S 11 Group Valuation

Q: What is the Fair Price of S11-R when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

S11-R (THB2.56) is trading below our estimate of [[fair value]] (THB3.28)

Is S11-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 S11-R when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: S11-R (THB2.56) is trading below our estimate of fair value (THB3.28)

Significantly Below Fair Value: S11-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 S11-R?

Key metric: As S11-R is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for S11-R. This is calculated by dividing S11-R's market cap by their current revenue.
What is S11-R's PS Ratio?
PS Ratio	4.1x
Sales	฿379.63m
Market Cap	฿1.57b

S11-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	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does S11-R's PS Ratio compare to its peers?

The above table shows the PS ratio for S11-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	2.6x
TK Thitikorn	3x	n/a	฿2.3b
ECL Eastern Commercial Leasing	3.1x	n/a	฿1.2b
AMANAH Amanah Leasing	1.3x	n/a	฿1.2b
CHASE Chase Asia	2.9x	n/a	฿2.3b
S11-R S 11 Group	4.1x	n/a	฿1.6b

Price-To-Sales vs Peers: S11-R is expensive based on its Price-To-Sales Ratio (4.1x) compared to the peer average (2.5x).

Price to Sales Ratio vs Industry

How does S11-R's PS Ratio compare vs other companies in the TH Consumer Finance Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap
MIDA Mida Assets	0.4x	n/a	US$26.70m

No more companies available in this PS range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: S11-R is expensive based on its Price-To-Sales Ratio (4.1x) compared to the TH Consumer Finance industry average (2.9x).

Price to Sales Ratio vs Fair Ratio

What is S11-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.

S11-R PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	4.1x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate S11-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.

Discover undervalued companies

Sabuy Technology

฿718.9m

Provides top-up services for prepaid phone and electronical receipt through top-up machines in Thailand.

SABUY

฿0.43

-8.5%

-91.5%

IFS Capital (Thailand)

฿1.2b

Engages in the provision of factoring, leasing, hire purchase, and other financial services in Thailand, Singapore, Malaysia, and Indonesia.

IFS-R

฿2.48

-2.4%

-10.1%

Ratchthani Leasing

฿10.8b

Together with its subsidiary, provides hire-purchase and leasing services in Thailand.

THANI-R

฿1.73

-1.7%

-30.0%