Matsui Securities Valuation

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

MTW (€5) is trading above our estimate of [[fair value]] (€3.18)

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

Below Fair Value: MTW (€5) is trading above our estimate of fair value (€3.18)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for MTW. This is calculated by dividing MTW's market cap by their current earnings.
What is MTW's PE Ratio?
PE Ratio	24.2x
Earnings	JP¥8.72b
Market Cap	JP¥210.56b

MTW key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	1.9x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for MTW vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	53.4x
FTK flatexDEGIRO	12.6x	8.5%	€1.5b
BFV Berliner Effektengesellschaft	58.5x	n/a	€809.7m
T2G Tradegate Wertpapierhandelsbank	86.6x	n/a	€2.2b
JDC JDC Group	55.9x	24.8%	€312.3m
MTW Matsui Securities	24.2x	12.7%	€210.6b

Price-To-Earnings vs Peers: MTW is good value based on its Price-To-Earnings Ratio (24.2x) compared to the peer average (53.4x).

Price to Earnings Ratio vs Industry

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

3 Companies	Price / Earnings	Estimated Growth	Market Cap
HXCK Ernst Russ	3.6x	-18.2%	US$201.25m
VG8 Varengold Bank	2x	n/a	US$25.65m
XE8 Black Sea Property	0.7x	n/a	US$7.78m

No more companies available in this PE range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: MTW is expensive based on its Price-To-Earnings Ratio (24.2x) compared to the German Capital Markets industry average (20.3x).

Price to Earnings Ratio vs Fair Ratio

What is MTW'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.

MTW PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	24.2x
Fair PE Ratio	14.2x

Price-To-Earnings vs Fair Ratio: MTW is expensive based on its Price-To-Earnings Ratio (24.2x) compared to the estimated Fair Price-To-Earnings Ratio (14.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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