First Sponsor Group Valuation

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

ADN (SGD1.05) is trading above our estimate of [[fair value]] (SGD0.74)

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

Valuation Score

0/6

Valuation Score 0/6

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

Below Fair Value: ADN (SGD1.05) is trading above our estimate of fair value (SGD0.74)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ADN. This is calculated by dividing ADN's market cap by their current earnings.
What is ADN's PE Ratio?
PE Ratio	85.7x
Earnings	S$13.84m
Market Cap	S$1.19b

ADN 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	8.2x
Enterprise Value/EBITDA	35.3x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ADN 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	12.7x
A26 Sinarmas Land	5.4x	n/a	S$1.4b
B61 Bukit Sembawang Estates	8.4x	n/a	S$916.5m
F17 GuocoLand	14.8x	-4.1%	S$1.6b
TQ5 Frasers Property	22.1x	4.3%	S$3.6b
ADN First Sponsor Group	85.7x	n/a	S$1.2b

Price-To-Earnings vs Peers: ADN is expensive based on its Price-To-Earnings Ratio (85.7x) compared to the peer average (12.7x).

Price to Earnings Ratio vs Industry

How does ADN's PE Ratio compare vs other companies in the SG Real Estate Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap
AZA IPC	1.9x	n/a	US$6.52m

No more companies available in this PE range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: ADN is expensive based on its Price-To-Earnings Ratio (85.7x) compared to the SG Real Estate industry average (12.9x).

Price to Earnings Ratio vs Fair Ratio

What is ADN'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.

ADN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	85.7x
Fair PE Ratio	n/a

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