JTC PLC

DB:2N9 Stock Report

Market Cap: €2.0b

JTC Valuation

Is 2N9 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 2N9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2N9 (€12) is trading above our estimate of fair value (€10.97)

Significantly Below Fair Value: 2N9 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2N9?

Key metric: As 2N9 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2N9. This is calculated by dividing 2N9's market cap by their current earnings.
What is 2N9's PE Ratio?
PE Ratio56.2x
EarningsUK£29.13m
Market CapUK£1.64b

Price to Earnings Ratio vs Peers

How does 2N9's PE Ratio compare to its peers?

The above table shows the PE ratio for 2N9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average7.7x
MLP MLP
9.9x8.3%€641.6m
DWS DWS Group GmbH KGaA
13x12.7%€7.7b
AR4 AURELIUS Equity Opportunities SE KGaA
3.9xn/a€389.6m
HXCK Ernst Russ
3.7x-18.2%€196.1m
2N9 JTC
56.2x29.0%€1.6b

Price-To-Earnings vs Peers: 2N9 is expensive based on its Price-To-Earnings Ratio (56.2x) compared to the peer average (7.6x).

Price to Earnings Ratio vs Industry

How does 2N9's PE Ratio compare vs other companies in the DE Capital Markets Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AR4 AURELIUS Equity Opportunities SE KGaA
3.9xn/aUS$411.98m
HXCK Ernst Russ
3.7x-18.2%US$206.37m
VG8 Varengold Bank
1.9xn/aUS$24.73m
XE8 Black Sea Property
0.7xn/aUS$7.73m
No more companies available in this PE range
2N9 56.2xIndustry Avg. 20.3xNo. of Companies6PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 2N9 is expensive based on its Price-To-Earnings Ratio (56.2x) compared to the German Capital Markets industry average (20.1x).

Price to Earnings Ratio vs Fair Ratio

What is 2N9'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.

2N9 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio56.2x
Fair PE Ratio19.3x

Price-To-Earnings vs Fair Ratio: 2N9 is expensive based on its Price-To-Earnings Ratio (56.2x) compared to the estimated Fair Price-To-Earnings Ratio (19.3x).

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 2N9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€12.00
€15.46
+28.9%
9.2%€16.99€13.16n/a8
Nov ’25€12.00
€15.51
+29.2%
9.2%€17.04€13.20n/a8
Oct ’25€12.70
€15.51
+22.1%
9.2%€17.04€13.20n/a8
Sep ’25€12.60
€13.11
+4.0%
8.5%€14.24€11.28n/a7
Aug ’25€12.30
€13.11
+6.6%
8.5%€14.24€11.28n/a7
Jul ’25€11.30
€12.92
+14.4%
8.0%€13.87€11.19n/a7
Jun ’25€10.60
€11.78
+11.1%
7.8%€12.86€10.05n/a8
May ’25€9.95
€11.54
+16.0%
9.4%€12.76€9.86n/a8
Apr ’25€9.45
€10.85
+14.8%
8.7%€12.67€9.50n/a8
Mar ’25€9.00
€10.85
+20.5%
8.7%€12.67€9.50n/a8
Feb ’25€9.60
€10.85
+13.0%
8.7%€12.67€9.50n/a8
Jan ’25€9.30
€10.48
+12.7%
8.9%€12.36€9.27n/a8
Dec ’24€8.45
€10.48
+24.1%
8.9%€12.36€9.27n/a8
Nov ’24€7.25
€10.56
+45.6%
9.1%€12.51€9.38€12.008
Oct ’24€8.40
€10.67
+27.1%
9.5%€12.57€9.43€12.707
Sep ’24€8.05
€10.47
+30.1%
8.3%€11.79€8.99€12.607
Aug ’24€8.30
€10.47
+26.2%
8.3%€11.79€8.99€12.307
Jul ’24€8.15
€10.35
+26.9%
7.2%€11.34€8.96€11.307
Jun ’24€8.00
€9.92
+24.0%
6.8%€10.82€8.61€10.607
May ’24€8.70
€9.90
+13.8%
7.0%€10.83€8.62€9.957
Apr ’24€7.90
€10.02
+26.8%
5.3%€10.86€9.32€9.457
Mar ’24€8.65
€10.02
+15.8%
5.3%€10.86€9.32€9.007
Feb ’24€8.05
€9.71
+20.6%
6.0%€10.67€8.89€9.608
Jan ’24€8.50
€9.71
+14.2%
6.0%€10.67€8.89€9.308
Dec ’23€9.10
€9.71
+6.7%
6.0%€10.67€8.89€8.458
Nov ’23€8.00
€9.71
+21.3%
6.0%€10.67€8.89€7.258

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

Discover undervalued companies

Pepper Money

AU$581.0m

Operates as a non-bank lender in the mortgage and asset finance markets in Australia and New Zealand.

X95

AU$0.80

7D

-1.9%

1Y

13.6%

Yeahka

HK$4.2b

An investment holding company, provides payment and business services to merchants and consumers in the People’s Republic of China.

4YE

HK$1.18

7D

-6.3%

1Y

-27.2%

ORIX

JP¥3.8t

Provides diversified financial services in Japan, the United States, Asia, Europe, Australasia, and the Middle East.

OIX

JP¥20.40

7D

0%

1Y

22.9%