Camtek Ltd.

DB:CMZ Stock Report

Market Cap: €3.3b

Camtek Valuation

Is CMZ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

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

Below Fair Value: CMZ (€70.5) is trading above our estimate of fair value (€36.08)

Significantly Below Fair Value: CMZ is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for CMZ. This is calculated by dividing CMZ's market cap by their current earnings.
What is CMZ's PE Ratio?
PE Ratio32.2x
EarningsUS$106.30m
Market CapUS$3.41b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for CMZ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.9x
AIXA AIXTRON
12.5x6.2%€1.4b
WAF Siltronic
14.8x-17.0%€1.4b
SMHN SÜSS MicroTec
21.9x-3.4%€940.5m
S92 SMA Solar Technology
2.4x-0.9%€418.1m
CMZ Camtek
32.2x23.8%€3.4b

Price-To-Earnings vs Peers: CMZ is expensive based on its Price-To-Earnings Ratio (32.2x) compared to the peer average (12.9x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CMZ 32.2xIndustry Avg. 14.8xNo. of Companies7PE01632486480+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CMZ is expensive based on its Price-To-Earnings Ratio (32.2x) compared to the European Semiconductor industry average (13.7x).

Price to Earnings Ratio vs Fair Ratio

What is CMZ'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.

CMZ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio32.2x
Fair PE Ratio25.5x

Price-To-Earnings vs Fair Ratio: CMZ is expensive based on its Price-To-Earnings Ratio (32.2x) compared to the estimated Fair Price-To-Earnings Ratio (25.5x).

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 CMZ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€70.50
€103.22
+46.4%
12.6%€132.58€89.97n/a8
Nov ’25€72.50
€101.79
+40.4%
12.3%€129.70€88.01n/a8
Oct ’25€69.50
€105.36
+51.6%
12.7%€125.80€88.96n/a8
Sep ’25€84.50
€108.70
+28.6%
12.0%€126.29€89.31n/a8
Aug ’25€105.00
€113.52
+8.1%
13.5%€129.74€88.04n/a8
Jul ’25€118.00
€112.71
-4.5%
14.0%€140.16€88.77n/a8
Jun ’25€96.50
€99.69
+3.3%
6.2%€110.89€87.79n/a8
May ’25€76.00
€88.04
+15.8%
5.1%€95.83€83.62n/a7
Apr ’25€80.50
€86.61
+7.6%
5.1%€94.27€82.25n/a7
Mar ’25€73.00
€86.61
+18.6%
5.1%€94.27€82.25n/a7
Feb ’25€72.00
€75.14
+4.4%
7.1%€86.28€68.84n/a7
Jan ’25€62.50
€65.85
+5.4%
5.2%€70.15€59.22n/a7
Dec ’24€57.50
€65.61
+14.1%
4.7%€71.01€59.94n/a7
Nov ’24€49.40
€57.39
+16.2%
11.0%€66.01€48.09€72.507
Oct ’24€60.50
€55.52
-8.2%
11.1%€65.55€47.76€69.507
Sep ’24€55.00
€52.67
-4.2%
12.2%€61.75€42.40€84.507
Aug ’24€41.40
€48.13
+16.2%
6.2%€50.99€41.88€105.007
Jul ’24€32.40
€31.05
-4.2%
12.1%€36.84€25.79€118.007
Jun ’24€26.20
€31.05
+18.5%
12.1%€36.84€25.79€96.507
May ’24€23.20
€32.08
+38.3%
11.7%€36.49€27.37€76.006
Apr ’24€24.80
€32.45
+30.9%
12.8%€36.88€27.66€80.505
Mar ’24€25.00
€31.79
+27.2%
14.4%€37.40€26.18€73.006
Feb ’24€23.20
€27.61
+19.0%
19.3%€36.81€23.01€72.006
Jan ’24€20.20
€28.74
+42.3%
21.0%€38.75€21.31€62.506
Dec ’23€22.20
€28.74
+29.5%
21.0%€38.75€21.31€57.506
Nov ’23€22.20
€33.93
+52.8%
25.6%€49.63€24.31€49.406

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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