CyberAgent, Inc.

DB:CL2 Stock Report

Market Cap: €3.2b

CyberAgent Valuation

Is CL2 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 CL2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CL2 (€6.2) is trading below our estimate of fair value (€8.5)

Significantly Below Fair Value: CL2 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CL2?

Key metric: As CL2 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CL2. This is calculated by dividing CL2's market cap by their current earnings.
What is CL2's PE Ratio?
PE Ratio31.4x
EarningsJP¥16.25b
Market CapJP¥510.65b

Price to Earnings Ratio vs Peers

How does CL2's PE Ratio compare to its peers?

The above table shows the PE ratio for CL2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15.7x
SAX Ströer SE KGaA
22.6x29.2%€2.6b
M8G Verve Group
14.6x22.0%€746.3m
RRTL RTL Group
9.3x-2.6%€3.7b
SYZ SYZYGY
16.2x20.8%€38.3m
CL2 CyberAgent
31.4x14.7%€510.6b

Price-To-Earnings vs Peers: CL2 is expensive based on its Price-To-Earnings Ratio (31.4x) compared to the peer average (15.7x).

Price to Earnings Ratio vs Industry

How does CL2's PE Ratio compare vs other companies in the European Media Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
CL2 31.4xIndustry Avg. 12.4xNo. of Companies17PE01020304050+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CL2 is expensive based on its Price-To-Earnings Ratio (31.4x) compared to the European Media industry average (12.2x).

Price to Earnings Ratio vs Fair Ratio

What is CL2'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.

CL2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio31.4x
Fair PE Ratio19.4x

Price-To-Earnings vs Fair Ratio: CL2 is expensive based on its Price-To-Earnings Ratio (31.4x) compared to the estimated Fair Price-To-Earnings Ratio (19.4x).

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 CL2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€6.20
€7.09
+14.3%
9.4%€8.52€6.09n/a15
Nov ’25€6.10
€7.02
+15.1%
9.2%€8.47€6.05n/a15
Oct ’25€6.30
€7.21
+14.5%
10.5%€8.75€6.12n/a15
Sep ’25€6.25
€7.20
+15.2%
10.6%€8.66€6.06n/a16
Aug ’25€6.15
€7.20
+17.0%
10.6%€8.66€6.06n/a16
Jul ’25€5.65
€6.71
+18.8%
10.2%€7.96€5.69n/a16
Jun ’25€5.55
€6.69
+20.6%
12.1%€8.04€5.17n/a17
May ’25€5.85
€6.80
+16.3%
11.4%€8.11€5.21n/a17
Apr ’25€6.65
€6.81
+2.4%
12.3%€8.24€5.37n/a17
Mar ’25€6.35
€6.45
+1.6%
16.8%€8.30€4.42n/a16
Feb ’25€6.25
€6.25
-0.03%
13.2%€7.54€4.53n/a16
Jan ’25€5.75
€6.15
+6.9%
13.6%€8.15€4.45n/a16
Dec ’24€5.35
€6.18
+15.5%
13.4%€8.14€4.44n/a16
Nov ’24€5.05
€6.17
+22.2%
13.8%€8.15€4.20€6.1016
Oct ’24€5.05
€6.84
+35.4%
23.2%€11.47€4.27€6.3016
Sep ’24€5.85
€6.97
+19.2%
22.2%€11.43€4.25€6.2516
Aug ’24€6.00
€7.98
+32.9%
18.9%€11.80€5.84€6.1517
Jul ’24€6.65
€8.14
+22.4%
17.2%€11.56€5.71€5.6516
Jun ’24€6.55
€8.54
+30.4%
16.8%€12.00€5.94€5.5516
May ’24€7.90
€8.76
+10.9%
16.5%€12.21€6.17€5.8516
Apr ’24€7.65
€9.42
+23.1%
16.5%€12.79€6.47€6.6516
Mar ’24€7.80
€9.37
+20.2%
14.1%€12.40€7.58€6.3515
Feb ’24€8.45
€9.83
+16.3%
13.9%€12.72€7.77€6.2516
Jan ’24€8.20
€9.88
+20.5%
13.7%€12.46€7.61€5.7516
Dec ’23€8.65
€10.11
+16.9%
12.0%€12.64€7.72€5.3516
Nov ’23€8.30
€10.27
+23.7%
15.8%€14.27€7.27€5.0517

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

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