Aforti Holding Valuation

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

AFH (PLN2.5) is trading below our estimate of [[fair value]] (PLN15.84)

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

Below Fair Value: AFH (PLN2.5) is trading below our estimate of fair value (PLN15.84)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for AFH. This is calculated by dividing AFH's market cap by their current revenue.
What is AFH's PS Ratio?
PS Ratio	0.008x
Sales	zł2.89b
Market Cap	zł22.60m

AFH 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	0.1x
Enterprise Value/EBITDA	-20x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for AFH 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	6x
ATS Atlantis	19.5x	n/a	zł28.8m
PRI Pragma Inkaso	3.3x	n/a	zł14.3m
CAP Capitea	0.2x	n/a	zł46.3m
KRI Kredyt Inkaso	0.9x	n/a	zł239.2m
AFH Aforti Holding	0.008x	n/a	zł22.6m

Price-To-Sales vs Peers: AFH is good value based on its Price-To-Sales Ratio (0x) compared to the peer average (2.4x).

Price to Sales Ratio vs Industry

How does AFH's PS Ratio compare vs other companies in the European Diversified Financial Industry?

17 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	2.0x	-20.1%
AFH Aforti Holding	0.008x	n/a	US$5.47m

17 Companies		Estimated Growth	Market Cap
Industry Avg.	2.0x	-14.9%
AFH Aforti Holding	0.008x	n/a	US$5.47m

No more companies

Price-To-Sales vs Industry: AFH is good value based on its Price-To-Sales Ratio (0x) compared to the European Diversified Financial industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

What is AFH'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.

AFH PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.008x
Fair PS Ratio	n/a

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