Ashland Inc.

DB:AHT Stock Report

Market Cap: €3.5b

Ashland Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: AHT (€72) is trading below our estimate of fair value (€123.38)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for AHT. This is calculated by dividing AHT's market cap by their current earnings.
What is AHT's PE Ratio?
PE Ratio18.9x
EarningsUS$199.00m
Market CapUS$3.72b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for AHT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average28.5x
WCH Wacker Chemie
28.9x37.0%€3.6b
EVK Evonik Industries
36x33.1%€8.2b
SY1 Symrise
37.3x13.2%€14.6b
ACT AlzChem Group
11.9x12.6%€594.3m
AHT Ashland
18.7x5.0%€3.7b

Price-To-Earnings vs Peers: AHT is good value based on its Price-To-Earnings Ratio (18.7x) compared to the peer average (28.5x).

Price to Earnings Ratio vs Industry

How does AHT's PE Ratio compare vs other companies in the European Chemicals Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AHT 18.9xIndustry Avg. 17.1xNo. of Companies12PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AHT is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the European Chemicals industry average (17.1x).

Price to Earnings Ratio vs Fair Ratio

What is AHT'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.

AHT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.9x
Fair PE Ratio13.2x

Price-To-Earnings vs Fair Ratio: AHT is expensive based on its Price-To-Earnings Ratio (18.7x) compared to the estimated Fair Price-To-Earnings Ratio (13.2x).

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 AHT forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€73.50
€91.18
+24.1%
6.9%€100.04€79.08n/a10
Nov ’25€77.00
€92.33
+19.9%
6.4%€100.56€81.36n/a10
Oct ’25€77.50
€90.02
+16.2%
6.6%€98.43€79.64n/a10
Sep ’25€80.00
€91.85
+14.8%
6.5%€100.23€81.10n/a10
Aug ’25€88.50
€101.06
+14.2%
8.5%€115.97€82.84n/a10
Jul ’25€87.00
€102.27
+17.5%
8.5%€117.36€83.83n/a10
Jun ’25€91.00
€101.21
+11.2%
8.1%€115.93€82.81n/a11
May ’25€90.00
€101.61
+12.9%
9.6%€117.85€82.31n/a11
Apr ’25€89.50
€96.36
+7.7%
9.5%€115.73€80.83n/a11
Mar ’25€86.00
€94.88
+10.3%
7.2%€106.40€81.42n/a11
Feb ’25€86.00
€93.84
+9.1%
7.4%€105.80€80.96n/a10
Jan ’25€76.00
€82.81
+9.0%
10.7%€96.18€64.12n/a10
Dec ’24€72.50
€79.92
+10.2%
12.3%€95.58€63.72n/a10
Nov ’24€71.50
€93.13
+30.2%
12.2%€108.84€77.60€77.0010
Oct ’24€76.50
€95.23
+24.5%
12.0%€108.62€79.59€77.5010
Sep ’24€79.00
€94.09
+19.1%
12.2%€106.13€77.10€80.0011
Aug ’24€82.50
€94.09
+14.0%
12.2%€106.13€77.10€88.5011
Jul ’24€79.50
€96.36
+21.2%
13.7%€115.93€78.21€87.0011
Jun ’24€78.50
€104.49
+33.1%
12.0%€128.92€85.34€91.0011
May ’24€90.50
€115.76
+27.9%
9.6%€132.36€95.84€90.0011
Apr ’24€93.00
€116.29
+25.0%
8.8%€131.95€96.21€89.5011
Mar ’24€95.00
€116.29
+22.4%
8.8%€131.95€96.21€86.0011
Feb ’24€99.50
€115.36
+15.9%
8.9%€131.08€94.67€86.0011
Jan ’24€102.00
€119.35
+17.0%
9.0%€136.46€97.87€76.0011
Dec ’23€107.00
€121.64
+13.7%
8.7%€139.98€100.40€72.5011
Nov ’23€106.00
€125.07
+18.0%
11.1%€150.38€105.67€71.5011

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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