TPI Polene Power Valuation

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

TPIPP-F (THB3.62) is trading below our estimate of [[fair value]] (THB4.85)

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

Below Fair Value: TPIPP-F (THB3.62) is trading below our estimate of fair value (THB4.85)

Significantly Below Fair Value: TPIPP-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 TPIPP-F?

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

The above table shows the Price to Earnings ratio for TPIPP-F. This is calculated by dividing TPIPP-F's market cap by their current earnings.
What is TPIPP-F's PE Ratio?
PE Ratio	8.6x
Earnings	฿3.25b
Market Cap	฿27.89b

TPIPP-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	4.1x
Enterprise Value/EBITDA	9.8x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TPIPP-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	13.4x
CKP CK Power	19.7x	18.9%	฿26.5b
GUNKUL Gunkul Engineering	16x	17.4%	฿20.0b
EA Energy Absolute	6.4x	-11.2%	฿19.3b
BCPG BCPG	11.3x	-10.5%	฿16.8b
TPIPP-F TPI Polene Power	8.6x	n/a	฿27.9b

Price-To-Earnings vs Peers: TPIPP-F is good value based on its Price-To-Earnings Ratio (8.6x) compared to the peer average (15.2x).

Price to Earnings Ratio vs Industry

How does TPIPP-F's PE Ratio compare vs other companies in the Asian Renewable Energy Industry?

12 Companies	Price / Earnings	Estimated Growth	Market Cap

12 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TPIPP-F is good value based on its Price-To-Earnings Ratio (8.6x) compared to the TH Renewable Energy industry average (14.5x).

Price to Earnings Ratio vs Fair Ratio

What is TPIPP-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.

TPIPP-F PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8.6x
Fair PE Ratio	n/a

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