Union Steel Holdings Valuation

Q: What is the Fair Price of ZB9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

ZB9 (SGD0.64) is trading above our estimate of [[fair value]] (SGD0.5)

Is ZB9 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 ZB9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ZB9 (SGD0.64) is trading above our estimate of fair value (SGD0.5)

Significantly Below Fair Value: ZB9 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ZB9?

Key metric: As ZB9 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ZB9. This is calculated by dividing ZB9's market cap by their current earnings.
What is ZB9's PE Ratio?
PE Ratio	5.9x
Earnings	S$12.73m
Market Cap	S$75.61m

ZB9 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	0.8x
Enterprise Value/EBITDA	5.9x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does ZB9's PE Ratio compare to its peers?

The above table shows the PE ratio for ZB9 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	17.9x
NLC 5E Resources	8.6x	n/a	S$52.9m
NEX Reclaims Global	10.7x	n/a	S$39.3m
ENV LS 2 Holdings	5x	n/a	S$13.1m
A33 Southern Archipelago	47.2x	n/a	S$27.6m
ZB9 Union Steel Holdings	5.9x	n/a	S$75.6m

Price-To-Earnings vs Peers: ZB9 is good value based on its Price-To-Earnings Ratio (5.9x) compared to the peer average (17.9x).

Price to Earnings Ratio vs Industry

How does ZB9's PE Ratio compare vs other companies in the Asian Commercial Services Industry?

12 Companies	Price / Earnings	Estimated Growth	Market Cap

12 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: ZB9 is good value based on its Price-To-Earnings Ratio (5.9x) compared to the Asian Commercial Services industry average (16.9x).

Price to Earnings Ratio vs Fair Ratio

What is ZB9'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.

ZB9 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	5.9x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate ZB9'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.