Intercos Valuation

Is 2AQ 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 2AQ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2AQ (€14.22) is trading above our estimate of fair value (€11.1)

Significantly Below Fair Value: 2AQ is trading above our estimate of fair value.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2AQ?

Key metric: As 2AQ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2AQ. This is calculated by dividing 2AQ's market cap by their current earnings.
What is 2AQ's PE Ratio?
PE Ratio30.8x
Earnings€45.13m
Market Cap€1.39b

Price to Earnings Ratio vs Peers

How does 2AQ's PE Ratio compare to its peers?

The above table shows the PE ratio for 2AQ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average37.4x
BEI Beiersdorf
37.8x12.7%€27.9b
603983 Guangdong Marubi Biotechnology
40.5x24.0%CN¥13.0b
603193 Runben Biotechnology
32.6x22.7%CN¥9.6b
JWEL Jamieson Wellness
38.8x61.8%CA$1.6b
2AQ Intercos
30.8x22.6%€1.4b

Price-To-Earnings vs Peers: 2AQ is good value based on its Price-To-Earnings Ratio (30.8x) compared to the peer average (37x).


Price to Earnings Ratio vs Industry

How does 2AQ's PE Ratio compare vs other companies in the European Personal Products Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
2AQ 30.8xIndustry Avg. 23.8xNo. of Companies3PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 2AQ is expensive based on its Price-To-Earnings Ratio (30.8x) compared to the European Personal Products industry average (23.8x).


Price to Earnings Ratio vs Fair Ratio

What is 2AQ'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.

2AQ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio30.8x
Fair PE Ratio22.7x

Price-To-Earnings vs Fair Ratio: 2AQ is expensive based on its Price-To-Earnings Ratio (30.8x) compared to the estimated Fair Price-To-Earnings Ratio (22.7x).


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 2AQ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€14.22
€17.89
+25.8%
6.5%€20.00€16.50n/a7
Dec ’25€13.50
€17.83
+32.1%
7.0%€20.00€16.50n/a6
Nov ’25€14.86
€18.63
+25.4%
4.1%€20.00€17.50n/a6
Oct ’25€15.78
€18.72
+18.6%
4.1%€20.00€17.50n/a6
Sep ’25€16.18
€18.68
+15.5%
4.2%€20.00€17.50n/a6
Aug ’25€16.42
€18.35
+11.8%
5.3%€20.00€17.00n/a6
Jul ’25€15.08
€18.18
+20.6%
5.2%€20.00€17.00n/a6
Jun ’25€16.16
€18.18
+12.5%
5.2%€20.00€17.00n/a6
May ’25€12.88
€17.60
+36.6%
8.6%€20.00€15.50n/a6
Apr ’25€12.92
€17.68
+36.9%
8.1%€20.00€15.50n/a6
Mar ’25€14.00
€17.54
+25.3%
8.2%€20.00€15.50n/a6
Feb ’25€14.16
€17.36
+22.6%
8.0%€20.00€15.50n/a6
Jan ’25€14.06
€17.11
+21.7%
9.1%€20.00€15.50n/a6
Dec ’24€13.58
€17.11
+26.0%
9.1%€20.00€15.50€13.506
Nov ’24€13.28
€17.18
+29.3%
9.5%€20.00€15.50€14.866
Oct ’24€12.34
€17.44
+41.3%
8.4%€20.00€15.50€15.786
Sep ’24€13.14
€17.78
+35.3%
7.4%€20.00€15.50€16.186
Aug ’24€15.72
€17.93
+14.0%
7.3%€20.00€15.50€16.426
Jul ’24€14.90
€17.93
+20.3%
7.3%€20.00€15.50€15.086
Jun ’24€15.40
€17.93
+16.4%
7.3%€20.00€15.50€16.166
May ’24€16.36
€16.17
-1.2%
5.6%€17.50€14.50€12.886
Apr ’24€13.04
€15.45
+18.5%
6.7%€16.50€14.00€12.926
Mar ’24€13.62
€14.75
+8.3%
8.2%€16.50€13.00€14.006
Feb ’24€13.03
€14.75
+13.2%
8.2%€16.50€13.00€14.166
Jan ’24€12.41
€14.23
+14.7%
11.1%€16.50€12.00€14.066
Dec ’23€12.28
€13.88
+13.0%
10.8%€16.50€12.00€13.585

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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