GCL Technology Holdings Limited

DB:3GY Stock Report

Market Cap: €4.6b

GCL Technology Holdings Valuation

Is 3GY 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-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 3GY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3GY (€0.16) is trading below our estimate of fair value (€2.46)

Significantly Below Fair Value: 3GY is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3GY?

Key metric: As 3GY is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 3GY. This is calculated by dividing 3GY's market cap by their current revenue.
What is 3GY's PS Ratio?
PS Ratio1.6x
SalesCN¥21.62b
Market CapCN¥35.08b

Price to Sales Ratio vs Peers

How does 3GY's PS Ratio compare to its peers?

The above table shows the PS ratio for 3GY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.5x
AIXA AIXTRON
2.4x6.0%€1.5b
WAF Siltronic
1x9.2%€1.4b
SMHN SÜSS MicroTec
2.3x10.7%€919.5m
S92 SMA Solar Technology
0.3x2.2%€460.8m
3GY GCL Technology Holdings
1.6x20.1%€37.7b

Price-To-Sales vs Peers: 3GY is expensive based on its Price-To-Sales Ratio (1.6x) compared to the peer average (1.5x).

Price to Sales Ratio vs Industry

How does 3GY's PS Ratio compare vs other companies in the DE Semiconductor Industry?

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
M5Z Manz
0.2x7.5%US$50.30m
D0Q Sondrel (Holdings)
0.2xn/aUS$2.02m
No more companies available in this PS range
3GY 1.6xIndustry Avg. 1.8xNo. of Companies3PS012345+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 3GY is good value based on its Price-To-Sales Ratio (1.6x) compared to the European Semiconductor industry average (1.7x).

Price to Sales Ratio vs Fair Ratio

What is 3GY'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.

3GY PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.6x
Fair PS Ratio1.2x

Price-To-Sales vs Fair Ratio: 3GY is expensive based on its Price-To-Sales Ratio (1.6x) compared to the estimated Fair Price-To-Sales Ratio (1.2x).

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 3GY forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.16
€0.22
+35.0%
17.6%€0.28€0.13n/a13
Nov ’25€0.18
€0.21
+14.2%
17.3%€0.27€0.13n/a13
Oct ’25€0.14
€0.18
+24.1%
18.2%€0.23€0.13n/a13
Sep ’25€0.12
€0.19
+56.0%
16.0%€0.23€0.14n/a12
Aug ’25€0.12
€0.19
+63.9%
13.3%€0.21€0.14n/a12
Jul ’25€0.12
€0.20
+60.9%
11.1%€0.22€0.14n/a10
Jun ’25€0.17
€0.19
+13.1%
14.2%€0.22€0.13n/a12
May ’25€0.13
€0.19
+45.4%
17.1%€0.24€0.13n/a11
Apr ’25€0.15
€0.21
+38.7%
26.9%€0.36€0.13n/a11
Mar ’25€0.12
€0.20
+59.3%
28.1%€0.36€0.13n/a11
Feb ’25€0.10
€0.20
+103.5%
27.9%€0.36€0.13n/a10
Jan ’25€0.13
€0.22
+64.0%
28.6%€0.35€0.13n/a10
Dec ’24€0.12
€0.22
+87.3%
29.0%€0.36€0.13n/a9
Nov ’24€0.13
€0.23
+82.5%
29.8%€0.36€0.13€0.188
Oct ’24€0.16
€0.25
+55.3%
28.4%€0.36€0.14€0.148
Sep ’24€0.14
€0.31
+118.8%
25.1%€0.45€0.20€0.128
Aug ’24€0.18
€0.40
+121.9%
31.3%€0.64€0.20€0.128
Jul ’24€0.20
€0.40
+105.0%
26.4%€0.61€0.25€0.128
Jun ’24€0.18
€0.44
+143.3%
25.6%€0.63€0.25€0.177
May ’24€0.21
€0.45
+108.2%
24.5%€0.63€0.25€0.138
Apr ’24€0.23
€0.47
+106.2%
22.6%€0.65€0.25€0.159
Mar ’24€0.25
€0.48
+93.4%
21.3%€0.60€0.26€0.129
Feb ’24€0.28
€0.47
+65.2%
21.9%€0.60€0.26€0.109
Jan ’24€0.22
€0.50
+125.7%
14.0%€0.62€0.42€0.138
Dec ’23€0.28
€0.53
+89.3%
13.1%€0.64€0.43€0.127
Nov ’23€0.26
€0.53
+103.6%
13.1%€0.64€0.43€0.137

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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