PTT Global Chemical Valuation

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

PTTGC-R (THB25.25) is trading below our estimate of [[fair value]] (THB51.09)

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: PTTGC-R (THB25.25) is trading below our estimate of fair value (THB51.09)

Significantly Below Fair Value: PTTGC-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 PTTGC-R?

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

The above table shows the Price to Sales ratio for PTTGC-R. This is calculated by dividing PTTGC-R's market cap by their current revenue.
What is PTTGC-R's PS Ratio?
PS Ratio	0.2x
Sales	฿639.12b
Market Cap	฿113.85b

PTTGC-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	0.6x
Enterprise Value/EBITDA	13.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for PTTGC-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	1x
IVL Indorama Ventures	0.3x	0.1%	฿144.6b
TOA TOA Paint (Thailand)	1.5x	3.5%	฿33.2b
BCT Birla Carbon (Thailand)	1.6x	n/a	฿20.0b
EPG Eastern Polymer Group	0.9x	4.5%	฿13.6b
PTTGC-R PTT Global Chemical	0.2x	-1.9%	฿113.8b

Price-To-Sales vs Peers: PTTGC-R is good value based on its Price-To-Sales Ratio (0.2x) compared to the peer average (1x).

Price to Sales Ratio vs Industry

How does PTTGC-R's PS Ratio compare vs other companies in the TH Chemicals Industry?

0 Companies	Price / Sales	Estimated Growth	Market Cap

No more companies available in this PS range

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: PTTGC-R is good value based on its Price-To-Sales Ratio (0.2x) compared to the TH Chemicals industry average (0.6x).

Price to Sales Ratio vs Fair Ratio

What is PTTGC-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.

PTTGC-R PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.2x
Fair PS Ratio	0.4x

Price-To-Sales vs Fair Ratio: PTTGC-R is good value based on its Price-To-Sales Ratio (0.2x) compared to the estimated Fair Price-To-Sales Ratio (0.4x).

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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