Nippon Sheet Glass Company, Limited

DB:NI9 Stock Report

Market Cap: €189.1m

Nippon Sheet Glass Company Valuation

Is NI9 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 NI9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NI9 (€2.04) is trading below our estimate of fair value (€29.33)

Significantly Below Fair Value: NI9 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NI9?

Key metric: As NI9 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for NI9. This is calculated by dividing NI9's market cap by their current revenue.
What is NI9's PS Ratio?
PS Ratio0.04x
SalesJP¥834.81b
Market CapJP¥30.19b

Price to Sales Ratio vs Peers

How does NI9's PS Ratio compare to its peers?

The above table shows the PS ratio for NI9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.9x
ST5 STEICO
0.7x9.6%€268.1m
WUG Westag
0.6xn/a€117.0m
VIB3 Villeroy & Boch
0.3x10.8%€401.8m
FDD Pilkington Deutschland
1.9xn/a€758.9m
NI9 Nippon Sheet Glass Company
0.04x2.1%€30.2b

Price-To-Sales vs Peers: NI9 is good value based on its Price-To-Sales Ratio (0x) compared to the peer average (0.9x).

Price to Sales Ratio vs Industry

How does NI9's PS Ratio compare vs other companies in the European Building Industry?

5 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.0.8x5.4%
NI9 Nippon Sheet Glass Company
 0.04x2.1%US$199.83m
NI9 0.0xIndustry Avg. 0.8xNo. of Companies13PS00.61.21.82.43+
5 CompaniesEstimated GrowthMarket Cap
Industry Avg.0.8x13.3%
NI9 Nippon Sheet Glass Company
 0.04x57.3%US$199.83m
No more companies

Price-To-Sales vs Industry: NI9 is good value based on its Price-To-Sales Ratio (0x) compared to the European Building industry average (0.8x).

Price to Sales Ratio vs Fair Ratio

What is NI9'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.

NI9 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.04x
Fair PS Ratio0.2x

Price-To-Sales vs Fair Ratio: NI9 is good value based on its Price-To-Sales Ratio (0x) compared to the estimated Fair Price-To-Sales Ratio (0.2x).

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 NI9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€2.04
€2.34
+14.8%
2.2%€2.42€2.29n/a4
Nov ’25€2.20
€2.56
+16.3%
10.6%€3.01€2.32n/a4
Oct ’25€2.34
€2.56
+9.3%
10.6%€3.01€2.32n/a4
Sep ’25€2.24
€2.66
+18.9%
10.8%€2.97€2.29n/a4
Aug ’25€2.46
€2.88
+16.9%
1.5%€2.93€2.82n/a4
Jul ’25€2.40
€3.01
+25.6%
9.5%€3.50€2.79n/a4
Jun ’25€2.70
€3.41
+26.5%
11.6%€3.99€2.87n/a4
May ’25€3.10
€3.80
+22.6%
7.1%€4.15€3.48n/a4
Apr ’25€3.12
€3.80
+21.8%
7.1%€4.15€3.48n/a4
Mar ’25€3.24
€4.10
+26.6%
9.6%€4.59€3.49n/a4
Feb ’25€3.88
€4.40
+13.5%
4.5%€4.68€4.18n/a4
Jan ’25€3.62
€4.77
+31.7%
7.2%€5.15€4.32n/a3
Dec ’24€3.94
€4.92
+24.9%
4.6%€5.19€4.63n/a3
Nov ’24€4.22
€5.04
+19.5%
4.6%€5.32€4.75€2.203
Oct ’24€5.05
€5.04
-0.1%
4.6%€5.32€4.75€2.343
Sep ’24€4.88
€4.35
-10.9%
6.6%€4.72€4.03€2.243
Aug ’24€4.12
€4.18
+1.3%
2.6%€4.32€4.07€2.463
Jul ’24€4.18
€4.35
+4.1%
1.9%€4.46€4.26€2.403
Jun ’24€3.84
€4.78
+24.4%
4.7%€5.07€4.53€2.703
May ’24€4.30
€4.91
+14.1%
4.7%€5.21€4.65€3.103
Apr ’24€4.26
€4.91
+15.2%
4.7%€5.21€4.65€3.123
Mar ’24€4.72
€4.75
+0.7%
7.8%€5.17€4.27€3.243
Feb ’24€4.36
€4.37
+0.3%
3.3%€4.56€4.21€3.883
Jan ’24€3.92
€4.16
+6.1%
7.5%€4.53€3.76€3.623
Dec ’23€4.26
€3.93
-7.7%
4.7%€4.19€3.77€3.943
Nov ’23€3.76
€3.84
+2.2%
0.9%€3.87€3.80€4.223

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

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