Thaivivat Holdings Valuation

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

TVH-R (THB9.65) is trading below our estimate of [[fair value]] (THB16.07)

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

Below Fair Value: TVH-R (THB9.65) is trading below our estimate of fair value (THB16.07)

Significantly Below Fair Value: TVH-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 TVH-R?

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

The above table shows the Price to Earnings ratio for TVH-R. This is calculated by dividing TVH-R's market cap by their current earnings.
What is TVH-R's PE Ratio?
PE Ratio	8.1x
Earnings	฿355.65m
Market Cap	฿2.89b

TVH-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	0.4x
Enterprise Value/EBITDA	5.6x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TVH-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	10.1x
MTI Muang Thai Insurance	9.2x	n/a	฿6.3b
NKI Navakij Insurance	17.5x	n/a	฿931.0m
BUI Bangkok Union Insurance	4.3x	n/a	฿672.3m
TIPH Dhipaya Group Holdings	9.5x	n/a	฿14.6b
TVH-R Thaivivat Holdings	8.1x	n/a	฿2.9b

Price-To-Earnings vs Peers: TVH-R is good value based on its Price-To-Earnings Ratio (8.1x) compared to the peer average (10.1x).

Price to Earnings Ratio vs Industry

How does TVH-R's PE Ratio compare vs other companies in the Asian Insurance Industry?

6 Companies	Price / Earnings	Estimated Growth	Market Cap

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TVH-R is good value based on its Price-To-Earnings Ratio (8.1x) compared to the Asian Insurance industry average (11x).

Price to Earnings Ratio vs Fair Ratio

What is TVH-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.

TVH-R PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8.1x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TVH-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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