Corporate Travel Management Valuation

Q: What is the Fair Price of 1C6 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

1C6 (€8.45) is trading below our estimate of [[fair value]] (€15.87)

Is 1C6 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

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 1C6 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 1C6 (€8.45) is trading below our estimate of fair value (€15.87)

Significantly Below Fair Value: 1C6 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 1C6?

Key metric: As 1C6 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 1C6. This is calculated by dividing 1C6's market cap by their current earnings.
What is 1C6's PE Ratio?
PE Ratio	23.6x
Earnings	AU$84.45m
Market Cap	AU$1.99b

1C6 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	2.7x
Enterprise Value/EBITDA	14x
PEG Ratio	1.9x

Price to Earnings Ratio vs Peers

How does 1C6's PE Ratio compare to its peers?

The above table shows the PE ratio for 1C6 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	25.4x
TUI1 TUI	7x	17.3%	€3.8b
IFA LS Invest	6.5x	n/a	€293.6m
TIMA ZEAL Network	20.3x	-4.5%	€955.1m
LEMONTREE Lemon Tree Hotels	67.7x	35.8%	₹103.8b
1C6 Corporate Travel Management	23.6x	12.2%	€2.0b

Price-To-Earnings vs Peers: 1C6 is good value based on its Price-To-Earnings Ratio (23.6x) compared to the peer average (25.5x).

Price to Earnings Ratio vs Industry

How does 1C6's PE Ratio compare vs other companies in the European Hospitality Industry?

11 Companies	Price / Earnings	Estimated Growth	Market Cap

11 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 1C6 is expensive based on its Price-To-Earnings Ratio (23.6x) compared to the European Hospitality industry average (17.2x).

Price to Earnings Ratio vs Fair Ratio

What is 1C6'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.

1C6 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	23.6x
Fair PE Ratio	22.6x

Price-To-Earnings vs Fair Ratio: 1C6 is expensive based on its Price-To-Earnings Ratio (23.6x) compared to the estimated Fair Price-To-Earnings Ratio (22.6x).

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 1C6 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	€8.45	€8.51 +0.7%	9.3%	€10.06	€7.42	n/a	17
Nov ’25	€6.95	€8.45 +21.6%	9.4%	€9.92	€7.32	n/a	18
Oct ’25	€7.90	€8.75 +10.7%	10.4%	€10.51	€7.48	n/a	17
Sep ’25	€7.05	€8.78 +24.5%	13.4%	€12.05	€7.34	n/a	18
Aug ’25	€8.10	€10.61 +31.0%	11.2%	€12.50	€7.96	n/a	18
Jul ’25	€8.45	€11.12 +31.6%	9.3%	€12.76	€9.21	n/a	19
Jun ’25	€7.95	€11.15 +40.3%	9.8%	€13.37	€9.14	n/a	19
May ’25	€9.15	€11.33 +23.8%	8.8%	€13.29	€9.30	n/a	19
Apr ’25	€10.00	€11.25 +12.5%	8.7%	€13.19	€9.23	n/a	20
Mar ’25	€9.40	€11.31 +20.3%	9.4%	€13.14	€9.19	n/a	20
Feb ’25	€12.10	€13.39 +10.6%	11.6%	€17.58	€10.61	n/a	18
Jan ’25	€11.90	€13.52 +13.6%	11.4%	€17.81	€10.75	n/a	18
Dec ’24	€10.80	€13.05 +20.8%	11.4%	€17.29	€10.43	n/a	19
Nov ’24	€9.70	€13.13 +35.3%	11.7%	€17.35	€10.47	€6.95	18
Oct ’24	€10.10	€13.29 +31.6%	11.0%	€17.47	€10.54	€7.90	18
Sep ’24	€10.50	€12.93 +23.1%	12.6%	€17.20	€9.79	€7.05	18
Aug ’24	€12.50	€13.84 +10.7%	12.6%	€17.47	€10.08	€8.10	18
Jul ’24	€10.70	€13.65 +27.6%	13.7%	€17.59	€10.15	€8.45	17
Jun ’24	€12.40	€13.65 +10.1%	13.7%	€17.59	€10.15	€7.95	17
May ’24	€12.30	€13.14 +6.8%	14.7%	€17.10	€9.86	€9.15	16
Apr ’24	€10.80	€13.28 +23.0%	16.3%	€18.01	€10.62	€10.00	15
Mar ’24	€11.20	€13.28 +18.6%	16.3%	€18.01	€10.62	€9.40	15
Feb ’24	€11.70	€14.60 +24.7%	15.9%	€17.90	€10.74	€12.10	14
Jan ’24	€9.20	€14.49 +57.5%	15.4%	€17.55	€10.53	€11.90	14
Dec ’23	€10.40	€15.01 +44.3%	13.9%	€17.83	€10.70	€10.80	14
Nov ’23	€11.40	€15.01 +31.6%	13.9%	€17.83	€10.70	€9.70	14

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