APA Corporation

DB:2S3 Stock Report

Market Cap: €8.1b

APA Valuation

Is 2S3 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 2S3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2S3 (€21.35) is trading below our estimate of fair value (€47.81)

Significantly Below Fair Value: 2S3 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2S3?

Key metric: As 2S3 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2S3. This is calculated by dividing 2S3's market cap by their current earnings.
What is 2S3's PE Ratio?
PE Ratio3.8x
EarningsUS$2.22b
Market CapUS$8.42b

Price to Earnings Ratio vs Peers

How does 2S3's PE Ratio compare to its peers?

The above table shows the PE ratio for 2S3 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average28.8x
DR0 Deutsche Rohstoff
2.9x-8.9%€168.6m
CE2 CropEnergies
82.4xn/a€1.2b
VAR Vår Energi
14.6x16.4%NOK 93.0b
CE2 CropEnergies
15.3x-7.5%€1.0b
2S3 APA
3.8x-9.0%€8.4b

Price-To-Earnings vs Peers: 2S3 is good value based on its Price-To-Earnings Ratio (3.8x) compared to the peer average (28.8x).

Price to Earnings Ratio vs Industry

How does 2S3's PE Ratio compare vs other companies in the European Oil and Gas Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
2S3 3.8xIndustry Avg. 9.2xNo. of Companies18PE0612182430+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 2S3 is good value based on its Price-To-Earnings Ratio (3.8x) compared to the European Oil and Gas industry average (9.2x).

Price to Earnings Ratio vs Fair Ratio

What is 2S3'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.

2S3 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.8x
Fair PE Ratio16.6x

Price-To-Earnings vs Fair Ratio: 2S3 is good value based on its Price-To-Earnings Ratio (3.8x) compared to the estimated Fair Price-To-Earnings Ratio (16.6x).

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 2S3 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€21.35
€31.38
+47.0%
22.4%€47.05€22.09n/a30
Nov ’25€21.63
€31.94
+47.7%
20.6%€45.31€23.12n/a30
Oct ’25€21.85
€32.35
+48.1%
19.7%€46.98€24.39n/a30
Sep ’25€26.43
€34.41
+30.2%
19.0%€51.28€25.19n/a30
Aug ’25€29.19
€35.97
+23.3%
18.9%€52.82€25.02n/a30
Jul ’25€27.26
€37.20
+36.5%
19.7%€53.26€25.23n/a29
Jun ’25€27.34
€37.36
+36.7%
19.8%€52.54€24.89n/a29
May ’25€30.33
€38.96
+28.5%
18.4%€54.33€26.23n/a30
Apr ’25€30.96
€38.01
+22.8%
18.2%€54.93€27.93n/a25
Mar ’25€27.69
€38.58
+39.4%
19.7%€59.98€29.53n/a25
Feb ’25€28.86
€40.54
+40.5%
20.3%€58.96€29.48n/a25
Jan ’25€32.43
€43.14
+33.0%
16.2%€55.44€31.81n/a28
Dec ’24€32.79
€44.90
+36.9%
16.3%€59.60€31.17n/a28
Nov ’24€37.61
€48.12
+28.0%
14.9%€61.42€32.13€21.6328
Oct ’24€39.94
€48.21
+20.7%
14.2%€61.87€32.36€21.8528
Sep ’24€40.00
€46.48
+16.2%
14.4%€60.34€31.56€26.4328
Aug ’24€36.35
€41.43
+14.0%
17.3%€58.81€27.14€29.1928
Jul ’24€31.42
€43.27
+37.8%
19.0%€63.23€32.07€27.2627
Jun ’24€29.30
€44.36
+51.4%
18.0%€64.31€32.62€27.3427
May ’24€33.31
€44.96
+35.0%
16.5%€65.64€32.82€30.3328
Apr ’24€32.81
€45.27
+38.0%
15.1%€59.30€30.57€30.9628
Mar ’24€36.58
€48.18
+31.7%
12.9%€60.03€36.58€27.6927
Feb ’24€39.84
€48.08
+20.7%
15.5%€64.63€31.86€28.8628
Jan ’24€42.34
€51.65
+22.0%
16.4%€66.92€32.99€32.4327
Dec ’23€45.29
€52.10
+15.0%
17.9%€68.15€28.79€32.7927
Nov ’23€45.78
€52.98
+15.7%
18.5%€75.97€30.39€37.6126

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.

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