CMC Markets Plc

DB:T8Q Stock Report

Market Cap: €913.4m

CMC Markets Valuation

Is T8Q 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 T8Q when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: T8Q (€3.14) is trading below our estimate of fair value (€6.29)

Significantly Below Fair Value: T8Q is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for T8Q?

Key metric: As T8Q is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for T8Q. This is calculated by dividing T8Q's market cap by their current earnings.
What is T8Q's PE Ratio?
PE Ratio9x
EarningsUK£84.51m
Market CapUK£762.79m

Price to Earnings Ratio vs Peers

How does T8Q's PE Ratio compare to its peers?

The above table shows the PE ratio for T8Q vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average35.9x
FTK flatexDEGIRO
12.4x8.5%€1.5b
BFV Berliner Effektengesellschaft
59.4xn/a€816.3m
JDC JDC Group
56.9x24.8%€317.8m
BWB Baader Bank
15.1xn/a€201.0m
T8Q CMC Markets
9x-5.0%€762.8m

Price-To-Earnings vs Peers: T8Q is good value based on its Price-To-Earnings Ratio (9x) compared to the peer average (35.9x).

Price to Earnings Ratio vs Industry

How does T8Q'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$410.89m
HXCK Ernst Russ
3.7x-18.2%US$202.59m
VG8 Varengold Bank
1.8xn/aUS$24.24m
XE8 Black Sea Property
0.7xn/aUS$7.74m
No more companies available in this PE range
T8Q 9.0xIndustry Avg. 20.1xNo. of Companies6PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: T8Q is good value based on its Price-To-Earnings Ratio (9x) compared to the German Capital Markets industry average (20.3x).

Price to Earnings Ratio vs Fair Ratio

What is T8Q'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.

T8Q PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9x
Fair PE Ratio11.6x

Price-To-Earnings vs Fair Ratio: T8Q is good value based on its Price-To-Earnings Ratio (9x) compared to the estimated Fair Price-To-Earnings Ratio (11.6x).

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 T8Q forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€3.14
€2.99
-4.7%
34.4%€4.31€1.62n/a6
Nov ’25€3.59
€2.94
-18.1%
32.1%€3.93€1.61n/a6
Oct ’25€3.70
€2.93
-20.9%
32.1%€3.92€1.60n/a6
Sep ’25€3.67
€2.93
-20.2%
32.1%€3.92€1.60n/a6
Aug ’25€3.92
€2.93
-25.2%
32.1%€3.92€1.60n/a6
Jul ’25€3.83
€2.76
-28.0%
31.7%€3.90€1.60n/a6
Jun ’25€3.29
€2.08
-36.6%
34.8%€2.80€0.75n/a6
May ’25€3.05
€2.09
-31.4%
34.8%€2.81€0.75n/a6
Apr ’25€2.46
€1.93
-21.6%
34.9%€2.81€0.75n/a6
Mar ’25€1.89
€1.78
-5.3%
30.1%€2.35€0.75n/a6
Feb ’25€1.53
€1.37
-10.2%
29.4%€1.75€0.75n/a6
Jan ’25€1.12
€1.19
+6.9%
32.8%€1.62€0.74n/a6
Dec ’24€1.01
€1.19
+18.6%
32.8%€1.62€0.74n/a6
Nov ’24€0.99
€1.21
+22.1%
30.9%€1.61€0.74€3.596
Oct ’24€1.17
€1.51
+29.2%
37.4%€2.58€0.86€3.706
Sep ’24€1.21
€1.99
+64.2%
35.5%€2.91€0.93€3.675
Aug ’24€1.54
€2.45
+59.9%
22.2%€3.32€1.80€3.926
Jul ’24€1.75
€2.45
+40.7%
22.2%€3.32€1.80€3.836
Jun ’24€2.04
€2.92
+43.2%
25.7%€4.03€1.87€3.296
May ’24€1.96
€3.05
+55.5%
19.8%€4.01€2.26€3.056
Apr ’24€1.91
€2.88
+50.6%
23.6%€4.03€2.16€2.466
Mar ’24€2.78
€3.47
+24.9%
27.5%€5.33€2.58€1.896
Feb ’24€2.60
€3.47
+33.6%
27.5%€5.33€2.58€1.536
Jan ’24€2.54
€3.47
+36.7%
27.5%€5.33€2.58€1.126
Dec ’23€2.74
€3.47
+26.8%
27.5%€5.33€2.58€1.016
Nov ’23€2.86
€3.47
+21.5%
26.1%€5.26€2.55€0.996

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

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