Platinum Investment Management Limited

DB:PIJ Stock Report

Market Cap: €363.7m

Platinum Investment Management Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: PIJ (€0.64) is trading below our estimate of fair value (€0.95)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for PIJ. This is calculated by dividing PIJ's market cap by their current earnings.
What is PIJ's PE Ratio?
PE Ratio13.1x
EarningsAU$45.01m
Market CapAU$591.28m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for PIJ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.4x
DBAN Deutsche Beteiligungs
24.5x54.1%€422.7m
AR4 AURELIUS Equity Opportunities SE KGaA
3.9xn/a€389.6m
O4B OVB Holding
15.3x3.5%€283.6m
MLP MLP
9.9x8.3%€640.5m
PIJ Platinum Investment Management
13.1x-2.5%€591.3m

Price-To-Earnings vs Peers: PIJ is good value based on its Price-To-Earnings Ratio (13.1x) compared to the peer average (13.4x).

Price to Earnings Ratio vs Industry

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

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AR4 AURELIUS Equity Opportunities SE KGaA
3.9xn/aUS$411.59m
HXCK Ernst Russ
3.7x-18.2%US$208.06m
VG8 Varengold Bank
1.9xn/aUS$25.70m
XE8 Black Sea Property
0.7xn/aUS$7.79m
No more companies available in this PE range
PIJ 13.1xIndustry Avg. 20.3xNo. of Companies6PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PIJ is good value based on its Price-To-Earnings Ratio (13.1x) compared to the German Capital Markets industry average (20.3x).

Price to Earnings Ratio vs Fair Ratio

What is PIJ'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.

PIJ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.1x
Fair PE Ratio10.5x

Price-To-Earnings vs Fair Ratio: PIJ is expensive based on its Price-To-Earnings Ratio (13.1x) compared to the estimated Fair Price-To-Earnings Ratio (10.5x).

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 PIJ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.64
€0.64
-0.7%
10.1%€0.75€0.56n/a7
Nov ’25€0.73
€0.63
-14.2%
9.9%€0.75€0.56n/a7
Oct ’25€0.73
€0.65
-12.2%
13.9%€0.83€0.55n/a8
Sep ’25€0.60
€0.62
+4.0%
13.3%€0.83€0.55n/a9
Aug ’25€0.64
€0.62
-3.0%
13.2%€0.82€0.51n/a10
Jul ’25€0.65
€0.66
+2.6%
11.7%€0.83€0.55n/a10
Jun ’25€0.61
€0.66
+8.5%
11.7%€0.83€0.55n/a10
May ’25€0.64
€0.66
+3.8%
10.9%€0.82€0.59n/a10
Apr ’25€0.64
€0.65
+2.7%
12.9%€0.82€0.48n/a12
Mar ’25€0.71
€0.68
-5.2%
25.0%€1.14€0.48n/a11
Feb ’25€0.69
€0.70
+1.6%
23.4%€1.15€0.51n/a11
Jan ’25€0.81
€0.71
-13.0%
22.1%€1.14€0.50n/a11
Dec ’24€0.72
€0.71
-2.2%
22.1%€1.14€0.50n/a11
Nov ’24€0.66
€0.72
+10.0%
22.1%€1.14€0.50€0.7310
Oct ’24€0.77
€0.84
+9.2%
15.9%€1.14€0.60€0.7310
Sep ’24€0.82
€0.86
+4.8%
14.2%€1.13€0.59€0.6010
Aug ’24€0.94
€0.96
+1.3%
16.0%€1.28€0.64€0.6410
Jul ’24€1.03
€1.03
-0.3%
14.5%€1.31€0.72€0.6510
Jun ’24€1.02
€1.02
+0.03%
14.3%€1.29€0.71€0.6110
May ’24€1.03
€1.01
-1.8%
16.0%€1.36€0.69€0.6410
Apr ’24€1.04
€1.08
+4.1%
16.5%€1.39€0.71€0.6411
Mar ’24€1.20
€1.12
-6.9%
16.5%€1.43€0.73€0.7111
Feb ’24€1.34
€1.13
-16.0%
14.4%€1.44€0.83€0.6911
Jan ’24€1.12
€1.10
-1.4%
17.9%€1.54€0.77€0.8111
Dec ’23€1.15
€1.10
-4.3%
18.5%€1.55€0.78€0.7211
Nov ’23€1.16
€1.11
-4.2%
17.8%€1.55€0.78€0.6611

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

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