Nisshin Seifun Group Inc.

DB:NFR Stock Report

Market Cap: €3.4b

Nisshin Seifun Group Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: NFR (€11.2) is trading below our estimate of fair value (€15.93)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NFR. This is calculated by dividing NFR's market cap by their current earnings.
What is NFR's PE Ratio?
PE Ratio15.9x
EarningsJP¥33.66b
Market CapJP¥536.64b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NFR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11x
SZU Südzucker
6.7x-10.2%€2.2b
SSH Südwestdeutsche Salzwerke
15xn/a€598.9m
NLM FRoSTA
12.2xn/a€408.8m
KWS KWS SAAT SE KGaA
10x-1.0%€2.0b
NFR Nisshin Seifun Group
15.9x4.4%€536.6b

Price-To-Earnings vs Peers: NFR is expensive based on its Price-To-Earnings Ratio (15.9x) compared to the peer average (11x).

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NFR 15.9xIndustry Avg. 13.4xNo. of Companies19PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NFR is expensive based on its Price-To-Earnings Ratio (15.9x) compared to the European Food industry average (13.4x).

Price to Earnings Ratio vs Fair Ratio

What is NFR'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.

NFR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.9x
Fair PE Ratio18.1x

Price-To-Earnings vs Fair Ratio: NFR is good value based on its Price-To-Earnings Ratio (15.9x) compared to the estimated Fair Price-To-Earnings Ratio (18.1x).

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 NFR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€11.20
€14.65
+30.8%
13.8%€16.91€12.08n/a4
Nov ’25€10.70
€14.86
+38.9%
12.8%€16.72€12.39n/a4
Oct ’25€11.20
€14.86
+32.7%
12.8%€16.72€12.39n/a4
Sep ’25€11.70
€14.86
+27.0%
12.8%€16.72€12.39n/a4
Aug ’25€11.80
€14.49
+22.8%
12.9%€16.65€12.33n/a4
Jul ’25€10.60
€14.35
+35.3%
13.8%€16.72€11.53n/a4
Jun ’25€10.30
€15.15
+47.1%
13.6%€17.10€11.79n/a5
May ’25€12.20
€16.10
+32.0%
9.9%€17.76€14.08n/a5
Apr ’25€12.60
€16.10
+27.8%
9.9%€17.76€14.08n/a5
Mar ’25€12.80
€14.99
+17.1%
14.5%€17.90€12.47n/a6
Feb ’25€13.10
€15.15
+15.6%
15.3%€18.24€12.26n/a6
Jan ’25€12.20
€14.36
+17.7%
12.8%€17.17€11.13n/a6
Dec ’24€12.60
€13.76
+9.2%
13.4%€16.58€10.75n/a6
Nov ’24€14.10
€13.45
-4.6%
15.2%€17.09€11.07€10.706
Oct ’24€12.00
€13.14
+9.5%
11.8%€15.20€11.08€11.206
Sep ’24€12.20
€12.81
+5.0%
13.0%€15.06€10.98€11.706
Aug ’24€11.30
€12.75
+12.9%
15.4%€15.34€10.04€11.806
Jul ’24€11.10
€12.54
+12.9%
15.0%€15.34€10.03€10.606
Jun ’24€11.50
€12.37
+7.6%
15.2%€16.02€10.48€10.306
May ’24€10.90
€12.33
+13.1%
14.6%€15.15€9.57€12.206
Apr ’24€10.50
€12.33
+17.4%
14.6%€15.15€9.57€12.606
Mar ’24€10.60
€12.83
+21.1%
10.9%€15.33€11.15€12.806
Feb ’24€11.10
€13.07
+17.8%
10.4%€15.54€11.66€13.106
Jan ’24€11.50
€12.65
+10.0%
9.3%€14.43€11.34€12.206
Dec ’23€11.10
€12.65
+14.0%
9.3%€14.43€11.34€12.606
Nov ’23€10.60
€12.00
+13.2%
11.0%€14.30€10.42€14.106

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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