Shenzhen Pagoda Industrial (Group) Valuation

Q: What is the Fair Price of D0V when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

D0V (€0.14) is trading above our estimate of [[fair value]] (€0.11)

Is D0V 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 D0V when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: D0V (€0.14) is trading above our estimate of fair value (€0.11)

Significantly Below Fair Value: D0V is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for D0V?

Key metric: As D0V is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for D0V. This is calculated by dividing D0V's market cap by their current earnings.
What is D0V's PE Ratio?
PE Ratio	9.3x
Earnings	CN¥189.42m
Market Cap	CN¥1.76b

D0V 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	0.2x
Enterprise Value/EBITDA	8.4x
PEG Ratio	0.2x

Price to Earnings Ratio vs Peers

How does D0V's PE Ratio compare to its peers?

The above table shows the PE ratio for D0V 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	24.3x
HAW Hawesko Holding	20.1x	19.4%	€209.3m
MSH WASGAU Produktions & Handels	13.6x	n/a	€56.8m
9823 Mammy Mart	8x	n/a	JP¥37.9b
8217 Okuwa	55.5x	24.2%	JP¥38.2b
D0V Shenzhen Pagoda Industrial (Group)	9.3x	37.9%	€1.9b

Price-To-Earnings vs Peers: D0V is good value based on its Price-To-Earnings Ratio (9.3x) compared to the peer average (24.3x).

Price to Earnings Ratio vs Industry

How does D0V's PE Ratio compare vs other companies in the European Consumer Retailing Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: D0V is good value based on its Price-To-Earnings Ratio (9.3x) compared to the European Consumer Retailing industry average (14.7x).

Price to Earnings Ratio vs Fair Ratio

What is D0V'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.

D0V PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	9.3x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate D0V's Price-To-Earnings Fair Ratio for valuation analysis.

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 D0V 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	€0.14	€0.27 +91.6%	6.4%	€0.29	€0.25	n/a	2
Nov ’25	€0.18	€0.27 +50.1%	6.4%	€0.29	€0.25	n/a	2
Oct ’25	€0.24	€0.27 +13.5%	6.4%	€0.29	€0.25	n/a	2
Sep ’25	€0.18	€0.27 +50.1%	6.4%	€0.29	€0.25	n/a	2
Aug ’25	€0.21	€0.47 +120.1%	11.3%	€0.53	€0.40	n/a	3
Jul ’25	€0.28	€0.47 +69.1%	11.3%	€0.53	€0.40	n/a	3
Jun ’25	€0.35	€0.47 +32.6%	11.3%	€0.53	€0.40	n/a	3
May ’25	€0.36	€0.47 +28.2%	11.3%	€0.53	€0.40	n/a	3
Apr ’25	€0.39	€0.75 +95.5%	22.5%	€0.91	€0.48	n/a	4
Mar ’25	€0.31	€0.84 +168.1%	6.4%	€0.91	€0.76	n/a	4
Feb ’25	n/a	€0.84 0%	6.6%	€0.91	€0.76	n/a	4
Jan ’25	n/a	€0.88 0%	3.4%	€0.92	€0.83	n/a	4
Dec ’24	n/a	€0.88 0%	3.4%	€0.92	€0.83	n/a	4
Nov ’24	€0.69	€0.88 +28.6%	3.4%	€0.92	€0.83	€0.18	4
Oct ’24	€0.66	€0.86 +30.7%	3.5%	€0.90	€0.82	€0.24	4
Sep ’24	€0.59	€0.86 +45.0%	3.5%	€0.90	€0.82	€0.18	4
Aug ’24	€0.59	€0.85 +44.7%	2.7%	€0.88	€0.82	€0.21	4
Jul ’24	€0.65	€0.85 +32.2%	2.7%	€0.88	€0.82	€0.28	4
Jun ’24	€0.67	€0.89 +32.5%	3.5%	€0.93	€0.86	€0.35	3
May ’24	€0.70	€0.89 +26.7%	3.5%	€0.93	€0.86	€0.36	3
Apr ’24	n/a	€0.89 0%	3.5%	€0.93	€0.86	€0.39	3

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.