S 11 Group Valuation

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

S11 (THB2.5) is trading below our estimate of [[fair value]] (THB3.28)

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

Below Fair Value: S11 (THB2.5) is trading below our estimate of fair value (THB3.28)

Significantly Below Fair Value: S11 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?

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

The above table shows the Price to Sales ratio for S11. This is calculated by dividing S11's market cap by their current revenue.
What is S11's PS Ratio?
PS Ratio	4x
Sales	฿379.63m
Market Cap	฿1.53b

S11 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's PS Ratio compare to its peers?

The above table shows the PS ratio for S11 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	3.5x	n/a	฿2.4b
ECL Eastern Commercial Leasing	2.6x	n/a	฿1.1b
AMANAH Amanah Leasing	1.3x	n/a	฿1.3b
CHASE Chase Asia	2.9x	n/a	฿2.3b
S11 S 11 Group	4x	n/a	฿1.5b

Price-To-Sales vs Peers: S11 is expensive based on its Price-To-Sales Ratio (4x) compared to the peer average (2.6x).

Price to Sales Ratio vs Industry

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

1 Company	Price / Sales	Estimated Growth	Market Cap
MIDA Mida Assets	0.5x	n/a	US$28.92m

No more companies available in this PS range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: S11 is expensive based on its Price-To-Sales Ratio (4x) compared to the TH Consumer Finance industry average (2.9x).

Price to Sales Ratio vs Fair Ratio

What is S11'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 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	4x
Fair PS Ratio	n/a

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

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