Keyera Corp.

DB:K2Y Stock Report

Market Cap: €7.0b

Keyera Valuation

Is K2Y 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 K2Y when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: K2Y (€29.89) is trading below our estimate of fair value (€42.43)

Significantly Below Fair Value: K2Y is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for K2Y?

Key metric: As K2Y is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for K2Y. This is calculated by dividing K2Y's market cap by their current earnings.
What is K2Y's PE Ratio?
PE Ratio23.1x
EarningsCA$446.91m
Market CapCA$10.34b

Price to Earnings Ratio vs Peers

How does K2Y's PE Ratio compare to its peers?

The above table shows the PE ratio for K2Y vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average33.7x
VH2 Friedrich Vorwerk Group
18.4x13.3%€516.0m
CE2 CropEnergies
82.4xn/a€1.2b
CE2 CropEnergies
15.3x-7.5%€1.0b
AM Antero Midstream
18.8x16.7%US$7.3b
K2Y Keyera
23.1x8.4%€10.3b

Price-To-Earnings vs Peers: K2Y is good value based on its Price-To-Earnings Ratio (23.1x) compared to the peer average (33.7x).

Price to Earnings Ratio vs Industry

How does K2Y's PE Ratio compare vs other companies in the European Oil and Gas Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
K2Y 23.1xIndustry Avg. 8.3xNo. of Companies20PE0612182430+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: K2Y is expensive based on its Price-To-Earnings Ratio (23.1x) compared to the European Oil and Gas industry average (8.3x).

Price to Earnings Ratio vs Fair Ratio

What is K2Y'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.

K2Y PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.1x
Fair PE Ratio21.4x

Price-To-Earnings vs Fair Ratio: K2Y is expensive based on its Price-To-Earnings Ratio (23.1x) compared to the estimated Fair Price-To-Earnings Ratio (21.4x).

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 K2Y forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€29.89
€30.24
+1.2%
7.4%€33.71€26.29n/a13
Nov ’25€27.35
€29.13
+6.5%
8.3%€32.17€25.47n/a13
Oct ’25€27.18
€27.39
+0.8%
7.1%€31.14€25.18n/a12
Sep ’25€26.13
€26.68
+2.1%
4.6%€29.11€25.14n/a12
Aug ’25€25.20
€25.84
+2.6%
6.5%€28.68€23.34n/a12
Jul ’25€25.10
€25.64
+2.1%
5.4%€27.78€23.72n/a12
Jun ’25€23.41
€25.69
+9.8%
5.2%€27.67€23.62n/a14
May ’25€23.69
€24.84
+4.9%
4.8%€26.60€23.19n/a14
Apr ’25€23.60
€24.94
+5.7%
4.6%€26.06€23.32n/a14
Mar ’25€22.15
€24.71
+11.6%
4.7%€25.93€23.20n/a14
Feb ’25€22.15
€24.67
+11.4%
4.6%€26.16€23.40n/a13
Jan ’25€21.25
€24.20
+13.9%
5.5%€26.13€22.40n/a13
Dec ’24€22.60
€24.03
+6.3%
6.2%€26.49€21.73n/a13
Nov ’24€22.05
€23.96
+8.6%
7.3%€26.75€20.58€27.3513
Oct ’24€22.35
€24.66
+10.4%
7.2%€27.16€20.89€27.1812
Sep ’24€22.35
€24.05
+7.6%
7.0%€26.43€20.33€26.1314
Aug ’24€22.10
€23.94
+8.3%
6.7%€25.84€20.40€25.2015
Jul ’24€20.65
€24.49
+18.6%
7.0%€27.01€20.78€25.1015
Jun ’24€21.05
€24.18
+14.9%
7.9%€26.81€20.63€23.4115
May ’24€21.00
€23.28
+10.9%
7.7%€26.74€20.31€23.6915
Apr ’24€19.50
€23.34
+19.7%
7.7%€26.94€20.46€23.6014
Mar ’24€20.46
€23.95
+17.1%
7.2%€27.50€20.89€22.1515
Feb ’24€20.49
€23.25
+13.5%
6.3%€24.65€20.54€22.1515
Jan ’24€20.04
€23.42
+16.9%
6.3%€24.90€20.75€21.2514
Dec ’23€21.75
€24.24
+11.5%
6.5%€26.05€20.99€22.6014
Nov ’23€21.13
€25.40
+20.2%
6.2%€28.03€22.13€22.0514

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

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