WHA Utilities and Power Valuation

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

Below Fair Value: WHAUP-R (THB4.94) is trading below our estimate of fair value (THB26.54)

Significantly Below Fair Value: WHAUP-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 WHAUP-R?

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

The above table shows the Price to Earnings ratio for WHAUP-R. This is calculated by dividing WHAUP-R's market cap by their current earnings.
What is WHAUP-R's PE Ratio?
PE Ratio	14.9x
Earnings	฿1.27b
Market Cap	฿18.90b

WHAUP-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	11.7x
Enterprise Value/EBITDA	28.4x
PEG Ratio	1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for WHAUP-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	11.9x
TTW TTW	12.6x	0.6%	฿35.9b
BCPG BCPG	11.5x	-10.5%	฿17.1b
EA Energy Absolute	7x	-11.2%	฿21.0b
GUNKUL Gunkul Engineering	16.4x	15.2%	฿20.5b
WHAUP-R WHA Utilities and Power	14.9x	14.6%	฿18.9b

Price-To-Earnings vs Peers: WHAUP-R is expensive based on its Price-To-Earnings Ratio (14.9x) compared to the peer average (11.9x).

Price to Earnings Ratio vs Industry

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

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: WHAUP-R is expensive based on its Price-To-Earnings Ratio (14.9x) compared to the Asian Water Utilities industry average (14.8x).

Price to Earnings Ratio vs Fair Ratio

What is WHAUP-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.

WHAUP-R PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	14.9x
Fair PE Ratio	14.4x

Price-To-Earnings vs Fair Ratio: WHAUP-R is expensive based on its Price-To-Earnings Ratio (14.9x) compared to the estimated Fair Price-To-Earnings Ratio (14.4x).

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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