Suruga Bank Valuation

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

URU (€6.65) is trading below our estimate of [[fair value]] (€7.82)

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

Below Fair Value: URU (€6.65) is trading below our estimate of fair value (€7.82)

Significantly Below Fair Value: URU is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for URU. This is calculated by dividing URU's market cap by their current preferred multiple.
What is URU's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	JP¥207.43b

URU 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	2x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for URU 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	30.8x
PCZ ProCredit Holding	4.6x	9.7%	€491.2m
SASR Sandy Spring Bancorp	15.8x	20.3%	US$1.4b
MBSB MBSB Berhad	13.5x	13.5%	RM 6.3b
CLBK Columbia Financial	89.2x	43.3%	US$1.7b
URU Suruga Bank	11.1x	5.7%	€207.4b

Price-To-Earnings vs Peers: URU is good value based on its Price-To-Earnings Ratio (11.1x) compared to the peer average (30.8x).

Price to Earnings Ratio vs Industry

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

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	0.4%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	0.4%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: URU is expensive based on its Price-To-Earnings Ratio (11.1x) compared to the European Banks industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is URU'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.

URU PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.1x
Fair PE Ratio	9.6x

Price-To-Earnings vs Fair Ratio: URU is expensive based on its Price-To-Earnings Ratio (11.1x) compared to the estimated Fair Price-To-Earnings Ratio (9.6x).

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 URU forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€6.65	€7.15 +7.5%	10.1%	€8.21	€6.17	n/a	4
Sep ’25	€7.15	€7.05 -1.4%	13.5%	€8.28	€5.60	n/a	4
Aug ’25	€7.25	€6.60 -8.9%	13.5%	€7.76	€5.25	n/a	4
Jul ’25	€6.05	€5.82 -3.7%	13.7%	€6.82	€4.80	n/a	4
Jun ’25	€6.35	€5.60 -11.9%	10.2%	€6.51	€4.93	n/a	4
May ’25	€5.60	€5.60 -0.05%	10.2%	€6.51	€4.93	n/a	4
Apr ’25	€5.25	€4.69 -10.6%	19.7%	€5.61	€3.43	n/a	3
Mar ’25	€4.82	€3.86 -19.8%	11.4%	€4.46	€3.41	n/a	3
Feb ’25	€5.15	€3.86 -25.0%	11.4%	€4.46	€3.41	n/a	3
Jan ’25	€4.84	€3.86 -20.2%	11.4%	€4.46	€3.41	n/a	3
Dec ’24	€4.54	€3.86 -14.9%	11.4%	€4.46	€3.41	n/a	3
Nov ’24	€4.04	€3.76 -6.9%	6.2%	€4.04	€3.47	n/a	3
Oct ’24	€3.92	€3.37 -14.1%	18.7%	€4.06	€2.54	€6.85	3
Sep ’24	€3.94	€3.18 -19.2%	19.5%	€4.06	€2.53	€7.15	4
Aug ’24	€3.68	€2.80 -23.8%	7.7%	€3.17	€2.64	€7.25	4
Jul ’24	€3.58	€2.80 -21.7%	7.7%	€3.17	€2.64	€6.05	4
Jun ’24	€3.38	€2.82 -16.5%	2.0%	€2.91	€2.77	€6.35	4
May ’24	€3.36	€2.82 -16.0%	2.0%	€2.91	€2.77	€5.60	4
Apr ’24	€3.12	€2.82 -9.6%	2.0%	€2.91	€2.77	€5.25	4
Mar ’24	€2.94	€2.87 -2.5%	2.1%	€2.97	€2.83	€4.82	4
Feb ’24	€2.90	€2.87 -1.0%	2.1%	€2.98	€2.83	€5.15	4
Jan ’24	€2.92	€2.75 -5.8%	4.5%	€2.91	€2.56	€4.84	4
Dec ’23	€2.86	€2.68 -6.3%	4.9%	€2.87	€2.53	€4.54	4
Nov ’23	€2.60	€2.68 +3.1%	4.9%	€2.87	€2.53	€4.04	4
Oct ’23	€2.56	€2.83 +10.4%	7.9%	€3.14	€2.58	€3.92	4

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