Kikkoman Corporation

DB:KIK Stock Report

Market Cap: €9.9b

Kikkoman Valuation

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

Valuation Score

1/6

Valuation Score 1/6

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

Below Fair Value: KIK (€10.3) is trading below our estimate of fair value (€10.32)

Significantly Below Fair Value: KIK is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for KIK. This is calculated by dividing KIK's market cap by their current earnings.
What is KIK's PE Ratio?
PE Ratio25.8x
EarningsJP¥62.39b
Market CapJP¥1.61t

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for KIK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.4x
SZU Südzucker
6.7x-10.2%€2.3b
SSH Südwestdeutsche Salzwerke
17xn/a€714.5m
NLM FRoSTA
11.9xn/a€412.2m
KWS KWS SAAT SE KGaA
9.9x-1.0%€2.0b
KIK Kikkoman
25.8x2.8%€1.6t

Price-To-Earnings vs Peers: KIK is expensive based on its Price-To-Earnings Ratio (25.8x) compared to the peer average (11.4x).

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
KIK 25.8xIndustry Avg. 13.5xNo. of Companies18PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: KIK is expensive based on its Price-To-Earnings Ratio (25.8x) compared to the European Food industry average (13.4x).

Price to Earnings Ratio vs Fair Ratio

What is KIK'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.

KIK PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio25.8x
Fair PE Ratio19.4x

Price-To-Earnings vs Fair Ratio: KIK is expensive based on its Price-To-Earnings Ratio (25.8x) compared to the estimated Fair Price-To-Earnings Ratio (19.4x).

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 KIK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.30
€11.79
+14.4%
16.4%€14.85€8.48n/a11
Nov ’25€10.50
€11.89
+13.3%
16.5%€14.91€8.52n/a11
Oct ’25€10.10
€12.10
+19.8%
16.5%€15.18€8.67n/a11
Sep ’25€10.40
€12.10
+16.3%
16.5%€15.18€8.67n/a11
Aug ’25€11.30
€11.64
+3.0%
15.2%€14.13€8.65n/a11
Jul ’25€10.70
€11.64
+8.8%
15.2%€14.13€8.65n/a11
Jun ’25€10.80
€11.99
+11.0%
14.9%€14.35€8.97n/a11
May ’25€11.20
€11.90
+6.2%
16.1%€14.35€8.97n/a10
Apr ’25€11.70
€11.79
+0.8%
14.3%€13.84€8.70n/a11
Mar ’25€12.30
€12.20
-0.8%
12.4%€13.95€9.50n/a12
Feb ’25€11.50
€12.05
+4.8%
11.8%€13.94€9.59n/a12
Jan ’25€10.90
€12.21
+12.0%
12.1%€14.45€9.74n/a12
Dec ’24€11.10
€11.51
+3.7%
11.1%€13.88€9.36n/a13
Nov ’24€10.90
€11.65
+6.9%
8.4%€13.37€9.52€10.5012
Oct ’24€9.80
€11.43
+16.7%
8.6%€12.73€9.12€10.1010
Sep ’24€10.60
€11.27
+6.3%
8.2%€12.62€9.04€10.4011
Aug ’24€10.40
€11.42
+9.8%
11.8%€13.32€7.99€11.3011
Jul ’24€10.30
€11.42
+10.9%
11.8%€13.32€7.99€10.7011
Jun ’24€11.10
€11.55
+4.1%
13.1%€14.48€8.44€10.8011
May ’24€10.50
€10.84
+3.2%
15.0%€14.65€8.54€11.2011
Apr ’24€9.28
€11.05
+19.1%
14.7%€15.27€8.90€11.7011
Mar ’24€8.80
€11.21
+27.4%
15.6%€14.89€8.68€12.3010
Feb ’24€9.40
€12.15
+29.2%
13.6%€15.28€9.90€11.5010
Jan ’24€9.64
€12.00
+24.5%
17.8%€15.48€8.16€10.9012
Dec ’23€10.80
€11.68
+8.2%
17.9%€15.12€7.97€11.1012
Nov ’23€10.90
€11.46
+5.2%
18.9%€14.72€7.77€10.9012

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

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