United Integrated Services Valuation

Q: What is the Fair Price of 2404 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

2404 (NT$403.5) is trading below our estimate of [[fair value]] (NT$4715.87)

Is 2404 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 2404 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2404 (NT$403.5) is trading below our estimate of fair value (NT$4715.87)

Significantly Below Fair Value: 2404 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2404?

Key metric: As 2404 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2404. This is calculated by dividing 2404's market cap by their current earnings.
What is 2404's PE Ratio?
PE Ratio	14.6x
Earnings	NT$5.20b
Market Cap	NT$73.72b

2404 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	1.3x
Enterprise Value/EBITDA	10.6x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does 2404's PE Ratio compare to its peers?

The above table shows the PE ratio for 2404 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	18.3x
2072 Century Wind Power	24.2x	n/a	NT$42.4b
1808 Run Long Construction	10.4x	n/a	NT$40.9b
2543 Hwang Chang General Contractor	22x	n/a	NT$34.9b
9933 CTCI	16.5x	24.0%	NT$34.1b
2404 United Integrated Services	14.6x	n/a	NT$73.7b

Price-To-Earnings vs Peers: 2404 is good value based on its Price-To-Earnings Ratio (14.6x) compared to the peer average (18.3x).

Price to Earnings Ratio vs Industry

How does 2404's PE Ratio compare vs other companies in the TW Construction Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap

No more companies available in this PE range

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 2404 is good value based on its Price-To-Earnings Ratio (14.6x) compared to the TW Construction industry average (16.7x).

Price to Earnings Ratio vs Fair Ratio

What is 2404'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.

2404 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	14.6x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 2404'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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