MC Group Public Company Limited

SET:MC Stock Report

Market Cap: ฿8.6b

MC Group Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: MC (THB10.9) is trading below our estimate of fair value (THB15.91)

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


Key Valuation Metric

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

Key metric: As MC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MC. This is calculated by dividing MC's market cap by their current earnings.
What is MC's PE Ratio?
PE Ratio12x
Earnings฿716.71m
Market Cap฿8.63b

Price to Earnings Ratio vs Peers

How does MC's PE Ratio compare to its peers?

The above table shows the PE ratio for MC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.8x
SABINA Sabina
15.3x7.7%฿7.2b
TNL Thanulux
29.2xn/a฿10.7b
WARRIX Warrix Sport
16.2x19.1%฿2.4b
PDJ Pranda Jewelry
30.5xn/a฿1.2b
MC MC Group
12x9.1%฿8.6b

Price-To-Earnings vs Peers: MC is good value based on its Price-To-Earnings Ratio (12x) compared to the peer average (22.8x).


Price to Earnings Ratio vs Industry

How does MC's PE Ratio compare vs other companies in the Asian Luxury Industry?

38 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MC 12.0xIndustry Avg. 20.3xNo. of Companies94PE01632486480+
38 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MC is good value based on its Price-To-Earnings Ratio (12x) compared to the Asian Luxury industry average (20.3x).


Price to Earnings Ratio vs Fair Ratio

What is MC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12x
Fair PE Ratio11.7x

Price-To-Earnings vs Fair Ratio: MC is expensive based on its Price-To-Earnings Ratio (12x) compared to the estimated Fair Price-To-Earnings Ratio (11.7x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿10.90
฿13.80
+26.6%
6.2%฿15.00฿13.10n/a3
Nov ’25฿11.40
฿13.80
+21.1%
6.2%฿15.00฿13.10n/a3
Oct ’25฿12.20
฿14.10
+15.6%
5.5%฿15.00฿13.10n/a3
Sep ’25฿11.30
฿14.10
+24.8%
5.5%฿15.00฿13.10n/a3
Aug ’25฿10.30
฿15.07
+46.3%
4.9%฿16.00฿14.20n/a3
Jul ’25฿10.70
฿14.93
+39.5%
4.6%฿16.00฿14.20n/a4
Jun ’25฿11.20
฿14.93
+33.3%
4.6%฿16.00฿14.20n/a4
May ’25฿12.30
฿15.53
+26.3%
4.7%฿16.45฿14.50n/a5
Apr ’25฿12.90
฿15.53
+20.4%
4.7%฿16.45฿14.50n/a5
Mar ’25฿14.70
฿15.53
+5.6%
4.7%฿16.45฿14.50n/a5
Feb ’25฿12.60
฿15.15
+20.2%
5.1%฿16.45฿14.30n/a5
Jan ’25฿13.20
฿14.55
+10.2%
8.7%฿16.45฿12.50n/a5
Dec ’24฿11.30
฿15.04
+33.1%
5.0%฿16.45฿14.30n/a5
Nov ’24฿12.40
฿15.04
+21.3%
5.0%฿16.45฿14.30฿11.405
Oct ’24฿13.50
฿15.06
+11.6%
5.6%฿16.45฿14.30฿12.204
Sep ’24฿13.30
฿15.06
+13.3%
5.6%฿16.45฿14.30฿11.304
Aug ’24฿11.90
฿14.83
+24.6%
7.4%฿16.50฿13.50฿10.304
Jul ’24฿12.50
฿14.58
+16.6%
7.9%฿16.50฿13.50฿10.704
Jun ’24฿13.40
฿13.88
+3.5%
2.2%฿14.30฿13.50฿11.204
May ’24฿10.20
฿13.88
+36.0%
2.2%฿14.30฿13.50฿12.304
Apr ’24฿10.70
฿13.65
+27.6%
1.7%฿14.00฿13.40฿12.904
Mar ’24฿11.00
฿13.65
+24.1%
1.7%฿14.00฿13.40฿14.704
Feb ’24฿11.80
฿12.88
+9.1%
7.0%฿14.00฿11.50฿12.604
Jan ’24฿10.50
฿12.23
+16.4%
5.6%฿13.00฿11.50฿13.204
Dec ’23฿10.00
฿12.23
+22.3%
5.6%฿13.00฿11.50฿11.304
Nov ’23฿10.00
฿12.23
+22.3%
5.6%฿13.00฿11.50฿12.404

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


Discover undervalued companies