Lai Sun Development Valuation

Is LAY3 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-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 LAY3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate LAY3's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate LAY3's fair value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for LAY3?

Key metric: As LAY3 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for LAY3. This is calculated by dividing LAY3's market cap by their current revenue.
What is LAY3's PS Ratio?
PS Ratio	0.2x
Sales	HK$6.00b
Market Cap	HK$1.06b

LAY3 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	4.9x
Enterprise Value/EBITDA	-134.4x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does LAY3's PS Ratio compare to its peers?

The above table shows the PS ratio for LAY3 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	4.9x
FC9 FCR Immobilien	2.5x	5.1%	€95.2m
DIC Branicks Group	0.7x	-21.8%	€190.1m
PAT PATRIZIA	2.4x	3.8%	€663.1m
AGR AGROB Immobilien	14.1x	n/a	€173.3m
LAY3 Lai Sun Development	0.2x	n/a	€1.1b

Price-To-Sales vs Peers: LAY3 is good value based on its Price-To-Sales Ratio (0.2x) compared to the peer average (4.9x).

Price to Sales Ratio vs Industry

How does LAY3's PS Ratio compare vs other companies in the DE Real Estate Industry?

10 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	3.8x	-11.1%
LAY3 Lai Sun Development	0.2x	n/a	US$136.32m
DMRE DEMIRE Deutsche Mittelstand Real Estate	0.5x	-42.0%	US$87.93m
ADJ Adler Group	0.1x	n/a	US$50.33m

10 Companies		Estimated Growth	Market Cap
Industry Avg.	3.8x	96.7%
LAY3 Lai Sun Development	0.2x	n/a	US$136.32m

No more companies

Price-To-Sales vs Industry: LAY3 is good value based on its Price-To-Sales Ratio (0.2x) compared to the German Real Estate industry average (3.8x).

Price to Sales Ratio vs Fair Ratio

What is LAY3'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.

LAY3 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.2x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate LAY3's Price-To-Sales 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.

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