FirstRand Limited

DB:FSRA Stock Report

Market Cap: €21.8b

FirstRand Valuation

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

Discounted Cash Flow
Simply Wall St
€4.93
Fair Value
22.6% undervalued intrinsic discount
10
Number of Analysts

Below Fair Value: FSRA (€3.82) is trading below our estimate of fair value (€4.93)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for FSRA. This is calculated by dividing FSRA's market cap by their current earnings.
What is FSRA's PE Ratio?
PE Ratio11x
EarningsR38.19b
Market CapR422.52b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FSRA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.6x
HYQ Hypoport
44.6x27.9%€1.4b
DBK Deutsche Bank
12.7x23.9%€35.7b
DB1 Deutsche Börse
23.8x5.5%€44.0b
VVV3 Ökoworld
9.1x5.5%€202.8m
FSRA FirstRand
11x10.6%€422.5b

Price-To-Earnings vs Peers: FSRA is good value based on its Price-To-Earnings Ratio (11x) compared to the peer average (22.6x).

Price to Earnings Ratio vs Industry

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

7 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FSRA 11.0xIndustry Avg. 12.0xNo. of Companies12PE01020304050+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FSRA is good value based on its Price-To-Earnings Ratio (11x) compared to the European Diversified Financial industry average (11.8x).

Price to Earnings Ratio vs Fair Ratio

What is FSRA'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.

FSRA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11x
Fair PE Ratio21.1x

Price-To-Earnings vs Fair Ratio: FSRA is good value based on its Price-To-Earnings Ratio (11x) compared to the estimated Fair Price-To-Earnings Ratio (21.1x).

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 FSRA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€3.82
€4.57
+19.5%
4.2%€4.96€4.34n/a10
Jan ’26€3.86
€4.60
+19.2%
3.5%€4.88€4.41n/a10
Dec ’25€4.00
€4.60
+15.0%
3.5%€4.88€4.41n/a10
Nov ’25€3.94
€4.60
+16.8%
3.3%€4.85€4.44n/a8
Oct ’25€4.28
€4.60
+7.6%
2.8%€4.84€4.43n/a8
Sep ’25€4.32
€4.29
-0.7%
8.1%€4.72€3.69n/a8
Aug ’25€4.04
€4.10
+1.5%
9.3%€4.67€3.47n/a9
Jul ’25€3.86
€3.95
+2.3%
7.8%€4.42€3.54n/a9
Jun ’25€3.12
€3.71
+19.0%
6.8%€4.17€3.39n/a9
May ’25€3.32
€3.75
+12.9%
8.0%€4.32€3.43n/a9
Apr ’25€2.96
€3.72
+25.5%
7.7%€4.26€3.43n/a10
Mar ’25€3.08
€3.71
+20.5%
8.7%€4.39€3.37n/a9
Feb ’25€3.28
€3.80
+15.9%
8.4%€4.47€3.44€3.889
Jan ’25€3.52
€3.68
+4.7%
8.1%€4.18€3.30€3.869
Dec ’24€3.26
€3.71
+13.9%
7.4%€4.24€3.35€4.009
Nov ’24€3.06
€3.78
+23.5%
7.7%€4.34€3.43€3.949
Oct ’24€3.24
€3.77
+16.4%
7.0%€4.27€3.42€4.289
Sep ’24€3.56
€3.80
+6.9%
7.4%€4.23€3.28€4.329
Aug ’24€3.64
€3.76
+3.3%
7.7%€4.25€3.30€4.049
Jul ’24€3.26
€3.68
+13.0%
7.3%€4.14€3.25€3.869
Jun ’24€2.82
€3.49
+23.9%
8.5%€3.98€3.08€3.129
May ’24€3.10
€3.69
+18.9%
8.9%€4.17€3.23€3.329
Apr ’24€3.08
€3.82
+24.2%
8.7%€4.35€3.37€2.969
Mar ’24€3.34
€3.76
+12.5%
6.9%€4.17€3.29€3.089
Feb ’24€3.54
€3.92
+10.6%
6.8%€4.31€3.44€3.289
Analyst Price Target
Consensus Narrative from 10 Analysts
€4.49
Fair Value
14.9% undervalued intrinsic discount
10
Number of Analysts

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 Analysis2025/02/04 09:09
End of Day Share Price 2025/02/04 00:00
Earnings2024/06/30
Annual Earnings2024/06/30

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.

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

FirstRand Limited is covered by 26 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.

AnalystInstitution
Johann ScholtzAfrifocus Securities (Pty) Ltd.
Harry BothaAnchor Stockbrokers Proprietary Limited
Jaap MeijerArqaam Capital Research Offshore S.A.L.