Evercore Valuation

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

Below Fair Value: QGJ (€298) is trading above our estimate of fair value (€280.75)

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


Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for QGJ. This is calculated by dividing QGJ's market cap by their current earnings.
What is QGJ's PE Ratio?
PE Ratio37x
EarningsUS$320.59m
Market CapUS$12.58b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for QGJ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average53.8x
T2G Tradegate Wertpapierhandelsbank
86.6xn/a€2.2b
FTK flatexDEGIRO
12.4x8.5%€1.5b
BFV Berliner Effektengesellschaft
59.4xn/a€816.3m
JDC JDC Group
56.9x24.8%€317.8m
QGJ Evercore
37x30.7%€12.6b

Price-To-Earnings vs Peers: QGJ is good value based on its Price-To-Earnings Ratio (37.3x) compared to the peer average (53.8x).


Price to Earnings Ratio vs Industry

How does QGJ'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$409.25m
HXCK Ernst Russ
3.7x-18.2%US$202.59m
VG8 Varengold Bank
1.8xn/aUS$24.05m
XE8 Black Sea Property
0.7xn/aUS$7.73m
No more companies available in this PE range
QGJ 37.0xIndustry Avg. 20.3xNo. of Companies6PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: QGJ is expensive based on its Price-To-Earnings Ratio (37.3x) compared to the German Capital Markets industry average (20.3x).


Price to Earnings Ratio vs Fair Ratio

What is QGJ'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.

QGJ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio37x
Fair PE Ratio24.3x

Price-To-Earnings vs Fair Ratio: QGJ is expensive based on its Price-To-Earnings Ratio (37.3x) compared to the estimated Fair Price-To-Earnings Ratio (24.2x).


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 QGJ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€298.00
€273.39
-8.3%
8.6%€323.04€250.52n/a7
Nov ’25€242.00
€263.88
+9.0%
5.6%€285.67€245.92n/a7
Oct ’25€226.00
€241.59
+6.9%
7.6%€276.44€221.33n/a7
Sep ’25€218.00
€226.71
+4.0%
9.1%€249.85€180.29n/a7
Aug ’25€230.00
€229.80
-0.09%
9.0%€252.53€182.23n/a7
Jul ’25€193.00
€189.90
-1.6%
5.1%€203.94€178.91n/a7
Jun ’25€185.00
€189.90
+2.7%
5.1%€203.94€178.91n/a7
May ’25€171.00
€191.34
+11.9%
5.1%€205.19€180.01n/a7
Apr ’25€176.00
€185.45
+5.4%
4.4%€204.97€178.20n/a7
Mar ’25€172.00
€183.94
+6.9%
6.3%€206.06€167.08n/a6
Feb ’25€158.00
€180.94
+14.5%
7.3%€205.46€162.89n/a6
Jan ’25€156.00
€144.88
-7.1%
4.7%€154.80€136.48n/a6
Dec ’24€135.00
€142.26
+5.4%
4.0%€152.52€136.90n/a6
Nov ’24€123.00
€144.14
+17.2%
6.5%€157.07€126.79€242.006
Oct ’24€131.00
€142.33
+8.7%
4.9%€155.44€133.91€226.006
Sep ’24€129.00
€139.68
+8.3%
5.3%€153.05€129.08€218.006
Aug ’24€122.00
€139.29
+14.2%
4.2%€150.96€132.77€230.006
Jul ’24€114.00
€127.55
+11.9%
8.4%€152.95€117.94€193.007
Jun ’24€101.00
€127.55
+26.3%
8.4%€152.95€117.94€185.007
May ’24€101.00
€126.23
+25.0%
8.2%€150.60€116.12€171.007
Apr ’24€103.00
€123.07
+19.5%
14.5%€153.12€94.08€176.007
Mar ’24€123.00
€125.14
+1.7%
13.9%€148.03€95.56€172.007
Feb ’24€119.00
€116.71
-1.9%
17.6%€143.83€85.57€158.007
Jan ’24€103.00
€115.01
+11.7%
20.2%€157.62€86.79€156.007
Dec ’23€110.00
€115.01
+4.6%
20.2%€157.62€86.79€135.007
Nov ’23€109.00
€116.11
+6.5%
20.5%€159.93€88.06€123.007

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


Discover undervalued companies