Equitable Holdings, Inc.

DB:AXJ Stock Report

Market Cap: €14.0b

Equitable Holdings Valuation

Is AXJ 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-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: AXJ (€43.6) is trading below our estimate of fair value (€44.64)

Significantly Below Fair Value: AXJ 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 AXJ?

Key metric: As AXJ is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for AXJ. This is calculated by dividing AXJ's market cap by their current revenue.
What is AXJ's PS Ratio?
PS Ratio1.4x
SalesUS$10.79b
Market CapUS$14.64b

Price to Sales Ratio vs Peers

How does AXJ's PS Ratio compare to its peers?

The above table shows the PS ratio for AXJ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.5x
HYQ Hypoport
3.4x11.5%€1.4b
VVV3 Ökoworld
3.3x4.6%€210.4m
DWS DWS Group GmbH KGaA
2x-4.3%€7.9b
DBK Deutsche Bank
1.1x4.2%€31.1b
AXJ Equitable Holdings
1.4x13.1%€14.6b

Price-To-Sales vs Peers: AXJ is good value based on its Price-To-Sales Ratio (1.4x) compared to the peer average (2.5x).

Price to Sales Ratio vs Industry

How does AXJ's PS Ratio compare vs other companies in the DE Diversified Financial Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
EBEN aifinyo
0.3xn/aUS$15.51m
EBEN aifinyo
0.2xn/aUS$14.01m
CSQ creditshelf
0.005xn/aUS$29.27k
No more companies available in this PS range
AXJ 1.4xIndustry Avg. 2.0xNo. of Companies3PS01.22.43.64.86+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: AXJ is good value based on its Price-To-Sales Ratio (1.4x) compared to the European Diversified Financial industry average (2x).

Price to Sales Ratio vs Fair Ratio

What is AXJ's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AXJ PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.4x
Fair PS Ratio3.1x

Price-To-Sales vs Fair Ratio: AXJ is good value based on its Price-To-Sales Ratio (1.4x) compared to the estimated Fair Price-To-Sales Ratio (3.1x).

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 AXJ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€43.60
€50.85
+16.6%
10.9%€58.19€42.93n/a10
Nov ’25€41.20
€45.22
+9.8%
9.8%€55.49€39.77n/a10
Oct ’25€37.20
€43.40
+16.7%
9.8%€53.24€38.80n/a11
Sep ’25€37.40
€42.40
+13.4%
7.1%€47.81€38.79n/a10
Aug ’25€39.80
€43.40
+9.1%
8.1%€48.95€38.79n/a10
Jul ’25€37.40
€40.55
+8.4%
8.3%€47.65€33.64n/a10
Jun ’25€37.80
€39.44
+4.3%
6.7%€42.59€33.33n/a10
May ’25€34.40
€39.56
+15.0%
7.3%€43.02€33.67n/a10
Apr ’25€34.60
€36.53
+5.6%
9.3%€41.52€28.60n/a10
Mar ’25€31.20
€36.36
+16.5%
8.5%€39.78€28.68n/a10
Feb ’25€29.80
€35.42
+18.9%
9.3%€39.51€28.49n/a11
Jan ’25€30.00
€33.78
+12.6%
7.6%€38.09€28.80n/a11
Dec ’24€28.00
€32.86
+17.4%
10.6%€38.31€26.16n/a12
Nov ’24€24.80
€33.99
+37.0%
9.1%€38.80€29.34€41.2012
Oct ’24€26.40
€34.94
+32.3%
9.0%€39.47€30.07€37.2011
Sep ’24€26.40
€33.83
+28.1%
10.4%€38.50€26.58€37.4011
Aug ’24€26.00
€32.58
+25.3%
11.2%€38.24€25.79€39.8011
Jul ’24€25.20
€33.26
+32.0%
11.5%€39.43€26.59€37.4011
Jun ’24€23.20
€32.83
+41.5%
15.5%€40.24€23.39€37.8012
May ’24€23.60
€32.66
+38.4%
14.4%€39.01€23.59€34.4013
Apr ’24€22.80
€35.66
+56.4%
15.3%€44.77€24.25€34.6013
Mar ’24€29.40
€36.02
+22.5%
12.7%€44.77€30.78€31.2013
Feb ’24€29.40
€35.71
+21.5%
12.8%€44.48€30.58€29.8013
Jan ’24€27.00
€36.58
+35.5%
13.2%€48.41€31.32€30.0013
Dec ’23€30.20
€37.40
+23.8%
12.6%€49.20€32.80€28.0013
Nov ’23€31.20
€39.56
+26.8%
12.8%€51.63€34.42€24.8013

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

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