Canadian Imperial Bank of Commerce

DB:CAI Stock Report

Market Cap: €59.4b

Canadian Imperial Bank of Commerce Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: CAI (€62.02) is trading below our estimate of fair value (€119.58)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for CAI. This is calculated by dividing CAI's market cap by their current earnings.
What is CAI's PE Ratio?
PE Ratio13.4x
EarningsCA$6.46b
Market CapCA$86.41b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for CAI 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
8.5x8.8%€18.2b
PCZ ProCredit Holding
4.2x9.9%€450.0m
ANZ ANZ Group Holdings
14.5x3.3%AU$95.9b
BNP BNP Paribas
6.2x7.3%€64.2b
CAI Canadian Imperial Bank of Commerce
13.4x7.3%€86.4b

Price-To-Earnings vs Peers: CAI is expensive based on its Price-To-Earnings Ratio (13.4x) compared to the peer average (8.4x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CAI 13.4xIndustry Avg. 7.4xNo. of Companies46PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CAI is expensive based on its Price-To-Earnings Ratio (13.4x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is CAI'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.

CAI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.4x
Fair PE Ratio12.1x

Price-To-Earnings vs Fair Ratio: CAI is expensive based on its Price-To-Earnings Ratio (13.4x) compared to the estimated Fair Price-To-Earnings Ratio (12.1x).

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 CAI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€62.02
€61.23
-1.3%
10.2%€70.35€47.81n/a15
Nov ’25€57.11
€53.85
-5.7%
9.5%€62.15€43.64n/a16
Oct ’25€54.74
€54.63
-0.2%
7.3%€60.88€46.83n/a16
Sep ’25€51.91
€53.47
+3.0%
8.5%€61.09€45.88n/a17
Aug ’25€47.57
€48.56
+2.1%
6.8%€53.13€38.34n/a17
Jul ’25€43.95
€48.78
+11.0%
7.6%€53.55€38.64n/a16
Jun ’25€46.46
€48.14
+3.6%
8.0%€52.77€38.56n/a17
May ’25€43.94
€46.28
+5.3%
8.5%€51.74€34.04n/a17
Apr ’25€46.08
€45.98
-0.2%
8.3%€51.67€33.99n/a17
Mar ’25€43.64
€45.49
+4.2%
8.2%€51.73€34.03n/a15
Feb ’25€41.92
€43.29
+3.3%
7.4%€48.87€34.42n/a14
Jan ’25€43.20
€42.36
-1.9%
8.3%€48.56€34.20n/a14
Dec ’24€37.68
€41.38
+9.8%
8.2%€47.27€34.06n/a14
Nov ’24€33.20
€41.73
+25.7%
8.7%€47.27€32.71€57.1114
Oct ’24€36.78
€42.85
+16.5%
8.1%€48.32€33.43€54.7414
Sep ’24€36.40
€41.60
+14.3%
8.3%€47.35€32.76€51.9116
Aug ’24€39.88
€43.66
+9.5%
8.2%€49.42€32.95€47.5717
Jul ’24€38.90
€44.24
+13.7%
8.5%€49.97€33.31€43.9517
Jun ’24€38.34
€43.83
+14.3%
9.2%€50.56€32.87€46.4617
May ’24€37.68
€44.46
+18.0%
8.3%€50.08€32.56€43.9417
Apr ’24€38.37
€44.46
+15.9%
8.3%€50.08€32.56€46.0817
Mar ’24€42.96
€45.50
+5.9%
8.3%€51.69€33.33€43.6417
Feb ’24€41.65
€44.84
+7.7%
9.6%€51.58€31.88€41.9217
Jan ’24€37.81
€44.84
+18.6%
9.6%€51.58€31.88€43.2017
Dec ’23€43.78
€50.08
+14.4%
9.7%€57.20€36.78€37.6817
Nov ’23€46.13
€55.65
+20.6%
8.4%€62.21€40.73€33.2017

Analyst Forecast: Target price is lower than the current share price.

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