True Corporation Valuation

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

TRUE-F (THB11.8) is trading below our estimate of [[fair value]] (THB37.75)

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

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: TRUE-F (THB11.8) is trading below our estimate of fair value (THB37.75)

Significantly Below Fair Value: TRUE-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 TRUE-F?

Key metric: As TRUE-F is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TRUE-F. This is calculated by dividing TRUE-F's market cap by their current revenue.
What is TRUE-F's PS Ratio?
PS Ratio	1.7x
Sales	฿239.44b
Market Cap	฿404.26b

TRUE-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	3.4x
Enterprise Value/EBITDA	10.8x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does TRUE-F's PS Ratio compare to its peers?

The above table shows the PS ratio for TRUE-F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	5.6x
JTS Jasmine Technology Solution	16.6x	n/a	฿46.1b
JAS Jasmine International	0.6x	n/a	฿18.9b
SAMTEL Samart Telcoms	1x	n/a	฿3.8b
ADVANC Advanced Info Service	4x	3.0%	฿835.8b
TRUE-F True Corporation	1.7x	-2.7%	฿404.3b

Price-To-Sales vs Peers: TRUE-F is good value based on its Price-To-Sales Ratio (1.7x) compared to the peer average (5.6x).

Price to Sales Ratio vs Industry

How does TRUE-F's PS Ratio compare vs other companies in the Asian Telecom Industry?

16 Companies	Price / Sales	Estimated Growth	Market Cap

16 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: TRUE-F is good value based on its Price-To-Sales Ratio (1.7x) compared to the Asian Telecom industry average (1.9x).

Price to Sales Ratio vs Fair Ratio

What is TRUE-F's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRUE-F PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.7x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate TRUE-F's Price-To-Sales 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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