Thaire Life Assurance Valuation

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

THREL (THB1.7) is trading above our estimate of [[fair value]] (THB1.32)

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

Below Fair Value: THREL (THB1.7) is trading above our estimate of fair value (THB1.32)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for THREL. This is calculated by dividing THREL's market cap by their current revenue.
What is THREL's PS Ratio?
PS Ratio	0.2x
Sales	฿4.30b
Market Cap	฿1.05b

THREL 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	0.2x
Enterprise Value/EBITDA	-24.4x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does THREL's PS Ratio compare to its peers?

The above table shows the PS ratio for THREL 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	1.6x
THRE Thai Reinsurance	0.4x	n/a	฿2.4b
NKI Navakij Insurance	0.3x	n/a	฿919.6m
TQR TQR	5.4x	n/a	฿1.4b
INSURE Indara Insurance	0.4x	n/a	฿984.0m
THREL Thaire Life Assurance	0.2x	n/a	฿1.1b

Price-To-Sales vs Peers: THREL is good value based on its Price-To-Sales Ratio (0.2x) compared to the peer average (1.6x).

Price to Sales Ratio vs Industry

How does THREL's PS Ratio compare vs other companies in the TH Insurance Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap
SMK Syn Mun Kong Insurance	0.002x	n/a	US$404.11k

No more companies available in this PS range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: THREL is good value based on its Price-To-Sales Ratio (0.2x) compared to the Asian Insurance industry average (0.9x).

Price to Sales Ratio vs Fair Ratio

What is THREL'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.

THREL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.2x
Fair PS Ratio	n/a

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