Tronox Holdings plc

DB:T5X Stock Report

Market Cap: €1.9b

Tronox Holdings Valuation

Is T5X undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • 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 T5X when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: T5X (€11.4) is trading below our estimate of fair value (€59.09)

Significantly Below Fair Value: T5X is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for T5X?

Key metric: As T5X is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for T5X. This is calculated by dividing T5X's market cap by their current earnings.
What is T5X's PE Ratio?
PE Ratio46.2x
EarningsUS$42.00m
Market CapUS$1.94b

Price to Earnings Ratio vs Peers

How does T5X's PE Ratio compare to its peers?

The above table shows the PE ratio for T5X vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average34.5x
FPE3 Fuchs
19.3x8.9%€5.1b
SIM0 SIMONA
11.5xn/a€357.0m
SDF K+S
78.9x61.1%€2.0b
WCH Wacker Chemie
28.3x37.0%€3.5b
T5X Tronox Holdings
46.2x95.1%€1.9b

Price-To-Earnings vs Peers: T5X is expensive based on its Price-To-Earnings Ratio (46.2x) compared to the peer average (34.5x).

Price to Earnings Ratio vs Industry

How does T5X's PE Ratio compare vs other companies in the European Chemicals Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
T5X 46.2xIndustry Avg. 17.1xNo. of Companies11PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: T5X is expensive based on its Price-To-Earnings Ratio (46.2x) compared to the European Chemicals industry average (16.9x).

Price to Earnings Ratio vs Fair Ratio

What is T5X'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.

T5X PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio46.2x
Fair PE Ratio75.5x

Price-To-Earnings vs Fair Ratio: T5X is good value based on its Price-To-Earnings Ratio (46.2x) compared to the estimated Fair Price-To-Earnings Ratio (75.5x).

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 T5X forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€11.40
€15.42
+35.3%
22.2%€23.61€11.33n/a9
Nov ’25€11.00
€15.31
+39.1%
20.6%€23.11€11.09n/a9
Oct ’25€13.00
€16.37
+25.9%
17.1%€22.45€12.57n/a9
Sep ’25€12.50
€17.14
+37.1%
16.8%€22.55€12.63n/a9
Aug ’25€14.80
€18.23
+23.1%
17.1%€23.17€12.97n/a9
Jul ’25€14.40
€19.45
+35.1%
17.7%€24.34€13.11n/a9
Jun ’25€18.00
€18.87
+4.9%
17.6%€23.02€12.89n/a8
May ’25€16.30
€17.02
+4.4%
16.8%€23.32€13.06n/a8
Apr ’25€16.20
€16.04
-1.0%
15.2%€20.31€12.93n/a8
Mar ’25€13.40
€15.36
+14.7%
10.8%€17.56€12.94n/a8
Feb ’25€12.60
€14.14
+12.2%
14.9%€17.48€10.12n/a8
Jan ’25€12.90
€13.97
+8.3%
17.3%€18.32€10.08n/a8
Dec ’24€11.50
€13.19
+14.7%
20.8%€18.84€10.36n/a8
Nov ’24€10.00
€13.19
+31.9%
20.8%€18.84€10.36€11.008
Oct ’24€12.20
€15.18
+24.4%
10.8%€18.72€12.17€13.009
Sep ’24€12.70
€14.69
+15.7%
11.9%€18.25€11.86€12.5010
Aug ’24€11.90
€14.51
+22.0%
13.1%€18.14€10.89€14.8010
Jul ’24€11.60
€15.04
+29.6%
16.2%€18.34€9.17€14.4010
Jun ’24€9.85
€15.72
+59.6%
15.7%€18.71€9.36€18.0010
May ’24€11.30
€15.19
+34.4%
15.5%€17.32€9.12€16.309
Apr ’24€12.90
€16.74
+29.8%
22.0%€25.25€9.35€16.2010
Mar ’24€14.50
€16.74
+15.4%
22.0%€25.25€9.35€13.4010
Feb ’24€15.50
€16.08
+3.7%
23.4%€25.10€9.30€12.6010
Jan ’24€12.60
€15.90
+26.2%
23.4%€25.41€9.41€12.9010
Dec ’23€13.30
€16.70
+25.6%
24.6%€27.33€10.12€11.5010
Nov ’23€11.90
€16.70
+40.4%
24.6%€27.33€10.12€10.0010

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.

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