Netbay Valuation

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

NETBAY (THB15.9) is trading below our estimate of [[fair value]] (THB16.16)

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

Below Fair Value: NETBAY (THB15.9) is trading below our estimate of fair value (THB16.16)

Significantly Below Fair Value: NETBAY is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for NETBAY. This is calculated by dividing NETBAY's market cap by their current preferred multiple.
What is NETBAY's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	฿3.18b

NETBAY 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	5.7x
Enterprise Value/EBITDA	11.8x
PEG Ratio	1.7x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NETBAY 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	14.2x
BVG BlueVenture Group	21.7x	11.0%	฿1.3b
MFEC MFEC	17.8x	n/a	฿2.7b
PT Premier Technology	9.1x	n/a	฿2.8b
INET Internet Thailand	8.1x	-3.0%	฿2.3b
NETBAY Netbay	17x	9.8%	฿3.2b

Price-To-Earnings vs Peers: NETBAY is expensive based on its Price-To-Earnings Ratio (17x) compared to the peer average (14.2x).

Price to Earnings Ratio vs Industry

How does NETBAY's PE Ratio compare vs other companies in the Asian Software Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	41.5%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	41.5%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: NETBAY is good value based on its Price-To-Earnings Ratio (17x) compared to the Asian Software industry average (28.5x).

Price to Earnings Ratio vs Fair Ratio

What is NETBAY'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.

NETBAY PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	17x
Fair PE Ratio	15.3x

Price-To-Earnings vs Fair Ratio: NETBAY is expensive based on its Price-To-Earnings Ratio (17x) compared to the estimated Fair Price-To-Earnings Ratio (15.3x).

Analyst Price Targets

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

The above table shows the analyst NETBAY forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	฿15.90	฿18.00 +13.2%	13.9%	฿20.50	฿15.50	n/a	2
Oct ’25	฿16.40	฿18.00 +9.8%	13.9%	฿20.50	฿15.50	n/a	2
Sep ’25	฿17.40	฿18.00 +3.4%	13.9%	฿20.50	฿15.50	n/a	2
Aug ’25	฿13.40	฿25.25 +88.4%	18.8%	฿30.00	฿20.50	n/a	2
Jul ’25	฿17.60	฿27.35 +55.4%	9.7%	฿30.00	฿24.70	n/a	2
Jun ’25	฿18.80	฿27.35 +45.5%	9.7%	฿30.00	฿24.70	n/a	2
May ’25	฿20.20	฿27.35 +35.4%	9.7%	฿30.00	฿24.70	n/a	2
Apr ’25	฿20.40	฿27.35 +34.1%	9.7%	฿30.00	฿24.70	n/a	2
Mar ’25	฿21.80	฿28.75 +31.9%	4.3%	฿30.00	฿27.50	n/a	2
Feb ’25	฿23.70	฿28.60 +20.7%	4.9%	฿30.00	฿27.20	n/a	2
Dec ’24	฿18.40	฿22.50 +22.3%	4.4%	฿23.50	฿21.50	n/a	2
Nov ’24	฿20.20	฿22.50 +11.4%	4.4%	฿23.50	฿21.50	฿16.20	2
Oct ’24	฿21.50	฿24.85 +15.6%	5.4%	฿26.20	฿23.50	฿16.40	2
Sep ’24	฿22.50	฿24.85 +10.4%	5.4%	฿26.20	฿23.50	฿17.40	2
Aug ’24	฿21.40	฿24.85 +16.1%	5.4%	฿26.20	฿23.50	฿13.40	2
Jul ’24	฿21.00	฿24.85 +18.3%	5.4%	฿26.20	฿23.50	฿17.60	2
Jun ’24	฿23.20	฿24.85 +7.1%	5.4%	฿26.20	฿23.50	฿18.80	2
May ’24	฿22.20	฿29.10 +31.1%	10.0%	฿32.00	฿26.20	฿20.20	2
Apr ’24	฿23.70	฿31.00 +30.8%	3.2%	฿32.00	฿30.00	฿20.40	2
Mar ’24	฿25.25	฿31.00 +22.8%	3.2%	฿32.00	฿30.00	฿21.80	2
Feb ’24	฿29.00	฿32.75 +12.9%	2.3%	฿33.50	฿32.00	฿23.70	2
Jan ’24	฿25.00	฿32.75 +31.0%	2.3%	฿33.50	฿32.00	฿24.80	2
Dec ’23	฿26.25	฿32.75 +24.8%	2.3%	฿33.50	฿32.00	฿18.40	2
Nov ’23	฿29.25	฿32.75 +12.0%	2.3%	฿33.50	฿32.00	฿20.20	2

Analyst Forecast: Target price is less than 20% higher than the current share price.