Tessenderlo Group NV

DB:TEZ Stock Report

Market Cap: €1.3b

Tessenderlo Group Valuation

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: TEZ (€21.4) is trading below our estimate of fair value (€34.41)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for TEZ. This is calculated by dividing TEZ's market cap by their current earnings.
What is TEZ's PE Ratio?
PE Ratio14.9x
Earnings€89.50m
Market Cap€1.33b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TEZ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average48.7x
BAS BASF
76x34.2%€37.8b
SDF K+S
78.8x61.1%€2.0b
ACT AlzChem Group
11.9x12.6%€598.4m
WCH Wacker Chemie
28.3x37.0%€3.5b
TEZ Tessenderlo Group
14.9x11.8%€1.3b

Price-To-Earnings vs Peers: TEZ is good value based on its Price-To-Earnings Ratio (14.9x) compared to the peer average (48.7x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
TEZ 14.9xIndustry Avg. 17.2xNo. of Companies13PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TEZ is good value based on its Price-To-Earnings Ratio (14.9x) compared to the European Chemicals industry average (17.1x).

Price to Earnings Ratio vs Fair Ratio

What is TEZ'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.

TEZ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.9x
Fair PE Ratio13x

Price-To-Earnings vs Fair Ratio: TEZ is expensive based on its Price-To-Earnings Ratio (14.9x) compared to the estimated Fair Price-To-Earnings Ratio (13x).

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 TEZ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€21.40
€30.67
+43.3%
6.1%€32.00€28.00n/a3
Nov ’25€24.70
€30.67
+24.2%
6.1%€32.00€28.00n/a3
Oct ’25€25.35
€30.67
+21.0%
6.1%€32.00€28.00n/a3
Sep ’25€24.05
€30.67
+27.5%
6.1%€32.00€28.00n/a3
Aug ’25€24.40
€31.33
+28.4%
8.0%€34.00€28.00n/a3
Jul ’25€23.40
€35.33
+51.0%
18.7%€44.00€28.00n/a3
Jun ’25€25.00
€35.33
+41.3%
18.7%€44.00€28.00n/a3
May ’25€24.00
€35.33
+47.2%
18.7%€44.00€28.00n/a3
Apr ’25€24.25
€39.00
+60.8%
12.8%€44.00€34.00n/a2
Mar ’25€24.50
€38.33
+56.5%
11.7%€44.00€33.00n/a3
Feb ’25€26.25
€38.33
+46.0%
11.7%€44.00€33.00n/a3
Jan ’25€28.25
€38.33
+35.7%
11.7%€44.00€33.00n/a3
Dec ’24€27.80
€38.33
+37.9%
11.7%€44.00€33.00n/a3
Nov ’24€27.40
€38.33
+39.9%
11.7%€44.00€33.00€24.703
Oct ’24€26.95
€38.33
+42.2%
11.7%€44.00€33.00€25.353
Sep ’24€28.35
€38.33
+35.2%
11.7%€44.00€33.00€24.053

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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