Kemira Oyj

DB:KEM Stock Report

Market Cap: €2.9b

Kemira Oyj Valuation

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

Below Fair Value: KEM (€18.73) is trading below our estimate of fair value (€31.41)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for KEM. This is calculated by dividing KEM's market cap by their current earnings.
What is KEM's PE Ratio?
PE Ratio17.1x
Earnings€171.10m
Market Cap€2.92b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for KEM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average50.7x
BAS BASF
76.5x34.2%€38.0b
WCH Wacker Chemie
28.3x37.0%€3.5b
SDF K+S
78.9x61.1%€2.0b
FPE3 Fuchs
19.3x8.9%€5.1b
KEM Kemira Oyj
17.1x10.5%€2.9b

Price-To-Earnings vs Peers: KEM is good value based on its Price-To-Earnings Ratio (17.1x) compared to the peer average (50.7x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
KEM 17.1xIndustry Avg. 16.8xNo. of Companies11PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: KEM is expensive based on its Price-To-Earnings Ratio (17.1x) compared to the European Chemicals industry average (16.8x).

Price to Earnings Ratio vs Fair Ratio

What is KEM'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.

KEM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.1x
Fair PE Ratio14.6x

Price-To-Earnings vs Fair Ratio: KEM is expensive based on its Price-To-Earnings Ratio (17.1x) compared to the estimated Fair Price-To-Earnings Ratio (14.6x).

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 KEM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€18.73
€24.51
+30.9%
8.7%€27.00€22.00n/a7
Nov ’25€19.40
€24.50
+26.3%
8.7%€27.00€22.00n/a7
Oct ’25€22.34
€24.79
+10.9%
7.6%€27.00€22.00n/a7
Sep ’25€21.84
€24.79
+13.5%
7.6%€27.00€22.00n/a7
Aug ’25€20.90
€24.56
+17.5%
7.2%€27.00€22.00n/a7
Jul ’25€22.92
€23.99
+4.6%
11.1%€27.00€19.00n/a7
Jun ’25€21.52
€21.63
+0.5%
9.8%€24.90€18.50n/a7
May ’25€20.24
€20.70
+2.3%
9.2%€23.00€18.40n/a7
Apr ’25€17.26
€19.41
+12.5%
7.1%€22.00€18.00n/a7
Mar ’25€16.60
€19.41
+17.0%
7.1%€22.00€18.00n/a7
Feb ’25€17.13
€20.10
+17.3%
7.3%€22.00€18.40n/a4
Jan ’25€16.86
€17.49
+3.7%
12.1%€21.00€15.00n/a7
Dec ’24€15.44
€17.49
+13.2%
12.1%€21.00€15.00n/a7
Nov ’24€15.27
€17.41
+14.0%
12.3%€21.00€15.00€19.407
Oct ’24€14.50
€16.38
+13.0%
11.5%€20.00€14.50€22.346
Sep ’24€14.54
€16.38
+12.7%
11.5%€20.00€14.50€21.846
Aug ’24€14.27
€16.38
+14.8%
11.5%€20.00€14.50€20.906
Jul ’24€14.56
€17.83
+22.5%
11.5%€22.00€16.00€22.926
Jun ’24€14.80
€17.83
+20.5%
11.5%€22.00€16.00€21.526
May ’24€15.71
€18.25
+16.2%
10.7%€22.00€16.00€20.246
Apr ’24€16.41
€18.08
+10.2%
9.6%€21.00€16.00€17.266
Mar ’24€16.53
€18.08
+9.4%
9.6%€21.00€16.00€16.606
Feb ’24€14.79
€14.70
-0.6%
6.3%€16.50€14.00€17.135
Jan ’24€14.33
€14.70
+2.6%
6.3%€16.50€14.00€16.865
Dec ’23€13.94
€14.50
+4.0%
7.2%€16.50€13.50€15.445
Nov ’23€13.33
€14.30
+7.3%
8.4%€16.50€13.00€15.275

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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