Japan Aviation Electronics Industry, Limited

DB:8N9 Stock Report

Market Cap: €1.1b

Japan Aviation Electronics Industry Valuation

Is 8N9 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 8N9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 8N9 (€16.3) is trading below our estimate of fair value (€22.01)

Significantly Below Fair Value: 8N9 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 8N9?

Key metric: As 8N9 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 8N9. This is calculated by dividing 8N9's market cap by their current earnings.
What is 8N9's PE Ratio?
PE Ratio14.5x
EarningsJP¥12.17b
Market CapJP¥176.92b

Price to Earnings Ratio vs Peers

How does 8N9's PE Ratio compare to its peers?

The above table shows the PE ratio for 8N9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.6x
JEN Jenoptik
14.1x12.3%€1.2b
S9I Stemmer Imaging
42.8x37.2%€349.7m
M7U Nynomic
12.2x17.5%€114.7m
2392 Cheng Uei Precision Industry
21.4xn/aNT$36.1b
8N9 Japan Aviation Electronics Industry
14.5x8.1%€176.9b

Price-To-Earnings vs Peers: 8N9 is good value based on its Price-To-Earnings Ratio (14.5x) compared to the peer average (22.5x).

Price to Earnings Ratio vs Industry

How does 8N9's PE Ratio compare vs other companies in the European Electronic Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
8N9 14.5xIndustry Avg. 17.5xNo. of Companies14PE01224364860+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 8N9 is good value based on its Price-To-Earnings Ratio (14.5x) compared to the European Electronic industry average (17.3x).

Price to Earnings Ratio vs Fair Ratio

What is 8N9'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.

8N9 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.5x
Fair PE Ratio11x

Price-To-Earnings vs Fair Ratio: 8N9 is expensive based on its Price-To-Earnings Ratio (14.5x) compared to the estimated Fair Price-To-Earnings Ratio (11x).

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 8N9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€16.30
€17.18
+5.4%
8.4%€20.42€15.62n/a9
Nov ’25€16.60
€17.18
+3.5%
8.4%€20.42€15.62n/a9
Oct ’25€16.00
€17.65
+10.3%
7.3%€19.82€15.73n/a8
Sep ’25€16.10
€17.05
+5.9%
8.5%€19.80€15.00n/a8
Aug ’25€14.80
€17.05
+15.2%
8.5%€19.80€15.00n/a8
Jul ’25€14.80
€16.82
+13.7%
12.6%€20.89€13.87n/a8
Jun ’25€14.30
€16.51
+15.4%
19.9%€21.66€10.29n/a8
May ’25€15.00
€16.51
+10.1%
19.9%€21.66€10.29n/a8
Apr ’25€15.00
€16.60
+10.7%
17.3%€19.67€10.51n/a7
Mar ’25€16.70
€16.60
-0.6%
17.3%€19.67€10.51n/a7
Feb ’25€15.80
€16.08
+1.7%
17.0%€19.99€10.68n/a7
Jan ’25€20.40
€15.66
-23.3%
18.1%€19.63€10.83n/a7
Dec ’24€18.10
€15.41
-14.8%
17.7%€19.89€10.63n/a7
Nov ’24€18.20
€15.58
-14.4%
17.7%€20.22€10.81€16.607
Oct ’24€18.80
€16.44
-12.6%
19.3%€22.17€10.83€16.008
Sep ’24€19.40
€16.18
-16.6%
19.3%€22.23€10.86€16.109
Aug ’24€18.20
€16.18
-11.1%
19.3%€22.23€10.86€14.809
Jul ’24€19.00
€15.34
-19.3%
15.4%€19.42€11.45€14.809
Jun ’24€16.80
€15.10
-10.1%
14.0%€18.64€11.38€14.309
May ’24€15.90
€15.48
-2.6%
14.1%€18.97€11.58€15.009
Apr ’24€15.80
€16.36
+3.5%
9.9%€19.87€13.98€15.008
Mar ’24€15.70
€15.79
+0.6%
6.2%€16.96€13.92€16.707
Feb ’24€15.60
€15.79
+1.2%
6.2%€16.96€13.92€15.807
Jan ’24€14.90
€15.94
+7.0%
7.3%€17.36€13.96€20.407
Dec ’23€16.70
€15.59
-6.7%
7.1%€17.08€13.73€18.107
Nov ’23€15.60
€15.59
-0.07%
7.1%€17.08€13.73€18.207

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

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