Forth Corporation Valuation

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

Below Fair Value: FORTH-F (THB36.5) is trading below our estimate of fair value (THB57.84)

Significantly Below Fair Value: FORTH-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 FORTH-F?

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

The above table shows the Price to Earnings ratio for FORTH-F. This is calculated by dividing FORTH-F's market cap by their current earnings.
What is FORTH-F's PE Ratio?
PE Ratio	48x
Earnings	฿804.53m
Market Cap	฿38.58b

FORTH-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	4.4x
Enterprise Value/EBITDA	23.4x
PEG Ratio	0.9x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FORTH-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	21.5x
HANA Hana Microelectronics	20.1x	21.3%	฿24.6b
SVI SVI	11.4x	5.1%	฿14.6b
CCET Cal-Comp Electronics (Thailand)	44.8x	n/a	฿93.5b
TEAM Team Precision	9.5x	n/a	฿1.9b
FORTH-F Forth Corporation	48x	54.8%	฿38.6b

Price-To-Earnings vs Peers: FORTH-F is expensive based on its Price-To-Earnings Ratio (48x) compared to the peer average (28x).

Price to Earnings Ratio vs Industry

How does FORTH-F'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: FORTH-F is expensive based on its Price-To-Earnings Ratio (48x) compared to the TH Electronic industry average (16.8x).

Price to Earnings Ratio vs Fair Ratio

What is FORTH-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.

FORTH-F PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	48x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate FORTH-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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