TBN Corporation Valuation

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

TBN (THB6.2) is trading below our estimate of [[fair value]] (THB8.62)

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: TBN (THB6.2) is trading below our estimate of fair value (THB8.62)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TBN. This is calculated by dividing TBN's market cap by their current earnings.
What is TBN's PE Ratio?
PE Ratio	11.6x
Earnings	฿53.40m
Market Cap	฿615.00m

TBN 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	0.6x
Enterprise Value/EBITDA	3.8x
PEG Ratio	0.3x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TBN 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	16.3x
BVG BlueVenture Group	22.2x	13.7%	฿1.3b
I2 I2 Enterprise	7.2x	n/a	฿609.0m
VCOM Vintcom Technology	8.7x	n/a	฿761.4m
SRS Sirisoft	27.2x	46.8%	฿796.8m
TBN TBN Corporation	11.6x	39.6%	฿620.0m

Price-To-Earnings vs Peers: TBN is good value based on its Price-To-Earnings Ratio (11.6x) compared to the peer average (16.3x).

Price to Earnings Ratio vs Industry

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

8 Companies	Price / Earnings	Estimated Growth	Market Cap

8 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TBN is good value based on its Price-To-Earnings Ratio (11.6x) compared to the Asian Software industry average (28.9x).

Price to Earnings Ratio vs Fair Ratio

What is TBN'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.

TBN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.6x
Fair PE Ratio	16.2x

Price-To-Earnings vs Fair Ratio: TBN is good value based on its Price-To-Earnings Ratio (11.6x) compared to the estimated Fair Price-To-Earnings Ratio (16.3x).

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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