Mandom Corporation

DB:MD9 Stock Report

Market Cap: €345.4m

Mandom Valuation

Is MD9 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • 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 MD9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MD9 (€7.4) is trading below our estimate of fair value (€8.89)

Significantly Below Fair Value: MD9 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 MD9?

Key metric: As MD9 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MD9. This is calculated by dividing MD9's market cap by their current earnings.
What is MD9's PE Ratio?
PE Ratio21.6x
EarningsJP¥2.58b
Market CapJP¥55.70b

Price to Earnings Ratio vs Peers

How does MD9's PE Ratio compare to its peers?

The above table shows the PE ratio for MD9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24.2x
BEI Beiersdorf
37.3x12.7%€27.6b
HALEON Haleon Pakistan
28.5xn/aPK₨101.7b
A241710 Cosmecca Korea
16.4x22.4%₩563.9b
603102 Weihai Baihe Biology Technological
14.7xn/aCN¥2.3b
MD9 Mandom
21.6x27.3%€55.7b

Price-To-Earnings vs Peers: MD9 is good value based on its Price-To-Earnings Ratio (21.6x) compared to the peer average (24.2x).

Price to Earnings Ratio vs Industry

How does MD9's PE Ratio compare vs other companies in the European Personal Products Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MD9 21.6xIndustry Avg. 22.5xNo. of Companies5PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MD9 is good value based on its Price-To-Earnings Ratio (21.6x) compared to the European Personal Products industry average (22.5x).

Price to Earnings Ratio vs Fair Ratio

What is MD9'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.

MD9 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21.6x
Fair PE Ratio20.7x

Price-To-Earnings vs Fair Ratio: MD9 is expensive based on its Price-To-Earnings Ratio (21.6x) compared to the estimated Fair Price-To-Earnings Ratio (20.7x).

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 MD9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€7.40
€7.84
+6.0%
3.2%€8.01€7.34n/a5
Nov ’25€7.20
€7.91
+9.9%
3.6%€8.23€7.37n/a5
Oct ’25€7.65
€7.80
+1.9%
3.8%€8.09€7.47n/a4
Sep ’25€7.60
€7.80
+2.6%
3.8%€8.09€7.47n/a4
Aug ’25€7.55
€7.57
+0.2%
5.2%€8.13€7.03n/a4
Jul ’25€6.85
€7.57
+10.5%
5.2%€8.13€7.03n/a4
Jun ’25€6.85
€8.33
+21.7%
4.7%€8.85€7.90n/a3
May ’25€7.55
€8.58
+13.6%
5.4%€9.29€8.05n/a4
Apr ’25€7.95
€8.58
+7.9%
5.4%€9.29€8.05n/a4
Mar ’25€7.95
€8.58
+7.9%
5.4%€9.29€8.05n/a4
Feb ’25€7.90
€8.92
+12.9%
7.7%€9.99€8.12n/a5
Jan ’25€7.95
€9.09
+14.4%
8.2%€10.32€8.38n/a4
Dec ’24€7.70
€9.26
+20.3%
11.6%€10.70€7.95n/a6
Nov ’24€7.70
€9.76
+26.7%
12.6%€11.84€8.10€7.206
Oct ’24€8.50
€10.08
+18.6%
11.2%€12.04€8.55€7.657
Sep ’24€8.90
€10.08
+13.3%
11.2%€12.04€8.55€7.607
Aug ’24€9.00
€10.22
+13.5%
12.5%€12.35€8.55€7.557
Jul ’24€8.95
€10.22
+14.2%
12.5%€12.35€8.55€6.857
Jun ’24€9.40
€10.53
+12.0%
13.9%€13.02€9.01€6.857
May ’24€10.50
€10.43
-0.7%
10.6%€12.81€9.35€7.557
Apr ’24€9.95
€10.43
+4.8%
10.6%€12.81€9.35€7.957
Mar ’24€9.55
€10.55
+10.5%
10.6%€12.96€9.46€7.957
Feb ’24€9.95
€10.43
+4.8%
5.7%€11.34€9.57€7.907
Jan ’24€10.10
€10.58
+4.7%
6.4%€11.39€9.61€7.957
Dec ’23€9.75
€12.27
+25.8%
19.8%€17.11€9.58€7.707
Nov ’23€9.95
€12.94
+30.0%
17.8%€17.66€10.59€7.707

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

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