Hong Kong Exchanges and Clearing Limited

DB:HK2C Stock Report

Market Cap: €45.5b

Hong Kong Exchanges and Clearing Valuation

Is HK2C undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • 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 HK2C when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HK2C (€35.41) is trading above our estimate of fair value (€27.42)

Significantly Below Fair Value: HK2C is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HK2C?

Key metric: As HK2C is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for HK2C. This is calculated by dividing HK2C's market cap by their current earnings.
What is HK2C's PE Ratio?
PE Ratio30.6x
EarningsHK$11.87b
Market CapHK$362.91b

Price to Earnings Ratio vs Peers

How does HK2C's PE Ratio compare to its peers?

The above table shows the PE ratio for HK2C vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.6x
DB1 Deutsche Börse
22.2x5.3%€41.0b
DBK Deutsche Bank
8.4x12.6%€32.7b
DWS DWS Group GmbH KGaA
13.4x13.0%€8.0b
NDAQ Nasdaq
46.4x17.6%US$44.4b
HK2C Hong Kong Exchanges and Clearing
30.6x9.1%€362.9b

Price-To-Earnings vs Peers: HK2C is expensive based on its Price-To-Earnings Ratio (30.6x) compared to the peer average (22.6x).

Price to Earnings Ratio vs Industry

How does HK2C's PE Ratio compare vs other companies in the DE Capital Markets Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
HXCK Ernst Russ
3.8x-19.3%US$205.25m
SPT6 Sparta
2.5xn/aUS$171.26m
XE8 Black Sea Property
0.7xn/aUS$7.57m
No more companies available in this PE range
HK2C 30.6xIndustry Avg. 19.2xNo. of Companies8PE01632486480+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: HK2C is expensive based on its Price-To-Earnings Ratio (30.6x) compared to the German Capital Markets industry average (19.4x).

Price to Earnings Ratio vs Fair Ratio

What is HK2C'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.

HK2C PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio30.6x
Fair PE Ratio21.5x

Price-To-Earnings vs Fair Ratio: HK2C is expensive based on its Price-To-Earnings Ratio (30.6x) 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 HK2C forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€35.41
€43.83
+23.8%
11.6%€53.86€33.66n/a15
Dec ’25€34.71
€43.09
+24.2%
14.1%€53.28€29.06n/a15
Nov ’25€36.48
€42.32
+16.0%
14.1%€52.34€28.55n/a15
Oct ’25€37.92
€33.89
-10.6%
15.4%€45.33€24.99n/a15
Sep ’25€28.11
€32.59
+15.9%
12.9%€40.80€24.64n/a15
Aug ’25€26.99
€34.78
+28.9%
12.3%€42.01€26.32n/a15
Jul ’25€29.45
€35.77
+21.5%
11.6%€42.60€26.69n/a16
Jun ’25€31.10
€34.97
+12.5%
12.6%€42.00€25.95n/a16
May ’25€30.66
€34.75
+13.3%
12.8%€42.39€26.20n/a17
Apr ’25€26.62
€35.58
+33.6%
12.8%€42.46€26.07n/a17
Mar ’25€28.08
€37.19
+32.4%
17.6%€56.79€26.52n/a19
Feb ’25€28.38
€39.95
+40.8%
15.9%€56.24€28.02n/a19
Jan ’25€30.44
€41.35
+35.8%
14.4%€56.70€28.24€36.2119
Dec ’24€32.52
€41.52
+27.7%
14.1%€56.75€29.57€34.7119
Nov ’24€32.50
€42.83
+31.8%
14.2%€58.81€30.31€36.4820
Oct ’24€34.68
€44.48
+28.2%
13.5%€58.83€30.32€37.9219
Sep ’24€36.78
€42.94
+16.7%
13.3%€57.01€29.38€28.1120
Aug ’24€37.08
€44.70
+20.5%
13.5%€56.70€29.43€26.9921
Jul ’24€34.20
€45.46
+32.9%
13.2%€57.48€29.84€29.4521
Jun ’24€35.24
€46.06
+30.7%
13.2%€57.99€30.10€31.1021
May ’24€36.66
€45.33
+23.7%
12.0%€55.82€29.25€30.6621
Apr ’24€40.15
€46.30
+15.3%
13.6%€56.73€29.73€26.6220
Mar ’24€39.03
€48.23
+23.6%
16.0%€63.46€26.57€28.0821
Feb ’24€40.61
€44.92
+10.6%
17.9%€61.02€25.55€28.3821
Jan ’24€40.02
€44.75
+11.8%
18.0%€63.66€26.65€30.4422

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/02 12:25
End of Day Share Price 2025/01/02 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

Hong Kong Exchanges and Clearing Limited is covered by 54 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Dominic ChanBNP Paribas Securities (Asia)
Wenzhou HuBOCI Research Ltd.
Qingli YangBOCOM International Securities Limited