Television Broadcasts Valuation

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

Below Fair Value: TVBC.F ($0.39) is trading below our estimate of fair value ($0.52)

Significantly Below Fair Value: TVBC.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 TVBC.F?

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

The above table shows the Price to Sales ratio for TVBC.F. This is calculated by dividing TVBC.F's market cap by their current revenue.
What is TVBC.F's PS Ratio?
PS Ratio	0.4x
Sales	HK$3.32b
Market Cap	HK$1.38b

TVBC.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	0.9x
Enterprise Value/EBITDA	-13.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does TVBC.F's PS Ratio compare to its peers?

The above table shows the PS ratio for TVBC.F 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	0.2x
TSQ Townsquare Media	0.3x	2.3%	US$155.3m
SSP E.W. Scripps	0.08x	-1.6%	US$169.7m
IHRT iHeartMedia	0.1x	2.2%	US$358.8m
GTN Gray Television	0.1x	-1.1%	US$437.5m
TVBC.F Television Broadcasts	0.4x	4.6%	US$1.4b

Price-To-Sales vs Peers: TVBC.F is good value based on its Price-To-Sales Ratio (0.4x) compared to the peer average (0.5x).

Price to Sales Ratio vs Industry

How does TVBC.F's PS Ratio compare vs other companies in the US Media Industry?

42 Companies	Price / Sales	Estimated Growth	Market Cap
PARA Paramount Global	0.3x	1.5%	US$7.89b
DISH DISH Network	0.2x	-1.3%	US$3.08b
STGW Stagwell	0.3x	5.0%	US$2.07b
ATUS Altice USA	0.1x	-2.4%	US$1.19b

42 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: TVBC.F is good value based on its Price-To-Sales Ratio (0.4x) compared to the US Media industry average (0.8x).

Price to Sales Ratio vs Fair Ratio

What is TVBC.F'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.

TVBC.F PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.4x
Fair PS Ratio	n/a

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

Discover undervalued companies

Match Group

US$7.9b

Engages in the provision of dating products.

MTCH

US$31.53

2.7%

-1.6%

TruGolf Holdings

US$5.9m

Through its subsidiary, engages in the development and sale of indoor golf simulator hardware under the TruGolf Nevada brand for residential and commercial markets in the United States.

TRUG

US$0.45

0.3%

-96.1%

Enthusiast Gaming Holdings

CA$24.6m

An integrated gaming entertainment company, engages in the media, content, entertainment and esports, and subscription businesses in the United States, Canada, England and Wales, and internationally.

EGLX.F

CA$0.11

-1.2%

-54.7%