Calbee, Inc.

DB:9CB Stock Report

Market Cap: €2.4b

Calbee Valuation

Is 9CB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • 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 9CB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9CB (€18.5) is trading below our estimate of fair value (€28.42)

Significantly Below Fair Value: 9CB is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9CB?

Key metric: As 9CB is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 9CB. This is calculated by dividing 9CB's market cap by their current earnings.
What is 9CB's PE Ratio?
PE Ratio19.4x
EarningsJP¥19.66b
Market CapJP¥381.06b

Price to Earnings Ratio vs Peers

How does 9CB's PE Ratio compare to its peers?

The above table shows the PE ratio for 9CB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.2x
SZU Südzucker
6.8x-10.2%€2.3b
SSH Südwestdeutsche Salzwerke
15.8xn/a€630.5m
NLM FRoSTA
12.2xn/a€415.6m
KWS KWS SAAT SE KGaA
9.9x-1.0%€2.0b
9CB Calbee
19.4x4.1%€381.1b

Price-To-Earnings vs Peers: 9CB is expensive based on its Price-To-Earnings Ratio (19.4x) compared to the peer average (11.2x).

Price to Earnings Ratio vs Industry

How does 9CB's PE Ratio compare vs other companies in the European Food Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
9CB 19.4xIndustry Avg. 13.4xNo. of Companies17PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 9CB is expensive based on its Price-To-Earnings Ratio (19.4x) compared to the European Food industry average (13.5x).

Price to Earnings Ratio vs Fair Ratio

What is 9CB'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.

9CB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.4x
Fair PE Ratio17.4x

Price-To-Earnings vs Fair Ratio: 9CB is expensive based on its Price-To-Earnings Ratio (19.4x) compared to the estimated Fair Price-To-Earnings Ratio (17.4x).

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 9CB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€18.50
€21.46
+16.0%
11.1%€25.05€18.63n/a4
Nov ’25€19.20
€21.49
+11.9%
11.5%€24.73€18.40n/a4
Oct ’25€21.40
€22.10
+3.3%
12.0%€25.52€18.67n/a4
Sep ’25€19.80
€21.65
+9.3%
11.6%€25.54€18.69n/a4
Aug ’25€20.40
€19.18
-6.0%
8.1%€20.76€16.72n/a4
Jul ’25€17.50
€19.18
+9.6%
8.1%€20.76€16.72n/a4
Jun ’25€17.90
€20.70
+15.7%
11.0%€23.87€17.00n/a5
May ’25€20.20
€21.07
+4.3%
11.0%€24.29€17.31n/a5
Apr ’25€20.60
€20.64
+0.2%
11.3%€22.38€16.17n/a5
Mar ’25€19.50
€18.64
-4.4%
9.6%€21.51€15.98n/a6
Feb ’25€19.20
€18.22
-5.1%
10.4%€21.87€15.62n/a6
Jan ’25€17.80
€18.38
+3.3%
10.4%€21.93€15.80n/a6
Dec ’24€16.90
€17.99
+6.4%
12.1%€21.40€14.98n/a7
Nov ’24€16.40
€18.65
+13.7%
9.1%€21.44€16.71€19.207
Oct ’24€17.70
€19.11
+8.0%
8.2%€21.54€17.74€21.406
Sep ’24€18.10
€18.68
+3.2%
8.7%€21.28€17.53€19.806
Aug ’24€17.40
€19.79
+13.7%
7.2%€22.68€18.67€20.406
Jul ’24€17.00
€19.79
+16.4%
7.2%€22.68€18.67€17.506
Jun ’24€18.10
€19.79
+9.3%
7.2%€22.68€18.67€17.906
May ’24€20.00
€21.29
+6.4%
9.5%€24.06€18.40€20.206
Apr ’24€18.80
€21.29
+13.2%
9.5%€24.06€18.40€20.606
Mar ’24€18.10
€21.29
+17.6%
9.5%€24.06€18.40€19.506
Feb ’24€20.00
€20.91
+4.6%
10.4%€24.03€18.38€19.206
Jan ’24€20.80
€21.14
+1.6%
10.3%€25.02€19.30€17.807
Dec ’23€20.20
€20.13
-0.4%
11.3%€24.17€17.96€16.907
Nov ’23€19.90
€20.85
+4.8%
10.8%€24.73€19.08€16.407

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

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