NFI Group Inc.

DB:9NF Stock Report

Market Cap: €1.2b

NFI Group Valuation

Is 9NF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 9NF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9NF (€9.7) is trading below our estimate of fair value (€17.25)

Significantly Below Fair Value: 9NF is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9NF?

Key metric: As 9NF is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 9NF. This is calculated by dividing 9NF's market cap by their current revenue.
What is 9NF's PS Ratio?
PS Ratio0.4x
SalesUS$3.07b
Market CapUS$1.22b

Price to Sales Ratio vs Peers

How does 9NF's PS Ratio compare to its peers?

The above table shows the PS ratio for 9NF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.9x
WAC Wacker Neuson
0.4x5.9%€914.1m
VOS Vossloh
0.7x6.2%€807.6m
R3NK RENK Group
1.9x12.5%€2.0b
JUN3 Jungheinrich
0.5x4.5%€2.5b
9NF NFI Group
0.4x15.9%€1.7b

Price-To-Sales vs Peers: 9NF is good value based on its Price-To-Sales Ratio (0.4x) compared to the peer average (0.9x).

Price to Sales Ratio vs Industry

How does 9NF's PS Ratio compare vs other companies in the DE Machinery Industry?

4 CompaniesPrice / SalesEstimated GrowthMarket Cap
HDD Heidelberger Druckmaschinen
0.1x4.3%US$290.36m
SF3 STS Group
0.08x4.2%US$24.78m
GRF Greiffenberger
0.06xn/aUS$4.30m
SCM SCHUMAG
0.04xn/aUS$1.90m
No more companies available in this PS range
9NF 0.4xIndustry Avg. 0.5xNo. of Companies11PS00.61.21.82.43+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 9NF is good value based on its Price-To-Sales Ratio (0.4x) compared to the German Machinery industry average (0.5x).

Price to Sales Ratio vs Fair Ratio

What is 9NF's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

9NF PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.4x
Fair PS Ratio0.4x

Price-To-Sales vs Fair Ratio: 9NF is expensive based on its Price-To-Sales Ratio (0.4x) compared to the estimated Fair Price-To-Sales Ratio (0.4x).

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 9NF forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€9.70
€13.63
+40.5%
9.0%€15.43€12.41n/a5
Nov ’25€10.40
€14.18
+36.3%
8.3%€15.54€12.54n/a5
Oct ’25€11.90
€14.55
+22.3%
5.0%€15.21€13.23n/a5
Sep ’25€12.70
€14.55
+14.6%
5.0%€15.21€13.23n/a5
Aug ’25€11.40
€11.48
+0.7%
18.3%€14.72€8.46n/a5
Jul ’25€10.60
€11.51
+8.6%
17.2%€14.28€8.50n/a5
Jun ’25€10.30
€11.17
+8.4%
14.7%€12.84€8.44n/a5
May ’25€7.55
€10.46
+38.5%
13.4%€12.22€8.15n/a5
Apr ’25€8.90
€10.46
+17.5%
13.4%€12.22€8.15n/a5
Mar ’25€8.45
€10.48
+24.1%
13.4%€12.24€8.17n/a5
Feb ’25€8.15
€10.75
+31.9%
13.6%€12.27€8.22n/a5
Jan ’25€8.95
€10.50
+17.3%
13.8%€11.93€7.89n/a5
Dec ’24€8.65
€10.32
+19.3%
16.7%€11.91€7.11n/a5
Nov ’24€8.70
€10.45
+20.1%
18.2%€12.51€7.52€10.404
Oct ’24€8.75
€9.20
+5.1%
13.9%€10.26€7.40€11.903
Sep ’24€8.25
€9.11
+10.4%
14.2%€10.18€7.29€12.703
Aug ’24€7.30
€8.28
+13.5%
22.2%€10.35€5.87€11.403
Jul ’24€7.45
€7.64
+2.6%
14.4%€8.69€5.86€10.604
Jun ’24€6.10
€7.39
+21.2%
15.1%€8.58€5.89€10.303
May ’24€4.64
€7.79
+67.8%
17.7%€9.36€5.75€7.554
Apr ’24€5.40
€8.00
+48.1%
18.1%€9.63€5.85€8.904
Mar ’24€6.25
€8.53
+36.4%
29.3%€12.40€5.86€8.454
Feb ’24€7.35
€8.50
+15.6%
28.8%€12.06€5.76€8.154
Jan ’24€6.45
€8.87
+37.6%
25.9%€12.37€5.85€8.955
Dec ’23€6.95
€9.68
+39.2%
21.7%€13.10€7.28€8.655
Nov ’23€6.45
€9.65
+49.6%
20.0%€13.01€7.32€8.705

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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