TIPCO Asphalt PCL (SET:TASCO)

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Price: 18.5 THB 1.09%

Market Cap: 29.2B THB

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Section:

Relative Value

The Relative Value of one TASCO stock under the Base Case scenario is 20.03 THB. Compared to the current market price of 18.5 THB, TIPCO Asphalt PCL is Undervalued by 8%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Relative Value calculated?

TASCO Relative Value

Base Case

Worst Case

Base Case

Best Case

Valuation Multiples

1.1

P/S

vs History	12
vs Industry	42

Median 5Y

Industry

0.9

Forward

More Details

27.2

P/E

vs History	6
vs Industry	24

Median 5Y

12.4

Industry

15.3

Forward

19.5

More Details

8.5

P/OCF

vs History	53
vs Industry	28

Median 5Y

10.3

Industry

More Details

16.1

P/FCFE

vs History	23
vs Industry	24

Median 5Y

13.3

Industry

13.2

More Details

1.9

P/B

vs History	14
vs Industry	33

Median 5Y

1.7

Industry

1.2

More Details

1.1

EV/S

vs History	22
vs Industry	44

Median 5Y

Industry

1.1

Forward

1.1

More Details

10.9

EV/GP

vs History	15
vs Industry	23

Median 5Y

7.6

Industry

5.2

More Details

10.7

EV/EBITDA

vs History	28
vs Industry	38

Median 5Y

6.9

Industry

9.7

Forward

8.4

More Details

17.7

EV/EBIT

vs History	11
vs Industry	28

Median 5Y

Industry

12.4

Forward

12.1

More Details

8.8

EV/OCF

vs History	55
vs Industry	30

Median 5Y

10.8

Industry

10.1

More Details

10.7

EV/FCFF

vs History	58
vs Industry	25

Median 5Y

14.6

Industry

12.5

More Details

1.6

EV/IC

vs History	17
vs Industry	26

Median 5Y

1.4

Industry

0.8

More Details

Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

			Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
TH	T	TIPCO Asphalt PCL SET:TASCO	29.2B THB	1.1	27.2	10.7	17.7
IE	C	CRH PLC NYSE:CRH	62.8B USD	1	10.5	6.9	8.7
CH		Holcim AG SIX:HOLN	49.5B CHF	1.8	16.5	8.6	12.8
IN		UltraTech Cement Ltd NSE:ULTRACEMCO	3.1T INR	4.4	47.8	25.2	34.5
US		Vulcan Materials Co NYSE:VMC	33.7B USD	4.6	39.9	18.5	26.9
US		Martin Marietta Materials Inc NYSE:MLM	31.8B USD	4.8	15.7	17.8	24.6
DE		HeidelbergCement AG XETRA:HEI	22.9B EUR	0.9	3	2.8	3.2
IN		Grasim Industries Ltd NSE:GRASIM	1.6T INR	1.2	35.9	9.5	11.6
CN		Anhui Conch Cement Co Ltd SSE:600585	125.2B CNY	1.1	18	10.2	10.2
DE	H	Heidelberg Materials AG XMUN:HEI	14.8B EUR	0.6	2	1.9	2.2
IN		Ambuja Cements Ltd NSE:AMBUJACEM	1.3T INR	3.8	42.4	19.7	29.3

				Revenue Growth	P/S to Growth
TH	T	TIPCO Asphalt PCL SET:TASCO	Average P/S: 2.3 1.1	0%	N/A
IE	C	CRH PLC NYSE:CRH	1	6%	0.2
CH		Holcim AG SIX:HOLN	1.8	3%	0.6
IN		UltraTech Cement Ltd NSE:ULTRACEMCO	4.4	11%	0.4
US		Vulcan Materials Co NYSE:VMC	4.6	4%	1.1
US		Martin Marietta Materials Inc NYSE:MLM	4.8	5%	1
DE		HeidelbergCement AG XETRA:HEI	0.9	3%	0.3
IN		Grasim Industries Ltd NSE:GRASIM	1.2	12%	0.1
CN		Anhui Conch Cement Co Ltd SSE:600585	1.1	-1%	N/A
DE	H	Heidelberg Materials AG XMUN:HEI	0.6	3%	0.2
IN		Ambuja Cements Ltd NSE:AMBUJACEM	3.8	15%	0.3

				Earnings Growth	PEG
TH	T	TIPCO Asphalt PCL SET:TASCO	Average P/E: 23.5 27.2	-5%	N/A
IE	C	CRH PLC NYSE:CRH	10.5	16%	0.7
CH		Holcim AG SIX:HOLN	16.5	10%	1.6
IN		UltraTech Cement Ltd NSE:ULTRACEMCO	47.8	19%	2.5
US		Vulcan Materials Co NYSE:VMC	39.9	15%	2.7
US		Martin Marietta Materials Inc NYSE:MLM	15.7	8%	2
DE		HeidelbergCement AG XETRA:HEI	3	8%	0.4
IN		Grasim Industries Ltd NSE:GRASIM	35.9	21%	1.7
CN		Anhui Conch Cement Co Ltd SSE:600585	18	1%	18
DE	H	Heidelberg Materials AG XMUN:HEI	2	8%	0.2
IN		Ambuja Cements Ltd NSE:AMBUJACEM	42.4	18%	2.4

				EBITDA Growth	EV/EBITDA to Growth
TH	T	TIPCO Asphalt PCL SET:TASCO	Average EV/EBITDA: 12 10.7	2%	5.3
IE	C	CRH PLC NYSE:CRH	6.9	10%	0.7
CH		Holcim AG SIX:HOLN	8.6	7%	1.2
IN		UltraTech Cement Ltd NSE:ULTRACEMCO	25.2	17%	1.5
US		Vulcan Materials Co NYSE:VMC	18.5	9%	2.1
US		Martin Marietta Materials Inc NYSE:MLM	17.8	7%	2.5
DE		HeidelbergCement AG XETRA:HEI	2.8	9%	0.3
IN		Grasim Industries Ltd NSE:GRASIM	9.5	13%	0.7
CN		Anhui Conch Cement Co Ltd SSE:600585	10.2	21%	0.5
DE	H	Heidelberg Materials AG XMUN:HEI	1.9	9%	0.2
IN		Ambuja Cements Ltd NSE:AMBUJACEM	19.7	22%	0.9

				EBIT Growth	EV/EBIT to Growth
TH	T	TIPCO Asphalt PCL SET:TASCO	Average EV/EBIT: 16.5 17.7	6%	2.9
IE	C	CRH PLC NYSE:CRH	8.7	12%	0.7
CH		Holcim AG SIX:HOLN	12.8	10%	1.3
IN		UltraTech Cement Ltd NSE:ULTRACEMCO	34.5	19%	1.8
US		Vulcan Materials Co NYSE:VMC	26.9	12%	2.2
US		Martin Marietta Materials Inc NYSE:MLM	24.6	7%	3.5
DE		HeidelbergCement AG XETRA:HEI	3.2	12%	0.3
IN		Grasim Industries Ltd NSE:GRASIM	11.6	22%	0.5
CN		Anhui Conch Cement Co Ltd SSE:600585	10.2	2%	5.1
DE	H	Heidelberg Materials AG XMUN:HEI	2.2	12%	0.2
IN		Ambuja Cements Ltd NSE:AMBUJACEM	29.3	21%	1.4

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TIPCO Asphalt PCL
SET:TASCO

Relative Value

Valuation Multiples

Multiples Across Competitors

TASCO Competitors Multiples
TIPCO Asphalt PCL Competitors

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Company

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52 Week Range	15.6 20
Price Target

TIPCO Asphalt PCL SET:TASCO

Relative Value

Valuation Multiples

Multiples Across Competitors

TASCO Competitors Multiples TIPCO Asphalt PCL Competitors

See Also

Company

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Stocks

TIPCO Asphalt PCL
SET:TASCO

TASCO Competitors Multiples
TIPCO Asphalt PCL Competitors