Delta Electronics (Thailand) Public Company Limited reported trailing-twelve-month revenue of about 217B THB (latest available figure, as of Aug 31, 2026).
What is the net profit margin of DELTA?
The net profit margin of Delta Electronics (Thailand) Public Company Limited is about 13.1%, meaning it keeps roughly 13.1% of revenue as net income. Based on the latest reported figures.
Does Delta Electronics (Thailand) Public Company Limited pay a dividend?
Delta Electronics (Thailand) Public Company Limited currently shows a dividend yield of about 0.23% relative to its recent price (as of Aug 31, 2026).
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