Oxford Metrics plc

DB:RNI Stock Report

Market Cap: €100.4m

Oxford Metrics Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: RNI (€0.74) is trading below our estimate of fair value (€10.76)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for RNI. This is calculated by dividing RNI's market cap by their current earnings.
What is RNI's PE Ratio?
PE Ratio16.4x
EarningsUK£5.08m
Market CapUK£83.46m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for RNI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average36.4x
CSH CENIT
23.5x47.3%€71.1m
BSS Beta Systems Software
63.2x27.7%€115.0m
FAA Fabasoft
21.2x3.3%€195.2m
OSP2 USU Software
37.8x39.7%€226.8m
RNI Oxford Metrics
16.4x1.8%€83.5m

Price-To-Earnings vs Peers: RNI is good value based on its Price-To-Earnings Ratio (16.4x) compared to the peer average (36.4x).

Price to Earnings Ratio vs Industry

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

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
RNI 16.4xIndustry Avg. 28.1xNo. of Companies19PE020406080100+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: RNI is good value based on its Price-To-Earnings Ratio (16.4x) compared to the European Software industry average (28.1x).

Price to Earnings Ratio vs Fair Ratio

What is RNI'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.

RNI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.4x
Fair PE Ratio15.1x

Price-To-Earnings vs Fair Ratio: RNI is expensive based on its Price-To-Earnings Ratio (16.4x) compared to the estimated Fair Price-To-Earnings Ratio (15.1x).

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 RNI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.73
€1.29
+75.1%
2.3%€1.32€1.26n/a2
Nov ’25€0.65
€1.29
+98.0%
2.3%€1.32€1.26n/a2
Oct ’25€0.69
€1.29
+87.8%
2.3%€1.32€1.26n/a2
Sep ’25€0.94
€1.75
+86.8%
5.1%€1.84€1.66n/a2
Aug ’25€1.01
€1.75
+73.0%
5.1%€1.84€1.66n/a2
Jul ’25€1.15
€1.75
+51.9%
5.1%€1.84€1.66n/a2
Jun ’25€1.26
€1.72
+36.2%
5.1%€1.80€1.63n/a2
May ’25€1.22
€1.71
+40.4%
5.1%€1.80€1.63n/a2
Apr ’25€1.16
€1.72
+48.3%
5.1%€1.81€1.63n/a2
Mar ’25€1.22
€1.72
+41.0%
5.1%€1.81€1.63n/a2
Feb ’25€1.13
€1.72
+52.3%
5.1%€1.81€1.63n/a2
Jan ’25€1.22
€1.72
+41.0%
5.1%€1.81€1.63n/a2
Dec ’24€0.97
€1.70
+73.9%
5.1%€1.78€1.61n/a2
Nov ’24€0.96
€1.67
+72.7%
3.4%€1.72€1.61€0.652
Oct ’24€0.99
€1.70
+70.4%
3.4%€1.75€1.64€0.692
Sep ’24€1.09
€1.70
+55.6%
3.4%€1.75€1.64€0.942
Aug ’24€1.15
€1.70
+47.5%
3.4%€1.75€1.64€1.012
Jul ’24€1.30
€1.70
+30.6%
3.4%€1.76€1.64€1.152
Jun ’24€1.03
€1.61
+56.2%
1.8%€1.64€1.58€1.262
May ’24€1.04
€1.61
+54.7%
1.8%€1.64€1.58€1.222
Apr ’24€1.10
€1.61
+46.2%
1.8%€1.64€1.58€1.162
Mar ’24€1.11
€1.61
+44.9%
1.8%€1.64€1.58€1.222
Feb ’24€1.12
€1.66
+48.2%
1.8%€1.69€1.63€1.132
Jan ’24€1.17
€1.66
+41.9%
1.8%€1.69€1.63€1.222
Dec ’23€1.00
€1.51
+50.8%
3.7%€1.56€1.45€0.972
Nov ’23€0.91
€1.51
+65.7%
3.7%€1.56€1.45€0.962

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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