Magellan Financial Group Limited

DB:NNA Stock Report

Market Cap: €1.2b

Magellan Financial Group Valuation

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

Below Fair Value: NNA (€6.45) is trading below our estimate of fair value (€10.78)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NNA. This is calculated by dividing NNA's market cap by their current earnings.
What is NNA's PE Ratio?
PE Ratio8.3x
EarningsAU$238.76m
Market CapAU$1.98b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NNA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.7x
MLP MLP
10.5x7.8%€677.6m
DBAN Deutsche Beteiligungs
9.2x35.3%€435.4m
O4B OVB Holding
15.4x3.5%€285.0m
MPCK MPC Münchmeyer Petersen Capital
11.7x6.1%€195.6m
NNA Magellan Financial Group
8.3x-9.4%€2.0b

Price-To-Earnings vs Peers: NNA is good value based on its Price-To-Earnings Ratio (8.3x) compared to the peer average (11.7x).

Price to Earnings Ratio vs Industry

How does NNA'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
NNA 8.3xIndustry Avg. 19.2xNo. of Companies8PE01632486480+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NNA is good value based on its Price-To-Earnings Ratio (8.3x) compared to the German Capital Markets industry average (19.4x).

Price to Earnings Ratio vs Fair Ratio

What is NNA'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.

NNA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.3x
Fair PE Ratio10.7x

Price-To-Earnings vs Fair Ratio: NNA is good value based on its Price-To-Earnings Ratio (8.3x) compared to the estimated Fair Price-To-Earnings Ratio (10.7x).

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 NNA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€6.45
€6.06
-6.0%
7.0%€6.92€5.44n/a10
Dec ’25€6.60
€6.04
-8.5%
6.9%€6.93€5.45n/a10
Nov ’25€6.30
€6.18
-2.0%
6.9%€7.08€5.57n/a10
Oct ’25€6.15
€6.11
-0.7%
7.0%€7.08€5.57n/a10
Sep ’25€5.70
€5.89
+3.3%
8.3%€6.92€5.00n/a11
Aug ’25€6.10
€5.50
-9.8%
8.3%€6.34€4.95n/a11
Jul ’25€5.10
€5.44
+6.7%
9.5%€6.28€4.53n/a11
Jun ’25€4.90
€5.44
+11.1%
9.5%€6.28€4.53n/a11
May ’25€5.30
€5.36
+1.1%
9.5%€6.18€4.46n/a11
Apr ’25€5.80
€5.23
-9.8%
9.7%€6.18€4.46n/a12
Mar ’25€4.84
€5.22
+7.9%
9.8%€6.18€4.46n/a12
Feb ’25€5.25
€4.95
-5.6%
15.2%€6.23€3.46n/a11
Jan ’25€5.60
€4.81
-14.1%
17.3%€6.45€3.50€6.5511
Dec ’24€4.44
€4.62
+4.0%
17.5%€6.30€3.42€6.6012
Nov ’24€3.88
€4.66
+20.1%
17.9%€6.31€3.42€6.3011
Oct ’24€5.50
€5.67
+3.0%
14.0%€6.83€3.83€6.1511
Sep ’24€5.50
€5.67
+3.0%
14.0%€6.83€3.83€5.7011
Aug ’24€5.70
€5.21
-8.6%
13.4%€6.44€3.91€6.1011
Jul ’24€5.70
€5.29
-7.2%
13.0%€6.58€4.06€5.1011
Jun ’24€4.70
€5.29
+12.5%
13.0%€6.58€4.06€4.9011
May ’24€4.76
€5.31
+11.6%
16.0%€6.95€3.99€5.3010
Apr ’24€5.25
€6.16
+17.4%
12.7%€7.40€4.50€5.8011
Mar ’24€5.50
€6.16
+12.0%
12.7%€7.40€4.50€4.8411
Feb ’24€5.65
€6.08
+7.6%
13.0%€7.44€4.85€5.2511
Jan ’24€5.60
€6.86
+22.5%
29.9%€12.83€4.81€5.6011

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/02 23:54
End of Day Share Price 2025/01/02 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 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

Magellan Financial Group Limited is covered by 16 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Lara TufegdzicBofA Global Research
Anthony HooCLSA
James CordukesCredit Suisse