Willas-Array Electronics (Holdings) Valuation

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

BDR (SGD0.6) is trading below our estimate of [[fair value]] (SGD2.68)

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

Below Fair Value: BDR (SGD0.6) is trading below our estimate of fair value (SGD2.68)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for BDR. This is calculated by dividing BDR's market cap by their current revenue.
What is BDR's PS Ratio?
PS Ratio	0.1x
Sales	HK$2.66b
Market Cap	HK$301.40m

BDR 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	0.3x
Enterprise Value/EBITDA	-9x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for BDR 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	0.2x
S69 Serial System	0.04x	n/a	S$43.4m
BVQ Procurri	0.3x	n/a	S$59.9m
K29 Karin Technology Holdings	0.2x	n/a	S$66.0m
B26 Ban Leong Technologies	0.2x	n/a	S$35.6m
BDR Willas-Array Electronics (Holdings)	0.1x	n/a	S$52.2m

Price-To-Sales vs Peers: BDR is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (0.2x).

Price to Sales Ratio vs Industry

How does BDR's PS Ratio compare vs other companies in the SG Electronic Industry?

2 Companies	Price / Sales	Estimated Growth	Market Cap
BDF Excelpoint Technology	0.1x	n/a	US$164.28m
S69 Serial System	0.04x	n/a	US$32.23m

No more companies available in this PS range

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: BDR is good value based on its Price-To-Sales Ratio (0.1x) compared to the SG Electronic industry average (0.5x).

Price to Sales Ratio vs Fair Ratio

What is BDR'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.

BDR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.1x
Fair PS Ratio	n/a

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