Nippon Paper Industries Co., Ltd.

DB:9NI Stock Report

Market Cap: €614.3m

Nippon Paper Industries Valuation

Is 9NI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • 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 9NI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9NI (€5.25) is trading below our estimate of fair value (€13.67)

Significantly Below Fair Value: 9NI is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9NI?

Key metric: As 9NI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 9NI. This is calculated by dividing 9NI's market cap by their current earnings.
What is 9NI's PE Ratio?
PE Ratio5x
EarningsJP¥19.76b
Market CapJP¥99.38b

Price to Earnings Ratio vs Peers

How does 9NI's PE Ratio compare to its peers?

The above table shows the PE ratio for 9NI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.1x
ACT AlzChem Group
11.9x12.6%€594.3m
STO3 Sto SE KGaA
11.1x3.5%€730.0m
SIM0 SIMONA
10.9xn/a€357.0m
UZU Uzin Utz
10.5x2.1%€250.2m
9NI Nippon Paper Industries
5x6.5%€99.4b

Price-To-Earnings vs Peers: 9NI is good value based on its Price-To-Earnings Ratio (5x) compared to the peer average (11.1x).

Price to Earnings Ratio vs Industry

How does 9NI's PE Ratio compare vs other companies in the European Forestry Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
9NI 5.0xIndustry Avg. 10.2xNo. of Companies8PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 9NI is good value based on its Price-To-Earnings Ratio (5x) compared to the European Forestry industry average (10.1x).

Price to Earnings Ratio vs Fair Ratio

What is 9NI'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.

9NI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5x
Fair PE Ratio11.5x

Price-To-Earnings vs Fair Ratio: 9NI is good value based on its Price-To-Earnings Ratio (5x) compared to the estimated Fair Price-To-Earnings Ratio (11.5x).

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 9NI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€5.25
€5.88
+12.0%
4.4%€6.18€5.56n/a6
Nov ’25€5.30
€6.22
+17.3%
4.9%€6.65€5.70n/a6
Oct ’25€6.10
€6.22
+1.9%
4.9%€6.65€5.70n/a6
Sep ’25€5.70
€6.12
+7.3%
5.1%€6.52€5.59n/a6
Aug ’25€6.00
€6.22
+3.6%
9.8%€7.26€5.40n/a6
Jul ’25€5.45
€6.22
+14.1%
9.8%€7.26€5.40n/a6
Jun ’25€5.65
€6.84
+21.1%
5.3%€7.34€6.17n/a6
May ’25€6.50
€7.42
+14.1%
11.3%€9.09€6.37n/a6
Apr ’25€7.10
€7.70
+8.5%
13.0%€9.24€6.47n/a4
Mar ’25€6.95
€7.83
+12.6%
10.2%€9.17€7.16n/a4
Feb ’25€8.45
€8.05
-4.7%
10.2%€9.43€7.36n/a4
Jan ’25€8.00
€8.50
+6.2%
11.5%€9.78€7.48n/a5
Dec ’24€8.20
€8.01
-2.4%
10.8%€9.21€7.12n/a5
Nov ’24€8.15
€8.39
+2.9%
12.0%€9.94€7.39€5.305
Oct ’24€8.45
€8.39
-0.7%
12.0%€9.94€7.39€6.105
Sep ’24€8.20
€8.03
-2.1%
14.1%€9.90€6.98€5.704
Aug ’24€8.60
€8.01
-6.8%
14.1%€9.88€6.97€6.004
Jul ’24€7.35
€8.01
+9.0%
14.1%€9.88€6.97€5.454
Jun ’24€7.25
€8.22
+13.4%
17.9%€10.45€6.36€5.654
May ’24€7.10
€7.57
+6.6%
8.2%€8.17€6.75€6.504
Apr ’24€6.85
€7.57
+10.5%
8.2%€8.17€6.75€7.104
Mar ’24€7.20
€7.14
-0.8%
4.5%€7.58€6.71€6.954
Feb ’24€6.65
€7.14
+7.4%
4.5%€7.58€6.71€8.454
Jan ’24€6.70
€6.79
+1.3%
5.3%€7.24€6.27€8.004
Dec ’23€6.60
€6.55
-0.8%
5.3%€6.85€5.97€8.204
Nov ’23€5.75
€6.55
+13.8%
5.3%€6.85€5.97€8.154

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

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