First Bank

DB:6UT Stock Report

Market Cap: €351.0m

First Bank Valuation

Is 6UT 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-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 6UT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 6UT (€13.5) is trading below our estimate of fair value (€44.3)

Significantly Below Fair Value: 6UT is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 6UT?

Key metric: As 6UT is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 6UT. This is calculated by dividing 6UT's market cap by their current earnings.
What is 6UT's PE Ratio?
PE Ratio9.2x
EarningsUS$40.13m
Market CapUS$370.43m

Price to Earnings Ratio vs Peers

How does 6UT's PE Ratio compare to its peers?

The above table shows the PE ratio for 6UT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8.8x
PCZ ProCredit Holding
4.4x10.7%€459.4m
MBK Merkur PrivatBank KgaA
10.2x8.6%€108.1m
8360 Yamanashi Chuo BankLtd
8.8xn/aJP¥52.9b
CIVB Civista Bancshares
11.7x7.5%US$359.0m
6UT First Bank
9.2x1.6%€370.4m

Price-To-Earnings vs Peers: 6UT is expensive based on its Price-To-Earnings Ratio (9.2x) compared to the peer average (8.7x).

Price to Earnings Ratio vs Industry

How does 6UT's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
6UT 9.2xIndustry Avg. 7.3xNo. of Companies45PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 6UT is expensive based on its Price-To-Earnings Ratio (9.2x) compared to the European Banks industry average (7.2x).

Price to Earnings Ratio vs Fair Ratio

What is 6UT'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.

6UT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.2x
Fair PE Ratio8.1x

Price-To-Earnings vs Fair Ratio: 6UT is expensive based on its Price-To-Earnings Ratio (9.2x) compared to the estimated Fair Price-To-Earnings Ratio (8.1x).

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 6UT forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€13.50
€16.73
+23.9%
5.3%€17.99€16.10n/a3
Nov ’25€12.60
€15.96
+26.7%
7.2%€17.50€14.73n/a3
Oct ’25€13.20
€16.73
+26.7%
6.8%€18.25€15.51n/a3
Sep ’25€13.30
€16.73
+25.8%
6.8%€18.25€15.51n/a3
Aug ’25€13.80
€17.58
+27.4%
5.3%€18.50€16.65n/a2
Jul ’25€11.40
€14.44
+26.6%
9.7%€15.83€13.04n/a2
Jun ’25€10.70
€14.75
+37.8%
6.3%€15.67€13.83n/a2
May ’25€10.80
€15.07
+39.5%
5.3%€15.85€13.98n/a3
Apr ’25€12.30
€15.84
+28.8%
7.6%€17.53€14.76n/a3
Mar ’25€12.20
€16.12
+32.1%
6.2%€17.50€15.20n/a3
Feb ’25€12.50
€16.12
+29.0%
6.2%€17.50€15.20n/a3
Jan ’25€13.30
€14.38
+8.1%
11.6%€16.34€12.26n/a3
Dec ’24€11.00
€13.09
+19.0%
1.7%€13.25€12.78n/a3
Nov ’24€10.30
€13.09
+27.1%
1.7%€13.25€12.78€12.603
Oct ’24€9.95
€13.83
+39.0%
4.9%€14.51€13.15€13.202
Sep ’24€10.40
€13.83
+33.0%
4.9%€14.51€13.15€13.302
Aug ’24€11.20
€13.83
+23.5%
4.9%€14.51€13.15€13.802
Jul ’24€9.75
€11.46
+17.6%
4.0%€11.92€11.00€11.402
Jan ’24€12.60
€16.67
+32.3%
5.3%€17.92€16.04€13.303
Dec ’23€14.50
€18.39
+26.8%
7.9%€20.24€16.70€11.003
Nov ’23€15.60
€18.39
+17.9%
7.9%€20.24€16.70€10.303

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

Discover undervalued companies

Crédit Agricole

€38.2b

Provides retail, corporate, insurance, and investment banking products and services in France and internationally.

XCA

€12.54

7D

-5.4%

1Y

4.8%

Alior Bank

zł12.0b

Provides banking products and services for individuals, businesses, and enterprises in Poland.

A6O

zł20.69

7D

3.7%

1Y

18.0%

Banco del Bajío Institución de Banca Múltiple

Mex$52.5b

Provides banking products and services in Mexico.

5NT

Mex$1.95

7D

8.3%

1Y

-29.9%