SPDR Gold Trust Valuation

Q: What is the Fair Price of 2840 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

2840 (HK$1895.5) is trading above our estimate of [[fair value]] (HK$377.69)

Is 2840 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

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 2840 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2840 (HK$1895.5) is trading above our estimate of fair value (HK$377.69)

Significantly Below Fair Value: 2840 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2840?

Key metric: As 2840 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2840. This is calculated by dividing 2840's market cap by their current earnings.
What is 2840's PE Ratio?
PE Ratio	3.5x
Earnings	US$20.36b
Market Cap	US$71.51b

2840 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	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does 2840's PE Ratio compare to its peers?

Insufficient data to calculate this valuation analysis check

The above table shows the PE ratio for 2840 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	n/a
2840 SPDR Gold Trust	3.5x	n/a	HK$71.5b

Price-To-Earnings vs Peers: Insufficient data to calculate 2840's Price-To-Earnings Ratio vs. peers for valuation analysis.

Price to Earnings Ratio vs Industry

How does 2840's PE Ratio compare vs other companies in the HK Capital Markets Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	20.5x	22.0%
2840 SPDR Gold Trust	3.5x	n/a	US$71.51b
2799 China CITIC Financial Asset Management	4.1x	-29.2%	US$6.50b
8098 CL Group (Holdings)	3.7x	n/a	US$11.03m

No more companies available in this PE range

3 Companies		Estimated Growth	Market Cap
Industry Avg.	20.5x	22.0%
2840 SPDR Gold Trust	3.5x	n/a	US$71.51b

No more companies

Price-To-Earnings vs Industry: 2840 is good value based on its Price-To-Earnings Ratio (3.5x) compared to the Hong Kong Capital Markets industry average (23.2x).

Price to Earnings Ratio vs Fair Ratio

What is 2840'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.

2840 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	3.5x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 2840'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.

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