Grupo Financiero Banorte, S.A.B. de C.V.

DB:4FN Stock Report

Market Cap: €18.9b

Grupo Financiero Banorte. de Valuation

Is 4FN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 4FN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€14.16
Fair Value
51.6% undervalued intrinsic discount
15
Number of Analysts

Below Fair Value: 4FN (€6.85) is trading below our estimate of fair value (€14.16)

Significantly Below Fair Value: 4FN is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for 4FN?

Key metric: As 4FN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 4FN. This is calculated by dividing 4FN's market cap by their current earnings.
What is 4FN's PE Ratio?
PE Ratio7.3x
EarningsMex$55.51b
Market CapMex$404.81b

Price to Earnings Ratio vs Peers

How does 4FN's PE Ratio compare to its peers?

The above table shows the PE ratio for 4FN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8.4x
CBK Commerzbank
9.8x9.5%€20.8b
PCZ ProCredit Holding
4.7x12.2%€492.4m
MBK Merkur PrivatBank KgaA
10.6x8.5%€113.6m
SBK Standard Bank Group
8.4x9.4%R368.3b
4FN Grupo Financiero Banorte. de
7.3x5.0%€404.8b

Price-To-Earnings vs Peers: 4FN is good value based on its Price-To-Earnings Ratio (7.3x) compared to the peer average (8.4x).


Price to Earnings Ratio vs Industry

How does 4FN's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
4FN 7.3xIndustry Avg. 8.0xNo. of Companies48PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 4FN is good value based on its Price-To-Earnings Ratio (7.3x) compared to the European Banks industry average (8x).


Price to Earnings Ratio vs Fair Ratio

What is 4FN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

4FN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.3x
Fair PE Ratio10.5x

Price-To-Earnings vs Fair Ratio: 4FN is good value based on its Price-To-Earnings Ratio (7.3x) compared to the estimated Fair Price-To-Earnings Ratio (10.5x).


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 4FN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€6.85
€8.60
+25.6%
10.7%€10.92€7.36n/a15
Jan ’26€6.50
€8.63
+32.7%
10.5%€10.90€7.35n/a15
Dec ’25€6.15
€8.46
+37.5%
10.3%€10.67€7.19n/a15
Nov ’25€6.50
€8.34
+28.4%
9.7%€10.56€7.12n/a15
Oct ’25€6.55
€8.60
+31.4%
11.3%€11.51€7.28n/a15
Sep ’25€6.05
€8.55
+41.3%
11.2%€11.22€7.10n/a15
Aug ’25€6.85
€9.38
+37.0%
11.8%€12.16€7.69n/a15
Jul ’25€7.10
€9.79
+37.9%
12.1%€12.68€7.86n/a15
Jun ’25€9.00
€11.15
+23.9%
10.3%€13.77€8.98n/a15
May ’25€9.45
€11.15
+18.0%
10.3%€13.77€8.98n/a15
Apr ’25€9.90
€10.88
+9.9%
10.6%€13.72€8.95n/a15
Mar ’25€9.35
€10.56
+12.9%
8.4%€11.94€8.85n/a14
Feb ’25€9.70
€10.49
+8.1%
8.4%€11.83€8.77n/a14
Jan ’25€8.95
€10.17
+13.6%
8.0%€11.74€8.70€6.5014
Dec ’24€8.45
€10.00
+18.4%
7.1%€11.11€8.63€6.1514
Nov ’24€7.90
€10.04
+27.1%
7.4%€11.16€8.66€6.5014
Oct ’24€8.10
€10.26
+26.7%
6.5%€11.31€8.91€6.5515
Sep ’24€7.75
€9.97
+28.7%
6.8%€11.06€8.71€6.0516
Aug ’24€8.45
€9.92
+17.4%
6.8%€11.18€8.80€6.8516
Jul ’24€7.50
€9.49
+26.5%
7.5%€11.02€7.93€7.1017
Jun ’24€7.40
€9.29
+25.5%
7.5%€10.78€7.76€9.0017
May ’24€7.75
€8.98
+15.8%
7.4%€10.43€7.51€9.4517
Apr ’24€7.60
€8.77
+15.3%
7.1%€10.01€7.38€9.9017
Mar ’24€7.85
€9.10
+15.9%
7.0%€10.36€7.64€9.3517
Feb ’24€7.50
€8.59
+14.5%
6.5%€9.61€7.27€9.7017
Jan ’24€6.85
€8.28
+20.9%
6.2%€9.38€7.10€8.9517
Analyst Price Target
Consensus Narrative from 15 Analysts
€8.63
Fair Value
20.6% undervalued intrinsic discount
15
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/20 09:48
End of Day Share Price 2025/01/17 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Grupo Financiero Banorte, S.A.B. de C.V. is covered by 31 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Martín LaraActinver Case de Bolsa, S.A. de C.V.
Brian MortonBarclays
Roberto de Aguiar AttuchBarclays