Sipef NV

DB:BZ3 Stock Report

Market Cap: €590.7m

Sipef Valuation

Is BZ3 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 BZ3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BZ3 (€56.2) is trading above our estimate of fair value (€41.45)

Significantly Below Fair Value: BZ3 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BZ3?

Key metric: As BZ3 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BZ3. This is calculated by dividing BZ3's market cap by their current earnings.
What is BZ3's PE Ratio?
PE Ratio9.4x
EarningsUS$66.55m
Market CapUS$625.06m

Price to Earnings Ratio vs Peers

How does BZ3's PE Ratio compare to its peers?

The above table shows the PE ratio for BZ3 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.2x
KWS KWS SAAT SE KGaA
10x-1.0%€2.0b
SSH Südwestdeutsche Salzwerke
14.5xn/a€598.9m
NLM FRoSTA
12.2xn/a€412.2m
GTK Tonkens Agrar
12.1xn/a€12.3m
BZ3 Sipef
9.4x5.3%€590.7m

Price-To-Earnings vs Peers: BZ3 is good value based on its Price-To-Earnings Ratio (9.4x) compared to the peer average (12.2x).

Price to Earnings Ratio vs Industry

How does BZ3's PE Ratio compare vs other companies in the European Food Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BZ3 9.4xIndustry Avg. 13.4xNo. of Companies18PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BZ3 is good value based on its Price-To-Earnings Ratio (9.4x) compared to the European Food industry average (13.4x).

Price to Earnings Ratio vs Fair Ratio

What is BZ3'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.

BZ3 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.4x
Fair PE Ratio15.7x

Price-To-Earnings vs Fair Ratio: BZ3 is good value based on its Price-To-Earnings Ratio (9.4x) compared to the estimated Fair Price-To-Earnings Ratio (15.7x).

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 BZ3 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€56.20
€69.31
+23.3%
7.2%€74.33€64.29n/a2
Nov ’25€56.20
€69.31
+23.3%
7.2%€74.33€64.29n/a2
Oct ’25€56.00
€69.07
+23.3%
7.2%€74.07€64.06n/a2
Sep ’25€55.20
€69.07
+25.1%
7.2%€74.07€64.06n/a2
Aug ’25€51.80
€69.13
+33.4%
7.2%€74.13€64.12n/a2
Jul ’25€55.00
€69.13
+25.7%
7.2%€74.13€64.12n/a2
Jun ’25€57.80
€69.13
+19.6%
7.2%€74.13€64.12n/a2
May ’25€56.20
€69.13
+23.0%
7.2%€74.13€64.12n/a2
Apr ’25€54.40
€68.93
+26.7%
7.2%€73.92€63.93n/a2
Mar ’25€50.50
€68.93
+36.5%
7.2%€73.92€63.93n/a2
Feb ’25€48.70
€67.48
+38.6%
6.2%€71.69€63.27n/a2
Jan ’25€52.70
€67.48
+28.1%
6.2%€71.69€63.27n/a2
Dec ’24€53.20
€70.58
+32.7%
4.8%€73.94€65.94€56.203
Nov ’24€51.80
€70.58
+36.3%
4.8%€73.94€65.94€56.203
Oct ’24€52.50
€71.31
+35.8%
4.7%€75.49€67.33€56.003
Sep ’24€54.20
€70.28
+29.7%
4.7%€74.03€66.03€55.203
Jan ’24€58.10
€76.54
+31.7%
7.2%€82.01€71.06€52.702
Dec ’23€56.20
€76.54
+36.2%
7.2%€82.01€71.06€53.202

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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