B.Grimm Power Valuation

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

BGRIM-R (THB21.1) is trading below our estimate of [[fair value]] (THB46.15)

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

Below Fair Value: BGRIM-R (THB21.1) is trading below our estimate of fair value (THB46.15)

Significantly Below Fair Value: BGRIM-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 BGRIM-R?

Key metric: As BGRIM-R is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for BGRIM-R. This is calculated by dividing BGRIM-R's market cap by their current revenue.
What is BGRIM-R's PS Ratio?
PS Ratio	1x
Sales	฿55.75b
Market Cap	฿55.01b

BGRIM-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	2.9x
Enterprise Value/EBITDA	12.4x
PEG Ratio	4.2x

Price to Sales Ratio vs Peers

How does BGRIM-R's PS Ratio compare to its peers?

The above table shows the PS ratio for BGRIM-R 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	1.6x
EGCO Electricity Generating	1.5x	-7.0%	฿61.9b
RATCH Ratch Group	2x	16.0%	฿66.3b
GPSC Global Power Synergy	1.4x	-2.7%	฿122.7b
BPP Banpu Power	1.3x	6.4%	฿36.6b
BGRIM-R B.Grimm Power	1x	1.5%	฿55.0b

Price-To-Sales vs Peers: BGRIM-R is good value based on its Price-To-Sales Ratio (1x) compared to the peer average (1.6x).

Price to Sales Ratio vs Industry

How does BGRIM-R's PS Ratio compare vs other companies in the TH Renewable Energy Industry?

0 Companies	Price / Sales	Estimated Growth	Market Cap

No more companies available in this PS range

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: BGRIM-R is good value based on its Price-To-Sales Ratio (1x) compared to the TH Renewable Energy industry average (2x).

Price to Sales Ratio vs Fair Ratio

What is BGRIM-R'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.

BGRIM-R PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1x
Fair PS Ratio	1.6x

Price-To-Sales vs Fair Ratio: BGRIM-R is good value based on its Price-To-Sales Ratio (1x) compared to the estimated Fair Price-To-Sales Ratio (1.6x).

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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