Man Wah Holdings Limited

DB:AAM Stock Report

Market Cap: €2.2b

Man Wah Holdings Valuation

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

Below Fair Value: AAM (€0.57) is trading below our estimate of fair value (€1.19)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for AAM. This is calculated by dividing AAM's market cap by their current earnings.
What is AAM's PE Ratio?
PE Ratio7.8x
EarningsHK$2.31b
Market CapHK$18.07b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for AAM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average21.9x
SUR Surteco Group
35x27.8%€307.0m
EIN3 Einhell Germany
12.2x9.2%€712.2m
BOSS Hugo Boss
14x13.3%€3.0b
PUM PUMA
26.3x18.5%€6.8b
AAM Man Wah Holdings
7.8x7.8%€18.1b

Price-To-Earnings vs Peers: AAM is good value based on its Price-To-Earnings Ratio (7.8x) compared to the peer average (21.9x).

Price to Earnings Ratio vs Industry

How does AAM's PE Ratio compare vs other companies in the European Consumer Durables Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AAM 7.8xIndustry Avg. 13.2xNo. of Companies10PE0816243240+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AAM is good value based on its Price-To-Earnings Ratio (7.8x) compared to the European Consumer Durables industry average (13.1x).

Price to Earnings Ratio vs Fair Ratio

What is AAM'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.

AAM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.8x
Fair PE Ratio15.5x

Price-To-Earnings vs Fair Ratio: AAM is good value based on its Price-To-Earnings Ratio (7.8x) compared to the estimated Fair Price-To-Earnings Ratio (15.5x).

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 AAM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.57
€0.87
+52.2%
21.2%€1.22€0.59n/a12
Dec ’25€0.56
€0.87
+56.3%
21.2%€1.22€0.59n/a12
Nov ’25€0.65
€0.88
+36.1%
23.7%€1.18€0.61n/a11
Oct ’25€0.72
€0.88
+21.3%
26.9%€1.29€0.59n/a11
Sep ’25€0.53
€0.94
+78.1%
25.1%€1.32€0.61n/a11
Aug ’25€0.53
€1.00
+89.3%
21.8%€1.32€0.63n/a11
Jul ’25€0.63
€1.03
+64.4%
18.8%€1.33€0.63n/a12
Jun ’25€0.74
€0.99
+33.0%
19.1%€1.32€0.63n/a12
May ’25€0.66
€0.84
+28.4%
17.1%€1.17€0.60n/a12
Apr ’25€0.63
€0.84
+34.5%
17.1%€1.17€0.60n/a12
Mar ’25€0.58
€0.86
+47.7%
15.7%€1.19€0.71n/a12
Feb ’25€0.56
€0.85
+54.0%
15.5%€1.17€0.70n/a12
Jan ’25€0.58
€0.89
+52.8%
14.4%€1.19€0.71n/a13
Dec ’24€0.57
€0.89
+56.4%
14.2%€1.18€0.71€0.5613
Nov ’24€0.56
€0.98
+73.3%
15.8%€1.32€0.73€0.6512
Oct ’24€0.63
€0.98
+55.4%
15.8%€1.32€0.73€0.7212
Sep ’24€0.64
€0.95
+48.9%
15.8%€1.27€0.71€0.5312
Aug ’24€0.74
€0.95
+28.8%
15.8%€1.27€0.71€0.5312
Jul ’24€0.58
€0.97
+65.5%
15.9%€1.29€0.71€0.6312
Jun ’24€0.58
€1.00
+70.6%
15.5%€1.31€0.73€0.7412
May ’24€0.72
€1.11
+53.5%
15.5%€1.37€0.81€0.6611
Apr ’24€0.72
€1.11
+54.6%
15.5%€1.37€0.81€0.6311
Mar ’24€0.97
€1.15
+18.2%
15.8%€1.40€0.82€0.5812
Feb ’24€1.02
€1.08
+6.3%
19.2%€1.38€0.68€0.5612
Jan ’24€0.90
€1.06
+18.1%
21.2%€1.43€0.71€0.5812
Dec ’23€0.90
€1.11
+23.4%
25.1%€1.66€0.71€0.5712

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.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/20 08:15
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Man Wah Holdings Limited is covered by 40 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Xinyi PangBofA Global Research
Rong LiCCB International Securities Limited
Larry ChoCGS International