Forth Smart Service Valuation

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

FSMART (THB8.4) is trading above our estimate of [[fair value]] (THB6.21)

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

Below Fair Value: FSMART (THB8.4) is trading above our estimate of fair value (THB6.21)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for FSMART. This is calculated by dividing FSMART's market cap by their current earnings.
What is FSMART's PE Ratio?
PE Ratio	18.5x
Earnings	฿342.28m
Market Cap	฿6.14b

FSMART 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	2.8x
Enterprise Value/EBITDA	9.4x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FSMART 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	29.4x
MST Maybank Securities (Thailand)	14.9x	n/a	฿5.6b
ASP Asia Plus Group Holdings	13.1x	n/a	฿5.1b
ASK Asia Sermkij Leasing	11.7x	29.4%	฿5.6b
SGC SG Capital	77.8x	n/a	฿8.2b
FSMART Forth Smart Service	18.5x	n/a	฿6.1b

Price-To-Earnings vs Peers: FSMART is good value based on its Price-To-Earnings Ratio (18.5x) compared to the peer average (29.4x).

Price to Earnings Ratio vs Industry

How does FSMART's PE Ratio compare vs other companies in the Asian Diversified Financial Industry?

22 Companies	Price / Earnings	Estimated Growth	Market Cap

22 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: FSMART is good value based on its Price-To-Earnings Ratio (18.5x) compared to the Asian Diversified Financial industry average (19.3x).

Price to Earnings Ratio vs Fair Ratio

What is FSMART'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.

FSMART PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	18.5x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate FSMART's Price-To-Earnings 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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