Snap-on Incorporated

DB:SPU Stock Report

Market Cap: €17.8b

Snap-on Valuation

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

Below Fair Value: SPU (€335.5) is trading below our estimate of fair value (€396.05)

Significantly Below Fair Value: SPU 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 SPU?

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

The above table shows the Price to Earnings ratio for SPU. This is calculated by dividing SPU's market cap by their current earnings.
What is SPU's PE Ratio?
PE Ratio18x
EarningsUS$1.04b
Market CapUS$18.75b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SPU vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24.4x
RAA RATIONAL
42.3x6.9%€10.0b
G1A GEA Group
18.4x8.3%€7.5b
GIL DMG MORI
22xn/a€3.5b
KRN Krones
14.8x16.2%€3.7b
SPU Snap-on
18x1.3%€18.7b

Price-To-Earnings vs Peers: SPU is good value based on its Price-To-Earnings Ratio (18x) compared to the peer average (24.4x).

Price to Earnings Ratio vs Industry

How does SPU'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
SPU 18.0xIndustry Avg. 14.8xNo. of Companies6PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SPU is expensive based on its Price-To-Earnings Ratio (18x) compared to the German Machinery industry average (14.8x).

Price to Earnings Ratio vs Fair Ratio

What is SPU'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.

SPU PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18x
Fair PE Ratio15.3x

Price-To-Earnings vs Fair Ratio: SPU is expensive based on its Price-To-Earnings Ratio (18x) compared to the estimated Fair Price-To-Earnings Ratio (15.3x).

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 SPU forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€335.50
€300.62
-10.4%
14.5%€356.66€219.56n/a8
Nov ’25€306.70
€300.62
-2.0%
14.5%€356.66€219.56n/a8
Oct ’25€259.10
€264.69
+2.2%
12.1%€309.76€214.80n/a8
Sep ’25€255.00
€264.69
+3.8%
12.1%€309.76€214.80n/a8
Aug ’25€264.40
€264.69
+0.1%
12.1%€309.76€214.80n/a8
Jul ’25€242.00
€269.41
+11.3%
12.7%€312.92€216.99n/a7
Jun ’25€246.60
€270.46
+9.7%
12.1%€315.40€216.84n/a8
May ’25€253.70
€270.46
+6.6%
12.1%€315.40€216.84n/a8
Apr ’25€274.00
€256.64
-6.3%
14.6%€307.24€192.02n/a9
Mar ’25€253.50
€256.88
+1.3%
15.5%€311.84€194.90n/a9
Feb ’25€268.00
€256.35
-4.3%
15.9%€309.09€193.18n/a9
Jan ’25€261.50
€255.01
-2.5%
15.8%€308.21€192.63n/a9
Dec ’24€251.50
€262.57
+4.4%
16.8%€317.92€198.70n/a8
Nov ’24€243.50
€262.57
+7.8%
16.8%€317.92€198.70€306.708
Oct ’24€243.00
€250.88
+3.2%
19.7%€317.82€179.72€259.1010
Sep ’24€251.50
€237.70
-5.5%
19.3%€294.84€170.79€255.0010
Aug ’24€247.00
€237.70
-3.8%
19.3%€294.84€170.79€264.4010
Jul ’24€263.50
€230.15
-12.7%
17.5%€298.58€172.96€242.0010
Jun ’24€232.50
€231.39
-0.5%
16.3%€280.38€176.40€246.6010
May ’24€235.00
€225.05
-4.2%
15.6%€274.91€172.96€253.7010
Apr ’24€221.10
€221.22
+0.06%
15.9%€277.99€170.29€274.0010
Mar ’24€233.85
€223.43
-4.5%
16.7%€283.25€173.51€253.509
Feb ’24€228.25
€208.96
-8.4%
17.4%€271.27€159.30€268.009
Jan ’24€214.70
€217.10
+1.1%
18.3%€284.59€162.35€261.509
Dec ’23€229.25
€222.37
-3.0%
17.5%€288.61€164.65€251.5010
Nov ’23€223.65
€230.16
+2.9%
17.5%€302.14€172.36€243.5010

Analyst Forecast: Target price is lower than the current share price.

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