Make To Win Holding Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: MTW (THB1.16) is trading below our estimate of fair value (THB11.7)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for MTW. This is calculated by dividing MTW's market cap by their current earnings.
What is MTW's PE Ratio?
PE Ratio	31.7x
Earnings	฿24.70m
Market Cap	฿781.84m

MTW 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	2.6x
Enterprise Value/EBITDA	17.6x
PEG Ratio	0.4x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for MTW vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	17.7x
PDJ Pranda Jewelry	30.5x	n/a	฿1.2b
CPH Castle Peak Holdings	8.9x	n/a	฿416.0m
WARRIX Warrix Sport	16.2x	19.1%	฿2.4b
SABINA Sabina	15.3x	7.7%	฿7.2b
MTW Make To Win Holding	31.7x	90.1%	฿781.8m

Price-To-Earnings vs Peers: MTW is expensive based on its Price-To-Earnings Ratio (31.7x) compared to the peer average (17.7x).

Price to Earnings Ratio vs Industry

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

38 Companies	Price / Earnings	Estimated Growth	Market Cap

38 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: MTW is expensive based on its Price-To-Earnings Ratio (31.7x) compared to the Asian Luxury industry average (20.3x).

Price to Earnings Ratio vs Fair Ratio

What is MTW'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.

MTW PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	31.7x
Fair PE Ratio	61.9x

Price-To-Earnings vs Fair Ratio: MTW is good value based on its Price-To-Earnings Ratio (31.7x) compared to the estimated Fair Price-To-Earnings Ratio (61.9x).

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.