Corbion N.V.

DB:CSUA Stock Report

Market Cap: €1.3b

Corbion Valuation

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

Below Fair Value: CSUA (€21.78) is trading above our estimate of fair value (€13.96)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for CSUA. This is calculated by dividing CSUA's market cap by their current earnings.
What is CSUA's PE Ratio?
PE Ratio15.9x
Earnings€80.10m
Market Cap€1.28b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for CSUA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average21.4x
ACT AlzChem Group
11.6x12.6%€582.1m
WCH Wacker Chemie
28.3x37.0%€3.5b
UZU Uzin Utz
10.5x2.1%€250.2m
EVK Evonik Industries
35.2x33.1%€8.1b
CSUA Corbion
15.9x8.7%€1.3b

Price-To-Earnings vs Peers: CSUA is good value based on its Price-To-Earnings Ratio (15.9x) compared to the peer average (21.4x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CSUA 15.9xIndustry Avg. 17.3xNo. of Companies12PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CSUA is good value based on its Price-To-Earnings Ratio (15.9x) compared to the European Chemicals industry average (17.3x).

Price to Earnings Ratio vs Fair Ratio

What is CSUA'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.

CSUA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.9x
Fair PE Ratio13.5x

Price-To-Earnings vs Fair Ratio: CSUA is expensive based on its Price-To-Earnings Ratio (15.9x) compared to the estimated Fair Price-To-Earnings Ratio (13.5x).

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 CSUA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€21.78
€26.00
+19.4%
21.9%€32.00€15.00n/a6
Nov ’25€22.86
€26.25
+14.8%
21.6%€32.00€15.00n/a6
Oct ’25€25.36
€24.92
-1.7%
20.2%€30.00€15.00n/a6
Sep ’25€22.94
€24.65
+7.5%
22.6%€30.00€13.40n/a6
Aug ’25€20.58
€23.65
+14.9%
22.0%€29.00€13.40n/a6
Jul ’25€18.87
€23.65
+25.3%
22.0%€29.00€13.40n/a6
Jun ’25€20.40
€23.65
+15.9%
22.0%€29.00€13.40n/a6
May ’25€19.92
€23.65
+18.7%
22.0%€29.00€13.40n/a6
Apr ’25€19.78
€23.48
+18.7%
22.5%€29.00€13.40n/a6
Mar ’25€17.89
€22.75
+27.2%
24.5%€29.00€13.40n/a6
Feb ’25€17.39
€22.75
+30.8%
24.5%€29.00€13.40n/a6
Jan ’25€19.50
€24.42
+25.2%
14.9%€29.00€18.50n/a6
Dec ’24€16.47
€24.42
+48.2%
14.9%€29.00€18.50n/a6
Nov ’24€16.31
€24.42
+49.7%
14.9%€29.00€18.50€22.866
Oct ’24€18.40
€29.58
+60.8%
16.4%€37.00€23.00€25.366
Sep ’24€22.02
€29.58
+34.3%
16.4%€37.00€23.00€22.946
Aug ’24€21.36
€29.13
+36.4%
16.1%€36.00€23.00€20.584
Jul ’24€22.02
€29.13
+32.3%
16.1%€36.00€23.00€18.874
Jun ’24€25.46
€35.40
+39.1%
9.1%€38.11€30.00€20.404
May ’24€28.18
€35.40
+25.6%
9.1%€38.11€30.00€19.924
Apr ’24€30.14
€36.65
+21.6%
10.7%€40.00€30.00€19.784
Mar ’24€35.60
€38.28
+7.5%
10.5%€43.00€32.00€17.894
Feb ’24€35.22
€38.28
+8.7%
10.5%€43.00€32.00€17.394
Jan ’24€31.92
€33.03
+3.5%
12.4%€38.11€27.00€19.504
Dec ’23€29.52
€33.03
+11.9%
12.4%€38.11€27.00€16.474
Nov ’23€27.10
€36.22
+33.7%
20.3%€49.00€27.00€16.315

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

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