Dusit Thani Freehold and Leasehold Real Estate Investment Trust Valuation

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

Below Fair Value: DREIT-F (THB9) is trading below our estimate of fair value (THB17.9)

Significantly Below Fair Value: DREIT-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 DREIT-F?

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

The above table shows the Price to Earnings ratio for DREIT-F. This is calculated by dividing DREIT-F's market cap by their current earnings.
What is DREIT-F's PE Ratio?
PE Ratio	11x
Earnings	฿393.05m
Market Cap	฿4.34b

DREIT-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	12.4x
Enterprise Value/EBITDA	n/a
PEG Ratio	-2.1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for DREIT-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	15.8x
QHHR Quality Houses Hotel and Residence Freehold and Leasehold Property Fund	32.8x	n/a	฿2.2b
GROREIT Grande Royal Orchid Hospitality Real Estate Investment Trust with Buy-Back Condition	10.6x	n/a	฿2.7b
LUXF Luxury Real Estate Investment Fund	11x	n/a	฿1.6b
GAHREIT Grande Hospitality Real Estate Investment Trust	8.8x	n/a	฿1.2b
DREIT-F Dusit Thani Freehold and Leasehold Real Estate Investment Trust	11x	-5.1%	฿4.3b

Price-To-Earnings vs Peers: DREIT-F 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 DREIT-F's PE Ratio compare vs other companies in the Asian REITs Industry?

4 Companies	Price / Earnings	Estimated Growth	Market Cap

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: DREIT-F is good value based on its Price-To-Earnings Ratio (11x) compared to the Asian REITs industry average (15.3x).

Price to Earnings Ratio vs Fair Ratio

What is DREIT-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.

DREIT-F 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 DREIT-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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