Victory Capital Holdings, Inc.

DB:3PK Stock Report

Market Cap: €4.3b

Victory Capital Holdings Valuation

Is 3PK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: 3PK (€65) is trading below our estimate of fair value (€141.49)

Significantly Below Fair Value: 3PK is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for 3PK. This is calculated by dividing 3PK's market cap by their current earnings.
What is 3PK's PE Ratio?
PE Ratio16.6x
EarningsUS$267.13m
Market CapUS$4.45b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for 3PK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.9x
DWS DWS Group GmbH KGaA
13.2x12.7%€7.9b
MLP MLP
10x8.3%€642.7m
AR4 AURELIUS Equity Opportunities SE KGaA
3.9xn/a€390.6m
DBAN Deutsche Beteiligungs
24.4x54.1%€420.9m
3PK Victory Capital Holdings
16.6x31.5%€4.4b

Price-To-Earnings vs Peers: 3PK is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the peer average (12.9x).

Price to Earnings Ratio vs Industry

How does 3PK'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$406.78m
HXCK Ernst Russ
3.8x-18.2%US$206.28m
VG8 Varengold Bank
1.8xn/aUS$24.05m
XE8 Black Sea Property
0.7xn/aUS$7.68m
No more companies available in this PE range
3PK 16.6xIndustry Avg. 20.3xNo. of Companies6PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 3PK is good value based on its Price-To-Earnings Ratio (16.6x) compared to the German Capital Markets industry average (20.3x).

Price to Earnings Ratio vs Fair Ratio

What is 3PK'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.

3PK PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.6x
Fair PE Ratio21.9x

Price-To-Earnings vs Fair Ratio: 3PK is good value based on its Price-To-Earnings Ratio (16.6x) compared to the estimated Fair Price-To-Earnings Ratio (21.9x).

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 3PK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€65.00
€63.55
-2.2%
7.0%€69.13€53.98n/a9
Nov ’25€55.00
€54.31
-1.3%
10.9%€63.51€45.10n/a9
Oct ’25€49.20
€48.50
-1.4%
11.7%€53.89€35.92n/a9
Sep ’25€49.20
€48.18
-2.1%
11.5%€52.75€35.76n/a9
Aug ’25€46.40
€47.68
+2.8%
12.8%€54.10€35.76n/a8
Jul ’25€44.40
€48.43
+9.1%
12.5%€54.95€36.32n/a8
Jun ’25€47.80
€47.59
-0.4%
12.7%€54.52€36.04n/a8
May ’25€47.60
€46.35
-2.6%
18.8%€61.02€30.04n/a8
Apr ’25€39.00
€40.56
+4.0%
18.0%€51.21€27.93n/a8
Mar ’25€35.40
€40.20
+13.6%
17.9%€51.05€27.84n/a8
Feb ’25€31.40
€36.93
+17.6%
18.1%€48.01€25.85n/a8
Jan ’25€31.20
€34.70
+11.2%
15.8%€43.11€23.85n/a9
Dec ’24€29.80
€34.20
+14.8%
15.3%€41.35€23.89n/a9
Nov ’24€28.20
€34.38
+21.9%
16.4%€42.48€23.60€55.009
Oct ’24€31.40
€35.05
+11.6%
15.6%€43.51€24.59€49.2010
Sep ’24€31.80
€34.08
+7.2%
15.9%€42.71€23.63€49.2010
Aug ’24€30.20
€32.13
+6.4%
14.7%€40.97€22.27€46.4010
Jul ’24€28.80
€31.84
+10.5%
13.5%€36.49€21.89€44.4010
Jun ’24€29.00
€31.54
+8.8%
13.8%€36.36€21.81€47.8010
May ’24€27.40
€31.15
+13.7%
14.1%€36.22€20.83€47.6010
Apr ’24€26.60
€30.88
+16.1%
14.6%€36.88€20.28€39.0010
Mar ’24€31.40
€30.97
-1.4%
15.8%€37.43€20.59€35.4010
Feb ’24€27.40
€28.90
+5.5%
16.8%€36.81€18.41€31.4010
Jan ’24€25.20
€29.23
+16.0%
16.8%€37.71€18.86€31.2010
Dec ’23€27.60
€29.61
+7.3%
15.8%€38.46€19.23€29.8010
Nov ’23€29.20
€29.55
+1.2%
15.5%€36.85€20.47€28.2010

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

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