Kokusai Electric Valuation

Is 69B 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 69B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 69B (€15.5) is trading below our estimate of fair value (€31.08)

Significantly Below Fair Value: 69B is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 69B?

Key metric: As 69B is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 69B. This is calculated by dividing 69B's market cap by their current earnings.
What is 69B's PE Ratio?
PE Ratio	18.1x
Earnings	JP¥31.61b
Market Cap	JP¥573.54b

69B key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.7x
Enterprise Value/EBITDA	10.5x
PEG Ratio	1x

Price to Earnings Ratio vs Peers

How does 69B's PE Ratio compare to its peers?

The above table shows the PE ratio for 69B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	14x
AIXA AIXTRON	13.4x	6.2%	€1.5b
WAF Siltronic	14.9x	-15.1%	€1.4b
SMHN SÜSS MicroTec	21.8x	-3.4%	€935.7m
S92 SMA Solar Technology	5.9x	28.8%	€474.0m
69B Kokusai Electric	18.1x	17.4%	€573.5b

Price-To-Earnings vs Peers: 69B is expensive based on its Price-To-Earnings Ratio (18.1x) compared to the peer average (14x).

Price to Earnings Ratio vs Industry

How does 69B's PE Ratio compare vs other companies in the European Semiconductor Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 69B is expensive based on its Price-To-Earnings Ratio (18.1x) compared to the European Semiconductor industry average (14.8x).

Price to Earnings Ratio vs Fair Ratio

What is 69B'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.

69B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	18.1x
Fair PE Ratio	22.4x

Price-To-Earnings vs Fair Ratio: 69B is good value based on its Price-To-Earnings Ratio (18.1x) compared to the estimated Fair Price-To-Earnings Ratio (22.4x).

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 69B forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€15.50	€24.66 +59.1%	23.0%	€33.30	€16.12	n/a	10
Nov ’25	€16.60	€26.57 +60.1%	22.1%	€36.94	€17.42	n/a	10
Oct ’25	€20.00	€30.11 +50.5%	19.9%	€38.73	€18.27	n/a	9
Sep ’25	€24.20	€31.48 +30.1%	17.8%	€38.03	€17.93	n/a	9
Aug ’25	€24.80	€31.13 +25.5%	11.0%	€35.11	€25.69	n/a	9
Jul ’25	€27.00	€32.10 +18.9%	11.3%	€36.28	€26.55	n/a	9
Jun ’25	€25.20	€29.87 +18.6%	12.5%	€35.32	€25.32	n/a	9
May ’25	€25.40	€29.99 +18.1%	15.0%	€36.43	€24.29	n/a	9
Apr ’25	€23.46	€29.30 +24.9%	16.6%	€36.74	€23.27	n/a	7
Mar ’25	€28.00	€26.11 -6.7%	22.8%	€35.77	€17.27	n/a	6
Feb ’25	€23.26	€20.74 -10.9%	11.0%	€24.02	€17.51	n/a	6
Jan ’25	€19.42	€20.76 +6.9%	11.8%	€24.54	€17.89	n/a	6
Dec ’24	€19.77	€19.63 -0.7%	12.1%	€23.58	€17.19	n/a	4

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.

Discover undervalued companies

ACM Research

US$1.1b

Develops, manufactures, and sells single-wafer wet cleaning equipment for enhancing the manufacturing process and yield for integrated chips worldwide.

813

US$16.14

-11.4%

7.3%

PVA TePla

€274.5m

Develops and produces process in areas of semiconductor, metal, electrical/electronics, and optical sectors worldwide.

TPE

€12.70

17.9%

-34.0%

Renesas Electronics

JP¥3.5t

Researches, develops, designs, manufactures, sells, and services semiconductors in Japan, China, rest of Asia, Europe, North America, and internationally.

NEN0

JP¥6.05

n/a