Gulf Energy Development Public Company Limited (GULF) Fair Value & Analysis
Utilities · TH · Market cap 941B THB (≈ $28.6B) · ISIN TH8319010006
What is Gulf Energy Development Public Company Limited really worth?
Below-average quality, and trading another 85% above our fair value of 33.36 THB.
Strengths
Risks
For context
Fair value as of: Aug 30, 2026
From 23 valuation models · updated 6 days ago
Share price −7.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (41.70 THB). The favourable scenario is already priced in.
- Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts.
Price vs Fair Value (17 months)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
17‑month range 38.09 THB – 67.75 THB · fair‑value band 28.46 THB – 41.70 THB · the 61.75 THB price screens above the 33.36 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.
Analysis
Gulf Energy Development Public Company Limited (GULF) currently trades at 61.75 THB, while our model-based Fair Value estimate is 33.36 THB, implying the stock looks roughly 85.1% overvalued today. The Quality Score stands at 32/100 (below-average quality), in the Utilities sector. Bull case: the Growth Earnings group reads highest at a median of 234.21 THB per share, and 8 of the 21 models we run sit above the 61.75 THB price. Bear case: the Growth DCF group reads lowest at 10.72 THB, and 13 of the 21 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Gulf Energy Development Public Company Limited generated revenue of 137B THB at a net margin of 65.3%. Revenue grew 22.3% year over year. It earns a return on equity of 36.2%. Net debt stands at 320B THB. Fundamentals as of Aug 30, 2026
Our scenario range runs from 28.46 THB (bear case) to 41.70 THB (bull case); at 61.75 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 about 10% below its 52-week high and 66% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at −52% fair-value upside, at −46%, GULF screens cheaper 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 0.2378 THB per share, which is 0.7 % 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.
All 23 models by family
Widest divergence: Growth Earnings (234.21 THB) versus Growth DCF (10.72 THB). Highest evidence: 5Y EBITDA Exit (69).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 35 · Market factors (momentum, volatility) 67
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
Gulf Development Public Company Limited generates and sells electricity and steam to public and private clients in Thailand and internationally. The company operates through Power Business, Consulting Business, Infrastructure Business and Satellite and Digital Business segments.
Full company description
Gulf Development Public Company Limited generates and sells electricity and steam to public and private clients in Thailand and internationally. The company operates through Power Business, Consulting Business, Infrastructure Business and Satellite and Digital Business segments. It generates electricity through gas-fired, solar, biomass hydroelectric, waste-to-energy, and wind power projects under independent power producers and small power producers. The company undertakes infrastructure and logistics projects; distributes, supplies, and sells natural gas; and operates a digital infrastructure. In addition, the company is involved in the management, technical support, technology, investment services; storing and converting natural gas; satellite and related services; sale of direct television and satellite equipment; transponder services; engineering and development services; broadband network and content services; and broadcasting, television, and telecommunication services. Further, it provides system integration consultancy services for broadband network and technology systems, products and services related to artificial intelligence and space technology. Gulf Development Public Company Limited was founded in 2007 and is based in Bangkok, Thailand.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Gulf Energy Development Public Company Limited reported revenue of 98.9B THB in FY2025 versus 47.5B THB in FY2021, a compound +20.1%/yr. Reported net income was 80.0B THB in FY2025, compounding +79.7%/yr from FY2021.
GULF screens 85% overvalued. Compare with Constellation Energy Corporation →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Cognizant and Gulf Edge Announce Strategic Partnership to Accelerate Enterprise AI Adoption in Southeast Asia
- GULF Successfully Closes Oversubscribed US$600 Million Offshore Syndicated Term Loan, Expanding International Funding Access
- GULF Successfully Closes Oversubscribed US$600 Million Offshore Syndicated Term Loan, Expanding International Funding Access
- Gulf Edge and Kore.ai Partner to Accelerate AI-First Transformation
Peer Group
Utilities - Independent Power Producers · 77 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 - Independent Power Producers median · lower = cheaper
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.
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.
Similar stocks
10 more Utilities - Independent Power Producers stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Constellation Energy Corporation CEG | $285.05 | $88.09 | −69% |
| Vistra Corp VST | $144.22 | $50.39 | −65% |
| Adani Power Limited ADANIPOWER | ₹206.10 | ₹75.57 | −63% |
| CGN Power Co 003816 | ¥4.33 | ¥3.62 | −16% |
| NRG Energy, Inc NRG | $109.51 | $53.91 | −51% |
| Adani Energy Solutions Limited ADANIENSOL | ₹1,583 | ₹342.02 | −78% |
| Talen Energy Corporation TLN | $365.07 | $43.55 | −88% |
| Datang International Power Generation Co 601991 | ¥5.89 | ¥4.95 | −16% |
| Huaneng Power International, Inc 600011 | ¥6.92 | ¥9.14 | +32% |
| The Tata Power Company TATAPOWER | ₹368.00 | ₹175.12 | −52% |
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