Q: Comments please on recent results and valuation, in particular current PS. A number of financial sites are showing a PS near 2.2x but (Market Cap / Revenue) looks more like 0.6x in which case the market is undervaluing the growth in revenue.
5i Research Answer:
We have comments posted on TSU's earnings here. Its forward price-to-sales multiple is 0.5X. Although, we prefer to use price-to-book and P/E for TSU, which are trading at 2.2X and 12X, respectively. We also noted in our comments on its earnings that sales growth has been slowing.