Conrad Asia Energy Ltd.

DB:3MD Stock Report

Market Cap: €102.4m

Conrad Asia Energy Valuation

Is 3MD 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-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 3MD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3MD (€0.51) is trading below our estimate of fair value (€24.47)

Significantly Below Fair Value: 3MD is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3MD?

Key metric: As 3MD is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for 3MD. This is calculated by dividing 3MD's market cap by their current book value.
What is 3MD's PB Ratio?
PB Ratio2.8x
BookUS$38.11m
Market CapUS$107.25m

Price to Book Ratio vs Peers

How does 3MD's PB Ratio compare to its peers?

The above table shows the PB ratio for 3MD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average1.7x
DR0 Deutsche Rohstoff
0.8x-8.9%€170.6m
HA3 Petro Matad
1.5x114.0%€26.0m
ETG EnviTec Biogas
2.7xn/a€452.9m
4DS Daldrup & Söhne
2x9.2%€46.6m
3MD Conrad Asia Energy
2.8x53.3%€166.0m

Price-To-Book vs Peers: 3MD is expensive based on its Price-To-Book Ratio (2.8x) compared to the peer average (1.7x).

Price to Book Ratio vs Industry

How does 3MD's PB Ratio compare vs other companies in the European Oil and Gas Industry?

12 CompaniesPrice / BookEstimated GrowthMarket Cap
3MD 2.8xIndustry Avg. 0.9xNo. of Companies20PB00.61.21.82.43+
12 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: 3MD is expensive based on its Price-To-Book Ratio (2.8x) compared to the European Oil and Gas industry average (0.9x).

Price to Book Ratio vs Fair Ratio

What is 3MD's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

3MD PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio2.8x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate 3MD's Price-To-Book 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 3MD forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.51
€1.25
+148.4%
4.3%€1.32€1.19n/a3
Nov ’25€0.56
€1.25
+122.0%
4.3%€1.32€1.19n/a3
Oct ’25€0.63
€1.25
+100.4%
5.6%€1.33€1.16n/a3
Sep ’25€0.48
€1.10
+128.3%
6.6%€1.17€1.00n/a3
Aug ’25€0.43
€1.11
+156.7%
5.6%€1.16€1.03n/a3
Jul ’25€0.46
€1.17
+156.2%
1.7%€1.19€1.14n/a3
Jun ’25€0.47
€1.17
+151.0%
2.4%€1.20€1.13n/a3
May ’25€0.53
€1.17
+122.8%
2.4%€1.20€1.13n/a3
Apr ’25€0.53
€1.24
+134.1%
12.1%€1.45€1.11n/a3
Mar ’25€0.62
€1.24
+100.1%
12.1%€1.45€1.11n/a3
Feb ’25€0.64
€1.50
+134.0%
6.8%€1.63€1.38n/a3
Jan ’25€0.68
€1.50
+121.9%
6.8%€1.63€1.38n/a3
Dec ’24€0.79
€1.50
+90.8%
6.8%€1.63€1.38n/a3
Nov ’24€0.77
€1.51
+95.7%
5.8%€1.61€1.40€0.563
Oct ’24€0.80
€1.54
+92.4%
9.5%€1.69€1.39€0.632
Sep ’24€0.83
€1.59
+90.4%
6.7%€1.70€1.48€0.482
Aug ’24€0.88
€1.59
+80.7%
6.7%€1.70€1.48€0.432
Jul ’24€0.99
€1.59
+59.8%
6.7%€1.70€1.48€0.462
Jun ’24€0.99
€1.59
+59.8%
6.7%€1.70€1.48€0.472
May ’24€0.96
€1.54
+60.2%
3.9%€1.60€1.48€0.532
Apr ’24€1.02
€1.58
+54.9%
2.8%€1.63€1.54€0.532

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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