Betagro Public Company Limited

SET:BTG Stock Report

Market Cap: ฿37.0b

Betagro Valuation

Is BTG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: BTG (THB19.1) is trading below our estimate of fair value (THB41.3)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for BTG. This is calculated by dividing BTG's market cap by their current earnings.
What is BTG's PE Ratio?
PE Ratio44.7x
Earnings฿826.90m
Market Cap฿36.95b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BTG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15x
PB President Bakery
15.9xn/a฿26.9b
TFMAMA Thai President Foods
15.3xn/a฿66.3b
ITC i-Tail Corporation
17.8x12.9%฿63.6b
TU Thai Union Group
11.1x9.7%฿58.3b
BTG Betagro
44.7x40.6%฿37.0b

Price-To-Earnings vs Peers: BTG is expensive based on its Price-To-Earnings Ratio (44.7x) compared to the peer average (15x).

Price to Earnings Ratio vs Industry

How does BTG's PE Ratio compare vs other companies in the TH Food Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
BTG 44.7xIndustry Avg. 13.7xNo. of Companies8PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BTG is expensive based on its Price-To-Earnings Ratio (44.7x) compared to the TH Food industry average (13.7x).

Price to Earnings Ratio vs Fair Ratio

What is BTG'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.

BTG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio44.7x
Fair PE Ratio30.4x

Price-To-Earnings vs Fair Ratio: BTG is expensive based on its Price-To-Earnings Ratio (44.7x) compared to the estimated Fair Price-To-Earnings Ratio (30.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BTG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿19.10
฿24.47
+28.1%
8.4%฿28.00฿22.30n/a6
Nov ’25฿21.40
฿24.90
+16.4%
8.0%฿28.00฿23.00n/a5
Oct ’25฿22.70
฿25.75
+13.4%
5.9%฿28.00฿23.00n/a6
Sep ’25฿23.90
฿25.75
+7.7%
5.9%฿28.00฿23.00n/a6
Aug ’25฿23.00
฿26.17
+13.8%
4.1%฿28.00฿25.00n/a6
Jul ’25฿21.90
฿26.17
+19.5%
4.1%฿28.00฿25.00n/a6
Jun ’25฿24.90
฿26.17
+5.1%
4.1%฿28.00฿25.00n/a6
May ’25฿23.90
฿24.83
+3.9%
9.1%฿27.00฿20.00n/a6
Apr ’25฿22.50
฿24.83
+10.4%
9.1%฿27.00฿20.00n/a6
Mar ’25฿22.00
฿26.08
+18.6%
15.3%฿33.50฿20.00n/a6
Feb ’25฿21.60
฿25.50
+18.1%
17.6%฿33.50฿20.00n/a5
Jan ’25฿24.00
฿25.50
+6.3%
17.6%฿33.50฿20.00n/a5
Dec ’24฿23.70
฿25.50
+7.6%
17.6%฿33.50฿20.00n/a5
Nov ’24฿20.30
฿26.45
+30.3%
20.5%฿37.00฿22.00฿21.405
Oct ’24฿22.60
฿27.21
+20.4%
18.8%฿37.00฿22.00฿22.705
Sep ’24฿25.00
฿24.11
-3.6%
7.2%฿26.00฿22.00฿23.905
Aug ’24฿22.30
฿23.94
+7.4%
6.9%฿26.00฿22.00฿23.005
Jul ’24฿29.00
฿29.34
+1.2%
17.5%฿40.25฿25.30฿21.906
Jun ’24฿28.50
฿28.93
+1.5%
19.1%฿40.25฿23.00฿24.906
May ’24฿25.50
฿33.55
+31.6%
18.9%฿40.25฿23.00฿23.905
Apr ’24฿26.25
฿40.20
+53.1%
9.2%฿45.00฿33.75฿22.505
Mar ’24฿32.25
฿44.31
+37.4%
11.0%฿52.00฿40.00฿22.004
Feb ’24฿34.00
฿46.81
+37.7%
9.8%฿52.00฿40.25฿21.604
Jan ’24฿34.00
฿46.81
+37.7%
9.8%฿52.00฿40.25฿24.004

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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