NSL Foods Public Company Limited

SET:NSL Stock Report

Market Cap: ฿9.8b

NSL Foods Valuation

Is NSL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NSL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NSL (THB32.5) is trading above our estimate of fair value (THB24.94)

Significantly Below Fair Value: NSL is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NSL?

Key metric: As NSL is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NSL. This is calculated by dividing NSL's market cap by their current earnings.
What is NSL's PE Ratio?
PE Ratio19.6x
Earnings฿496.65m
Market Cap฿9.75b

Price to Earnings Ratio vs Peers

How does NSL's PE Ratio compare to its peers?

The above table shows the PE ratio for NSL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average48.2x
KTIS Kaset Thai International Sugar Corporation
162.2xn/a฿11.3b
KSL Khon Kaen Sugar Industry
7.6x-1.3%฿8.7b
XO Exotic Food
9.6x0.5%฿8.7b
TKN Taokaenoi Food & Marketing
13.4x1.8%฿11.6b
NSL NSL Foods
19.6x11.8%฿9.8b

Price-To-Earnings vs Peers: NSL is good value based on its Price-To-Earnings Ratio (19.6x) compared to the peer average (48.2x).

Price to Earnings Ratio vs Industry

How does NSL's PE Ratio compare vs other companies in the TH Food Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
NSL 19.6xIndustry Avg. 13.7xNo. of Companies8PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NSL is expensive based on its Price-To-Earnings Ratio (19.6x) compared to the TH Food industry average (13.7x).

Price to Earnings Ratio vs Fair Ratio

What is NSL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NSL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.6x
Fair PE Ratio16x

Price-To-Earnings vs Fair Ratio: NSL is expensive based on its Price-To-Earnings Ratio (19.6x) compared to the estimated Fair Price-To-Earnings Ratio (16x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NSL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿32.50
฿39.63
+21.9%
7.9%฿43.00฿35.00n/a4
Nov ’25฿32.75
฿39.63
+21.0%
7.9%฿43.00฿35.00n/a4
Oct ’25฿35.00
฿37.38
+6.8%
10.2%฿43.00฿33.00n/a4
Sep ’25฿28.75
฿35.83
+24.6%
6.3%฿38.50฿33.00n/a3
Aug ’25฿29.75
฿35.83
+20.4%
6.3%฿38.50฿33.00n/a3
Jul ’25฿30.00
฿35.83
+19.4%
6.3%฿38.50฿33.00n/a3
Jun ’25฿33.00
฿35.83
+8.6%
6.3%฿38.50฿33.00n/a3
May ’25฿25.75
฿31.17
+21.0%
11.4%฿36.00฿27.50n/a3
Apr ’25฿22.60
฿27.83
+23.2%
5.9%฿30.00฿26.00n/a3
Mar ’25฿21.60
฿25.63
+18.6%
1.5%฿26.00฿25.25n/a2
Feb ’25฿18.80
฿24.63
+31.0%
2.5%฿25.25฿24.00n/a2
Jan ’25฿18.50
฿24.63
+33.1%
2.5%฿25.25฿24.00n/a2
Dec ’24฿18.80
฿24.63
+31.0%
2.5%฿25.25฿24.00n/a2
Nov ’24฿17.50
฿27.58
+57.6%
9.4%฿30.00฿24.00฿32.753
Oct ’24฿22.20
฿28.25
+27.3%
5.9%฿30.00฿26.00฿35.003
Sep ’24฿23.40
฿28.00
+19.7%
7.1%฿30.00฿26.00฿28.752
Aug ’24฿23.40
฿28.00
+19.7%
7.1%฿30.00฿26.00฿29.752
Jul ’24฿23.30
฿28.00
+20.2%
7.1%฿30.00฿26.00฿30.002

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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