Renaissance United Valuation

Q: What is the Fair Price of I11 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

I11 (SGD0) is trading below our estimate of [[fair value]] (SGD0.04)

Is I11 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 I11 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: I11 (SGD0) is trading below our estimate of fair value (SGD0.04)

Significantly Below Fair Value: I11 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for I11?

Key metric: As I11 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for I11. This is calculated by dividing I11's market cap by their current revenue.
What is I11's PS Ratio?
PS Ratio	0.07x
Sales	S$94.16m
Market Cap	S$6.18m

I11 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	3x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does I11's PS Ratio compare to its peers?

The above table shows the PS ratio for I11 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	0.4x
1F2 Union Gas Holdings	0.8x	n/a	S$101.6m
5CR Asiatic Group (Holdings)	0.1x	n/a	S$6.5m
BEH China International Holdings	0.2x	n/a	S$3.6m
TSG Tesgas	0.3x	n/a	zł27.6m
I11 Renaissance United	0.07x	n/a	S$6.2m

Price-To-Sales vs Peers: I11 is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (0.4x).

Price to Sales Ratio vs Industry

How does I11's PS Ratio compare vs other companies in the Asian Gas Utilities Industry?

12 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	0.6x	3.2%
I11 Renaissance United	0.07x	n/a	US$4.60m

12 Companies		Estimated Growth	Market Cap
Industry Avg.	0.6x	8.1%
I11 Renaissance United	0.07x	n/a	US$4.60m

No more companies

Price-To-Sales vs Industry: I11 is good value based on its Price-To-Sales Ratio (0.1x) compared to the Asian Gas Utilities industry average (0.6x).

Price to Sales Ratio vs Fair Ratio

What is I11'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.

I11 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.07x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate I11'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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