Internet Thailand Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: INET (THB6.9) is trading above our estimate of fair value (THB5.04)

Significantly Below Fair Value: INET is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for INET. This is calculated by dividing INET's market cap by their current earnings.
What is INET's PE Ratio?
PE Ratio	11.3x
Earnings	฿308.29m
Market Cap	฿3.80b

INET 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	3.7x
Enterprise Value/EBITDA	7.7x
PEG Ratio	0.5x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for INET 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	16.7x
INSET Infraset	33x	26.5%	฿2.8b
GABLE G-Able	10.8x	15.2%	฿2.4b
MFEC MFEC	14x	n/a	฿2.7b
PT Premier Technology	9.2x	n/a	฿2.8b
INET Internet Thailand	11.3x	21.1%	฿3.5b

Price-To-Earnings vs Peers: INET is good value based on its Price-To-Earnings Ratio (11.3x) compared to the peer average (16.7x).

Price to Earnings Ratio vs Industry

How does INET's PE Ratio compare vs other companies in the Asian IT Industry?

12 Companies	Price / Earnings	Estimated Growth	Market Cap

12 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: INET is good value based on its Price-To-Earnings Ratio (11.3x) compared to the Asian IT industry average (24.1x).

Price to Earnings Ratio vs Fair Ratio

What is INET'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.

INET PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.3x
Fair PE Ratio	17.3x

Price-To-Earnings vs Fair Ratio: INET is good value based on its Price-To-Earnings Ratio (11.3x) compared to the estimated Fair Price-To-Earnings Ratio (17.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is lower than the current share price.

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