Theme International Holdings Valuation

Q: What is the Fair Price of TM4C when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TM4C (€0.05) is trading below our estimate of [[fair value]] (€0.38)

Is TM4C undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

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 TM4C when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TM4C (€0.05) is trading below our estimate of fair value (€0.38)

Significantly Below Fair Value: TM4C is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TM4C?

Key metric: As TM4C is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TM4C. This is calculated by dividing TM4C's market cap by their current earnings.
What is TM4C's PE Ratio?
PE Ratio	8.5x
Earnings	HK$665.29m
Market Cap	HK$5.66b

TM4C 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	0.02x
Enterprise Value/EBITDA	0.9x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does TM4C's PE Ratio compare to its peers?

The above table shows the PE ratio for TM4C 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	8.3x
HMU HMS Bergbau	10.2x	8.0%	€129.0m
BNR Brenntag	16.1x	15.6%	€8.8b
NWX Nordwest Handel	6.1x	n/a	€67.3m
ETE Ekotechnika	0.9x	n/a	€25.7m
TM4C Theme International Holdings	8.5x	n/a	€5.7b

Price-To-Earnings vs Peers: TM4C is expensive based on its Price-To-Earnings Ratio (8.5x) compared to the peer average (8.3x).

Price to Earnings Ratio vs Industry

How does TM4C's PE Ratio compare vs other companies in the European Trade Distributors Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TM4C is good value based on its Price-To-Earnings Ratio (8.5x) compared to the European Trade Distributors industry average (14.5x).

Price to Earnings Ratio vs Fair Ratio

What is TM4C'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.

TM4C PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8.5x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TM4C's Price-To-Earnings Fair Ratio for valuation analysis.

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.

Discover undervalued companies

Andritz

€5.2b

Provides plants, equipment, and services for pulp and paper industry, metalworking and steel industries, hydropower stations, and solid/liquid separation in the municipal and industrial sectors in Europe, North America, South America, China, Asia, and internationally.

AZ2

€51.75

5.3%

Krones

€3.7b

Engages in the planning, development, and manufacture of machines and lines for the production, filling, and packaging technology in Germany and internationally.

KRN

€116.40

0.9%

13.2%

Finning International

CA$5.2b

Sells, services, and rents heavy equipment, engines, and related products in Canada, Chile, Bolivia, the United Kingdom, Argentina, Ireland, and internationally.

CIH

CA$25.00

-2.3%

6.8%