Hour Glass Valuation

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

Below Fair Value: AGS (SGD1.52) is trading below our estimate of fair value (SGD1.55)

Significantly Below Fair Value: AGS is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for AGS. This is calculated by dividing AGS's market cap by their current earnings.
What is AGS's PE Ratio?
PE Ratio	7x
Earnings	S$140.90m
Market Cap	S$985.09m

AGS 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	0.9x
Enterprise Value/EBITDA	5x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for AGS 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	25x
5SO Duty Free International	46.5x	n/a	S$85.1m
C41 Cortina Holdings	8x	n/a	S$465.3m
528 Second Chance Properties	18.8x	n/a	S$278.3m
M01 Metro Holdings	26.7x	n/a	S$389.2m
AGS Hour Glass	7x	n/a	S$985.1m

Price-To-Earnings vs Peers: AGS is good value based on its Price-To-Earnings Ratio (7x) compared to the peer average (25x).

Price to Earnings Ratio vs Industry

How does AGS's PE Ratio compare vs other companies in the Asian Specialty Retail Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: AGS is good value based on its Price-To-Earnings Ratio (7x) compared to the Asian Specialty Retail industry average (17.2x).

Price to Earnings Ratio vs Fair Ratio

What is AGS'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.

AGS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	7x
Fair PE Ratio	n/a

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