Third Age Health Services Valuation

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

TAH (NZ$2.26) is trading below our estimate of [[fair value]] (NZ$33.81)

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

Below Fair Value: TAH (NZ$2.26) is trading below our estimate of fair value (NZ$33.81)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TAH. This is calculated by dividing TAH's market cap by their current earnings.
What is TAH's PE Ratio?
PE Ratio	12x
Earnings	NZ$1.88m
Market Cap	NZ$22.56m

TAH 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	1.4x
Enterprise Value/EBITDA	6.4x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TAH 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	8x
PHL Promisia Healthcare	11.9x	n/a	NZ$19.5m
928 King International Investment	7x	n/a	HK$111.0m
FRQ Singapore Paincare Holdings	10.6x	n/a	S$20.9m
IDXG Interpace Biosciences	2.4x	n/a	US$11.8m
TAH Third Age Health Services	12x	n/a	NZ$22.6m

Price-To-Earnings vs Peers: TAH is expensive based on its Price-To-Earnings Ratio (12x) compared to the peer average (8x).

Price to Earnings Ratio vs Industry

How does TAH's PE Ratio compare vs other companies in the Global Healthcare Industry?

11 Companies	Price / Earnings	Estimated Growth	Market Cap

11 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TAH is good value based on its Price-To-Earnings Ratio (12x) compared to the Global Healthcare industry average (20.6x).

Price to Earnings Ratio vs Fair Ratio

What is TAH'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.

TAH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	12x
Fair PE Ratio	n/a

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