CGN Mining Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: VBO (€0.21) is trading below our estimate of fair value (€0.82)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for VBO. This is calculated by dividing VBO's market cap by their current earnings.
What is VBO's PE Ratio?
PE Ratio	29.1x
Earnings	HK$430.53m
Market Cap	HK$12.54b

VBO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.7x
Enterprise Value/EBITDA	-80.7x
PEG Ratio	1.1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for VBO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	31.2x
ETG EnviTec Biogas	9x	n/a	€448.5m
CE2 CropEnergies	15.3x	-7.5%	€1.0b
CE2 CropEnergies	82.4x	n/a	€1.2b
VH2 Friedrich Vorwerk Group	18.3x	12.9%	€513.0m
VBO CGN Mining	29.1x	25.8%	€12.5b

Price-To-Earnings vs Peers: VBO is good value based on its Price-To-Earnings Ratio (29.1x) compared to the peer average (31.2x).

Price to Earnings Ratio vs Industry

How does VBO's PE Ratio compare vs other companies in the European Oil and Gas Industry?

5 Companies	Price / Earnings	Estimated Growth	Market Cap

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: VBO is expensive based on its Price-To-Earnings Ratio (29.1x) compared to the European Oil and Gas industry average (8.4x).

Price to Earnings Ratio vs Fair Ratio

What is VBO'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.

VBO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	29.1x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate VBO's Price-To-Earnings Fair Ratio for valuation analysis.

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 VBO forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€0.21	€0.28 +33.5%	21.2%	€0.42	€0.21	n/a	10
Dec ’25	€0.21	€0.28 +31.0%	21.2%	€0.42	€0.21	n/a	10
Nov ’25	€0.21	€0.25 +17.2%	23.8%	€0.39	€0.20	n/a	9
Oct ’25	€0.19	€0.25 +29.3%	23.8%	€0.39	€0.20	n/a	9
Sep ’25	€0.17	€0.27 +60.5%	24.3%	€0.39	€0.21	n/a	8
Aug ’25	n/a	€0.30 0%	19.9%	€0.41	€0.21	n/a	8
Jul ’25	€0.32	€0.30 -5.4%	19.9%	€0.41	€0.21	n/a	8
Jun ’25	€0.35	€0.28 -21.7%	13.5%	€0.33	€0.21	n/a	8
May ’25	€0.24	€0.25 +5.7%	8.9%	€0.27	€0.21	n/a	6
Apr ’25	€0.21	€0.24 +13.2%	8.6%	€0.27	€0.21	n/a	7
Mar ’25	€0.21	€0.23 +5.6%	10.0%	€0.27	€0.20	n/a	6
Feb ’25	€0.24	€0.23 -5.1%	10.0%	€0.27	€0.20	n/a	6
Jan ’25	€0.19	€0.22 +13.6%	6.0%	€0.24	€0.20	n/a	6
Dec ’24	€0.18	€0.20 +13.3%	6.9%	€0.22	€0.18	€0.21	6
Nov ’24	n/a	€0.19 0%	9.5%	€0.22	€0.16	€0.21	5
Oct ’24	n/a	€0.19 0%	8.1%	€0.21	€0.16	€0.19	4
Sep ’24	n/a	€0.16 0%	14.0%	€0.20	€0.13	€0.17	4
Aug ’24	n/a	€0.16 0%	14.0%	€0.20	€0.13	n/a	4
Jul ’24	n/a	€0.16 0%	14.0%	€0.20	€0.13	€0.32	4
Jun ’24	n/a	€0.16 0%	14.0%	€0.20	€0.13	€0.35	4
May ’24	n/a	€0.16 0%	14.0%	€0.20	€0.13	€0.24	4
Apr ’24	€0.11	€0.16 +49.1%	5.8%	€0.17	€0.14	€0.21	3
Mar ’24	n/a	€0.16 0%	5.8%	€0.17	€0.14	€0.21	3
Feb ’24	€0.12	€0.16 +32.0%	5.8%	€0.17	€0.14	€0.24	3
Jan ’24	n/a	€0.18 0%	1.4%	€0.18	€0.17	€0.19	2
Dec ’23	n/a	€0.18 0%	1.4%	€0.18	€0.17	€0.18	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.