PEC Valuation

Q: What is the Fair Price of IX2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

IX2 (SGD0.73) is trading below our estimate of [[fair value]] (SGD7.66)

Is IX2 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-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 IX2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IX2 (SGD0.73) is trading below our estimate of fair value (SGD7.66)

Significantly Below Fair Value: IX2 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IX2?

Key metric: As IX2 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for IX2. This is calculated by dividing IX2's market cap by their current earnings.
What is IX2's PE Ratio?
PE Ratio	11.5x
Earnings	S$16.00m
Market Cap	S$183.20m

IX2 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	0.2x
Enterprise Value/EBITDA	2.5x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does IX2's PE Ratio compare to its peers?

The above table shows the PE ratio for IX2 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	9.6x
J2T Hock Lian Seng Holdings	4.6x	n/a	S$169.0m
MR7 Nordic Group	9x	n/a	S$135.7m
L19 Lum Chang Holdings	15.5x	n/a	S$114.3m
S7P Soilbuild Construction Group	9.2x	n/a	S$123.8m
IX2 PEC	11.5x	n/a	S$183.2m

Price-To-Earnings vs Peers: IX2 is expensive based on its Price-To-Earnings Ratio (11.5x) compared to the peer average (9.6x).

Price to Earnings Ratio vs Industry

How does IX2's PE Ratio compare vs other companies in the SG Construction Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap
41B Huationg Global	1.3x	n/a	US$18.93m
1L2 Hiap Seng Industries	0.6x	n/a	US$10.08m

No more companies available in this PE range

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: IX2 is expensive based on its Price-To-Earnings Ratio (11.5x) compared to the SG Construction industry average (6.5x).

Price to Earnings Ratio vs Fair Ratio

What is IX2'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.

IX2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.5x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate IX2'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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