Natural Grocers by Vitamin Cottage Valuation

Is N2V 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 N2V when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: N2V (€33.8) is trading below our estimate of fair value (€109.33)

Significantly Below Fair Value: N2V is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for N2V?

Key metric: As N2V is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for N2V. This is calculated by dividing N2V's market cap by their current earnings.
What is N2V's PE Ratio?
PE Ratio	26.8x
Earnings	US$30.81m
Market Cap	US$792.76m

N2V 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	0.9x
Enterprise Value/EBITDA	15.1x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does N2V's PE Ratio compare to its peers?

The above table shows the PE ratio for N2V 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	18x
HAW Hawesko Holding	19.9x	19.4%	€206.6m
MSH WASGAU Produktions & Handels	14.3x	n/a	€59.4m
9956 Valor Holdings	9.3x	8.6%	JP¥110.9b
600113 Zhejiang Dongri Limited	28.6x	n/a	CN¥5.8b
N2V Natural Grocers by Vitamin Cottage	26.8x	n/a	€792.8m

Price-To-Earnings vs Peers: N2V is expensive based on its Price-To-Earnings Ratio (26.8x) compared to the peer average (17.9x).

Price to Earnings Ratio vs Industry

How does N2V'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: N2V is expensive based on its Price-To-Earnings Ratio (26.8x) compared to the European Consumer Retailing industry average (14.8x).

Price to Earnings Ratio vs Fair Ratio

What is N2V'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.

N2V PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	26.8x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate N2V'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?

Analyst Forecast: Insufficient data to show price forecast.