Melexis NV

DB:MEX Stock Report

Market Cap: €2.3b

Melexis Valuation

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

Valuation Score

6/6

Valuation Score 6/6

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

Below Fair Value: MEX (€56.15) is trading below our estimate of fair value (€102.64)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for MEX. This is calculated by dividing MEX's market cap by their current earnings.
What is MEX's PE Ratio?
PE Ratio11.2x
Earnings€203.00m
Market Cap€2.28b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for MEX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15.8x
ELG Elmos Semiconductor
11.1x4.1%€1.1b
IFX Infineon Technologies
22.5x17.5%€39.4b
AIXA AIXTRON
13.6x6.2%€1.6b
WAF Siltronic
16x-17.0%€1.5b
MEX Melexis
11.2x5.8%€2.3b

Price-To-Earnings vs Peers: MEX is good value based on its Price-To-Earnings Ratio (11.2x) compared to the peer average (15.8x).

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MEX 11.2xIndustry Avg. 14.4xNo. of Companies7PE01632486480+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MEX is good value based on its Price-To-Earnings Ratio (11.2x) compared to the European Semiconductor industry average (14.4x).

Price to Earnings Ratio vs Fair Ratio

What is MEX'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.

MEX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.2x
Fair PE Ratio13.1x

Price-To-Earnings vs Fair Ratio: MEX is good value based on its Price-To-Earnings Ratio (11.2x) 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 MEX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€56.15
€77.55
+38.1%
13.9%€100.00€65.00n/a11
Nov ’25€60.10
€83.56
+39.0%
10.7%€100.00€68.00n/a11
Oct ’25€72.50
€91.93
+26.8%
10.7%€110.00€74.00n/a11
Sep ’25€81.30
€91.93
+13.1%
10.7%€110.00€74.00n/a11
Aug ’25€79.40
€91.93
+15.8%
10.7%€110.00€74.00n/a11
Jul ’25€79.95
€92.38
+15.5%
11.2%€110.00€74.00n/a11
Jun ’25€82.10
€92.38
+12.5%
11.2%€110.00€74.00n/a11
May ’25€78.90
€92.38
+17.1%
11.2%€110.00€74.00n/a11
Apr ’25€74.80
€91.75
+22.7%
12.0%€110.00€72.00n/a11
Mar ’25€78.90
€92.20
+16.9%
12.7%€110.00€72.00n/a11
Feb ’25€78.35
€94.93
+21.2%
12.6%€110.00€72.00n/a11
Jan ’25€91.85
€94.02
+2.4%
13.9%€110.00€72.00n/a11
Dec ’24€84.80
€94.02
+10.9%
13.9%€110.00€72.00n/a11
Nov ’24€67.75
€94.47
+39.4%
14.6%€115.00€72.00€60.1011
Oct ’24€81.65
€101.25
+24.0%
12.8%€127.50€72.00€72.5011
Sep ’24€86.15
€101.25
+17.5%
12.8%€127.50€72.00€81.3011
Aug ’24€96.35
€96.10
-0.3%
11.8%€112.00€72.00€79.4010
Jul ’24€87.15
€92.78
+6.5%
16.6%€112.00€65.00€79.959
Jun ’24€86.25
€92.50
+7.2%
17.6%€112.00€65.00€82.108
May ’24€85.80
€93.25
+8.7%
17.3%€112.00€65.00€78.908
Apr ’24€106.60
€93.25
-12.5%
17.3%€112.00€65.00€74.808
Mar ’24€103.30
€91.57
-11.4%
18.1%€112.00€65.00€78.907
Feb ’24€96.65
€83.71
-13.4%
19.7%€110.00€55.00€78.357
Jan ’24€82.30
€81.71
-0.7%
20.3%€110.00€55.00€91.857
Dec ’23€83.50
€83.25
-0.3%
19.6%€112.00€55.00€84.808
Nov ’23€69.25
€83.25
+20.2%
19.6%€112.00€55.00€67.758

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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