Italian-Thai Development Valuation

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

ITD-F (THB1.96) is trading below our estimate of [[fair value]] (THB4.73)

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

Below Fair Value: ITD-F (THB1.96) is trading below our estimate of fair value (THB4.73)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ITD-F?

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

The above table shows the Price to Sales ratio for ITD-F. This is calculated by dividing ITD-F's market cap by their current revenue.
What is ITD-F's PS Ratio?
PS Ratio	0.2x
Sales	฿61.90b
Market Cap	฿9.93b

ITD-F 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	10.5x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does ITD-F's PS Ratio compare to its peers?

The above table shows the PS ratio for ITD-F 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
STECON Stecon Group	1.4x	32.2%	฿11.5b
TKC Turnkey Communication Services	1.9x	n/a	฿4.6b
UNIQ Unique Engineering and Construction	0.3x	n/a	฿3.1b
TEAMG TEAM Consulting Engineering and Management	1.6x	n/a	฿2.8b
ITD-F Italian-Thai Development	0.2x	7.4%	฿9.9b

Price-To-Sales vs Peers: ITD-F is good value based on its Price-To-Sales Ratio (0.2x) compared to the peer average (1.7x).

Price to Sales Ratio vs Industry

How does ITD-F's PS Ratio compare vs other companies in the TH Construction Industry?

4 Companies	Price / Sales	Estimated Growth	Market Cap
ITD Italian-Thai Development	0.04x	-4.5%	US$81.08m
TTCL TTCL	0.08x	-3.0%	US$43.91m
PLE Power Line Engineering	0.05x	n/a	US$14.60m
NWR Nawarat Patanakarn	0.05x	n/a	US$12.74m

No more companies available in this PS range

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: ITD-F is good value based on its Price-To-Sales Ratio (0.2x) compared to the TH Construction industry average (0.4x).

Price to Sales Ratio vs Fair Ratio

What is ITD-F'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.

ITD-F 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 ITD-F'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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