Fielmann Group AG

DB:FIE Stock Report

Market Cap: €3.4b

Fielmann Group Valuation

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

Below Fair Value: FIE (€40.2) is trading below our estimate of fair value (€91.76)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for FIE. This is calculated by dividing FIE's market cap by their current earnings.
What is FIE's PE Ratio?
PE Ratio23.8x
Earnings€140.87m
Market Cap€3.36b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FIE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20.3x
HBM HORNBACH Baumarkt
24.8xn/a€1.8b
CEC Ceconomy
11.1x22.4%€1.5b
ZAL Zalando
37.5x21.9%€7.7b
HBH HORNBACH Holding KGaA
7.7x6.8%€1.3b
FIE Fielmann Group
23.8x18.9%€3.4b

Price-To-Earnings vs Peers: FIE is expensive based on its Price-To-Earnings Ratio (23.8x) compared to the peer average (20.3x).

Price to Earnings Ratio vs Industry

How does FIE's PE Ratio compare vs other companies in the European Specialty Retail Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FIE 23.8xIndustry Avg. 16.3xNo. of Companies12PE01020304050+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FIE is expensive based on its Price-To-Earnings Ratio (23.8x) compared to the European Specialty Retail industry average (16.3x).

Price to Earnings Ratio vs Fair Ratio

What is FIE'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.

FIE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.8x
Fair PE Ratio13.1x

Price-To-Earnings vs Fair Ratio: FIE is expensive based on its Price-To-Earnings Ratio (23.8x) compared to the estimated Fair Price-To-Earnings Ratio (13.1x).

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 FIE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€40.20
€56.51
+40.6%
12.8%€66.00€44.60n/a7
Nov ’25€43.20
€57.67
+33.5%
12.4%€66.00€45.70n/a7
Oct ’25€46.30
€57.67
+24.6%
12.4%€66.00€45.70n/a7
Sep ’25€43.20
€56.96
+31.8%
12.1%€66.00€45.70n/a7
Aug ’25€41.60
€57.11
+37.3%
11.6%€66.00€46.80n/a7
Jul ’25€44.20
€55.20
+24.9%
10.7%€62.00€45.40n/a7
Jun ’25€43.80
€54.77
+25.0%
10.4%€62.00€45.40n/a7
May ’25€45.30
€54.37
+20.0%
11.8%€62.00€44.20n/a6
Apr ’25€42.50
€51.36
+20.8%
14.2%€62.00€41.00n/a9
Mar ’25€42.00
€51.36
+22.3%
14.2%€62.00€41.00n/a9
Feb ’25€45.82
€51.73
+12.9%
13.5%€62.00€41.00n/a9
Jan ’25€48.74
€51.73
+6.1%
13.5%€62.00€41.00n/a9
Dec ’24€48.28
€51.73
+7.2%
13.5%€62.00€41.00n/a9
Nov ’24€40.32
€50.40
+25.0%
15.7%€62.00€40.00€43.209
Oct ’24€41.20
€50.40
+22.3%
15.7%€62.00€40.00€46.309
Sep ’24€43.82
€50.40
+15.0%
15.7%€62.00€40.00€43.209
Aug ’24€46.08
€50.18
+8.9%
15.1%€60.00€40.00€41.609
Jul ’24€48.52
€46.61
-3.9%
13.5%€60.00€40.00€44.209
Jun ’24€46.42
€45.39
-2.2%
11.8%€55.00€40.00€43.809
May ’24€46.80
€43.39
-7.3%
13.3%€55.00€33.00€45.309
Apr ’24€37.90
€37.78
-0.3%
22.5%€50.00€25.00€42.509
Mar ’24€35.00
€36.67
+4.8%
21.4%€50.00€25.00€42.009
Feb ’24€34.30
€36.78
+7.2%
20.9%€50.00€25.00€45.829
Jan ’24€36.92
€36.78
-0.4%
20.9%€50.00€25.00€48.749
Dec ’23€35.50
€37.11
+4.5%
21.8%€50.00€25.00€48.289
Nov ’23€32.92
€40.78
+23.9%
28.5%€60.00€27.00€40.329

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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