Shimano Inc.

DB:SHM Stock Report

Market Cap: €11.8b

Shimano Valuation

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

Below Fair Value: SHM (€129.4) is trading above our estimate of fair value (€118.44)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SHM. This is calculated by dividing SHM's market cap by their current earnings.
What is SHM's PE Ratio?
PE Ratio45x
EarningsJP¥42.32b
Market CapJP¥1.91t

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SHM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average81.8x
ZPF Zapf Creation
176.5xn/a€199.4m
PUM PUMA
25.5x16.8%€6.6b
ADS adidas
110.9x32.4%€42.3b
BOSS Hugo Boss
14.1x13.3%€3.0b
SHM Shimano
45x15.5%€1.9t

Price-To-Earnings vs Peers: SHM is good value based on its Price-To-Earnings Ratio (45x) compared to the peer average (81.8x).

Price to Earnings Ratio vs Industry

How does SHM's PE Ratio compare vs other companies in the European Leisure Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SHM 45.0xIndustry Avg. 18.1xNo. of Companies5PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SHM is expensive based on its Price-To-Earnings Ratio (45x) compared to the Global Leisure industry average (18.5x).

Price to Earnings Ratio vs Fair Ratio

What is SHM'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.

SHM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio45x
Fair PE Ratio22.4x

Price-To-Earnings vs Fair Ratio: SHM is expensive based on its Price-To-Earnings Ratio (45x) compared to the estimated Fair Price-To-Earnings Ratio (22.4x).

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 SHM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€129.40
€151.75
+17.3%
16.0%€199.61€121.64n/a9
Dec ’25€131.60
€151.70
+15.3%
16.0%€199.55€121.60n/a9
Nov ’25€138.10
€152.62
+10.5%
17.0%€193.04€117.64n/a9
Oct ’25€168.00
€157.59
-6.2%
16.3%€196.74€119.89n/a9
Sep ’25€168.80
€157.16
-6.9%
14.2%€195.33€123.30n/a9
Aug ’25€159.30
€147.27
-7.6%
13.0%€190.44€120.22n/a9
Jul ’25€145.60
€135.82
-6.7%
16.2%€180.22€106.22n/a9
Jun ’25€149.60
€137.16
-8.3%
14.5%€176.69€108.30n/a10
May ’25€153.70
€137.16
-10.8%
14.5%€176.69€108.30n/a10
Apr ’25€137.20
€133.10
-3.0%
11.7%€153.83€107.68n/a10
Mar ’25€126.10
€133.10
+5.5%
11.7%€153.83€107.68n/a10
Feb ’25€132.70
€140.89
+6.2%
12.0%€165.10€111.13n/a10
Jan ’25€138.40
€140.89
+1.8%
12.0%€165.10€111.13€127.1010
Dec ’24€139.70
€138.07
-1.2%
12.6%€162.71€109.51€131.609
Nov ’24€141.60
€138.42
-2.2%
12.8%€163.95€110.35€138.109
Oct ’24€126.60
€141.07
+11.4%
15.3%€174.07€107.61€168.009
Sep ’24€137.80
€141.66
+2.8%
13.7%€174.25€107.72€168.8010
Aug ’24€140.90
€147.27
+4.5%
13.6%€176.80€109.30€159.3010
Jul ’24€153.10
€147.01
-4.0%
14.5%€175.60€108.55€145.6012
Jun ’24€145.80
€153.94
+5.6%
15.9%€185.83€114.88€149.6012
May ’24€141.60
€151.96
+7.3%
14.9%€183.18€113.24€153.7012
Apr ’24€158.00
€167.44
+6.0%
14.0%€195.71€129.31€137.2012
Mar ’24€147.20
€167.05
+13.5%
14.9%€206.61€127.41€126.1012
Feb ’24€163.90
€190.18
+16.0%
15.3%€245.20€142.15€132.7012
Jan ’24€149.20
€190.69
+27.8%
15.7%€238.73€138.39€138.4012

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 Analysis2025/01/02 14:33
End of Day Share Price 2025/01/02 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

Shimano Inc. is covered by 23 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Yuri NishizakiBofA Global Research
Graeme McDonaldCitigroup Inc
Morten PaulsenCLSA