TOA Paint (Thailand) Valuation

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

TOA-R (THB16.5) is trading below our estimate of [[fair value]] (THB23.63)

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

Below Fair Value: TOA-R (THB16.5) is trading below our estimate of fair value (THB23.63)

Significantly Below Fair Value: TOA-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 TOA-R?

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

The above table shows the Price to Earnings ratio for TOA-R. This is calculated by dividing TOA-R's market cap by their current earnings.
What is TOA-R's PE Ratio?
PE Ratio	16.4x
Earnings	฿2.01b
Market Cap	฿32.98b

TOA-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	1.5x
Enterprise Value/EBITDA	9x
PEG Ratio	1.2x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TOA-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	12.2x
BCT Birla Carbon (Thailand)	9.2x	n/a	฿20.6b
EPG Eastern Polymer Group	14x	22.7%	฿11.6b
PSP P.S.P. Specialties	10.2x	n/a	฿6.1b
SPG Siam Pan Group	15.6x	n/a	฿4.8b
TOA-R TOA Paint (Thailand)	16.4x	13.5%	฿33.0b

Price-To-Earnings vs Peers: TOA-R is expensive based on its Price-To-Earnings Ratio (16.4x) compared to the peer average (12.2x).

Price to Earnings Ratio vs Industry

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

0 Companies	Price / Earnings	Estimated Growth	Market Cap

No more companies available in this PE range

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TOA-R is expensive based on its Price-To-Earnings Ratio (16.4x) compared to the TH Chemicals industry average (13.3x).

Price to Earnings Ratio vs Fair Ratio

What is TOA-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.

TOA-R PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	16.4x
Fair PE Ratio	13.9x

Price-To-Earnings vs Fair Ratio: TOA-R is expensive based on its Price-To-Earnings Ratio (16.4x) compared to the estimated Fair Price-To-Earnings Ratio (13.9x).

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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