Adriatic Metals PLC

DB:3FN Stock Report

Market Cap: €824.1m

Adriatic Metals Valuation

Is 3FN 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-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 3FN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3FN (€2.52) is trading below our estimate of fair value (€5.23)

Significantly Below Fair Value: 3FN is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3FN?

Key metric: As 3FN barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for 3FN. This is calculated by dividing 3FN's market cap by their current book value.
What is 3FN's PB Ratio?
PB Ratio5.4x
BookUS$157.77m
Market CapUS$858.21m

Price to Book Ratio vs Peers

How does 3FN's PB Ratio compare to its peers?

The above table shows the PB ratio for 3FN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average13.7x
M0LY Greenland Resources
53.3xn/a€78.4m
SZG Salzgitter
0.2x93.9%€942.2m
STO3 Sto SE KGaA
1x3.5%€723.6m
TKA thyssenkrupp
0.2x126.6%€2.4b
3FN Adriatic Metals
5.4x50.6%€1.3b

Price-To-Book vs Peers: 3FN is good value based on its Price-To-Book Ratio (5.4x) compared to the peer average (13.7x).

Price to Book Ratio vs Industry

How does 3FN's PB Ratio compare vs other companies in the European Metals and Mining Industry?

23 CompaniesPrice / BookEstimated GrowthMarket Cap
3FN 5.4xIndustry Avg. 0.9xNo. of Companies26PB00.61.21.82.43+
23 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: 3FN is expensive based on its Price-To-Book Ratio (5.4x) compared to the European Metals and Mining industry average (0.9x).

Price to Book Ratio vs Fair Ratio

What is 3FN's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

3FN PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio5.4x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate 3FN's Price-To-Book Fair Ratio for valuation analysis.

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 3FN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€2.52
€2.76
+9.7%
15.6%€3.21€2.18n/a3
Nov ’25€2.48
€2.78
+12.1%
15.6%€3.23€2.19n/a3
Oct ’25€2.10
€2.82
+34.2%
15.6%€3.27€2.22n/a3
Sep ’25€1.72
€3.52
+104.6%
34.6%€5.22€2.43n/a3
Aug ’25€1.97
€3.56
+80.6%
36.0%€5.35€2.42n/a3
Jul ’25€2.38
€3.72
+56.5%
33.6%€5.43€2.46n/a3
Jun ’25€2.54
€3.93
+54.8%
37.7%€5.41€2.45n/a2
May ’25€2.78
€3.71
+33.6%
33.6%€5.42€2.45n/a3
Apr ’25€2.42
€2.50
+3.5%
3.6%€2.59€2.41n/a2
Mar ’25€1.93
€2.45
+26.8%
6.2%€2.60€2.30n/a2
Feb ’25€2.20
€2.45
+11.3%
6.2%€2.60€2.30n/a2
Jan ’25€2.48
€2.46
-0.6%
6.7%€2.63€2.30n/a2
Dec ’24€1.88
€2.46
+31.1%
6.7%€2.63€2.30n/a2
Nov ’24€2.04
€2.46
+20.8%
6.7%€2.63€2.30€2.482
Oct ’24n/a
€2.46
0%
6.7%€2.63€2.30€2.102
Sep ’24n/a
€2.34
0%
13.7%€2.66€2.02€1.722
Aug ’24€2.06
€2.34
+13.5%
13.7%€2.66€2.02€1.972
Jul ’24€1.90
€2.30
+21.0%
12.6%€2.59€2.01€2.382
Jun ’24€1.82
€2.36
+29.5%
3.3%€2.43€2.28€2.542
May ’24€2.16
€2.36
+9.1%
3.3%€2.43€2.28€2.782
Apr ’24€2.34
€2.36
+0.7%
3.3%€2.43€2.28€2.422
Mar ’24€1.98
€2.38
+20.3%
4.6%€2.49€2.27€1.932
Feb ’24€2.02
€2.38
+17.9%
4.6%€2.49€2.27€2.202
Jan ’24€1.96
€2.38
+21.5%
4.6%€2.49€2.27€2.482
Dec ’23€1.93
€2.41
+24.9%
9.7%€2.64€2.18€1.882
Nov ’23€1.55
€2.41
+55.5%
9.7%€2.64€2.18€2.042

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

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