NTN Corporation

DB:NTN Stock Report

Market Cap: €810.9m

NTN Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: NTN (€1.44) is trading below our estimate of fair value (€4.79)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NTN. This is calculated by dividing NTN's market cap by their current earnings.
What is NTN's PE Ratio?
PE Ratio30.4x
EarningsJP¥4.32b
Market CapJP¥131.19b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NTN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.3x
STM Stabilus
11.4x16.6%€822.5m
MBH3 Maschinenfabrik Berthold Hermle
10.1xn/a€837.5m
KSB KSB SE KGaA
7.4x7.7%€1.1b
MUB Mühlbauer Holding
16.3xn/a€522.3m
NTN NTN
30.4x54.9%€131.2b

Price-To-Earnings vs Peers: NTN is expensive based on its Price-To-Earnings Ratio (30.4x) compared to the peer average (11.3x).

Price to Earnings Ratio vs Industry

How does NTN's PE Ratio compare vs other companies in the DE Machinery Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
NTN 30.4xIndustry Avg. 14.8xNo. of Companies6PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NTN is expensive based on its Price-To-Earnings Ratio (30.4x) compared to the German Machinery industry average (14.7x).

Price to Earnings Ratio vs Fair Ratio

What is NTN'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.

NTN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio30.4x
Fair PE Ratio33.5x

Price-To-Earnings vs Fair Ratio: NTN is good value based on its Price-To-Earnings Ratio (30.4x) compared to the estimated Fair Price-To-Earnings Ratio (33.5x).

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 NTN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.44
€1.73
+20.2%
0.7%€1.74€1.71n/a5
Nov ’25€1.41
€1.68
+19.4%
0.7%€1.69€1.66n/a5
Oct ’25€1.57
€1.88
+19.5%
10.8%€2.28€1.77n/a5
Sep ’25€1.66
€1.88
+13.1%
10.3%€2.24€1.74n/a5
Aug ’25€1.77
€2.03
+14.9%
20.4%€2.90€1.66n/a6
Jul ’25€1.80
€2.03
+13.0%
20.4%€2.90€1.66n/a6
Jun ’25€1.84
€2.00
+8.6%
21.4%€2.89€1.65n/a6
May ’25€1.83
€2.06
+12.3%
21.4%€2.98€1.70n/a6
Apr ’25€1.89
€2.03
+7.2%
23.6%€3.01€1.60n/a6
Mar ’25€1.95
€1.99
+2.1%
25.2%€3.00€1.53n/a6
Feb ’25€1.64
€1.85
+12.7%
12.9%€2.28€1.58n/a5
Jan ’25€1.62
€1.87
+15.7%
12.2%€2.28€1.58n/a5
Dec ’24€1.65
€1.91
+15.5%
11.9%€2.20€1.53n/a6
Nov ’24€1.73
€2.00
+15.4%
13.1%€2.34€1.58€1.416
Oct ’24€1.77
€2.00
+12.8%
13.1%€2.34€1.58€1.576
Sep ’24€1.81
€2.00
+10.3%
13.1%€2.34€1.58€1.666
Aug ’24€1.99
€2.23
+11.8%
9.2%€2.57€1.99€1.776
Jul ’24€1.89
€2.21
+17.2%
9.9%€2.61€1.95€1.807
Jun ’24€1.82
€2.42
+32.8%
11.7%€2.89€2.01€1.847
May ’24€2.22
€2.94
+32.3%
21.9%€4.17€2.08€1.837
Apr ’24€2.30
€2.94
+27.7%
21.9%€4.17€2.08€1.897
Mar ’24€2.34
€2.60
+11.1%
19.8%€3.50€1.89€1.957
Feb ’24€1.87
€2.49
+33.4%
14.1%€2.90€1.91€1.647
Jan ’24€1.85
€2.47
+33.5%
14.7%€2.85€1.88€1.627
Dec ’23€2.00
€2.38
+18.8%
18.3%€2.95€1.73€1.657
Nov ’23€1.91
€2.38
+24.4%
18.3%€2.95€1.73€1.737

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

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