IFS Capital (Thailand) Valuation

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

IFS-R (THB2.48) is trading below our estimate of [[fair value]] (THB3.77)

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

Below Fair Value: IFS-R (THB2.48) is trading below our estimate of fair value (THB3.77)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for IFS-R. This is calculated by dividing IFS-R's market cap by their current earnings.
What is IFS-R's PE Ratio?
PE Ratio	9x
Earnings	฿136.68m
Market Cap	฿1.22b

IFS-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	5.8x
Enterprise Value/EBITDA	9.6x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does IFS-R's PE Ratio compare to its peers?

The above table shows the PE ratio for IFS-R 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	44.8x
AF AIRA Factoring	119x	n/a	฿976.0m
GCAP G Capital	20.8x	n/a	฿242.2m
AMANAH Amanah Leasing	19.9x	n/a	฿1.3b
KCC Knight Club Capital Holding	19.4x	n/a	฿1.5b
IFS-R IFS Capital (Thailand)	9x	n/a	฿1.2b

Price-To-Earnings vs Peers: IFS-R is good value based on its Price-To-Earnings Ratio (9x) compared to the peer average (44.8x).

Price to Earnings Ratio vs Industry

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

23 Companies	Price / Earnings	Estimated Growth	Market Cap

23 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: IFS-R is good value based on its Price-To-Earnings Ratio (9x) compared to the Asian Diversified Financial industry average (19.3x).

Price to Earnings Ratio vs Fair Ratio

What is IFS-R'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.

IFS-R PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	9x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate IFS-R'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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