Shenzhen Ellassay FashionLtd Valuation

Q: What is the Fair Price of 603808 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

603808 (CN¥7.77) is trading below our estimate of [[fair value]] (CN¥14.54)

Is 603808 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-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 603808 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 603808 (CN¥7.77) is trading below our estimate of fair value (CN¥14.54)

Significantly Below Fair Value: 603808 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 603808?

Key metric: As 603808 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 603808. This is calculated by dividing 603808's market cap by their current revenue.
What is 603808's PS Ratio?
PS Ratio	0.9x
Sales	CN¥3.00b
Market Cap	CN¥2.83b

603808 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	1x
Enterprise Value/EBITDA	12.9x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 603808's PS Ratio compare to its peers?

The above table shows the PS ratio for 603808 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1.1x
603665 ZheJiang KangLongDa Special Protection Technology	2.3x	n/a	CN¥2.7b
002574 Zhejiang Ming Jewelry	0.6x	n/a	CN¥2.7b
002763 Shenzhen Huijie Group	1x	n/a	CN¥2.8b
603518 Jinhong Fashion GroupLtd	0.7x	9.8%	CN¥3.0b
603808 Shenzhen Ellassay FashionLtd	0.9x	10.5%	CN¥2.8b

Price-To-Sales vs Peers: 603808 is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (1.1x).

Price to Sales Ratio vs Industry

How does 603808's PS Ratio compare vs other companies in the CN Luxury Industry?

2 Companies	Price / Sales	Estimated Growth	Market Cap
600916 China National Gold Group Gold JewelleryLtd	0.2x	11.3%	US$2.02b
002087 Henan Xinye Textile	0.07x	n/a	US$17.98m

No more companies available in this PS range

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 603808 is good value based on its Price-To-Sales Ratio (0.9x) compared to the CN Luxury industry average (1.5x).

Price to Sales Ratio vs Fair Ratio

What is 603808's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

603808 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.9x
Fair PS Ratio	2.1x

Price-To-Sales vs Fair Ratio: 603808 is good value based on its Price-To-Sales Ratio (0.9x) compared to the estimated Fair Price-To-Sales Ratio (2.1x).

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 603808 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CN¥7.77	CN¥8.58 +10.4%	3.8%	CN¥8.90	CN¥8.25	n/a	2
Nov ’25	CN¥6.94	CN¥8.58 +23.6%	3.8%	CN¥8.90	CN¥8.25	n/a	2
Oct ’25	CN¥7.22	CN¥8.58 +18.8%	3.8%	CN¥8.90	CN¥8.25	n/a	2
Sep ’25	CN¥6.38	CN¥9.90 +55.2%	19.1%	CN¥12.55	CN¥8.25	n/a	3
Aug ’25	CN¥6.24	CN¥9.90 +58.7%	19.1%	CN¥12.55	CN¥8.25	n/a	3
Jul ’25	CN¥6.40	CN¥9.90 +54.7%	19.1%	CN¥12.55	CN¥8.25	n/a	3
Jun ’25	CN¥7.58	CN¥9.90 +30.6%	19.1%	CN¥12.55	CN¥8.25	n/a	3
May ’25	CN¥7.78	CN¥11.48 +47.6%	20.3%	CN¥13.65	CN¥8.25	n/a	3
Apr ’25	CN¥8.36	CN¥13.29 +58.9%	3.9%	CN¥13.66	CN¥12.55	n/a	3
Mar ’25	CN¥7.85	CN¥13.29 +69.3%	3.9%	CN¥13.66	CN¥12.55	n/a	3
Feb ’25	CN¥7.55	CN¥14.02 +85.7%	3.7%	CN¥14.76	CN¥13.65	n/a	3
Jan ’25	CN¥9.17	CN¥14.02 +52.9%	3.7%	CN¥14.76	CN¥13.65	n/a	3
Dec ’24	CN¥10.03	CN¥14.02 +39.8%	3.7%	CN¥14.76	CN¥13.65	n/a	3
Nov ’24	CN¥10.49	CN¥14.07 +34.2%	3.5%	CN¥14.76	CN¥13.66	CN¥6.94	3
Oct ’24	CN¥12.72	CN¥14.77 +16.1%	5.4%	CN¥15.75	CN¥13.80	CN¥7.22	3
Sep ’24	CN¥12.60	CN¥14.77 +17.2%	5.4%	CN¥15.75	CN¥13.80	CN¥6.38	3
Aug ’24	CN¥12.95	CN¥14.87 +14.8%	4.6%	CN¥15.75	CN¥14.10	CN¥6.24	3
Jul ’24	CN¥13.13	CN¥14.51 +10.5%	2.8%	CN¥14.92	CN¥14.10	CN¥6.40	2
Jun ’24	CN¥12.70	CN¥13.88 +9.3%	1.6%	CN¥14.10	CN¥13.65	CN¥7.58	2
May ’24	CN¥12.09	CN¥13.88 +14.8%	1.6%	CN¥14.10	CN¥13.65	CN¥7.78	2
Apr ’24	CN¥11.21	CN¥12.40 +10.6%	10.1%	CN¥13.65	CN¥11.15	CN¥8.36	2
Mar ’24	CN¥11.02	CN¥12.40 +12.5%	10.1%	CN¥13.65	CN¥11.15	CN¥7.85	2

Analyst Forecast: Target price is less than 20% higher than the current share price.