Times China Holdings Valuation

Is T2H undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

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 T2H when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: T2H (€0.03) is trading below our estimate of fair value (€0.17)

Significantly Below Fair Value: T2H is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for T2H?

Key metric: As T2H is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for T2H. This is calculated by dividing T2H's market cap by their current revenue.
What is T2H's PS Ratio?
PS Ratio	0.04x
Sales	CN¥17.17b
Market Cap	CN¥683.62m

T2H 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	3.5x
Enterprise Value/EBITDA	-20.1x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does T2H's PS Ratio compare to its peers?

The above table shows the PS ratio for T2H 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	3.2x
CRZK CR Energy	8.1x	39.0%	€122.8m
ZYW China Properties Group	3.1x	n/a	€66.9m
INS Instone Real Estate Group	0.8x	17.3%	€360.9m
2GI GIEAG Immobilien	0.9x	n/a	€14.6m
T2H Times China Holdings	0.04x	n/a	€735.6m

Price-To-Sales vs Peers: T2H is good value based on its Price-To-Sales Ratio (0x) compared to the peer average (3.3x).

Price to Sales Ratio vs Industry

How does T2H'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%
T2H Times China Holdings	0.04x	n/a	US$94.52m
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%
T2H Times China Holdings	0.04x	n/a	US$94.52m

No more companies

Price-To-Sales vs Industry: T2H is good value based on its Price-To-Sales Ratio (0x) compared to the German Real Estate industry average (3.8x).

Price to Sales Ratio vs Fair Ratio

What is T2H'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.

T2H PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.04x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate T2H'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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