TMX Group Limited

DB:9TX Stock Report

Market Cap: €8.4b

TMX Group Valuation

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

Valuation Score

0/6

Valuation Score 0/6

  • 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 9TX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9TX (€30.8) is trading above our estimate of fair value (€21.48)

Significantly Below Fair Value: 9TX is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for 9TX. This is calculated by dividing 9TX's market cap by their current earnings.
What is 9TX's PE Ratio?
PE Ratio29.9x
EarningsCA$406.60m
Market CapCA$12.18b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for 9TX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.7x
DB1 Deutsche Börse
21.4x4.6%€39.5b
DWS DWS Group GmbH KGaA
13.2x12.7%€7.9b
DBK Deutsche Bank
7.8x13.4%€30.2b
FTK flatexDEGIRO
12.4x8.4%€1.4b
9TX TMX Group
29.9x8.5%€12.2b

Price-To-Earnings vs Peers: 9TX is expensive based on its Price-To-Earnings Ratio (29.9x) compared to the peer average (13.7x).

Price to Earnings Ratio vs Industry

How does 9TX'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
9TX 29.9xIndustry Avg. 20.3xNo. of Companies6PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 9TX is expensive based on its Price-To-Earnings Ratio (29.9x) compared to the German Capital Markets industry average (20.3x).

Price to Earnings Ratio vs Fair Ratio

What is 9TX'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.

9TX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio29.9x
Fair PE Ratio16.8x

Price-To-Earnings vs Fair Ratio: 9TX is expensive based on its Price-To-Earnings Ratio (29.9x) compared to the estimated Fair Price-To-Earnings Ratio (16.8x).

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 9TX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€30.80
€31.68
+2.9%
4.4%€33.70€29.66n/a8
Nov ’25€27.80
€30.99
+11.5%
4.6%€33.06€29.09n/a8
Oct ’25€27.40
€28.31
+3.3%
2.8%€29.67€27.04n/a8
Sep ’25€27.60
€28.31
+2.6%
2.8%€29.67€27.04n/a8
Aug ’25€27.20
€28.46
+4.6%
6.0%€30.73€24.72n/a9
Jul ’25€25.20
€26.93
+6.8%
5.9%€30.03€24.57n/a9
Jun ’25€23.80
€26.56
+11.6%
5.9%€29.63€24.24n/a9
May ’25€24.20
€26.31
+8.7%
6.9%€29.94€23.82n/a9
Apr ’25€24.00
€24.65
+2.7%
6.3%€27.88€22.44n/a8
Mar ’25€23.60
€24.56
+4.1%
4.0%€26.20€22.75n/a8
Feb ’25€22.40
€23.41
+4.5%
3.9%€24.79€21.34n/a8
Jan ’25€21.20
€22.57
+6.5%
4.6%€23.94€21.20n/a7
Dec ’24€19.30
€21.84
+13.2%
3.8%€23.21€20.48n/a8
Nov ’24€19.30
€21.84
+13.2%
3.8%€23.21€20.48€27.808
Oct ’24€19.90
€22.15
+11.3%
4.3%€23.09€20.37€27.408
Sep ’24€19.90
€22.15
+11.3%
4.3%€23.09€20.37€27.608
Aug ’24€19.50
€22.27
+14.2%
5.1%€23.30€19.88€27.208
Jul ’24€19.90
€21.31
+7.1%
5.4%€23.50€19.36€25.208
Jun ’24€20.20
€21.30
+5.5%
5.7%€23.39€19.26€23.807
May ’24€18.10
€20.12
+11.1%
7.0%€22.69€18.42€24.207
Apr ’24€18.10
€20.97
+15.9%
6.1%€23.31€19.43€24.007
Mar ’24€18.80
€20.97
+11.6%
6.1%€23.31€19.43€23.607
Feb ’24€17.90
€21.17
+18.3%
6.8%€23.78€19.24€22.407
Jan ’24€18.50
€20.99
+13.4%
5.2%€22.78€19.33€21.207
Dec ’23€20.00
€21.89
+9.5%
5.3%€23.81€20.20€19.307
Nov ’23€19.00
€22.34
+17.6%
5.5%€24.34€20.65€19.307

Analyst Forecast: Target price is less than 20% higher than the current share price.

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