Embracer Group AB (publ)

DB:TH9 Stock Report

Market Cap: €3.6b

Embracer Group Valuation

Is TH9 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-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TH9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TH9 (€2.63) is trading below our estimate of fair value (€6.31)

Significantly Below Fair Value: TH9 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TH9?

Key metric: As TH9 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TH9. This is calculated by dividing TH9's market cap by their current revenue.
What is TH9's PS Ratio?
PS Ratio1.1x
SalesSEK 37.55b
Market CapSEK 41.06b

Price to Sales Ratio vs Peers

How does TH9's PS Ratio compare to its peers?

The above table shows the PS ratio for TH9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.9x
EVD CTS Eventim KGaA
3x6.8%€7.9b
SAX Ströer SE KGaA
1.3x7.6%€2.6b
RRTL RTL Group
0.7x3.8%€4.1b
G24 Scout24
10.9x8.1%€6.2b
TH9 Embracer Group
1.1x3.2%€41.1b

Price-To-Sales vs Peers: TH9 is good value based on its Price-To-Sales Ratio (1.1x) compared to the peer average (3.9x).

Price to Sales Ratio vs Industry

How does TH9's PS Ratio compare vs other companies in the European Entertainment Industry?

38 CompaniesPrice / SalesEstimated GrowthMarket Cap
TH9 1.1xIndustry Avg. 1.5xNo. of Companies38PS01.63.24.86.48+
38 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TH9 is good value based on its Price-To-Sales Ratio (1.1x) compared to the European Entertainment industry average (1.5x).

Price to Sales Ratio vs Fair Ratio

What is TH9's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TH9 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.1x
Fair PS Ratio2.9x

Price-To-Sales vs Fair Ratio: TH9 is good value based on its Price-To-Sales Ratio (1.1x) compared to the estimated Fair Price-To-Sales Ratio (2.9x).

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 TH9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€2.63
€2.95
+12.1%
28.0%€4.34€1.56n/a14
Dec ’25€2.48
€2.94
+18.3%
28.0%€4.32€1.56n/a14
Nov ’25€2.60
€2.80
+7.8%
27.8%€4.38€1.58n/a14
Oct ’25€2.25
€2.83
+25.8%
27.9%€4.41€1.59n/a14
Sep ’25€2.08
€2.83
+36.4%
27.9%€4.41€1.59n/a14
Aug ’25€2.26
€2.99
+32.1%
26.7%€4.32€1.55n/a15
Jul ’25€2.00
€3.01
+50.7%
28.0%€4.43€1.60n/a16
Jun ’25€2.24
€2.87
+28.0%
28.9%€4.35€1.57n/a16
May ’25€2.34
€2.68
+14.4%
29.0%€4.27€1.41n/a16
Apr ’25€1.97
€2.42
+23.0%
33.2%€4.33€1.39n/a16
Mar ’25€1.75
€2.47
+41.4%
32.9%€4.46€1.34n/a17
Feb ’25€1.78
€2.77
+55.8%
31.7%€5.30€1.77n/a16
Jan ’25€2.43
€2.83
+16.5%
29.7%€5.32€1.82n/a15
Dec ’24€2.05
€2.82
+37.8%
28.5%€5.24€1.79€2.4815
Nov ’24€1.49
€2.95
+98.4%
26.5%€5.09€1.78€2.6015
Oct ’24€1.87
€3.09
+64.8%
28.5%€5.71€2.27€2.2514
Sep ’24€2.29
€3.07
+34.0%
27.6%€5.70€2.26€2.0815
Aug ’24€2.56
€3.20
+24.8%
29.4%€5.90€2.13€2.2614
Jul ’24€2.20
€3.82
+73.3%
42.7%€7.72€2.19€2.0013
Jun ’24€2.39
€4.63
+94.0%
47.7%€9.49€2.32€2.2414
May ’24€4.69
€6.57
+39.9%
25.8%€9.72€3.54€2.3414
Apr ’24€4.25
€6.80
+60.1%
24.0%€9.77€3.55€1.9713
Mar ’24€4.37
€6.83
+56.2%
26.4%€9.85€3.58€1.7514
Feb ’24€4.25
€7.02
+65.1%
29.8%€10.11€3.52€1.7815
Jan ’24€4.32
€7.78
+80.0%
27.1%€10.66€3.68€2.4315
Dec ’23€4.31
€7.78
+80.4%
27.1%€10.66€3.68€2.0515

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

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/27 11:09
End of Day Share Price 2024/12/23 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Embracer Group AB (publ) is covered by 25 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jesper Birch-JensenABG Sundal Collier Sponsored
Nicholas Michael DempseyBarclays
Nicholas Michael DempseyBarclays