Piraeus Financial Holdings Valuation

Q: What is the Fair Price of BKP0 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

BKP0 (€3.5) is trading below our estimate of [[fair value]] (€11.04)

Is BKP0 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

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 BKP0 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BKP0 (€3.5) is trading below our estimate of fair value (€11.04)

Significantly Below Fair Value: BKP0 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BKP0?

Key metric: As BKP0 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BKP0. This is calculated by dividing BKP0's market cap by their current earnings.
What is BKP0's PE Ratio?
PE Ratio	4x
Earnings	€1.10b
Market Cap	€4.36b

BKP0 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	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	-2.4x

Price to Earnings Ratio vs Peers

How does BKP0's PE Ratio compare to its peers?

The above table shows the PE ratio for BKP0 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	8.1x
CBK Commerzbank	7.9x	8.8%	€16.9b
PCZ ProCredit Holding	4.4x	10.7%	€461.8m
MBK Merkur PrivatBank KgaA	10x	8.6%	€108.9m
1030 Saudi Investment Bank	10.1x	9.9%	ر.س17.5b
BKP0 Piraeus Financial Holdings	4x	-1.7%	€4.4b

Price-To-Earnings vs Peers: BKP0 is good value based on its Price-To-Earnings Ratio (4x) compared to the peer average (8.1x).

Price to Earnings Ratio vs Industry

How does BKP0's PE Ratio compare vs other companies in the European Banks Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: BKP0 is good value based on its Price-To-Earnings Ratio (4x) compared to the European Banks industry average (7.3x).

Price to Earnings Ratio vs Fair Ratio

What is BKP0'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.

BKP0 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	4x
Fair PE Ratio	9.2x

Price-To-Earnings vs Fair Ratio: BKP0 is good value based on its Price-To-Earnings Ratio (4x) compared to the estimated Fair Price-To-Earnings Ratio (9.2x).

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

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