Voestalpine Valuation

Q: What is the Fair Price of VOE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

VOE (CZK462.1) is trading below our estimate of [[fair value]] (CZK536.93)

Is VOE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of VOE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VOE (CZK462.1) is trading below our estimate of fair value (CZK536.93)

Significantly Below Fair Value: VOE is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VOE?

Key metric: As VOE is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for VOE. This is calculated by dividing VOE's market cap by their current revenue.
What is VOE's PS Ratio?
PS Ratio	0.2x
Sales	€16.21b
Market Cap	€3.08b

VOE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.4x
Enterprise Value/EBITDA	4.6x
PEG Ratio	6.4x

Price to Sales Ratio vs Peers

How does VOE's PS Ratio compare to its peers?

The above table shows the PS ratio for VOE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	2x
5444 Yamato Kogyo	3x	6.0%	JP¥501.1b
ARCH Arch Resources	1.2x	-2.0%	US$3.2b
AMR Alpha Metallurgical Resources	1x	-5.7%	US$3.2b
002756 Yongxing Special Materials TechnologyLtd	2.7x	9.6%	CN¥23.6b
VOE Voestalpine	0.2x	0.4%	Kč3.1b

Price-To-Sales vs Peers: VOE is good value based on its Price-To-Sales Ratio (0.2x) compared to the peer average (2x).

Price to Sales Ratio vs Industry

How does VOE's PS Ratio compare vs other companies in the European Metals and Mining Industry?

36 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	0.7x	1.9%
VOE Voestalpine	0.2x	0.4%	US$3.23b

36 Companies		Estimated Growth	Market Cap
Industry Avg.	0.7x	27.9%
VOE Voestalpine	0.2x	61.1%	US$3.23b

No more companies

Price-To-Sales vs Industry: VOE is good value based on its Price-To-Sales Ratio (0.2x) compared to the European Metals and Mining industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

What is VOE's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VOE PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.2x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate VOE's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst VOE forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	Kč462.10	Kč655.65 +41.9%	19.1%	Kč909.28	Kč482.42	n/a	12
Nov ’25	Kč488.90	Kč706.74 +44.6%	18.5%	Kč933.07	Kč481.67	n/a	12
Oct ’25	Kč594.60	Kč739.30 +24.3%	15.9%	Kč977.94	Kč559.18	n/a	12
Sep ’25	n/a	Kč739.30 0%	15.9%	Kč977.94	Kč559.18	n/a	12
Aug ’25	Kč610.00	Kč768.90 +26.0%	12.9%	Kč983.72	Kč650.77	n/a	12
Jul ’25	Kč640.00	Kč755.35 +18.0%	14.6%	Kč977.34	Kč556.33	n/a	12
Jun ’25	n/a	Kč743.00 0%	14.3%	Kč958.71	Kč560.09	n/a	12
May ’25	n/a	Kč743.00 0%	14.3%	Kč958.71	Kč560.09	n/a	12
Apr ’25	n/a	Kč756.88 0%	13.7%	Kč987.51	Kč627.95	n/a	12
Mar ’25	Kč647.00	Kč764.55 +18.2%	13.1%	Kč987.87	Kč653.52	n/a	12
Feb ’25	Kč688.20	Kč752.49 +9.3%	12.4%	Kč965.37	Kč638.63	n/a	12
Jan ’25	Kč706.00	Kč752.81 +6.6%	15.1%	Kč981.15	Kč632.84	n/a	11
Dec ’24	Kč636.60	Kč739.26 +16.1%	16.7%	Kč980.04	Kč607.62	n/a	11
Nov ’24	n/a	Kč760.06 0%	17.9%	Kč987.38	Kč582.56	Kč488.90	11
Oct ’24	Kč634.60	Kč791.08 +24.7%	15.6%	Kč973.63	Kč589.05	Kč594.60	12
Sep ’24	Kč661.40	Kč785.72 +18.8%	15.2%	Kč963.34	Kč582.82	n/a	12
Aug ’24	n/a	Kč820.29 0%	13.8%	Kč982.67	Kč608.77	Kč610.00	12
Jul ’24	n/a	Kč826.22 0%	14.0%	Kč972.72	Kč595.50	Kč640.00	12
Jun ’24	n/a	Kč847.48 0%	13.7%	Kč993.49	Kč593.73	n/a	11
May ’24	n/a	Kč846.18 0%	14.8%	Kč1,032.79	Kč589.16	n/a	10
Apr ’24	n/a	Kč834.51 0%	17.7%	Kč1,037.25	Kč528.05	n/a	12
Mar ’24	n/a	Kč832.41 0%	18.2%	Kč1,042.67	Kč554.51	Kč647.00	11
Feb ’24	Kč725.60	Kč761.49 +4.9%	15.9%	Kč950.51	Kč510.90	Kč688.20	11
Jan ’24	n/a	Kč668.24 0%	20.4%	Kč971.44	Kč485.72	Kč706.00	13
Dec ’23	Kč643.40	Kč662.24 +2.9%	21.0%	Kč975.54	Kč478.02	Kč636.60	13
Nov ’23	Kč531.60	Kč625.41 +17.6%	20.7%	Kč978.96	Kč462.56	n/a	13

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.