Capital Securities Valuation

Is 6005 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 6005 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 6005 (NT$21.55) is trading below our estimate of fair value (NT$27.23)

Significantly Below Fair Value: 6005 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 6005?

Key metric: As 6005 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 6005. This is calculated by dividing 6005's market cap by their current earnings.
What is 6005's PE Ratio?
PE Ratio	9.9x
Earnings	NT$4.71b
Market Cap	NT$47.33b

6005 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	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does 6005's PE Ratio compare to its peers?

The above table shows the PE ratio for 6005 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	12.1x
2855 President Securities	9.7x	n/a	NT$39.0b
6023 Yuanta Futures	12.8x	n/a	NT$26.2b
2820 China Bills Finance	15.7x	n/a	NT$20.2b
6024 Capital Futures	10.3x	n/a	NT$12.1b
6005 Capital Securities	9.9x	n/a	NT$47.3b

Price-To-Earnings vs Peers: 6005 is good value based on its Price-To-Earnings Ratio (9.9x) compared to the peer average (12.1x).

Price to Earnings Ratio vs Industry

How does 6005's PE Ratio compare vs other companies in the Asian Capital Markets Industry?

42 Companies	Price / Earnings	Estimated Growth	Market Cap

42 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 6005 is good value based on its Price-To-Earnings Ratio (9.9x) compared to the Asian Capital Markets industry average (17.9x).

Price to Earnings Ratio vs Fair Ratio

What is 6005'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.

6005 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	9.9x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 6005'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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