Gulf Energy Development Public Company Limited

SET:GULF Stock Report

Market Cap: ฿750.9b

Gulf Energy Development Valuation

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

Valuation Score

0/6

Valuation Score 0/6

  • 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 GULF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GULF (THB64) is trading above our estimate of fair value (THB53.88)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for GULF. This is calculated by dividing GULF's market cap by their current earnings.
What is GULF's PE Ratio?
PE Ratio39.5x
Earnings฿19.03b
Market Cap฿750.92b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for GULF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average18.8x
GPSC Global Power Synergy
34.6x23.7%฿122.7b
RATCH Ratch Group
11.2x17.5%฿66.3b
BPP Banpu Power
14.3x19.8%฿36.6b
ADANIPOWER Adani Power
15xn/a₹1.8t
GULF Gulf Energy Development
39.5x15.5%฿750.9b

Price-To-Earnings vs Peers: GULF is expensive based on its Price-To-Earnings Ratio (39.5x) compared to the peer average (18.8x).

Price to Earnings Ratio vs Industry

How does GULF's PE Ratio compare vs other companies in the Asian Renewable Energy Industry?

9 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GULF 39.5xIndustry Avg. 13.9xNo. of Companies23PE01020304050+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: GULF is expensive based on its Price-To-Earnings Ratio (39.5x) compared to the Asian Renewable Energy industry average (13.9x).

Price to Earnings Ratio vs Fair Ratio

What is GULF'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.

GULF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio39.5x
Fair PE Ratio15.3x

Price-To-Earnings vs Fair Ratio: GULF is expensive based on its Price-To-Earnings Ratio (39.5x) compared to the estimated Fair Price-To-Earnings Ratio (15.3x).

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 GULF forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿64.00
฿62.45
-2.4%
9.4%฿75.00฿54.00n/a11
Nov ’25฿66.00
฿58.90
-10.8%
11.7%฿75.00฿49.00n/a10
Oct ’25฿57.75
฿55.80
-3.4%
10.7%฿68.00฿45.50n/a10
Sep ’25฿50.75
฿56.00
+10.3%
10.3%฿68.00฿45.50n/a11
Aug ’25฿47.75
฿54.54
+14.2%
11.6%฿68.00฿45.50n/a12
Jul ’25฿40.25
฿53.62
+33.2%
10.8%฿68.00฿45.50n/a12
Jun ’25฿40.50
฿53.65
+32.5%
10.4%฿68.00฿45.50n/a13
May ’25฿40.25
฿54.33
+35.0%
12.2%฿68.00฿42.00n/a12
Apr ’25฿43.75
฿54.00
+23.4%
12.5%฿68.00฿42.00n/a12
Mar ’25฿42.75
฿53.77
+25.8%
12.7%฿68.00฿42.00n/a12
Feb ’25฿43.00
฿54.30
+26.3%
12.6%฿68.00฿43.00n/a11
Jan ’25฿44.50
฿55.00
+23.6%
12.3%฿68.00฿43.00n/a11
Dec ’24฿45.50
฿54.52
+19.8%
12.9%฿68.00฿43.00n/a11
Nov ’24฿44.00
฿54.70
+24.3%
12.4%฿68.00฿45.00฿66.0011
Oct ’24฿45.50
฿56.28
+23.7%
11.1%฿68.00฿45.00฿57.759
Sep ’24฿47.75
฿57.04
+19.5%
11.1%฿68.00฿45.00฿50.7510
Aug ’24฿49.75
฿57.34
+15.3%
10.2%฿68.00฿48.00฿47.7510
Jul ’24฿46.75
฿57.84
+23.7%
10.0%฿68.00฿48.00฿40.2510
Jun ’24฿47.00
฿58.41
+24.3%
9.4%฿68.00฿48.00฿40.5010
May ’24฿50.75
฿57.90
+14.1%
10.2%฿68.00฿48.00฿40.2511
Apr ’24฿52.75
฿57.90
+9.8%
10.2%฿68.00฿48.00฿43.7511
Mar ’24฿51.25
฿56.29
+9.8%
12.0%฿68.00฿45.00฿42.7510
Feb ’24฿54.50
฿55.00
+0.9%
15.5%฿68.00฿44.00฿43.009
Jan ’24฿55.25
฿54.50
-1.4%
15.4%฿68.00฿44.00฿44.5010
Dec ’23฿53.25
฿54.50
+2.3%
15.4%฿68.00฿44.00฿45.5010
Nov ’23฿51.50
฿54.20
+5.2%
15.9%฿68.00฿44.00฿44.0010

Analyst Forecast: Target price is lower than the current share price.

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