Ringkjøbing Landbobank A/S

DB:CJ2 Stock Report

Market Cap: €4.0b

Ringkjøbing Landbobank Valuation

Is CJ2 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 CJ2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CJ2 (€154.8) is trading below our estimate of fair value (€221.33)

Significantly Below Fair Value: CJ2 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CJ2?

Key metric: As CJ2 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CJ2. This is calculated by dividing CJ2's market cap by their current earnings.
What is CJ2's PE Ratio?
PE Ratio12.5x
EarningsDKK 2.38b
Market CapDKK 29.79b

Price to Earnings Ratio vs Peers

How does CJ2's PE Ratio compare to its peers?

The above table shows the PE ratio for CJ2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average8.6x
CBK Commerzbank
8.1x8.8%€17.3b
PCZ ProCredit Holding
4.4x9.9%€471.2m
AX Axos Financial
10.3x-6.6%US$4.8b
IBOC International Bancshares
11.7xn/aUS$4.6b
CJ2 Ringkjøbing Landbobank
12.5x-2.6%€29.8b

Price-To-Earnings vs Peers: CJ2 is expensive based on its Price-To-Earnings Ratio (12.5x) compared to the peer average (8.6x).

Price to Earnings Ratio vs Industry

How does CJ2's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CJ2 12.5xIndustry Avg. 7.4xNo. of Companies47PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CJ2 is expensive based on its Price-To-Earnings Ratio (12.5x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is CJ2'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.

CJ2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.5x
Fair PE Ratio8.7x

Price-To-Earnings vs Fair Ratio: CJ2 is expensive based on its Price-To-Earnings Ratio (12.5x) compared to the estimated Fair Price-To-Earnings Ratio (8.7x).

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 CJ2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€155.50
€178.28
+14.6%
1.5%€180.96€175.60n/a2
Nov ’25€150.60
€178.33
+18.4%
1.5%€181.01€175.65n/a2
Oct ’25€141.20
€173.56
+22.9%
0.4%€174.23€172.89n/a2
Sep ’25€146.70
€173.56
+18.3%
0.4%€174.23€172.89n/a2
Aug ’25€163.40
€173.60
+6.2%
0.4%€174.27€172.93n/a2
Jul ’25€155.80
€173.59
+11.4%
0.4%€174.26€172.92n/a2
Mar ’25€158.10
€167.37
+5.9%
0.2%€167.71€167.04n/a2
Feb ’25€149.20
€167.37
+12.2%
0.2%€167.71€167.04n/a2
Jan ’25€130.30
€158.17
+21.4%
1.7%€160.85€155.49n/a2
Dec ’24€126.90
€158.17
+24.6%
1.7%€160.85€155.49n/a2
Nov ’24€128.30
€158.17
+23.3%
1.7%€160.85€155.49€150.602
Oct ’24€134.30
€158.17
+17.8%
1.7%€160.85€155.49€141.202
Sep ’24€135.60
€161.68
+19.2%
3.7%€167.72€155.65€146.702
Aug ’24€129.20
€155.75
+20.5%
3.4%€161.12€150.38€163.402
Jul ’24€130.30
€140.88
+8.1%
15.1%€161.01€111.36€155.803
Jun ’24€124.00
€140.88
+13.6%
15.1%€161.01€111.36€164.403
May ’24€128.20
€140.88
+9.9%
15.1%€161.01€111.36€158.203
Apr ’24€130.20
€143.32
+10.1%
16.5%€167.95€111.52€161.903
Mar ’24€148.20
€143.32
-3.3%
16.5%€167.95€111.52€158.103
Feb ’24€131.80
€138.92
+5.4%
14.0%€154.61€111.58€149.203
Jan ’24€125.20
€136.68
+9.2%
13.0%€150.58€111.59€130.303
Dec ’23€118.00
€136.68
+15.8%
13.0%€150.58€111.59€126.903
Nov ’23€109.00
€136.68
+25.4%
13.0%€150.58€111.59€128.303

Analyst Forecast: Target price is less than 20% higher than the current share price.

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