MSCI Inc.

XTRA:3HM Stock Report

Market Cap: €45.8b

MSCI Valuation

Is 3HM 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 3HM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3HM (€586.4) is trading below our estimate of fair value (€627.13)

Significantly Below Fair Value: 3HM is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3HM?

Key metric: As 3HM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 3HM. This is calculated by dividing 3HM's market cap by their current earnings.
What is 3HM's PE Ratio?
PE Ratio39x
EarningsUS$1.21b
Market CapUS$47.02b

Price to Earnings Ratio vs Peers

How does 3HM's PE Ratio compare to its peers?

The above table shows the PE ratio for 3HM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.6x
DB1 Deutsche Börse
22.2x5.3%€41.0b
DBK Deutsche Bank
8.4x12.6%€32.7b
DWS DWS Group GmbH KGaA
13.4x13.0%€8.0b
NDAQ Nasdaq
46.4x17.6%US$44.4b
3HM MSCI
39x9.5%€47.0b

Price-To-Earnings vs Peers: 3HM is expensive based on its Price-To-Earnings Ratio (39x) compared to the peer average (22.6x).

Price to Earnings Ratio vs Industry

How does 3HM's PE Ratio compare vs other companies in the DE Capital Markets Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
HXCK Ernst Russ
3.8x-19.3%US$205.25m
SPT6 Sparta
2.5xn/aUS$171.26m
XE8 Black Sea Property
0.7xn/aUS$7.57m
No more companies available in this PE range
3HM 39.0xIndustry Avg. 19.2xNo. of Companies8PE01632486480+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 3HM is expensive based on its Price-To-Earnings Ratio (39x) compared to the German Capital Markets industry average (19.4x).

Price to Earnings Ratio vs Fair Ratio

What is 3HM'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.

3HM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio39x
Fair PE Ratio20.6x

Price-To-Earnings vs Fair Ratio: 3HM is expensive based on its Price-To-Earnings Ratio (39x) compared to the estimated Fair Price-To-Earnings Ratio (20.6x).

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 3HM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€586.40
€630.11
+7.5%
9.4%€693.79€489.40n/a14
Dec ’25€577.80
€605.16
+4.7%
9.1%€661.50€481.95n/a13
Nov ’25€531.60
€587.75
+10.6%
9.1%€644.56€469.61n/a13
Oct ’25€517.00
€541.55
+4.7%
9.6%€632.38€451.70n/a13
Sep ’25€520.20
€533.36
+2.5%
7.5%€589.68€453.60n/a13
Aug ’25€509.60
€541.93
+6.3%
8.4%€599.76€456.74n/a12
Jul ’25€449.40
€513.42
+14.2%
10.1%€595.13€426.42n/a13
Jun ’25€453.20
€513.42
+13.3%
10.1%€595.13€426.42n/a13
May ’25€445.80
€518.69
+16.4%
12.2%€601.43€379.40n/a14
Apr ’25€518.20
€562.59
+8.6%
11.9%€642.95€431.70n/a15
Mar ’25€518.00
€566.70
+9.4%
12.0%€647.50€434.75n/a16
Feb ’25€559.20
€575.10
+2.8%
10.5%€647.85€434.99n/a16
Jan ’25€516.40
€507.17
-1.8%
9.9%€587.07€403.61€584.0016
Dec ’24€481.60
€498.53
+3.5%
9.4%€586.75€403.39€577.8016
Nov ’24€449.70
€511.84
+13.8%
9.3%€605.63€416.37€531.6016
Oct ’24€491.60
€538.04
+9.4%
10.5%€610.81€413.47€517.0016
Sep ’24€505.60
€530.32
+4.9%
10.8%€595.79€403.30€520.2016
Aug ’24€497.90
€523.28
+5.1%
10.8%€591.11€400.14€509.6017
Jul ’24€430.40
€492.43
+14.4%
9.2%€548.10€376.36€449.4017
Jun ’24€434.20
€509.02
+17.2%
11.8%€672.62€379.62€453.2016
May ’24€435.10
€503.26
+15.7%
12.3%€661.60€373.40€445.8014
Apr ’24€510.60
€529.89
+3.8%
11.3%€678.46€382.91€518.2014
Mar ’24€483.60
€527.44
+9.1%
11.7%€680.43€384.03€518.0014
Feb ’24€491.55
€511.33
+4.0%
10.2%€611.72€375.04€559.2014
Jan ’24€442.85
€476.95
+7.7%
11.4%€566.16€349.13€516.4013

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 14:06
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

MSCI Inc. is covered by 36 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ishan MajumdarBaptista Research
Manav PatnaikBarclays
Gregory SimpsonBNP Paribas Exane