Mercari, Inc.

DB:6TP Stock Report

Market Cap: €2.1b

Mercari Valuation

Is 6TP 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 6TP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 6TP (€12.4) is trading below our estimate of fair value (€23.61)

Significantly Below Fair Value: 6TP is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 6TP?

Key metric: As 6TP is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 6TP. This is calculated by dividing 6TP's market cap by their current earnings.
What is 6TP's PE Ratio?
PE Ratio25.3x
EarningsJP¥13.58b
Market CapJP¥344.22b

Price to Earnings Ratio vs Peers

How does 6TP's PE Ratio compare to its peers?

The above table shows the PE ratio for 6TP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average45x
ECK LUDWIG BECK am Rathauseck - Textilhaus Feldmeier
120.4xn/a€63.9m
HBM HORNBACH Baumarkt
24.8xn/a€1.8b
FIE Fielmann Group
23.8x18.9%€3.4b
CEC Ceconomy
10.8x22.4%€1.5b
6TP Mercari
25.3x16.4%€344.2b

Price-To-Earnings vs Peers: 6TP is good value based on its Price-To-Earnings Ratio (25.3x) compared to the peer average (45x).

Price to Earnings Ratio vs Industry

How does 6TP's PE Ratio compare vs other companies in the Global Multiline Retail Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
6TP 25.3xIndustry Avg. 20.1xNo. of Companies20PE01632486480+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 6TP is expensive based on its Price-To-Earnings Ratio (25.3x) compared to the Global Multiline Retail industry average (20.1x).

Price to Earnings Ratio vs Fair Ratio

What is 6TP'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.

6TP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio25.3x
Fair PE Ratio15.3x

Price-To-Earnings vs Fair Ratio: 6TP is expensive based on its Price-To-Earnings Ratio (25.3x) compared to the estimated Fair Price-To-Earnings Ratio (15.3x).

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 6TP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€12.40
€16.83
+35.7%
23.3%€25.32€11.11n/a12
Nov ’25€12.00
€17.88
+49.0%
20.9%€25.62€11.87n/a12
Oct ’25€15.00
€17.88
+19.2%
20.9%€25.62€11.87n/a12
Sep ’25€14.00
€17.67
+26.2%
23.6%€25.26€11.71n/a12
Aug ’25€12.70
€16.81
+32.3%
22.5%€23.76€11.01n/a12
Jul ’25€11.50
€17.04
+48.2%
24.1%€23.97€11.11n/a12
Jun ’25€10.10
€18.26
+80.8%
23.8%€24.22€11.23n/a13
May ’25€10.30
€18.73
+81.9%
23.9%€25.06€11.61n/a13
Apr ’25€11.10
€18.73
+68.8%
23.9%€25.06€11.61n/a13
Mar ’25€12.30
€20.72
+68.5%
19.1%€25.30€11.73n/a13
Feb ’25€14.60
€22.08
+51.2%
16.6%€25.52€11.83n/a13
Jan ’25€16.30
€23.42
+43.7%
9.8%€26.07€18.44n/a12
Dec ’24€17.10
€23.29
+36.2%
6.9%€25.18€20.88n/a11
Nov ’24€18.50
€22.87
+23.6%
15.6%€25.85€11.98€12.0012
Oct ’24€20.20
€22.93
+13.5%
17.5%€27.22€12.03€15.0010
Sep ’24€20.00
€23.31
+16.6%
17.2%€27.25€12.04€14.0010
Aug ’24€23.60
€22.49
-4.7%
21.9%€27.31€12.07€12.709
Jul ’24€21.00
€21.65
+3.1%
21.6%€27.31€12.07€11.509
Jun ’24€19.20
€21.74
+13.2%
28.5%€34.64€12.66€10.109
May ’24€16.00
€21.74
+35.9%
28.5%€34.64€12.66€10.309
Apr ’24€15.70
€22.61
+44.0%
29.4%€36.65€11.98€11.109
Mar ’24€16.30
€24.98
+53.3%
36.3%€41.99€11.90€12.3010
Feb ’24€20.20
€24.01
+18.8%
39.8%€42.40€11.80€14.6011
Jan ’24€18.60
€23.70
+27.4%
38.7%€42.77€11.90€16.3011
Dec ’23€20.40
€22.83
+11.9%
40.9%€42.12€11.72€17.1011
Nov ’23€19.20
€21.60
+12.5%
42.1%€41.00€11.41€18.5011

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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