China Galaxy Securities Co., Ltd.

DB:CGL Stock Report

Market Cap: €17.8b

China Galaxy Securities Valuation

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: CGL (€0.85) is trading below our estimate of fair value (€1.32)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for CGL. This is calculated by dividing CGL's market cap by their current earnings.
What is CGL's PE Ratio?
PE Ratio9.9x
EarningsCN¥7.32b
Market CapCN¥135.52b

Price to Earnings Ratio vs Peers

How does CGL's PE Ratio compare to its peers?

The above table shows the PE ratio for CGL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average53.9x
FTK flatexDEGIRO
13.7x8.1%€1.6b
T2G Tradegate Wertpapierhandelsbank
86.6xn/a€2.2b
BFV Berliner Effektengesellschaft
60.9xn/a€836.0m
JDC JDC Group
54.4x19.7%€304.2m
CGL China Galaxy Securities
9.9x10.9%€144.3b

Price-To-Earnings vs Peers: CGL is good value based on its Price-To-Earnings Ratio (9.9x) compared to the peer average (53.9x).

Price to Earnings Ratio vs Industry

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

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AR40 AURELIUS Equity Opportunities SE KGaA
3.5xn/aUS$371.21m
HXCK Ernst Russ
3.6x-19.3%US$198.96m
VG8 Varengold Bank
2xn/aUS$26.20m
XE8 Black Sea Property
0.7xn/aUS$7.70m
No more companies available in this PE range
CGL 9.9xIndustry Avg. 19.6xNo. of Companies7PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CGL is good value based on its Price-To-Earnings Ratio (9.9x) compared to the German Capital Markets industry average (19.6x).

Price to Earnings Ratio vs Fair Ratio

What is CGL'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.

CGL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.9x
Fair PE Ratio21.5x

Price-To-Earnings vs Fair Ratio: CGL is good value based on its Price-To-Earnings Ratio (9.9x) compared to the estimated Fair Price-To-Earnings Ratio (21.5x).

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 CGL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.85
€0.90
+5.9%
38.4%€1.49€0.34n/a9
Dec ’25€0.83
€0.84
+0.5%
39.7%€1.49€0.34n/a10
Nov ’25€0.83
€0.82
-1.2%
39.6%€1.48€0.34n/a10
Oct ’25€0.83
€0.55
-34.2%
19.0%€0.73€0.34n/a10
Sep ’25€0.47
€0.54
+13.6%
17.6%€0.70€0.34n/a10
Aug ’25€0.47
€0.58
+23.0%
23.4%€0.88€0.33n/a10
Jul ’25€0.48
€0.59
+23.0%
23.4%€0.89€0.34n/a10
Jun ’25€0.50
€0.59
+18.1%
23.4%€0.88€0.33n/a10
May ’25€0.51
€0.59
+17.7%
23.1%€0.89€0.34n/a10
Apr ’25€0.45
€0.59
+31.6%
24.4%€0.88€0.34n/a9
Mar ’25€0.48
€0.59
+22.0%
24.5%€0.88€0.34n/a9
Feb ’25€0.44
€0.59
+33.6%
24.5%€0.88€0.34n/a9
Jan ’25€0.47
€0.59
+25.6%
20.3%€0.75€0.34n/a9
Dec ’24€0.48
€0.60
+23.9%
20.0%€0.75€0.34€0.839
Nov ’24€0.48
€0.58
+22.6%
20.2%€0.76€0.34€0.8310
Oct ’24€0.48
€0.58
+20.3%
20.2%€0.75€0.34€0.8310
Sep ’24€0.49
€0.56
+14.8%
20.9%€0.75€0.34€0.4711
Aug ’24€0.52
€0.55
+6.2%
20.1%€0.74€0.34€0.4711
Jul ’24€0.48
€0.57
+18.8%
20.9%€0.80€0.35€0.4811
Jun ’24€0.50
€0.57
+15.0%
20.9%€0.80€0.35€0.5011
May ’24€0.48
€0.55
+14.5%
20.5%€0.79€0.35€0.5111
Apr ’24€0.46
€0.60
+30.8%
22.8%€0.83€0.35€0.4511
Mar ’24€0.47
€0.60
+27.6%
26.2%€0.84€0.30€0.4811
Feb ’24€0.49
€0.60
+21.4%
26.1%€0.85€0.31€0.4412
Jan ’24€0.45
€0.60
+33.9%
25.6%€0.84€0.30€0.4712
Dec ’23€0.46
€0.60
+30.9%
25.6%€0.84€0.30€0.4812

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 Analysis2024/12/23 13:04
End of Day Share Price 2024/12/20 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

China Galaxy Securities Co., Ltd. is covered by 42 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Judy ZhangBNP Paribas Securities (Asia)
Wenbing LiBOCOM International Securities Limited
Susie LiuBofA Global Research