Deluxe Valuation

Is DL8 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 DL8 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DL8 (€22.4) is trading below our estimate of fair value (€47.57)

Significantly Below Fair Value: DL8 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DL8?

Key metric: As DL8 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for DL8. This is calculated by dividing DL8's market cap by their current earnings.
What is DL8's PE Ratio?
PE Ratio	18.7x
Earnings	US$55.15m
Market Cap	US$1.05b

DL8 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	1.2x
Enterprise Value/EBITDA	6.4x
PEG Ratio	0.7x

Price to Earnings Ratio vs Peers

How does DL8's PE Ratio compare to its peers?

The above table shows the PE ratio for DL8 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	10.9x
CWC CEWE Stiftung KGaA	10.2x	2.3%	€657.1m
BFSA Befesa	14.4x	29.6%	€797.6m
GBF Bilfinger	6.9x	2.3%	€1.6b
AAD Amadeus FiRe	12x	7.2%	€417.2m
DL8 Deluxe	18.7x	26.2%	€1.0b

Price-To-Earnings vs Peers: DL8 is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the peer average (10.9x).

Price to Earnings Ratio vs Industry

How does DL8's PE Ratio compare vs other companies in the European Commercial Services Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: DL8 is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the European Commercial Services industry average (15x).

Price to Earnings Ratio vs Fair Ratio

What is DL8'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.

DL8 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	18.7x
Fair PE Ratio	13.4x

Price-To-Earnings vs Fair Ratio: DL8 is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the estimated Fair Price-To-Earnings Ratio (13.4x).

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 DL8 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	€22.40	€28.48 +27.1%	15.8%	€35.20	€23.16	n/a	4
Nov ’25	€17.10	€26.87 +57.2%	12.7%	€31.35	€22.40	n/a	4
Oct ’25	€17.30	€26.87 +55.3%	12.7%	€31.35	€22.40	n/a	4
Sep ’25	€18.30	€27.49 +50.2%	12.7%	€32.07	€22.91	n/a	4
Aug ’25	€22.40	€27.80 +24.1%	12.7%	€32.43	€23.17	n/a	4
Jul ’25	€20.80	€27.49 +32.2%	13.3%	€32.34	€23.10	n/a	4
Jun ’25	€20.40	€27.49 +34.8%	13.3%	€32.34	€23.10	n/a	4
May ’25	€18.90	€27.46 +45.3%	11.4%	€30.98	€23.47	n/a	4
Apr ’25	€18.90	€27.85 +47.3%	11.9%	€30.63	€23.21	n/a	3
Mar ’25	€17.90	€27.85 +55.6%	11.9%	€30.63	€23.21	n/a	3
Feb ’25	€17.40	€27.24 +56.6%	11.9%	€29.96	€22.70	n/a	3
Jan ’25	€19.50	€27.24 +39.7%	11.9%	€29.96	€22.70	n/a	3
Dec ’24	€16.60	€26.73 +61.1%	11.5%	€30.78	€23.32	n/a	3
Nov ’24	€16.00	€26.77 +67.3%	10.1%	€30.24	€23.62	€17.10	3
Oct ’24	€18.00	€25.75 +43.0%	10.1%	€29.08	€22.72	€17.30	3
Sep ’24	€18.60	€25.75 +38.4%	10.1%	€29.08	€22.72	€18.30	3
Aug ’24	€17.10	€24.89 +45.5%	6.2%	€26.40	€22.76	€22.40	3
Jul ’24	€15.60	€25.56 +63.9%	6.2%	€27.12	€23.38	€20.80	3
Jun ’24	€14.20	€24.80 +74.6%	6.2%	€26.31	€22.68	€20.40	3
May ’24	€13.40	€25.51 +90.4%	6.2%	€27.07	€23.34	€18.90	3
Apr ’24	€14.30	€25.51 +78.4%	6.2%	€27.07	€23.34	€18.90	3
Mar ’24	€17.30	€25.51 +47.5%	6.2%	€27.07	€23.34	€17.90	3
Feb ’24	€18.20	€28.61 +57.2%	12.3%	€32.12	€25.09	€17.40	2
Jan ’24	€15.90	€28.61 +79.9%	12.3%	€32.12	€25.09	€19.50	2
Dec ’23	€18.40	€28.61 +55.5%	12.3%	€32.12	€25.09	€16.60	2
Nov ’23	€18.50	€33.38 +80.5%	1.5%	€33.90	€32.87	€16.00	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.