EN DE

Airports Of Thailand PLC (TATD) Fair Value & Analysis

Industrials · SG · Market cap 36.9B SGD (≈ $29.1B)

What is Airports Of Thailand PLC really worth?

AO Airports Of Thailand PLC TATD · SG
Price2.45 SGD
Fair Value1.25 SGD
Upside−49.0%
Quality65/100

A solid business, but trading 96% above our fair value of 1.25 SGD.

Watch Airports Of Thailand PLC for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card. Watch for free

Strengths

✓Highly profitable · 28.3% net margin
✓Low debt · generates free cash flow
✓Ranks above peers (8/11)
✓Wide moat 79/100

Risks

!Mixed Growth (revenue 3y +59.1 %/yr)
!Evidence only medium, so the estimate is less certain
Evidence: Medium Range 0.7200 SGD – 1.62 SGD

Fair value as of: Aug 28, 2026

From 24 valuation models · updated 8 days ago

Share price +0.4% 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 (1.62 SGD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (0.7200 SGD to 1.62 SGD) leaves room in how you read the outcome.

Price vs Fair Value (3 years)

2.73 SGD 1.08 SGD Fair Value 1.25 SGD May 2023 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

39‑month range 1.08 SGD – 2.73 SGD · fair‑value band 0.7200 SGD – 1.62 SGD · the 2.45 SGD price screens above the 1.25 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.

Full chart & analysis →

Which stocks are undervalued right now? Check free Discover now →

Analysis

Airports Of Thailand PLC (TATD) currently trades at 2.45 SGD, while our model-based Fair Value estimate is 1.25 SGD, implying the stock looks roughly 96.0% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Industrials sector. Bull case: the Economic Profit group reads highest at a median of 11.31 SGD per share, and 24 of the 24 models we run sit above the 2.45 SGD price. Bear case: the Asset-Based group reads lowest at 6.14 SGD, and 0 of the 24 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Airports Of Thailand PLC generated revenue of 66.4B SGD at a net margin of 27.3%. Revenue grew 3.0% year over year. It earns a return on equity of 14.4%. Net debt stands at 2.1B SGD. Fundamentals as of Aug 28, 2026

Our scenario range runs from 0.7200 SGD (bear case) to 1.62 SGD (bull case); at 2.45 SGD, 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 2% below its 52-week high and 109% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −20% fair-value upside, at −49%, TATD screens richer than that median.

Fair Value models

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.

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 24.67 SGD 38.06 SGD 80.70 SGD 72
EPV 14.69 SGD 16.92 SGD 18.87 SGD 71
Growth DCF 23.29 SGD 42.17 SGD 80.35 SGD 71
All 24 models by family
DCF Models
FCF DCF 24.67 SGD 38.06 SGD 80.70 SGD 72
Owner Earnings 24.01 SGD 52.95 SGD 113.70 SGD 67
5Y Revenue Exit 12.48 SGD 18.48 SGD 30.87 SGD 68
5Y EBITDA Exit 27.01 SGD 47.86 SGD 88.79 SGD 69
5Y P/E Exit 22.81 SGD 48.85 SGD 84.25 SGD 65
10Y Revenue Exit 15.95 SGD 28.44 SGD 34.83 SGD 64
10Y EBITDA Exit 26.82 SGD 59.73 SGD 117.63 SGD 61
10Y P/E Exit 23.75 SGD 50.70 SGD 94.79 SGD 58
Earnings-Based
Graham-Dodd 8.63 SGD 60.17 SGD 84.44 SGD 60
Lynch FV 22.78 SGD 32.54 SGD 42.31 SGD 58
PEG = 1.0 22.78 SGD 32.54 SGD 42.31 SGD 55
EPV 14.69 SGD 16.92 SGD 18.87 SGD 71
Multiples
P/E Multiple 19.98 SGD 26.64 SGD 33.31 SGD 63
P/S Multiple 7.00 SGD 9.34 SGD 11.67 SGD 58
P/B Multiple 16.18 SGD 21.57 SGD 26.96 SGD 55
EV/EBIT 23.98 SGD 31.53 SGD 39.07 SGD 66
EV/EBITDA 26.87 SGD 35.38 SGD 43.89 SGD 67
EV/Revenue 7.21 SGD 9.73 SGD 12.25 SGD 54
Asset-Based
NCAV (Graham) 4.58 SGD 6.14 SGD 9.16 SGD 54
Growth DCF
Growth DCF 23.29 SGD 42.17 SGD 80.35 SGD 71
Rev-Margin DCF 12.56 SGD 20.99 SGD 36.81 SGD 67
Economic Profit
Residual Income 8.90 SGD 11.31 SGD 28.85 SGD 65
ROIC Compounder 18.85 SGD 28.35 SGD 34.40 SGD 69
Growth Earnings
Growth-Adj P/E 29.06 SGD 41.51 SGD 53.96 SGD 65

Widest divergence: DCF Models (47.86 SGD) versus Asset-Based (6.14 SGD). Highest evidence: FCF DCF (72).

Notify me when TATD reaches fair value

Put TATD on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.

Set up alert →

Free, no payment details. Unsubscribe anytime in one click.

Key figures & financial health

P/E ratio 49.0
P/S ratio 13.3 P/E × margin
EPS (TTM) 0.0500 SGD price ÷ EPS = P/E 49.0
Net margin 27.2% FY2025
Return on equity 14.4% TTM
Return on assets (EBIT) 6.7% avg 4y
More key figures
Profitability
Operating margin 37.3% TTM
Growth
Revenue (TTM) 66.4B SGD TTM
Revenue growth (YoY) +3.0% 3y avg +59.1%
EPS growth (YoY) +13.1%
Balance sheet & cash flow
Free cash flow 19.8B SGD FY2025
Net debt 2.1B SGD FY2022 · ≈ 0.1 yrs of FCF

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 62 · Market factors (momentum, volatility) 80

Profitability 52
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 55
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 74
Price trend over the last 3–12 months (market factor)
52W Momentum 94
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

Airports of Thailand Public Company Limited, together with its subsidiaries, engages in the airport business in Thailand. The company engages in airport management, hotel business, ground service business, security business, and management of perishable goods projects.

Full company description

Airports of Thailand Public Company Limited, together with its subsidiaries, engages in the airport business in Thailand. The company engages in airport management, hotel business, ground service business, security business, and management of perishable goods projects. It operates six international airports, including Suvarnabhumi Airport, Don Mueang International Airport, Chiang Mai International Airport, Hat Yai International Airport, Phuket International Airport and Mae Fah Luang - Chiang Rai International Airport. The company is involved in the hotel and restaurant business; and operation and management of the project on perishable goods at Suvarnabhumi Airport. In addition, it offers ground equipment, security services, and manages projects, as well as ground, warehouse, and cleaning services. Airports of Thailand Public Company Limited was founded in 1979 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

Airports Of Thailand PLC reported revenue of 66.7B THB in FY2025 versus 16.6B THB in FY2022, a compound +59.1%/yr. Reported net income was 18.1B THB in FY2025.

Growth Quality 94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
66.7B SGD
Latest YoY
−0.7%
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.
+59.1%
Value creation/yr (3Y, in THB) ⓘEarnings growth per share (CAGR 3 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.
+27.3% (27.3 + 0.0)
Revenue +59.1%/yr
FY22 16.6B THB
FY23 48.1B THB
FY24 67.1B THB
FY25 66.7B THB
Net income
FY22 −11.1B THB
FY23 8.8B THB
FY24 19.2B THB
FY25 18.1B THB

TATD screens 96% overvalued. Compare with Aena S.M.E., S.A →

Run the numbers yourself: free valuation calculators
DCF CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorFama-French ModelIntrinsic Value
Share or link this analysis
𝕏 Post WhatsApp LinkedIn Reddit
For bloggers & editors: embed code + live data

For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.

Airports Of Thailand PLC · Fair Value
1.25 SGD −96%Fair Value
Calculator →

Cite: Fair Value Calculator (2026). "Airports Of Thailand PLC Fair Value". https://www.fairvalue-calculator.com/stock/TATD

Peer Group

Airports & Air Services · 54 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 65 · Above median
Fair Value upside −49% · Bottom 25%
Return on equity (TTM) 14% · Above median
Return on assets 7% · Above median
Net margin (TTM) 28% · Top 25%
Operating margin (TTM) 37% · Top 25%
Revenue growth −3% · Bottom 25%
Dividend yield (TTM) 32.7% · Top 25%
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Airports & Air Services median · lower = cheaper

P/E (TTM) 49.0× · Pricier than 75% of peers
P/FCF 1.5× · Cheaper than median
PEG 0.93× · Cheaper than median

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 39
FUTURE0 · sector 32
PAST57 · sector 45
HEALTH100 · sector 88
DIVIDEND0 · sector 59

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

Similar stocks

10 more Airports & Air Services stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

Stock Price Fair Value vs Fair Value
Aena S.M.E., S.A AENA €26.42 €26.90 +2%
Grupo Aeroportuario del Pacífico, S.A. PAC $214.87 $253.64 +18%
GMR Airports Limited GMRINFRA ₹102.70 ₹22.29 −78%
Shanghai International Airport Co 600009 ¥23.41 ¥17.09 −27%
Flughafen Zürich AG FHZN CHF 208.80 CHF 121.30 −42%
Auckland International Airport Limited AIA A$7.09 A$2.76 −61%
Fraport AG FRA €62.40 €49.83 −20%
Københavns Lufthavne A/S KBHL kr 5,440 kr 1,821 −67%
SATS Ltd S58 4.07 SGD 4.03 SGD −1%
Flughafen Wien Aktiengesellschaft, FLU €53.00 €46.33 −13%

Compare Airports Of Thailand PLC with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

Explore undervalued stocks

More undervalued Industrials stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names ⭐ Top Rated 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screener Filter by region, size and sector Compare tool Two stocks side by side Extrinsic Value Calculator (Options) Splits an option premium into intrinsic and extrinsic (time) value. Peter Lynch Fair Value Formula & Calculator Apply Peter Lynch's fair value formula in seconds: fair P/E ≈ earnings growth (+ dividend) - free, with formula and example.

Frequently asked questions

Is Airports Of Thailand PLC (TATD) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of 1.25 SGD versus a price of 2.45 SGD, about −49% upside (overvalued).
What is the fair value of TATD?
Our model-based fair value for Airports Of Thailand PLC is 1.25 SGD (as of Aug 28, 2026), built from audited fundamentals. The current price: 2.45 SGD.
What is the quality score of TATD?
Airports Of Thailand PLC has a Quality Score of 65/100. 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 Airports Of Thailand PLC (TATD)?
Airports Of Thailand PLC reported trailing-twelve-month revenue of about 66.4B SGD (latest available figure, as of Aug 28, 2026).
What is the net profit margin of TATD?
The net profit margin of Airports Of Thailand PLC is about 27.3%, meaning it keeps roughly 27.3% of revenue as net income. Based on the latest reported figures.
Free · no account needed

Watch Airports Of Thailand PLC in the live analysis

One click puts Airports Of Thailand PLC on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.