Veeva Systems Inc.

DB:VEE Stock Report

Market Cap: €33.7b

Veeva Systems Valuation

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

Below Fair Value: VEE (€207.6) is trading below our estimate of fair value (€282.16)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for VEE. This is calculated by dividing VEE's market cap by their current earnings.
What is VEE's PE Ratio?
PE Ratio57x
EarningsUS$615.26m
Market CapUS$35.07b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for VEE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average30.1x
NXU Nexus
44.2x17.1%€1.2b
COP CompuGroup Medical SE KGaA
28.9x32.9%€726.9m
SHL Siemens Healthineers
28.6x14.2%€55.6b
FME Fresenius Medical Care
18.8x19.3%€12.4b
VEE Veeva Systems
57x13.9%€35.1b

Price-To-Earnings vs Peers: VEE is expensive based on its Price-To-Earnings Ratio (57x) compared to the peer average (30.1x).

Price to Earnings Ratio vs Industry

How does VEE's PE Ratio compare vs other companies in the European Healthcare Services Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
VEE 57.0xIndustry Avg. 18.6xNo. of Companies4PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: VEE is expensive based on its Price-To-Earnings Ratio (57x) compared to the European Healthcare Services industry average (18.6x).

Price to Earnings Ratio vs Fair Ratio

What is VEE'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.

VEE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio57x
Fair PE Ratio30.9x

Price-To-Earnings vs Fair Ratio: VEE is expensive based on its Price-To-Earnings Ratio (57x) compared to the estimated Fair Price-To-Earnings Ratio (30.9x).

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 VEE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€207.60
€234.70
+13.1%
11.4%€270.04€163.35n/a28
Nov ’25€191.20
€216.92
+13.4%
10.7%€264.41€159.94n/a27
Oct ’25€187.50
€209.69
+11.8%
10.0%€252.37€155.37n/a27
Sep ’25€199.00
€209.08
+5.1%
10.1%€254.25€156.53n/a27
Aug ’25€176.90
€204.07
+15.4%
11.0%€247.81€158.78n/a27
Jul ’25€169.80
€206.98
+21.9%
11.6%€251.37€161.06n/a26
Jun ’25€161.00
€209.63
+30.2%
11.9%€248.89€159.47n/a25
May ’25€188.55
€227.66
+20.7%
8.0%€254.21€188.30n/a27
Apr ’25€214.50
€220.58
+2.8%
8.1%€247.13€183.06n/a28
Mar ’25€200.70
€214.55
+6.9%
11.0%€249.16€147.65n/a28
Feb ’25€190.25
€196.15
+3.1%
11.4%€245.35€147.02n/a26
Jan ’25€174.40
€191.82
+10.0%
11.0%€241.80€144.90n/a27
Dec ’24€159.15
€196.89
+23.7%
11.5%€243.05€145.65n/a27
Nov ’24€181.25
€215.10
+18.7%
9.2%€260.21€171.26€191.2027
Oct ’24€195.10
€210.73
+8.0%
9.2%€257.51€169.49€187.5025
Sep ’24€200.20
€206.65
+3.2%
9.0%€255.28€168.02€199.0026
Aug ’24€184.80
€194.29
+5.1%
11.2%€249.45€154.21€176.9027
Jul ’24€178.80
€194.64
+8.9%
11.1%€252.48€156.08€169.8026
Jun ’24€173.95
€194.96
+12.1%
11.7%€255.59€158.00€161.0026
May ’24€158.20
€189.67
+19.9%
11.1%€249.56€154.28€188.5525
Apr ’24€166.58
€192.94
+15.8%
11.1%€253.52€156.72€214.5025
Mar ’24€155.48
€194.28
+25.0%
10.1%€248.54€159.44€200.7026
Feb ’24€155.92
€194.03
+24.4%
10.2%€245.55€157.52€190.2527
Jan ’24€152.28
€199.50
+31.0%
10.4%€249.60€160.12€174.4027
Dec ’23€181.36
€205.52
+13.3%
9.9%€248.72€164.53€159.1525
Nov ’23€167.10
€214.95
+28.6%
10.1%€260.14€172.07€181.2525

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

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