Lighting and Equipment Valuation

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

L&E (THB1.26) is trading below our estimate of [[fair value]] (THB11.43)

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

Below Fair Value: L&E (THB1.26) is trading below our estimate of fair value (THB11.43)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for L&E?

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

The above table shows the Price to Sales ratio for L&E. This is calculated by dividing L&E's market cap by their current revenue.
What is L&E's PS Ratio?
PS Ratio	0.2x
Sales	฿2.63b
Market Cap	฿615.05m

L&E 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	0.7x
Enterprise Value/EBITDA	12.6x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does L&E's PS Ratio compare to its peers?

The above table shows the PS ratio for L&E 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	1.3x
TMI Teera-Mongkol Industry	1.2x	n/a	฿644.6m
KUMWEL Kumwell Corporation	1.3x	n/a	฿718.1m
CPT CPT Drives and Power	0.9x	n/a	฿882.0m
SOLAR Solartron	1.7x	n/a	฿610.5m
L&E Lighting and Equipment	0.2x	n/a	฿620.0m

Price-To-Sales vs Peers: L&E is good value based on its Price-To-Sales Ratio (0.2x) compared to the peer average (1.3x).

Price to Sales Ratio vs Industry

How does L&E's PS Ratio compare vs other companies in the Asian Electrical Industry?

86 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	1.8x	16.0%
L&E Lighting and Equipment	0.2x	n/a	US$17.93m

86 Companies		Estimated Growth	Market Cap
Industry Avg.	1.8x	29.4%
L&E Lighting and Equipment	0.2x	n/a	US$17.93m

No more companies

Price-To-Sales vs Industry: L&E is good value based on its Price-To-Sales Ratio (0.2x) compared to the Asian Electrical industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

What is L&E'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.

L&E PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.2x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate L&E'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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