nForce Secure Valuation

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

SECURE-R (THB12.8) is trading below our estimate of [[fair value]] (THB18.4)

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

Below Fair Value: SECURE-R (THB12.8) is trading below our estimate of fair value (THB18.4)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SECURE-R?

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

The above table shows the Price to Earnings ratio for SECURE-R. This is calculated by dividing SECURE-R's market cap by their current earnings.
What is SECURE-R's PE Ratio?
PE Ratio	13.3x
Earnings	฿99.25m
Market Cap	฿1.30b

SECURE-R 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	0.7x
Enterprise Value/EBITDA	7.4x
PEG Ratio	0.8x

Price to Earnings Ratio vs Peers

How does SECURE-R's PE Ratio compare to its peers?

The above table shows the PE ratio for SECURE-R 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	15.6x
SIMAT Simat Technologies	29.6x	n/a	฿1.5b
MSC Metro Systems Corporation	13.2x	n/a	฿2.8b
ILINK Interlink Communication	5.7x	-2.9%	฿3.1b
APP Applicad	14x	n/a	฿484.4m
SECURE-R nForce Secure	13.3x	17.4%	฿1.3b

Price-To-Earnings vs Peers: SECURE-R is good value based on its Price-To-Earnings Ratio (13.3x) compared to the peer average (15.6x).

Price to Earnings Ratio vs Industry

How does SECURE-R's PE Ratio compare vs other companies in the Asian Electronic Industry?

37 Companies	Price / Earnings	Estimated Growth	Market Cap

37 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SECURE-R is good value based on its Price-To-Earnings Ratio (13.3x) compared to the Asian Electronic industry average (23.9x).

Price to Earnings Ratio vs Fair Ratio

What is SECURE-R'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.

SECURE-R PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	13.3x
Fair PE Ratio	16.6x

Price-To-Earnings vs Fair Ratio: SECURE-R is good value based on its Price-To-Earnings Ratio (13.3x) compared to the estimated Fair Price-To-Earnings Ratio (16.6x).

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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