Choice Development Valuation

Is 9929 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

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 9929 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9929 (NT$15.9) is trading below our estimate of fair value (NT$19.49)

Significantly Below Fair Value: 9929 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9929?

Key metric: As 9929 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 9929. This is calculated by dividing 9929's market cap by their current revenue.
What is 9929's PS Ratio?
PS Ratio	2.3x
Sales	NT$699.83m
Market Cap	NT$1.61b

9929 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	3.1x
Enterprise Value/EBITDA	21.3x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 9929's PS Ratio compare to its peers?

The above table shows the PS ratio for 9929 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	3.2x
8401 Bai Sha Technology	1.2x	n/a	NT$1.8b
6593 Taiwan Numerical Powers	3x	n/a	NT$2.0b
8906 Forward Graphic Enterprise	6.6x	n/a	NT$1.5b
8921 Shen's Art Printing	1.9x	n/a	NT$1.2b
9929 Choice Development	2.3x	n/a	NT$1.6b

Price-To-Sales vs Peers: 9929 is good value based on its Price-To-Sales Ratio (2.3x) compared to the peer average (3.2x).

Price to Sales Ratio vs Industry

How does 9929's PS Ratio compare vs other companies in the TW Commercial Services 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: 9929 is good value based on its Price-To-Sales Ratio (2.3x) compared to the TW Commercial Services industry average (2.6x).

Price to Sales Ratio vs Fair Ratio

What is 9929'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.

9929 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.3x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 9929's Price-To-Sales 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.