AJ Bell plc

DB:3FY Stock Report

Market Cap: €2.3b

AJ Bell Valuation

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

Below Fair Value: 3FY (€5.55) is trading below our estimate of fair value (€6.04)

Significantly Below Fair Value: 3FY 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 3FY?

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

The above table shows the Price to Earnings ratio for 3FY. This is calculated by dividing 3FY's market cap by their current earnings.
What is 3FY's PE Ratio?
PE Ratio23.8x
EarningsUK£81.33m
Market CapUK£1.94b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for 3FY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average53.5x
FTK flatexDEGIRO
12.5x8.5%€1.5b
T2G Tradegate Wertpapierhandelsbank
86.6xn/a€2.2b
JDC JDC Group
56.1x24.8%€313.7m
BFV Berliner Effektengesellschaft
59xn/a€816.3m
3FY AJ Bell
23.8x8.1%€1.9b

Price-To-Earnings vs Peers: 3FY is good value based on its Price-To-Earnings Ratio (23.8x) compared to the peer average (53.5x).

Price to Earnings Ratio vs Industry

How does 3FY'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$411.59m
HXCK Ernst Russ
3.7x-18.2%US$208.06m
VG8 Varengold Bank
1.9xn/aUS$25.70m
XE8 Black Sea Property
0.7xn/aUS$7.79m
No more companies available in this PE range
3FY 23.8xIndustry Avg. 20.3xNo. of Companies6PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 3FY is expensive based on its Price-To-Earnings Ratio (23.8x) compared to the German Capital Markets industry average (20.3x).

Price to Earnings Ratio vs Fair Ratio

What is 3FY'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.

3FY PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.8x
Fair PE Ratio14.7x

Price-To-Earnings vs Fair Ratio: 3FY is expensive based on its Price-To-Earnings Ratio (23.8x) compared to the estimated Fair Price-To-Earnings Ratio (14.7x).

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 3FY forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€5.55
€5.58
+0.6%
13.4%€7.09€4.10n/a14
Nov ’25€5.25
€5.50
+4.8%
13.9%€7.08€3.79n/a14
Oct ’25€5.35
€5.18
-3.1%
11.2%€5.94€3.76n/a14
Sep ’25€5.10
€5.18
+1.7%
11.2%€5.94€3.76n/a14
Aug ’25€5.50
€5.13
-6.7%
12.8%€5.95€3.38n/a14
Jul ’25€4.48
€4.58
+2.1%
13.5%€5.43€3.35n/a14
Jun ’25€4.48
€4.64
+3.5%
14.3%€5.74€3.34n/a15
May ’25€3.70
€4.32
+16.8%
16.1%€5.72€3.22n/a14
Apr ’25€3.24
€4.22
+30.2%
16.6%€5.74€3.12n/a14
Mar ’25€3.27
€4.22
+29.3%
16.6%€5.74€3.12n/a14
Feb ’25€3.42
€4.20
+22.7%
17.1%€5.72€3.11n/a14
Jan ’25€3.60
€4.07
+13.2%
20.3%€5.69€2.80n/a14
Dec ’24€2.94
€3.93
+33.6%
19.9%€5.61€2.76n/a14
Nov ’24€2.87
€4.21
+46.4%
17.9%€5.60€3.15€5.2513
Oct ’24€3.21
€4.47
+39.0%
16.0%€6.04€3.16€5.3513
Sep ’24€3.32
€4.61
+39.0%
13.5%€6.07€3.93€5.1012
Aug ’24€3.76
€4.61
+22.5%
13.5%€6.07€3.93€5.5012
Jul ’24€3.58
€4.72
+31.8%
13.2%€6.11€3.95€4.4812
Jun ’24€3.65
€4.69
+28.4%
14.2%€6.11€3.61€4.4812
May ’24€3.65
€4.66
+27.7%
14.4%€5.93€3.39€3.7011
Apr ’24€3.78
€4.66
+23.2%
13.8%€5.69€3.41€3.2411
Mar ’24€3.66
€4.56
+24.6%
15.1%€5.68€3.41€3.2712
Feb ’24€3.80
€4.57
+20.2%
15.8%€5.69€3.42€3.4211
Jan ’24€4.08
€4.55
+11.5%
16.8%€5.68€3.25€3.6011
Dec ’23€4.14
€4.23
+2.1%
18.3%€5.70€3.26€2.9411
Nov ’23€3.68
€4.15
+12.7%
18.6%€5.65€3.23€2.8711

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

Discover undervalued companies

Yeahka

HK$4.3b

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

4YE

HK$1.21

7D

-5.5%

1Y

-23.4%

ORIX

JP¥3.7t

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

OIX

JP¥20.40

7D

3.0%

1Y

23.6%

Amundi

€12.3b

Amundi is a publically owned investment manager.

ANI

€64.10

7D

-4.8%

1Y

16.1%