China Merchants Land Valuation

Is TNY1 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 TNY1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TNY1 (€0.02) is trading above our estimate of fair value (€0.01)

Significantly Below Fair Value: TNY1 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TNY1?

Key metric: As TNY1 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TNY1. This is calculated by dividing TNY1's market cap by their current revenue.
What is TNY1's PS Ratio?
PS Ratio	0.05x
Sales	CN¥24.23b
Market Cap	CN¥1.12b

TNY1 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	2.3x
Enterprise Value/EBITDA	44.4x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does TNY1's PS Ratio compare to its peers?

The above table shows the PS ratio for TNY1 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	3.1x
CRZK CR Energy	8.1x	39.0%	€123.7m
ZYW China Properties Group	3.1x	n/a	€66.9m
INS Instone Real Estate Group	0.8x	17.3%	€365.6m
NUVA Noratis	0.3x	16.6%	€15.2m
TNY1 China Merchants Land	0.05x	n/a	€1.2b

Price-To-Sales vs Peers: TNY1 is good value based on its Price-To-Sales Ratio (0x) compared to the peer average (3.1x).

Price to Sales Ratio vs Industry

How does TNY1's PS Ratio compare vs other companies in the DE Real Estate Industry?

11 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	3.7x	-11.1%
TNY1 China Merchants Land	0.05x	n/a	US$154.39m
DIC Branicks Group	0.7x	-21.8%	US$194.06m
DMRE DEMIRE Deutsche Mittelstand Real Estate	0.5x	-42.0%	US$85.70m

11 Companies		Estimated Growth	Market Cap
Industry Avg.	3.7x	97.9%
TNY1 China Merchants Land	0.05x	n/a	US$154.39m

No more companies

Price-To-Sales vs Industry: TNY1 is good value based on its Price-To-Sales Ratio (0x) compared to the German Real Estate industry average (3.7x).

Price to Sales Ratio vs Fair Ratio

What is TNY1'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.

TNY1 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.05x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate TNY1'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.

Discover undervalued companies

Tokyu Fudosan Holdings

JP¥688.6b

Engages in the real estate business in Japan and internationally.

T8F

JP¥5.90

2.6%

1.7%

Relo Group

JP¥259.6b

Engages in the provision of property management services in Japan.

665

JP¥10.50

2.9%

13.5%

Pakuwon Jati

Rp20.6t

Operates as a real estate developer in Indonesia.

P04

Rp0.023

4.5%