GF Securities Valuation

Q: What is the Fair Price of 9GF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

9GF (€1.9) is trading below our estimate of [[future cash flow value]] (€2.57)

Is 9GF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Future Cash Flow Value
Significantly Below Future Cash Flow 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 9GF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

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Below Future Cash Flow Value: 9GF (€1.9) is trading below our estimate of future cash flow value (€2.57)

Significantly Below Future Cash Flow Value: 9GF is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9GF?

Key metric: As 9GF is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 9GF. This is calculated by dividing 9GF's market cap by their current earnings.
What is 9GF's PE Ratio?
PE Ratio	12x
Earnings	CN¥14.69b
Market Cap	CN¥161.87b

9GF key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	1x

Price to Earnings Ratio vs Peers

How does 9GF's PE Ratio compare to its peers?

The above table shows the PE ratio for 9GF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	35.4x
FTK flatexDEGIRO	22.6x	18.00%	€3.9b
T2G Tradegate Wertpapierhandelsbank	39.5x	n/a	€2.1b
BFV Berliner Effektengesellschaft	34.4x	n/a	€954.5m
JDC JDC Group	45.1x	34.51%	€297.5m
9GF GF Securities	12x	11.66%	€161.9b

Price-To-Earnings vs Peers: 9GF is good value based on its Price-To-Earnings Ratio (12x) compared to the peer average (35.5x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does 9GF's PE Ratio compare vs other companies in the DE Capital Markets Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap
BBHK Deutsche Balaton	2.4x	n/a	US$358.28m
LUS1 Lang & Schwarz	3.4x	n/a	US$187.88m
XE8 Black Sea Property	3.8x	n/a	US$1.40m

No more companies available in this PE range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 9GF is good value based on its Price-To-Earnings Ratio (12x) compared to the German Capital Markets industry average (14.6x).

Price to Earnings Ratio vs Fair Ratio

What is 9GF'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.

9GF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	12x
Fair PE Ratio	26.1x

Price-To-Earnings vs Fair Ratio: 9GF is good value based on its Price-To-Earnings Ratio (12x) compared to the estimated Fair Price-To-Earnings Ratio (26.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

AnalystPriceTarget

Community Contributor

€2.29

Fair Value

16.9% undervalued

Number of Analysts

Analyst Forecast: Insufficient data to show price forecast.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/07/22 20:41
End of Day Share Price	2026/07/22 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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.

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 Github.

Analyst Sources

GF Securities Co., Ltd. is covered by 29 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Sau Shing Chow	ABCI Securities Company Limited
Yifan Liu	BofA Global Research
Yung Chen	CCB International Securities Limited