Mc Valuation (as of Mar 2014)

Mc Valuation (as of Mar 2014)

Mc 2013 Information from SET
as of Mar 26 '14, Mc = 15.9 baht per share

Information from Company visit (as of Mar 24 '14)

- Time Deco ==> Slaes around 10-12% of Mc Group
- Growth 15-20% for Mc เพียว ๆ สบายมาก
- NPM of Mc around 25%
- NPM of Time Deco around 12-15%
- NPM of Mc Group around 23%

Forecast 2014 
Model A
     Revenue = 3,017*1.2 = 3,620 MB (Growth 20%)
     Net profit = 3,620*0.23 = 832 MB
     EPS = 832 / 800 = 1.04 baht per share

Model B
     Revenue for Mc Yean = 3,000*1.2 = 3,600 MB (Growth 20%)
     Revenue for Time Deco = 400 MB (Sales 10% of Mc Group)
     Net profit for Mc Yean = 3,600*0.24 = 864 MB
     Net profit for Time Deco = 400*0.10 = 40 MB  
     Total Net Profit = 900 MB
     EPS = 900 / 800 = 1.12 baht per share

Valuation Matrix