PT Bank Central Asia Tbk

DB:BZG2 Stock Report

Market Cap: €73.5b

Bank Central Asia Valuation

Is BZG2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • 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 BZG2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BZG2 (€0.57) is trading above our estimate of fair value (€0.4)

Significantly Below Fair Value: BZG2 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BZG2?

Key metric: As BZG2 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BZG2. This is calculated by dividing BZG2's market cap by their current earnings.
What is BZG2's PE Ratio?
PE Ratio22.8x
EarningsRp53.29t
Market CapRp1214.26t

Price to Earnings Ratio vs Peers

How does BZG2's PE Ratio compare to its peers?

The above table shows the PE ratio for BZG2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7.8x
CBK Commerzbank
8.5x8.8%€18.2b
PCZ ProCredit Holding
4.2x9.9%€450.0m
D05 DBS Group Holdings
11.1x1.3%S$120.4b
ISP Intesa Sanpaolo
7.4x0.2%€64.6b
BZG2 Bank Central Asia
22.8x9.4%€1214.3t

Price-To-Earnings vs Peers: BZG2 is expensive based on its Price-To-Earnings Ratio (22.8x) compared to the peer average (7.8x).

Price to Earnings Ratio vs Industry

How does BZG2's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BZG2 22.8xIndustry Avg. 7.4xNo. of Companies46PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BZG2 is expensive based on its Price-To-Earnings Ratio (22.8x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is BZG2'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.

BZG2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.8x
Fair PE Ratio13.7x

Price-To-Earnings vs Fair Ratio: BZG2 is expensive based on its Price-To-Earnings Ratio (22.8x) compared to the estimated Fair Price-To-Earnings Ratio (13.7x).

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 BZG2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.57
€0.73
+27.3%
5.9%€0.82€0.64n/a22
Nov ’25€0.62
€0.70
+13.7%
5.9%€0.79€0.62n/a22
Oct ’25€0.58
€0.70
+19.0%
4.6%€0.78€0.63n/a22
Sep ’25€0.58
€0.67
+15.7%
5.0%€0.77€0.61n/a22
Aug ’25€0.56
€0.64
+15.6%
3.8%€0.69€0.59n/a23
Jul ’25€0.53
€0.63
+18.1%
4.1%€0.68€0.58n/a24
Jun ’25€0.50
€0.62
+24.3%
4.5%€0.68€0.55n/a25
May ’25€0.56
€0.63
+12.6%
4.6%€0.69€0.56n/a25
Apr ’25€0.56
€0.63
+13.3%
4.6%€0.71€0.57n/a25
Mar ’25€0.57
€0.63
+10.8%
4.8%€0.71€0.57n/a25
Feb ’25€0.54
€0.63
+15.8%
4.9%€0.70€0.57n/a25
Jan ’25€0.52
€0.61
+17.0%
6.2%€0.72€0.53n/a24
Dec ’24€0.50
€0.61
+22.3%
5.2%€0.69€0.54n/a24
Nov ’24€0.49
€0.60
+23.2%
5.1%€0.68€0.54€0.6225
Oct ’24€0.53
€0.61
+15.6%
5.7%€0.70€0.52€0.5823
Sep ’24€0.54
€0.60
+11.1%
5.4%€0.69€0.51€0.5825
Aug ’24€0.56
€0.60
+6.4%
6.0%€0.69€0.50€0.5625
Jul ’24€0.55
€0.59
+8.8%
6.6%€0.70€0.51€0.5325
Jun ’24€0.55
€0.60
+9.5%
6.6%€0.71€0.52€0.5025
May ’24€0.55
€0.59
+9.0%
6.2%€0.71€0.50€0.5624
Apr ’24€0.52
€0.58
+11.4%
7.5%€0.71€0.47€0.5624
Mar ’24€0.52
€0.58
+11.4%
7.5%€0.71€0.47€0.5724
Feb ’24€0.51
€0.57
+13.7%
7.5%€0.70€0.47€0.5424
Jan ’24€0.50
€0.55
+9.6%
7.2%€0.67€0.46€0.5224
Dec ’23€0.54
€0.55
+2.3%
8.2%€0.69€0.45€0.5024
Nov ’23€0.56
€0.57
+2.7%
10.0%€0.73€0.41€0.4927

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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