Wha Utilities and Power PCL (SET:WHAUP)

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Price: 4.94 THB -1.2%

Market Cap: 18.9B THB

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Section:

Relative Value

The Relative Value of one WHAUP stock under the Base Case scenario is 8.64 THB. Compared to the current market price of 4.94 THB, Wha Utilities and Power PCL is Undervalued by 43%.

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?

WHAUP Relative Value

Base Case

Worst Case

Base Case

Best Case

Valuation Multiples

6.7

P/S

vs History	36
vs Industry	13

Median 5Y

6.7

Industry

1.7

Forward

6.1

More Details

11.1

P/E

vs History	61
vs Industry	58

Median 5Y

15.2

Industry

15.1

Forward

More Details

11.7

P/OCF

vs History	36
vs Industry	28

Median 5Y

10.9

Industry

7.1

More Details

Negative

P/FCFE

vs History
vs Industry	25

Median 5Y

5.4

Industry

13.9

More Details

1.4

P/B

vs History	3
vs Industry	54

Median 5Y

1.2

Industry

1.4

More Details

10.1

EV/S

vs History	50
vs Industry	8

Median 5Y

10.5

Industry

2.8

Forward

More Details

28.4

EV/GP

vs History	73
vs Industry	8

Median 5Y

31.7

Industry

7.6

More Details

21.2

EV/EBITDA

vs History	74
vs Industry	18

Median 5Y

25.9

Industry

10.5

Forward

15.7

More Details

32.5

EV/EBIT

vs History	69
vs Industry	16

Median 5Y

40.3

Industry

14.9

Forward

16.9

More Details

17.6

EV/OCF

vs History	52
vs Industry	22

Median 5Y

18.4

Industry

11.2

More Details

730.2

EV/FCFF

vs History	1
vs Industry	1

Median 5Y

28.5

Industry

16.4

More Details

EV/IC

vs History	12
vs Industry	39

Median 5Y

0.9

Industry

0.9

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	W	Wha Utilities and Power PCL SET:WHAUP	19.1B THB	6.7	11.1	21.2	32.5
US		American Water Works Company Inc NYSE:AWK	25.8B USD	5.7	26.3	16.2	23.8
BR		Companhia de Saneamento Basico do Estado de Sao Paulo SABESP BOVESPA:SBSP3	65.3B BRL	2.4	16.1	7.4	10.3
US		Essential Utilities Inc NYSE:WTRG	10.7B USD	5.4	19.6	16.8	25.2
UK		Severn Trent PLC LSE:SVT	7.7B GBP	3.3	55.8	16	29.4
UK		United Utilities Group PLC LSE:UU	7.1B GBP	3.7	56.2	16.5	31.4
BR	B	Basic Sanitation Company of the State of Sao Paulo SABESP SWB:SAJA	4.5B EUR	1	6.8	3.9	5.4
HK		Guangdong Investment Ltd HKEX:270	31.7B HKD	1.3	10.6	6	8.6
CN		Beijing Capital Eco-Environment Protection Group Co Ltd SSE:600008	25.5B CNY	1.2	19.3	15.9	15.9
CN	C	Chongqing Water Group Co Ltd SSE:601158	24.2B CNY	3.5	30.5	41	41
US		American States Water Co NYSE:AWR	3.2B USD	5.6	29.3	18.6	23.1

				Revenue Growth
TH	W	Wha Utilities and Power PCL SET:WHAUP	Average P/S: 3.6 6.7	38%
US		American Water Works Company Inc NYSE:AWK	5.7	23%
BR		Companhia de Saneamento Basico do Estado de Sao Paulo SABESP BOVESPA:SBSP3	2.4	28%
US		Essential Utilities Inc NYSE:WTRG	5.4	25%
UK		Severn Trent PLC LSE:SVT	3.3	23%
UK		United Utilities Group PLC LSE:UU	3.7	32%
BR	B	Basic Sanitation Company of the State of Sao Paulo SABESP SWB:SAJA	1	28%
HK		Guangdong Investment Ltd HKEX:270	1.3	6%
CN		Beijing Capital Eco-Environment Protection Group Co Ltd SSE:600008	1.2	14%
CN	C	Chongqing Water Group Co Ltd SSE:601158	3.5	19%
US		American States Water Co NYSE:AWR	5.6	11%

				Earnings Growth
TH	W	Wha Utilities and Power PCL SET:WHAUP	Average P/E: 25.6 11.1	12%
US		American Water Works Company Inc NYSE:AWK	26.3	28%
BR		Companhia de Saneamento Basico do Estado de Sao Paulo SABESP BOVESPA:SBSP3	16.1	65%
US		Essential Utilities Inc NYSE:WTRG	19.6	25%
UK		Severn Trent PLC LSE:SVT	55.8	277%
UK		United Utilities Group PLC LSE:UU	56.2	321%
BR	B	Basic Sanitation Company of the State of Sao Paulo SABESP SWB:SAJA	6.8	65%
HK		Guangdong Investment Ltd HKEX:270	10.6	31%
CN		Beijing Capital Eco-Environment Protection Group Co Ltd SSE:600008	19.3	79%
CN	C	Chongqing Water Group Co Ltd SSE:601158	30.5	20%
US		American States Water Co NYSE:AWR	29.3	6%

				EBITDA Growth
TH	W	Wha Utilities and Power PCL SET:WHAUP	Average EV/EBITDA: 16.3 21.2	94%
US		American Water Works Company Inc NYSE:AWK	16.2	39%
BR		Companhia de Saneamento Basico do Estado de Sao Paulo SABESP BOVESPA:SBSP3	7.4	64%
US		Essential Utilities Inc NYSE:WTRG	16.8	45%
UK		Severn Trent PLC LSE:SVT	16	58%
UK		United Utilities Group PLC LSE:UU	16.5	58%
BR	B	Basic Sanitation Company of the State of Sao Paulo SABESP SWB:SAJA	3.9	64%
HK		Guangdong Investment Ltd HKEX:270	6	9%
CN		Beijing Capital Eco-Environment Protection Group Co Ltd SSE:600008	15.9	103%
CN	C	Chongqing Water Group Co Ltd SSE:601158	41	230%
US		American States Water Co NYSE:AWR	18.6	14%

				EBIT Growth
TH	W	Wha Utilities and Power PCL SET:WHAUP	Average EV/EBIT: 22.4 32.5	161%
US		American Water Works Company Inc NYSE:AWK	23.8	40%
BR		Companhia de Saneamento Basico do Estado de Sao Paulo SABESP BOVESPA:SBSP3	10.3	75%
US		Essential Utilities Inc NYSE:WTRG	25.2	51%
UK		Severn Trent PLC LSE:SVT	29.4	85%
UK		United Utilities Group PLC LSE:UU	31.4	87%
BR	B	Basic Sanitation Company of the State of Sao Paulo SABESP SWB:SAJA	5.4	75%
HK		Guangdong Investment Ltd HKEX:270	8.6	15%
CN		Beijing Capital Eco-Environment Protection Group Co Ltd SSE:600008	15.9	N/A
CN	C	Chongqing Water Group Co Ltd SSE:601158	41	N/A
US		American States Water Co NYSE:AWR	23.1	12%

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Wha Utilities and Power PCL
SET:WHAUP

Relative Value

Valuation Multiples

Multiples Across Competitors

WHAUP Competitors Multiples
Wha Utilities and Power PCL Competitors

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Price Target

Wha Utilities and Power PCL SET:WHAUP

Relative Value

Valuation Multiples

Multiples Across Competitors

WHAUP Competitors Multiples Wha Utilities and Power PCL Competitors

See Also

Company

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Wha Utilities and Power PCL
SET:WHAUP

WHAUP Competitors Multiples
Wha Utilities and Power PCL Competitors