Pan Asia Footwear Valuation

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

PAF-R (THB1) is trading above our estimate of [[fair value]] (THB0.11)

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

Below Fair Value: PAF-R (THB1) is trading above our estimate of fair value (THB0.11)

Significantly Below Fair Value: PAF-R is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PAF-R?

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

The above table shows the Price to Sales ratio for PAF-R. This is calculated by dividing PAF-R's market cap by their current revenue.
What is PAF-R's PS Ratio?
PS Ratio	0.2x
Sales	฿2.81b
Market Cap	฿536.40m

PAF-R 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	0.2x
Enterprise Value/EBITDA	27.5x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does PAF-R's PS Ratio compare to its peers?

The above table shows the PS ratio for PAF-R 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	1x
RSP Rich Sport	1x	n/a	฿1.4b
MTW Make To Win Holding	2.2x	66.9%	฿781.8m
CPL CPL Group	0.3x	n/a	฿580.6m
CWT Chai Watana Tannery Group	0.4x	n/a	฿674.2m
PAF-R Pan Asia Footwear	0.2x	n/a	฿536.4m

Price-To-Sales vs Peers: PAF-R is good value based on its Price-To-Sales Ratio (0.2x) compared to the peer average (1x).

Price to Sales Ratio vs Industry

How does PAF-R's PS Ratio compare vs other companies in the TH Luxury Industry?

2 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	0.8x	11.6%
PAF-R Pan Asia Footwear	0.2x	n/a	US$15.56m
PAF Pan Asia Footwear	0.2x	n/a	US$15.56m

No more companies available in this PS range

2 Companies		Estimated Growth	Market Cap
Industry Avg.	0.8x	18.3%
PAF-R Pan Asia Footwear	0.2x	n/a	US$15.56m

No more companies

Price-To-Sales vs Industry: PAF-R is good value based on its Price-To-Sales Ratio (0.2x) compared to the TH Luxury industry average (0.8x).

Price to Sales Ratio vs Fair Ratio

What is PAF-R'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.

PAF-R 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 PAF-R'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.