Deckers Outdoor Valuation

Is DO2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

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 DO2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DO2 (€176.15) is trading above our estimate of fair value (€71.93)

Significantly Below Fair Value: DO2 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DO2?

Key metric: As DO2 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for DO2. This is calculated by dividing DO2's market cap by their current earnings.
What is DO2's PE Ratio?
PE Ratio	33.3x
Earnings	US$875.41m
Market Cap	US$29.19b

DO2 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	6.1x
Enterprise Value/EBITDA	24.6x
PEG Ratio	4.1x

Price to Earnings Ratio vs Peers

How does DO2's PE Ratio compare to its peers?

The above table shows the PE ratio for DO2 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	43.1x
PUM PUMA	25.4x	18.6%	€6.5b
ADS adidas	100.5x	38.1%	€38.3b
BOSS Hugo Boss	12.6x	13.1%	€2.7b
7936 ASICS	34.2x	9.0%	JP¥2.0t
DO2 Deckers Outdoor	33.3x	8.1%	€29.2b

Price-To-Earnings vs Peers: DO2 is good value based on its Price-To-Earnings Ratio (33.3x) compared to the peer average (43.1x).

Price to Earnings Ratio vs Industry

How does DO2's PE Ratio compare vs other companies in the European Luxury Industry?

4 Companies	Price / Earnings	Estimated Growth	Market Cap

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: DO2 is expensive based on its Price-To-Earnings Ratio (33.3x) compared to the European Luxury industry average (14.2x).

Price to Earnings Ratio vs Fair Ratio

What is DO2'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.

DO2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	33.3x
Fair PE Ratio	21.3x

Price-To-Earnings vs Fair Ratio: DO2 is expensive based on its Price-To-Earnings Ratio (33.3x) compared to the estimated Fair Price-To-Earnings Ratio (21.3x).

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 DO2 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	€176.15	€180.82 +2.7%	12.5%	€222.79	€110.43	n/a	21
Nov ’25	€147.75	€174.41 +18.0%	10.3%	€214.48	€134.25	n/a	19
Oct ’25	€142.40	€159.71 +12.2%	10.2%	€201.31	€129.92	n/a	22
Sep ’25	€141.17	€161.77 +14.6%	9.3%	€202.59	€133.11	n/a	22
Aug ’25	€141.50	€166.04 +17.3%	9.4%	€207.23	€136.15	n/a	21
Jul ’25	€149.43	€166.63 +11.5%	9.1%	€196.73	€128.30	n/a	21
Jun ’25	€167.17	€163.28 -2.3%	8.7%	€194.11	€126.60	n/a	21
May ’25	€128.33	€145.01 +13.0%	11.7%	€179.17	€116.07	n/a	21
Apr ’25	€142.93	€144.27 +0.9%	11.9%	€178.44	€115.60	n/a	22
Mar ’25	€136.97	€140.52 +2.6%	11.3%	€177.33	€114.88	n/a	21
Feb ’25	€118.03	€121.28 +2.8%	12.5%	€146.54	€80.98	n/a	19
Jan ’25	€100.80	€107.60 +6.7%	14.4%	€134.03	€75.47	n/a	19
Dec ’24	€99.60	€99.15 -0.4%	11.5%	€114.94	€76.62	n/a	18
Nov ’24	€92.33	€99.23 +7.5%	10.5%	€118.30	€78.87	€147.75	17
Oct ’24	€80.22	€94.18 +17.4%	10.4%	€114.64	€74.90	€142.40	17
Sep ’24	€79.87	€94.18 +17.9%	10.4%	€114.64	€74.90	€141.17	17
Aug ’24	€80.78	€92.68 +14.7%	10.6%	€113.39	€74.08	€141.50	17
Jul ’24	€78.00	€81.84 +4.9%	10.0%	€94.17	€60.98	€149.43	17
Jun ’24	€72.70	€82.02 +12.8%	10.2%	€94.77	€61.37	€167.17	16
May ’24	€71.18	€76.80 +7.9%	11.0%	€85.07	€56.21	€128.33	16
Apr ’24	€67.90	€74.91 +10.3%	9.6%	€86.10	€56.89	€142.93	16
Mar ’24	€64.90	€75.49 +16.3%	9.2%	€85.29	€57.48	€136.97	16
Feb ’24	€64.75	€70.46 +8.8%	16.2%	€82.48	€46.00	€118.03	15
Jan ’24	€61.85	€65.63 +6.1%	16.3%	€85.48	€44.49	€100.80	15
Dec ’23	€62.97	€66.41 +5.5%	16.3%	€86.84	€45.20	€99.60	15
Nov ’23	€58.57	€68.48 +16.9%	16.3%	€90.78	€47.25	€92.33	15

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