Chinese Estates Holdings Valuation

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

Valuation Score

0/6

Valuation Score 0/6

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

Below Fair Value: CEST.Y ($3.5) is trading above our estimate of fair value ($0.13)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CEST.Y?

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

The above table shows the Price to Sales ratio for CEST.Y. This is calculated by dividing CEST.Y's market cap by their current revenue.
What is CEST.Y's PS Ratio?
PS Ratio	3.6x
Sales	HK$650.31m
Market Cap	HK$2.37b

CEST.Y 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	8.3x
Enterprise Value/EBITDA	16.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does CEST.Y's PS Ratio compare to its peers?

The above table shows the PS ratio for CEST.Y 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	3.6x
TRC Tejon Ranch	10.7x	n/a	US$444.7m
FPH Five Point Holdings	1.4x	n/a	US$281.0m
RMR RMR Group	1.9x	53.9%	US$374.0m
BBXI.A BBX Capital	0.3x	n/a	US$102.7m
CEST.Y Chinese Estates Holdings	3.6x	n/a	US$2.4b

Price-To-Sales vs Peers: CEST.Y is expensive based on its Price-To-Sales Ratio (3.6x) compared to the peer average (3.6x).

Price to Sales Ratio vs Industry

How does CEST.Y's PS Ratio compare vs other companies in the US Real Estate Industry?

31 Companies	Price / Sales	Estimated Growth	Market Cap
JLL Jones Lang LaSalle	0.6x	6.4%	US$13.46b
COMP Compass	0.7x	11.5%	US$3.61b
CWK Cushman & Wakefield	0.4x	5.8%	US$3.48b
EXPI eXp World Holdings	0.5x	5.7%	US$2.21b

31 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: CEST.Y is expensive based on its Price-To-Sales Ratio (3.6x) compared to the US Real Estate industry average (2.3x).

Price to Sales Ratio vs Fair Ratio

What is CEST.Y'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.

CEST.Y PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	3.6x
Fair PS Ratio	n/a

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

Longfor Group Holdings

HK$72.6b

An investment holding company, engages in the property development, investment, and management businesses in the People’s Republic of China.

LGFR.Y

HK$13.40

-7.8%

-27.0%

Pakuwon Jati

Rp20.4t

Operates as a real estate developer in Indonesia.

PTPK.F

Rp0.16

n/a

Anywhere Real Estate

US$561.9m

Through its subsidiaries, provides residential real estate services in the United States and internationally.

HOUS

US$5.13

24.2%

-1.0%