Alfa Financial Software Holdings PLC

DB:A9F Stock Report

Market Cap: €774.2m

Alfa Financial Software Holdings Valuation

Is A9F 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 A9F when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: A9F (€2.56) is trading above our estimate of fair value (€2.11)

Significantly Below Fair Value: A9F is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for A9F?

Key metric: As A9F is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for A9F. This is calculated by dividing A9F's market cap by their current earnings.
What is A9F's PE Ratio?
PE Ratio29.1x
EarningsUK£22.10m
Market CapUK£643.36m

Price to Earnings Ratio vs Peers

How does A9F's PE Ratio compare to its peers?

The above table shows the PE ratio for A9F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average31.1x
MUM Mensch und Maschine Software
28.1x14.0%€897.2m
TMV TeamViewer
15x11.1%€1.8b
AOF ATOSS Software
43.4x7.8%€1.9b
OSP2 USU Software
37.8x39.7%€226.8m
A9F Alfa Financial Software Holdings
29.1x6.3%€643.4m

Price-To-Earnings vs Peers: A9F is good value based on its Price-To-Earnings Ratio (29.1x) compared to the peer average (31.1x).

Price to Earnings Ratio vs Industry

How does A9F's PE Ratio compare vs other companies in the European Software Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
A9F 29.1xIndustry Avg. 28.1xNo. of Companies19PE020406080100+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: A9F is expensive based on its Price-To-Earnings Ratio (29.1x) compared to the European Software industry average (28.1x).

Price to Earnings Ratio vs Fair Ratio

What is A9F'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.

A9F PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio29.1x
Fair PE Ratio20.4x

Price-To-Earnings vs Fair Ratio: A9F is expensive based on its Price-To-Earnings Ratio (29.1x) compared to the estimated Fair Price-To-Earnings Ratio (20.4x).

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 A9F forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€2.56
€3.07
+20.1%
4.6%€3.27€2.89n/a4
Nov ’25€2.74
€2.94
+7.4%
8.0%€3.18€2.58n/a4
Oct ’25€2.32
€2.94
+26.8%
8.0%€3.18€2.58n/a4
Sep ’25€2.24
€2.59
+15.6%
5.3%€2.83€2.47n/a4
Aug ’25€2.14
€2.59
+21.1%
5.3%€2.83€2.47n/a4
Jul ’25€2.10
€2.59
+23.4%
5.3%€2.83€2.47n/a4
Jun ’25€1.92
€2.59
+34.7%
5.3%€2.82€2.47n/a4
May ’25€1.95
€2.58
+32.1%
5.3%€2.81€2.46n/a4
Apr ’25€1.87
€2.58
+38.0%
5.3%€2.81€2.46n/a4
Mar ’25€1.92
€2.58
+34.4%
5.3%€2.81€2.46n/a4
Feb ’25€1.94
€2.58
+33.0%
5.3%€2.81€2.46n/a4
Jan ’25€1.56
€2.54
+63.0%
5.3%€2.77€2.43n/a4
Dec ’24€1.67
€2.54
+52.3%
5.3%€2.77€2.43n/a4
Nov ’24€1.68
€2.54
+51.4%
5.3%€2.77€2.43€2.744
Oct ’24€2.04
€2.56
+25.6%
5.9%€2.77€2.43€2.323
Sep ’24€1.71
€2.54
+48.7%
5.3%€2.77€2.43€2.244
Aug ’24€1.75
€2.54
+45.3%
5.3%€2.77€2.43€2.144
Jul ’24€2.16
€2.58
+19.2%
6.4%€2.81€2.46€2.103
Jun ’24€1.81
€2.49
+37.8%
5.7%€2.74€2.40€1.924
May ’24€1.47
€2.49
+69.7%
5.7%€2.74€2.40€1.954
Apr ’24€1.49
€2.50
+67.9%
6.4%€2.73€2.39€1.873
Mar ’24€1.77
€2.41
+36.1%
1.9%€2.48€2.37€1.924
Feb ’24€1.92
€2.41
+25.5%
1.9%€2.48€2.37€1.944
Jan ’24€1.82
€2.46
+35.1%
1.9%€2.52€2.40€1.563
Dec ’23€1.80
€2.46
+36.6%
1.9%€2.52€2.40€1.673
Nov ’23€1.69
€2.46
+45.7%
1.9%€2.52€2.40€1.683

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

CSE Global

S$303.7m

An investment holding company, engages in the provision of integrated industrial automation, information technology, and intelligent transport solutions in the Asia Pacific, the Americas, Europe, the Middle East, and Africa.

XCC

S$0.29

7D

0%

1Y

6.5%

TeamViewer

€1.8b

Develops and distributes remote connectivity solutions worldwide.

TMV

€11.60

7D

-3.4%

1Y

-13.4%

Kontron

€1.0b

Engages in the provision of internet of things (IoT) solutions in Austria and internationally.

SANT

€16.94

7D

-3.2%

1Y

-24.8%