Funko, Inc.

DB:FU2 Stock Report

Market Cap: €601.6m

Funko Valuation

Is FU2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FU2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FU2 (€10.86) is trading below our estimate of fair value (€29.43)

Significantly Below Fair Value: FU2 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FU2?

Key metric: As FU2 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for FU2. This is calculated by dividing FU2's market cap by their current revenue.
What is FU2's PS Ratio?
PS Ratio0.6x
SalesUS$1.05b
Market CapUS$630.92m

Price to Sales Ratio vs Peers

How does FU2's PS Ratio compare to its peers?

The above table shows the PS ratio for FU2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.5x
TNIE tonies
2.1x20.0%€829.9m
ZPF Zapf Creation
3.1xn/a€199.4m
H9Y HanseYachts
0.1xn/a€28.2m
ULC UNITEDLABELS
0.5x12.4%€11.0m
FU2 Funko
0.6x7.1%€630.9m

Price-To-Sales vs Peers: FU2 is good value based on its Price-To-Sales Ratio (0.6x) compared to the peer average (1.5x).

Price to Sales Ratio vs Industry

How does FU2's PS Ratio compare vs other companies in the European Leisure Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
FU2 0.6xIndustry Avg. 0.9xNo. of Companies6PS00.61.21.82.43+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: FU2 is good value based on its Price-To-Sales Ratio (0.6x) compared to the European Leisure industry average (0.9x).

Price to Sales Ratio vs Fair Ratio

What is FU2's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FU2 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.6x
Fair PS Ratio0.5x

Price-To-Sales vs Fair Ratio: FU2 is expensive based on its Price-To-Sales Ratio (0.6x) compared to the estimated Fair Price-To-Sales Ratio (0.5x).

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 FU2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.86
€11.60
+6.8%
29.1%€15.15€6.63n/a4
Dec ’25€10.67
€11.43
+7.2%
29.1%€14.93€6.53n/a4
Nov ’25€10.69
€10.19
-4.6%
27.8%€13.89€6.02n/a4
Oct ’25€10.75
€9.60
-10.7%
30.0%€13.55€5.87n/a4
Sep ’25€9.18
€9.19
+0.1%
25.3%€11.80€5.90n/a4
Aug ’25€9.09
€9.34
+2.8%
25.3%€12.00€6.00n/a4
Jul ’25€8.91
€9.14
+2.5%
27.4%€12.03€6.02n/a4
Jun ’25€8.02
€8.52
+6.2%
23.1%€11.05€5.98n/a4
May ’25€5.59
€8.03
+43.6%
20.6%€9.77€5.58n/a4
Apr ’25€5.67
€7.50
+32.3%
22.5%€9.64€5.51n/a3
Mar ’25€6.39
€7.61
+19.1%
17.4%€9.69€6.00n/a4
Feb ’25€6.42
€7.78
+21.2%
17.1%€9.61€5.95n/a4
Jan ’25€6.78
€7.92
+16.8%
16.4%€9.51€5.88n/a4
Dec ’24€5.83
€8.02
+37.6%
15.3%€9.79€6.06€10.675
Nov ’24€7.14
€7.31
+2.4%
19.1%€9.02€4.75€10.695
Oct ’24€6.90
€7.16
+3.8%
16.5%€8.73€5.05€10.755
Sep ’24€6.40
€7.16
+11.9%
16.5%€8.73€5.05€9.185
Aug ’24€7.16
€10.11
+41.2%
39.2%€17.97€5.39€9.096
Jul ’24€9.94
€10.73
+8.0%
36.0%€18.40€5.98€8.916
Jun ’24€11.48
€10.37
-9.7%
34.4%€18.15€5.90€8.027
May ’24€8.90
€9.95
+11.8%
36.4%€18.33€5.96€5.597
Apr ’24€8.39
€10.24
+22.1%
36.4%€18.87€6.13€5.677
Mar ’24€10.00
€11.69
+16.9%
30.5%€18.96€8.06€6.396
Feb ’24€10.50
€11.17
+6.4%
28.9%€18.40€7.82€6.427
Jan ’24€9.77
€13.63
+39.6%
29.5%€20.59€9.36€6.788
Dec ’23€9.15
€13.88
+51.7%
31.3%€21.24€8.69€5.838

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/17 05:30
End of Day Share Price 2024/12/17 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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

Funko, Inc. is covered by 10 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Gerrick JohnsonBMO Capital Markets Equity Research
Alexander PerryBofA Global Research
Eric WoldB. Riley Securities, Inc.