First Steamship Valuation

Q: What is the Fair Price of 2601 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

2601 (NT$7.81) is trading above our estimate of [[fair value]] (NT$6.22)

Is 2601 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-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 2601 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2601 (NT$7.81) is trading above our estimate of fair value (NT$6.22)

Significantly Below Fair Value: 2601 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2601?

Key metric: As 2601 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2601. This is calculated by dividing 2601's market cap by their current revenue.
What is 2601's PS Ratio?
PS Ratio	1.3x
Sales	NT$5.00b
Market Cap	NT$6.34b

2601 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	5.3x
Enterprise Value/EBITDA	19.3x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 2601's PS Ratio compare to its peers?

The above table shows the PS ratio for 2601 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	2.8x
5608 Shih Wei Navigation	2.2x	n/a	NT$7.5b
2641 Franbo Lines	3.9x	n/a	NT$6.2b
2612 Chinese Maritime Transport	2x	14.2%	NT$9.0b
2617 Taiwan Navigation	3.1x	n/a	NT$13.6b
2601 First Steamship	1.3x	n/a	NT$6.4b

Price-To-Sales vs Peers: 2601 is good value based on its Price-To-Sales Ratio (1.3x) compared to the peer average (2.8x).

Price to Sales Ratio vs Industry

How does 2601's PS Ratio compare vs other companies in the Asian Shipping Industry?

7 Companies	Price / Sales	Estimated Growth	Market Cap

7 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 2601 is good value based on its Price-To-Sales Ratio (1.3x) compared to the Asian Shipping industry average (1.5x).

Price to Sales Ratio vs Fair Ratio

What is 2601'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.

2601 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.3x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 2601'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.