Supalai Valuation

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

SPALI-F (THB18.8) is trading below our estimate of [[fair value]] (THB24.17)

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

Below Fair Value: SPALI-F (THB18.8) is trading below our estimate of fair value (THB24.17)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SPALI-F?

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

The above table shows the Price to Earnings ratio for SPALI-F. This is calculated by dividing SPALI-F's market cap by their current earnings.
What is SPALI-F's PE Ratio?
PE Ratio	6.8x
Earnings	฿5.99b
Market Cap	฿41.01b

SPALI-F 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	2.1x
Enterprise Value/EBITDA	8.7x
PEG Ratio	1.4x

Price to Earnings Ratio vs Peers

How does SPALI-F's PE Ratio compare to its peers?

The above table shows the PE ratio for SPALI-F 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	12.5x
SIRI Sansiri	6.1x	0.3%	฿31.8b
AMATA Amata Corporation	18.3x	21.2%	฿32.5b
FPT Frasers Property (Thailand)	20.3x	n/a	฿29.2b
AP AP (Thailand)	5.4x	7.2%	฿27.5b
SPALI-F Supalai	6.8x	4.9%	฿41.0b

Price-To-Earnings vs Peers: SPALI-F is good value based on its Price-To-Earnings Ratio (6.8x) compared to the peer average (10.9x).

Price to Earnings Ratio vs Industry

How does SPALI-F's PE Ratio compare vs other companies in the TH Real Estate Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap
WORLD World Corporation	1.8x	n/a	US$4.34m

No more companies available in this PE range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SPALI-F is good value based on its Price-To-Earnings Ratio (6.8x) compared to the TH Real Estate industry average (12.9x).

Price to Earnings Ratio vs Fair Ratio

What is SPALI-F'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.

SPALI-F PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	6.8x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate SPALI-F'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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