Hengdian Group Tospo Lighting Valuation

Q: What is the Fair Price of 603303 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

603303 (CN¥12.03) is trading below our estimate of [[fair value]] (CN¥20.44)

Is 603303 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

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 603303 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 603303 (CN¥12.03) is trading below our estimate of fair value (CN¥20.44)

Significantly Below Fair Value: 603303 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 603303?

Key metric: As 603303 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 603303. This is calculated by dividing 603303's market cap by their current earnings.
What is 603303's PE Ratio?
PE Ratio	15.8x
Earnings	CN¥356.11m
Market Cap	CN¥5.63b

603303 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.5x
Enterprise Value/EBITDA	6.6x
PEG Ratio	0.8x

Price to Earnings Ratio vs Peers

How does 603303's PE Ratio compare to its peers?

The above table shows the PE ratio for 603303 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	57.3x
301525 Shanghai Ruking Technologies	35.8x	41.3%	CN¥5.9b
301517 Shaanxi Huada Science TechnologyLtd	119.9x	33.1%	CN¥6.1b
603312 Suzhou West Deane New Power ElectricLtd	25.6x	33.4%	CN¥5.2b
300709 Jiangsu Gian Technology	47.8x	38.6%	CN¥7.1b
603303 Hengdian Group Tospo Lighting	15.8x	18.7%	CN¥5.6b

Price-To-Earnings vs Peers: 603303 is good value based on its Price-To-Earnings Ratio (15.8x) compared to the peer average (57.3x).

Price to Earnings Ratio vs Industry

How does 603303's PE Ratio compare vs other companies in the CN Electrical Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap
300023 Bode Energy Equipment	3.6x	n/a	US$51.42m

No more companies available in this PE range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 603303 is good value based on its Price-To-Earnings Ratio (15.8x) compared to the CN Electrical industry average (35.7x).

Price to Earnings Ratio vs Fair Ratio

What is 603303'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.

603303 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	15.8x
Fair PE Ratio	19.1x

Price-To-Earnings vs Fair Ratio: 603303 is good value based on its Price-To-Earnings Ratio (15.8x) compared to the estimated Fair Price-To-Earnings Ratio (19.1x).

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

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