Relative Value

The Relative Value of one RS stock under the Base Case scenario is 1.85 THB. Compared to the current market price of 0.19 THB, RS PCL is Undervalued by 90%.

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.

RS Relative Value
Base Case
1.85 THB
Undervaluation 90%
Relative Value
Price
R
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
95
vs Industry
71
Median 3Y
2.1
Median 5Y
2.1
Industry
1.5
Forward
0.1
vs History
vs Industry
34
Median 3Y
10.9
Median 5Y
19.5
Industry
17.2
Forward
2.2
vs History
92
vs Industry
54
Median 3Y
11.5
Median 5Y
11.4
Industry
11
vs History
49
vs Industry
Median 3Y
-10.7
Median 5Y
0.6
Industry
15.5
vs History
95
vs Industry
73
Median 3Y
3.2
Median 5Y
3.5
Industry
1.8
vs History
90
vs Industry
38
Median 3Y
3.1
Median 5Y
3
Industry
1.6
Forward
0.5
vs History
77
vs Industry
31
Median 3Y
6.1
Median 5Y
5.8
Industry
3.5
vs History
vs Industry
35
Median 3Y
7.9
Median 5Y
9.9
Industry
8.9
Forward
2.4
vs History
vs Industry
32
Median 3Y
11.1
Median 5Y
15.2
Industry
12.7
Forward
5.5
vs History
69
vs Industry
31
Median 3Y
17.4
Median 5Y
16.3
Industry
10.6
vs History
25
vs Industry
Median 3Y
-22
Median 5Y
-25.3
Industry
12.6
vs History
95
vs Industry
63
Median 3Y
1.6
Median 5Y
1.8
Industry
1.4

Multiples Across Competitors

RS Competitors Multiples
RS PCL Competitors

All Multiples
P/S
P/E
EV/EBITDA
EV/EBIT
All Countries
Close
Market Cap P/S P/E EV/EBITDA EV/EBIT
TH
RS PCL
SET:RS
436.4m THB 0.2 -0.4 -3 -2.9
US
Netflix Inc
NASDAQ:NFLX
403.4B USD 9.3 38.7 14.2 32.3
US
Walt Disney Co
NYSE:DIS
201.9B USD 2.1 16.3 12.1 16.7
LU
Spotify Technology SA
NYSE:SPOT
123B USD 6.2 74.6 46.2 48.7
US
Warner Bros Discovery Inc
NASDAQ:WBD
74.3B USD 2 153.1 5.3 59.2
NL
Universal Music Group NV
AEX:UMG
40B EUR 2.6 7.1 8.4 8.4
US
TKO Group Holdings Inc
NYSE:TKO
40.7B USD 9.4 177.7 30 42.9
US
Live Nation Entertainment Inc
NYSE:LYV
33.2B USD 1.4 103.2 17 25
CN
Tencent Music Entertainment Group
NYSE:TME
28.1B USD 6.2 18.3 19.1 19.1
US
Roku Inc
NASDAQ:ROKU
15.9B USD 3.5 -574 -170.1 -122.6
FR
Bollore SE
PAR:BOL
13B EUR 8.4 -7.6 -12 -11.5
P/E Multiple
Earnings Growth PEG
TH
R
RS PCL
SET:RS
Average P/E: 73.6
Negative Multiple: -0.4
N/A N/A
US
Netflix Inc
NASDAQ:NFLX
38.7
25%
1.5
US
Walt Disney Co
NYSE:DIS
16.3
6%
2.7
LU
Spotify Technology SA
NYSE:SPOT
74.6
42%
1.8
US
Warner Bros Discovery Inc
NASDAQ:WBD
153.1
N/A N/A
NL
Universal Music Group NV
AEX:UMG
7.1
2%
3.6
US
TKO Group Holdings Inc
NYSE:TKO
177.7
435%
0.4
US
Live Nation Entertainment Inc
NYSE:LYV
103.2
7%
14.7
CN
Tencent Music Entertainment Group
NYSE:TME
18.3
22%
0.8
US
Roku Inc
NASDAQ:ROKU
Negative Multiple: -574 N/A N/A
FR
Bollore SE
PAR:BOL
Negative Multiple: -7.6
-39%
N/A
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
TH
R
RS PCL
SET:RS
Average EV/EBITDA: 19
Negative Multiple: -3
N/A N/A
US
Netflix Inc
NASDAQ:NFLX
14.2
-7%
N/A
US
Walt Disney Co
NYSE:DIS
12.1
10%
1.2
LU
Spotify Technology SA
NYSE:SPOT
46.2
40%
1.2
US
Warner Bros Discovery Inc
NASDAQ:WBD
5.3
-26%
N/A
NL
Universal Music Group NV
AEX:UMG
8.4
16%
0.5
US
TKO Group Holdings Inc
NYSE:TKO
30
27%
1.1
US
Live Nation Entertainment Inc
NYSE:LYV
17
19%
0.9
CN
Tencent Music Entertainment Group
NYSE:TME
19.1
22%
0.9
US
Roku Inc
NASDAQ:ROKU
Negative Multiple: -170.1 N/A N/A
FR
Bollore SE
PAR:BOL
Negative Multiple: -12 N/A N/A
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
TH
R
RS PCL
SET:RS
Average EV/EBIT: 31.5
Negative Multiple: -2.9
N/A N/A
US
Netflix Inc
NASDAQ:NFLX
32.3
25%
1.3
US
Walt Disney Co
NYSE:DIS
16.7
17%
1
LU
Spotify Technology SA
NYSE:SPOT
48.7
42%
1.2
US
Warner Bros Discovery Inc
NASDAQ:WBD
59.2
62%
1
NL
Universal Music Group NV
AEX:UMG
8.4
16%
0.5
US
TKO Group Holdings Inc
NYSE:TKO
42.9
36%
1.2
US
Live Nation Entertainment Inc
NYSE:LYV
25
14%
1.8
CN
Tencent Music Entertainment Group
NYSE:TME
19.1
23%
0.8
US
Roku Inc
NASDAQ:ROKU
Negative Multiple: -122.6 N/A N/A
FR
Bollore SE
PAR:BOL
Negative Multiple: -11.5 N/A N/A