Nichirei Corporation

DB:NI3 Stock Report

Market Cap: €3.2b

Nichirei Valuation

Is NI3 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 NI3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NI3 (€25) is trading below our estimate of fair value (€34.75)

Significantly Below Fair Value: NI3 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NI3?

Key metric: As NI3 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NI3. This is calculated by dividing NI3's market cap by their current earnings.
What is NI3's PE Ratio?
PE Ratio20.2x
EarningsJP¥25.68b
Market CapJP¥518.52b

Price to Earnings Ratio vs Peers

How does NI3's PE Ratio compare to its peers?

The above table shows the PE ratio for NI3 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.1x
SZU Südzucker
6.8x-10.2%€2.3b
SSH Südwestdeutsche Salzwerke
15.3xn/a€630.5m
NLM FRoSTA
12.2xn/a€415.6m
KWS KWS SAAT SE KGaA
10x-1.0%€2.0b
NI3 Nichirei
20.2x7.1%€518.5b

Price-To-Earnings vs Peers: NI3 is expensive based on its Price-To-Earnings Ratio (20.2x) compared to the peer average (11.1x).

Price to Earnings Ratio vs Industry

How does NI3's PE Ratio compare vs other companies in the European Food Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NI3 20.2xIndustry Avg. 13.5xNo. of Companies18PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NI3 is expensive based on its Price-To-Earnings Ratio (20.2x) compared to the European Food industry average (13.4x).

Price to Earnings Ratio vs Fair Ratio

What is NI3'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.

NI3 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.2x
Fair PE Ratio19x

Price-To-Earnings vs Fair Ratio: NI3 is expensive based on its Price-To-Earnings Ratio (20.2x) compared to the estimated Fair Price-To-Earnings Ratio (19x).

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 NI3 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€25.00
€29.42
+17.7%
5.8%€31.41€27.18n/a5
Nov ’25€25.40
€31.04
+22.2%
5.8%€33.14€28.68n/a5
Oct ’25€27.20
€31.04
+14.1%
5.8%€33.14€28.68n/a5
Sep ’25€27.00
€29.11
+7.8%
8.2%€32.00€25.85n/a5
Aug ’25€23.80
€27.13
+14.0%
9.3%€31.15€25.16n/a5
Jul ’25€19.90
€25.66
+29.0%
8.7%€29.99€24.22n/a5
Jun ’25€20.80
€27.30
+31.2%
7.7%€31.84€25.72n/a6
May ’25€23.40
€27.30
+16.7%
7.7%€31.84€25.72n/a6
Apr ’25€24.60
€27.30
+11.0%
7.7%€31.84€25.72n/a6
Mar ’25€23.20
€25.11
+8.2%
5.4%€26.57€22.99n/a5
Feb ’25€22.60
€25.56
+13.1%
3.9%€27.08€23.99n/a5
Jan ’25€22.00
€25.56
+16.2%
3.9%€27.08€23.99n/a5
Dec ’24€19.70
€23.47
+19.2%
10.8%€25.20€18.27n/a6
Nov ’24€19.70
€23.47
+19.2%
10.8%€25.20€18.27€25.406
Oct ’24€20.60
€23.47
+14.0%
10.8%€25.20€18.27€27.206
Sep ’24€22.00
€23.47
+6.7%
10.8%€25.20€18.27€27.006
Aug ’24€20.40
€22.44
+10.0%
8.1%€24.53€18.72€23.806
Jul ’24€19.10
€21.27
+11.3%
14.0%€24.51€16.00€19.906
Jun ’24€19.50
€21.40
+9.8%
14.0%€25.44€16.61€20.806
May ’24€18.30
€21.15
+15.6%
10.0%€24.84€17.60€23.406
Apr ’24€18.10
€21.15
+16.9%
10.0%€24.84€17.60€24.606
Mar ’24€18.00
€20.35
+13.0%
7.0%€21.53€17.22€23.206
Feb ’24€18.50
€20.35
+10.0%
7.0%€21.53€17.22€22.606
Jan ’24€19.90
€20.35
+2.2%
7.0%€21.53€17.22€22.006
Dec ’23€19.10
€19.99
+4.7%
8.7%€21.31€16.15€19.706
Nov ’23€15.80
€19.24
+21.8%
8.5%€20.93€16.39€19.706

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

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