Luxury Real Estate Investment Fund Valuation

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

LUXF (THB8.1) is trading below our estimate of [[fair value]] (THB22.34)

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

Below Fair Value: LUXF (THB8.1) is trading below our estimate of fair value (THB22.34)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for LUXF. This is calculated by dividing LUXF's market cap by their current earnings.
What is LUXF's PE Ratio?
PE Ratio	11x
Earnings	฿145.09m
Market Cap	฿1.59b

LUXF 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	7.9x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does LUXF's PE Ratio compare to its peers?

The above table shows the PE ratio for LUXF 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	15.3x
QHHR Quality Houses Hotel and Residence Freehold and Leasehold Property Fund	32.8x	n/a	฿2.2b
GAHREIT Grande Hospitality Real Estate Investment Trust	8.6x	n/a	฿1.1b
GROREIT Grande Royal Orchid Hospitality Real Estate Investment Trust with Buy-Back Condition	10.6x	n/a	฿2.7b
DREIT Dusit Thani Freehold and Leasehold Real Estate Investment Trust	9.3x	n/a	฿3.6b
LUXF Luxury Real Estate Investment Fund	11x	n/a	฿1.6b

Price-To-Earnings vs Peers: LUXF is good value based on its Price-To-Earnings Ratio (11x) compared to the peer average (15.3x).

Price to Earnings Ratio vs Industry

How does LUXF's PE Ratio compare vs other companies in the Asian Hotel and Resort REITs Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: LUXF is good value based on its Price-To-Earnings Ratio (11x) compared to the Asian Hotel and Resort REITs industry average (11.8x).

Price to Earnings Ratio vs Fair Ratio

What is LUXF'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.

LUXF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11x
Fair PE Ratio	n/a

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