Fiera Capital Corporation

DB:ZFS Stock Report

Market Cap: €728.3m

Fiera Capital Valuation

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

Below Fair Value: ZFS (€6.7) is trading above our estimate of fair value (€6.5)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ZFS. This is calculated by dividing ZFS's market cap by their current earnings.
What is ZFS's PE Ratio?
PE Ratio16.4x
EarningsCA$64.60m
Market CapCA$1.06b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ZFS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.4x
MLP MLP
10x8.3%€642.7m
AR4 AURELIUS Equity Opportunities SE KGaA
3.9xn/a€390.6m
DBAN Deutsche Beteiligungs
24.4x54.1%€420.9m
O4B OVB Holding
15.3x3.5%€283.6m
ZFS Fiera Capital
16.4x-9.7%€1.1b

Price-To-Earnings vs Peers: ZFS is expensive based on its Price-To-Earnings Ratio (16.4x) compared to the peer average (13.4x).

Price to Earnings Ratio vs Industry

How does ZFS'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$406.78m
HXCK Ernst Russ
3.8x-18.2%US$206.28m
VG8 Varengold Bank
1.8xn/aUS$24.05m
XE8 Black Sea Property
0.7xn/aUS$7.68m
No more companies available in this PE range
ZFS 16.4xIndustry Avg. 20.3xNo. of Companies6PE01632486480+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ZFS is good value based on its Price-To-Earnings Ratio (16.4x) compared to the German Capital Markets industry average (20.3x).

Price to Earnings Ratio vs Fair Ratio

What is ZFS'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.

ZFS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.4x
Fair PE Ratio10x

Price-To-Earnings vs Fair Ratio: ZFS is expensive based on its Price-To-Earnings Ratio (16.4x) compared to the estimated Fair Price-To-Earnings Ratio (10x).

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 ZFS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€6.70
€6.84
+2.2%
6.7%€7.38€6.03n/a6
Nov ’25€6.40
€6.15
-4.0%
6.8%€6.98€5.65n/a6
Oct ’25€5.50
€5.36
-2.6%
6.1%€5.93€4.95n/a6
Sep ’25€5.00
€5.36
+7.2%
6.1%€5.93€4.95n/a6
Aug ’25€5.35
€5.53
+3.3%
6.3%€6.00€5.00n/a7
Jul ’25€5.20
€5.17
-0.6%
8.0%€5.80€4.78n/a7
Jun ’25€4.70
€5.13
+9.2%
8.0%€5.76€4.75n/a7
May ’25€4.64
€5.17
+11.4%
7.2%€5.80€4.78n/a7
Apr ’25€5.55
€5.31
-4.4%
6.5%€5.79€4.77n/a7
Mar ’25€5.70
€5.31
-6.9%
6.5%€5.79€4.77n/a7
Feb ’25€4.80
€4.45
-7.3%
13.1%€5.51€3.79n/a7
Jan ’25€4.00
€4.11
+2.9%
14.6%€5.49€3.60n/a7
Dec ’24€3.38
€4.03
+19.1%
12.1%€5.09€3.57n/a7
Nov ’24€3.18
€4.26
+33.9%
11.5%€5.11€3.41€6.407
Oct ’24€3.88
€5.25
+35.3%
7.6%€5.92€4.87€5.507
Sep ’24€4.08
€5.16
+26.4%
7.3%€5.77€4.76€5.008
Aug ’24€4.42
€5.32
+20.4%
6.8%€5.86€4.83€5.358
Jul ’24€4.44
€5.53
+24.7%
6.7%€6.25€5.04€5.208
Jun ’24€4.32
€5.41
+25.2%
6.7%€6.11€4.92€4.708
May ’24€4.86
€6.00
+23.4%
7.6%€6.64€5.31€4.648
Apr ’24€5.15
€6.47
+25.6%
3.7%€6.94€6.25€5.558
Mar ’24€6.00
€6.47
+7.8%
3.7%€6.94€6.25€5.708
Feb ’24€6.35
€6.91
+8.9%
4.6%€7.61€6.57€4.807
Jan ’24€5.80
€7.21
+24.3%
6.7%€8.17€6.68€4.007
Dec ’23€6.15
€7.21
+17.3%
6.7%€8.17€6.68€3.387
Nov ’23€6.35
€7.27
+14.5%
6.6%€8.17€6.69€3.187

Analyst Forecast: Target price is less than 20% higher than the current share price.

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