Ithaca Energy plc

DB:XE3 Stock Report

Market Cap: €3.0b

Ithaca Energy Valuation

Is XE3 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-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of XE3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Fair Value: XE3 (€1.87) is trading below our estimate of fair value (€5.36)

Significantly Below Fair Value: XE3 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for XE3?

Key metric: As XE3 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for XE3. This is calculated by dividing XE3's market cap by their current revenue.
What is XE3's PS Ratio?
PS Ratio1.2x
SalesUS$2.90b
Market CapUS$3.49b

Price to Sales Ratio vs Peers

How does XE3's PS Ratio compare to its peers?

The above table shows the PS ratio for XE3 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2x
DR0 Deutsche Rohstoff
1.1x-7.36%€228.8m
VBK Verbio
0.8x5.18%€1.4b
VH2 Friedrich Vorwerk Group
2.6x8.12%€1.7b
600777 Shandong Xinchao Energy
3.7xn/aCN¥26.9b
XE3 Ithaca Energy
1.2x-2.14%€2.6b

Price-To-Sales vs Peers: XE3 is good value based on its Price-To-Sales Ratio (1.2x) compared to the peer average (2x).

Historical Price to Sales Ratio

Historical Price to Sales Ratio compares a stock's price to its sales over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Sales Ratio vs Industry

How does XE3's PS Ratio compare vs other companies in the European Oil and Gas Industry?

35 CompaniesPrice / SalesEstimated GrowthMarket Cap
XE3 1.2xIndustry Avg. 1.3xNo. of Companies35PS01.22.43.64.86+
35 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: XE3 is good value based on its Price-To-Sales Ratio (1.2x) compared to the European Oil and Gas industry average (1.3x).

Price to Sales Ratio vs Fair Ratio

What is XE3's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

XE3 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.2x
Fair PS Ratio1.7x

Price-To-Sales vs Fair Ratio: XE3 is good value based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (1.7x).

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 XE3 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.87
€2.12
+13.51%
29.49%€2.92€1.12n/a6
Jan ’27€1.87
€2.12
+13.51%
29.49%€2.92€1.12n/a6
Dec ’26€1.98
€2.20
+11.14%
29.01%€2.95€1.14n/a6
Nov ’26€2.42
€1.99
-17.83%
23.39%€2.53€1.15n/a6
Oct ’26€2.26
€1.85
-18.01%
21.99%€2.32€1.16n/a6
Sep ’26€2.68
€1.85
-30.86%
21.99%€2.32€1.16n/a6
Aug ’26€2.00
€1.76
-12.07%
20.15%€2.31€1.14n/a6
Jul ’26€1.83
€1.72
-5.84%
20.50%€2.30€1.10n/a7
Jun ’26€1.71
€1.67
-2.11%
16.42%€2.02€1.15n/a7
May ’26€1.57
€1.69
+7.39%
15.70%€1.99€1.18n/a8
Apr ’26€1.91
€1.62
-15.26%
17.60%€2.02€1.20n/a8
Mar ’26€1.77
€1.65
-6.67%
14.55%€2.03€1.35n/a8
Feb ’26€1.52
€1.65
+8.33%
14.24%€2.04€1.35n/a8
Jan ’26€1.29
€1.67
+29.10%
13.90%€2.03€1.43€1.877
Dec ’25€1.25
€1.68
+34.10%
14.75%€2.10€1.44€1.987
Nov ’25€1.20
€1.70
+41.94%
15.09%€2.12€1.36€2.427
Oct ’25€1.30
€1.73
+33.05%
23.28%€2.51€1.31€2.266
Sep ’25€1.58
€1.77
+12.27%
20.63%€2.52€1.32€2.686
Aug ’25€1.52
€1.82
+20.03%
19.60%€2.55€1.37€2.006
Jul ’25€1.46
€1.82
+24.97%
19.60%€2.55€1.37€1.836
Jun ’25€1.58
€1.89
+19.70%
16.93%€2.52€1.64€1.715
May ’25€1.43
€1.90
+32.92%
16.19%€2.49€1.64€1.575
Apr ’25€1.61
€2.11
+31.09%
13.77%€2.47€1.82€1.915
Mar ’25€1.64
€2.09
+27.71%
11.52%€2.47€1.82€1.778
Feb ’25€1.63
€2.15
+32.09%
11.96%€2.46€1.81€1.528
Jan ’25€1.77
€2.22
+25.26%
13.30%€2.63€1.75€1.298
€2.19
Fair Value
14.7% undervalued intrinsic discount
6
Number of Analysts

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

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/01/09 15:55
End of Day Share Price 2026/01/09 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Ithaca Energy plc is covered by 20 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Matthew CooperBarclays
Lydia RainforthBarclays
James HosieBarclays