M&T Bank Corporation

DB:MTZ Stock Report

Market Cap: €30.8b

M&T Bank Valuation

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

Below Fair Value: MTZ (€183) is trading below our estimate of fair value (€457.11)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for MTZ. This is calculated by dividing MTZ's market cap by their current earnings.
What is MTZ's PE Ratio?
PE Ratio14.1x
EarningsUS$2.26b
Market CapUS$31.78b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for MTZ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average9.1x
CBK Commerzbank
8.7x8.9%€18.6b
600919 Bank of Jiangsu
5.9x11.4%CN¥176.2b
002142 Bank of Ningbo
6x9.1%CN¥156.4b
HBAN Huntington Bancshares
15.7x11.2%US$23.9b
MTZ M&T Bank
14.1x5.7%€31.8b

Price-To-Earnings vs Peers: MTZ is expensive based on its Price-To-Earnings Ratio (14.1x) compared to the peer average (9.1x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MTZ 14.1xIndustry Avg. 7.8xNo. of Companies42PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MTZ is expensive based on its Price-To-Earnings Ratio (14.1x) compared to the European Banks industry average (7.8x).

Price to Earnings Ratio vs Fair Ratio

What is MTZ'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.

MTZ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.1x
Fair PE Ratio11.5x

Price-To-Earnings vs Fair Ratio: MTZ is expensive based on its Price-To-Earnings Ratio (14.1x) compared to the estimated Fair Price-To-Earnings Ratio (11.5x).

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 MTZ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€183.00
€220.03
+20.2%
10.4%€262.11€165.65n/a19
Dec ’25€208.30
€208.23
-0.03%
10.1%€254.61€160.91n/a19
Nov ’25€178.50
€189.87
+6.4%
9.9%€220.66€145.46n/a20
Oct ’25€159.00
€165.88
+4.3%
8.9%€197.03€141.69n/a19
Sep ’25€152.85
€163.24
+6.8%
8.1%€197.25€141.85n/a20
Aug ’25€158.60
€166.56
+5.0%
6.8%€192.09€146.11n/a20
Jul ’25€140.30
€155.86
+11.1%
6.0%€170.41€140.45n/a20
Jun ’25€136.00
€151.00
+11.0%
6.3%€165.62€138.02n/a20
May ’25€135.40
€151.52
+11.9%
6.7%€168.26€130.50n/a21
Apr ’25€133.60
€148.58
+11.2%
6.8%€167.58€129.97n/a21
Mar ’25€127.80
€145.21
+13.6%
6.5%€165.96€128.71n/a21
Feb ’25€127.80
€144.34
+12.9%
5.7%€166.07€128.79n/a21
Jan ’25€125.40
€136.66
+9.0%
8.5%€163.44€109.87€180.1521
Dec ’24€117.60
€132.66
+12.8%
8.8%€164.27€110.42€208.3021
Nov ’24€106.60
€137.61
+29.1%
8.6%€170.08€114.33€178.5021
Oct ’24€119.60
€140.14
+17.2%
7.4%€170.26€126.42€159.0021
Sep ’24€115.40
€140.95
+22.1%
7.6%€166.63€125.90€152.8521
Aug ’24€126.60
€137.64
+8.7%
7.5%€163.69€123.68€158.6021
Jul ’24€114.20
€137.52
+20.4%
10.0%€174.82€115.93€140.3021
Jun ’24€111.40
€140.54
+26.2%
10.1%€175.69€116.51€136.0021
May ’24€112.40
€137.74
+22.5%
9.9%€172.20€114.19€135.4021
Apr ’24€109.25
€156.22
+43.0%
9.2%€195.57€138.38€133.6020
Mar ’24€146.00
€165.64
+13.5%
7.3%€199.96€150.91€127.8021
Feb ’24€142.55
€159.51
+11.9%
8.6%€192.98€145.65€127.8021
Jan ’24€135.55
€178.49
+31.7%
13.3%€240.16€144.10€125.4021

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/05 06:24
End of Day Share Price 2025/01/03 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

M&T Bank Corporation is covered by 48 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Stephen BiggarArgus Research Company
David GeorgeBaird
Jason GoldbergBarclays