First National Financial Corporation

DB:63Z Stock Report

Market Cap: €1.6b

First National Financial Valuation

Is 63Z 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 63Z when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 63Z (€26.2) is trading below our estimate of fair value (€48.87)

Significantly Below Fair Value: 63Z is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 63Z?

Key metric: As 63Z is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 63Z. This is calculated by dividing 63Z's market cap by their current earnings.
What is 63Z's PE Ratio?
PE Ratio13.3x
EarningsCA$180.66m
Market CapCA$2.43b

Price to Earnings Ratio vs Peers

How does 63Z's PE Ratio compare to its peers?

The above table shows the PE ratio for 63Z vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.5x
PBB Deutsche Pfandbriefbank
10.4x35.1%€643.9m
HYQ Hypoport
36.9x28.9%€1.1b
FTK flatexDEGIRO
13.7x8.1%€1.6b
GLJ Grenke
9.2x25.2%€681.2m
63Z First National Financial
13.3x15.9%€2.4b

Price-To-Earnings vs Peers: 63Z is good value based on its Price-To-Earnings Ratio (13.3x) compared to the peer average (17.5x).

Price to Earnings Ratio vs Industry

How does 63Z's PE Ratio compare vs other companies in the European Diversified Financial Industry?

7 CompaniesPrice / EarningsEstimated GrowthMarket Cap
63Z 13.3xIndustry Avg. 11.1xNo. of Companies14PE01020304050+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 63Z is expensive based on its Price-To-Earnings Ratio (13.3x) compared to the European Diversified Financial industry average (11.3x).

Price to Earnings Ratio vs Fair Ratio

What is 63Z'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.

63Z PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.3x
Fair PE Ratio15.8x

Price-To-Earnings vs Fair Ratio: 63Z is good value based on its Price-To-Earnings Ratio (13.3x) compared to the estimated Fair Price-To-Earnings Ratio (15.8x).

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 63Z forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€26.20
€28.75
+9.7%
4.0%€30.47€27.16n/a5
Dec ’25€29.40
€28.75
-2.2%
4.0%€30.47€27.16n/a5
Nov ’25€26.00
€28.75
+10.6%
4.0%€30.47€27.16n/a5
Oct ’25€25.40
€27.17
+7.0%
4.2%€29.01€25.72n/a5
Sep ’25€24.40
€27.17
+11.3%
4.2%€29.01€25.72n/a5
Aug ’25€24.00
€27.50
+14.6%
3.8%€29.39€26.05n/a6
Jul ’25€23.40
€27.79
+18.8%
2.3%€28.70€26.65n/a6
Jun ’25€24.00
€27.72
+15.5%
2.3%€28.63€26.58n/a6
May ’25€25.40
€27.87
+9.7%
3.7%€29.91€26.51n/a6
Apr ’25€25.60
€28.78
+12.4%
4.2%€30.60€27.20n/a6
Mar ’25€26.80
€29.10
+8.6%
4.2%€30.94€27.50n/a6
Feb ’25€27.20
€28.92
+6.3%
5.1%€30.98€26.85n/a6
Jan ’25€25.60
€28.56
+11.5%
4.5%€30.16€26.73n/a6
Dec ’24€24.20
€28.56
+18.0%
4.5%€30.16€26.73€29.406
Nov ’24€24.60
€28.56
+16.1%
4.5%€30.04€26.62€26.006
Oct ’24€25.20
€29.31
+16.3%
1.6%€30.11€28.74€25.406
Sep ’24€25.00
€29.31
+17.2%
1.6%€30.11€28.74€24.406
Aug ’24€26.60
€27.64
+3.9%
4.2%€30.15€26.72€24.006
Jul ’24€25.80
€26.34
+2.1%
1.3%€26.68€26.01€23.406
Jun ’24€26.40
€26.34
-0.2%
1.3%€26.68€26.01€24.006
May ’24€24.80
€26.47
+6.7%
1.9%€26.91€25.57€25.406
Apr ’24€24.80
€26.49
+6.8%
3.8%€27.76€24.99€25.606
Mar ’24€27.20
€25.98
-4.5%
5.0%€27.59€24.14€26.806
Feb ’24€26.60
€24.77
-6.9%
7.2%€27.52€22.71€27.206
Jan ’24€24.40
€26.52
+8.7%
6.7%€29.60€24.42€25.606
Dec ’23€25.00
€26.52
+6.1%
6.7%€29.60€24.42€24.206

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 Analysis2024/12/30 20:07
End of Day Share Price 2024/12/30 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

First National Financial Corporation is covered by 10 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Etienne RicardBMO Capital Markets Equity Research
Nikolaus PriebeCIBC Capital Markets
Marc CharbinJennings Capital Inc.