Nickel Industries Limited

DB:NM5 Stock Report

Market Cap: €2.3b

Nickel Industries Valuation

Is NM5 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 NM5 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NM5 (€0.53) is trading below our estimate of fair value (€8.56)

Significantly Below Fair Value: NM5 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NM5?

Key metric: As NM5 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NM5. This is calculated by dividing NM5's market cap by their current earnings.
What is NM5's PE Ratio?
PE Ratio24.9x
EarningsUS$99.61m
Market CapUS$2.48b

Price to Earnings Ratio vs Peers

How does NM5's PE Ratio compare to its peers?

The above table shows the PE ratio for NM5 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average33.7x
NDA Aurubis
8.8x-6.2%€3.3b
SDF K+S
78.9x61.1%€2.0b
WCH Wacker Chemie
28x37.0%€3.5b
FPE3 Fuchs
19.1x8.7%€5.1b
NM5 Nickel Industries
24.9x49.7%€3.8b

Price-To-Earnings vs Peers: NM5 is good value based on its Price-To-Earnings Ratio (24.9x) compared to the peer average (33.7x).

Price to Earnings Ratio vs Industry

How does NM5's PE Ratio compare vs other companies in the European Metals and Mining Industry?

14 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NM5 24.9xIndustry Avg. 11.1xNo. of Companies14PE0816243240+
14 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NM5 is expensive based on its Price-To-Earnings Ratio (24.9x) compared to the European Metals and Mining industry average (11x).

Price to Earnings Ratio vs Fair Ratio

What is NM5'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.

NM5 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio24.9x
Fair PE Ratio49.6x

Price-To-Earnings vs Fair Ratio: NM5 is good value based on its Price-To-Earnings Ratio (24.9x) compared to the estimated Fair Price-To-Earnings Ratio (49.6x).

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 NM5 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.53
€0.71
+34.8%
17.8%€0.99€0.62n/a9
Nov ’25€0.52
€0.66
+28.6%
13.4%€0.89€0.60n/a8
Oct ’25€0.51
€0.77
+51.6%
49.3%€1.82€0.52n/a9
Sep ’25€0.46
€0.79
+69.9%
48.4%€1.83€0.52n/a9
Aug ’25€0.45
€0.78
+72.9%
47.6%€1.80€0.57n/a9
Jul ’25€0.45
€0.83
+85.4%
45.8%€1.86€0.59n/a9
Jun ’25€0.53
€0.82
+56.1%
45.1%€1.83€0.58n/a9
May ’25€0.51
€0.81
+58.2%
46.1%€1.82€0.55n/a9
Apr ’25€0.46
€0.77
+67.8%
53.7%€1.80€0.48n/a8
Mar ’25€0.43
€0.62
+43.9%
23.7%€0.93€0.48n/a6
Feb ’25€0.45
€0.63
+39.0%
23.7%€0.93€0.49n/a6
Jan ’25€0.42
€0.65
+55.5%
31.9%€1.11€0.49n/a6
Dec ’24€0.43
€0.69
+59.8%
30.2%€1.09€0.48n/a7
Nov ’24€0.46
€0.69
+48.2%
29.0%€1.08€0.48€0.527
Oct ’24€0.46
€0.68
+50.1%
25.4%€0.99€0.48€0.517
Sep ’24€0.48
€0.68
+41.1%
23.8%€0.98€0.54€0.467
Aug ’24€0.49
€0.70
+41.6%
24.6%€1.00€0.52€0.457
Jul ’24€0.53
€0.80
+51.5%
24.4%€1.16€0.57€0.458
Jun ’24€0.52
€0.76
+47.1%
23.5%€1.05€0.55€0.538
May ’24€0.56
€0.78
+40.4%
25.2%€1.12€0.54€0.518
Apr ’24€0.55
€0.79
+45.7%
25.0%€1.16€0.57€0.467
Mar ’24€0.64
€0.83
+29.7%
23.0%€1.18€0.63€0.437
Feb ’24€0.71
€0.84
+18.1%
23.6%€1.20€0.58€0.457
Jan ’24€0.61
€0.80
+30.7%
25.6%€1.10€0.52€0.427
Dec ’23€0.64
€0.77
+20.3%
29.2%€1.11€0.52€0.437
Nov ’23€0.50
€0.75
+51.8%
31.9%€1.11€0.47€0.467

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

Discover undervalued companies

Central Asia Metals

UK£283.6m

Operates as a base metals producer.

9C3

UK£1.91

7D

2.7%

1Y

2.1%

Cabka

€62.8m

Manufactures and sells pallets and large containers made from recycled plastic in Europe, North America, and internationally.

7GW

€2.48

7D

0%

1Y

-59.9%

African Rainbow Minerals

R31.4b

Through its subsidiaries, operates as a diversified mining and minerals company in South Africa, Malaysia, and Switzerland.

EB9

R8.30

7D

-1.2%

1Y

-6.2%