TTW Public Company Limited

SET:TTW Stock Report

Market Cap: ฿37.1b

TTW Valuation

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

Below Fair Value: TTW (THB9.3) is trading below our estimate of fair value (THB18.7)

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


Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

TTW 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/Revenue7.1x
Enterprise Value/EBITDA9.4x
PEG Ratio17.7x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TTW vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average21.3x
WHAUP WHA Utilities and Power
10.5x3.0%฿17.7b
EASTW Eastern Water Resources Development and Management
41.1xn/a฿5.1b
TPIPP TPI Polene Power
8x-14.7%฿25.9b
CKP CK Power
25.5x22.9%฿30.1b
TTW TTW
13.1x0.7%฿37.1b

Price-To-Earnings vs Peers: TTW is good value based on its Price-To-Earnings Ratio (13.1x) compared to the peer average (21.3x).


Price to Earnings Ratio vs Industry

How does TTW's PE Ratio compare vs other companies in the Asian Water Utilities Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a12.0%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a12.0%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: TTW is good value based on its Price-To-Earnings Ratio (13.1x) compared to the Asian Water Utilities industry average (15.5x).


Price to Earnings Ratio vs Fair Ratio

What is TTW'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.

TTW PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.1x
Fair PE Ratio11.6x

Price-To-Earnings vs Fair Ratio: TTW is expensive based on its Price-To-Earnings Ratio (13.1x) compared to the estimated Fair Price-To-Earnings Ratio (11.6x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TTW forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿9.30
฿9.93
+6.7%
4.7%฿10.50฿9.20n/a4
Sep ’25฿9.20
฿9.93
+7.9%
4.7%฿10.50฿9.20n/a4
Aug ’25฿8.80
฿9.98
+13.4%
3.9%฿10.50฿9.40n/a4
Jul ’25฿8.85
฿9.98
+12.7%
3.9%฿10.50฿9.40n/a4
Jun ’25฿9.10
฿9.98
+9.6%
3.9%฿10.50฿9.40n/a4
May ’25฿9.00
฿9.98
+10.8%
3.9%฿10.50฿9.40n/a4
Apr ’25฿9.05
฿9.98
+10.2%
3.9%฿10.50฿9.40n/a4
Mar ’25฿9.65
฿9.98
+3.4%
3.9%฿10.50฿9.40n/a4
Feb ’25฿9.55
฿9.83
+2.9%
6.9%฿10.50฿8.70n/a4
Jan ’25฿9.15
฿9.80
+7.1%
8.0%฿10.50฿8.70n/a3
Dec ’24฿8.90
฿9.80
+10.1%
8.0%฿10.50฿8.70n/a3
Nov ’24฿9.00
฿9.63
+7.0%
12.0%฿10.50฿8.00n/a3
Oct ’24฿9.05
฿9.20
+1.7%
13.0%฿10.40฿8.00฿9.402
Sep ’24฿9.00
฿9.20
+2.2%
13.0%฿10.40฿8.00฿9.202
Aug ’24฿8.70
฿9.20
+5.7%
13.0%฿10.40฿8.00฿8.802
Jul ’24฿8.65
฿9.40
+8.7%
14.9%฿10.80฿8.00฿8.852
Jun ’24฿8.50
฿9.40
+10.6%
14.9%฿10.80฿8.00฿9.102
May ’24฿8.65
฿9.40
+8.7%
14.9%฿10.80฿8.00฿9.002
Apr ’24฿8.75
฿9.70
+10.9%
17.5%฿11.40฿8.00฿9.052
Mar ’24฿9.30
฿9.70
+4.3%
17.5%฿11.40฿8.00฿9.652
Feb ’24฿9.45
฿9.70
+2.6%
17.5%฿11.40฿8.00฿9.552
Jan ’24฿9.00
฿9.80
+8.9%
18.4%฿11.60฿8.00฿9.152
Dec ’23฿8.95
฿9.80
+9.5%
18.4%฿11.60฿8.00฿8.902
Nov ’23฿8.70
฿9.80
+12.6%
18.4%฿11.60฿8.00฿9.002
Oct ’23฿9.90
฿11.03
+11.4%
6.6%฿11.60฿10.00฿9.053

Analyst Forecast: Target price is less than 20% higher than the current share price.


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