Tapaco Valuation

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

TAPAC (THB0.52) is trading above our estimate of [[fair value]] (THB0.49)

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: TAPAC (THB0.52) is trading above our estimate of fair value (THB0.49)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for TAPAC. This is calculated by dividing TAPAC's market cap by their current revenue.
What is TAPAC's PS Ratio?
PS Ratio	0.1x
Sales	฿1.79b
Market Cap	฿214.17m

TAPAC 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	0.4x
Enterprise Value/EBITDA	22.1x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for TAPAC 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	0.7x
CIG C.I. Group	0.4x	n/a	฿180.6m
PK Patkol	0.2x	n/a	฿302.0m
FVC Filter Vision	0.4x	n/a	฿380.2m
TMC T.M.C. Industrial	1.9x	n/a	฿523.0m
TAPAC Tapaco	0.1x	n/a	฿214.2m

Price-To-Sales vs Peers: TAPAC is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (0.7x).

Price to Sales Ratio vs Industry

How does TAPAC's PS Ratio compare vs other companies in the TH Machinery Industry?

2 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	1.8x	12.1%
TAPAC Tapaco	0.1x	n/a	US$5.95m
KKC Kulthorn Kirby	0.02x	n/a	US$1.79m

No more companies available in this PS range

2 Companies		Estimated Growth	Market Cap
Industry Avg.	1.8x	23.7%
TAPAC Tapaco	0.1x	n/a	US$5.95m

No more companies

Price-To-Sales vs Industry: TAPAC is good value based on its Price-To-Sales Ratio (0.1x) compared to the Asian Machinery industry average (1.6x).

Price to Sales Ratio vs Fair Ratio

What is TAPAC'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.

TAPAC 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 TAPAC'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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