Elecom Co., Ltd.

DB:9EL Stock Report

Market Cap: €680.9m

Elecom Valuation

Is 9EL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • 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 9EL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9EL (€8.65) is trading below our estimate of fair value (€14.49)

Significantly Below Fair Value: 9EL is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9EL?

Key metric: As 9EL is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 9EL. This is calculated by dividing 9EL's market cap by their current earnings.
What is 9EL's PE Ratio?
PE Ratio12.4x
EarningsJP¥8.83b
Market CapJP¥109.19b

Price to Earnings Ratio vs Peers

How does 9EL's PE Ratio compare to its peers?

The above table shows the PE ratio for 9EL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average41.1x
S9I Stemmer Imaging
42.6x37.2%€348.4m
JEN Jenoptik
14.2x12.3%€1.2b
301202 Suzhou Longway Eletronic Machinery
60.3xn/aCN¥4.5b
002104 HengbaoLtd
47.4xn/aCN¥5.3b
9EL Elecom
12.4x7.6%€109.2b

Price-To-Earnings vs Peers: 9EL is good value based on its Price-To-Earnings Ratio (12.4x) compared to the peer average (41.1x).

Price to Earnings Ratio vs Industry

How does 9EL's PE Ratio compare vs other companies in the European Tech Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
9EL 12.4xIndustry Avg. 22.6xNo. of Companies3PE01020304050+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 9EL is good value based on its Price-To-Earnings Ratio (12.4x) compared to the Global Tech industry average (22.5x).

Price to Earnings Ratio vs Fair Ratio

What is 9EL'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.

9EL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.4x
Fair PE Ratio9.9x

Price-To-Earnings vs Fair Ratio: 9EL is expensive based on its Price-To-Earnings Ratio (12.4x) compared to the estimated Fair Price-To-Earnings Ratio (9.9x).

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 9EL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€8.65
€11.24
+29.9%
13.6%€12.83€9.16n/a5
Nov ’25€8.40
€11.19
+33.2%
13.6%€12.77€9.12n/a5
Oct ’25€8.90
€12.35
+38.7%
11.8%€13.93€10.13n/a4
Sep ’25€8.65
€12.27
+41.8%
11.5%€13.66€9.94n/a4
Aug ’25€9.75
€11.96
+22.6%
11.2%€13.41€9.91n/a4
Jul ’25€9.15
€12.02
+31.4%
10.8%€13.97€10.32n/a5
Jun ’25€8.85
€12.02
+35.9%
10.8%€13.97€10.32n/a5
May ’25€8.75
€12.02
+37.4%
10.8%€13.97€10.32n/a5
Apr ’25€9.35
€12.02
+28.6%
10.8%€13.97€10.32n/a5
Mar ’25€9.60
€12.33
+28.4%
10.8%€14.32€10.58n/a5
Feb ’25€10.70
€12.33
+15.2%
10.8%€14.32€10.58n/a5
Jan ’25€11.10
€12.46
+12.3%
11.8%€14.70€10.86n/a4
Dec ’24€10.00
€12.43
+24.3%
10.7%€14.12€10.44n/a4
Nov ’24€10.70
€12.79
+19.5%
10.7%€14.52€10.74€8.404
Oct ’24€10.90
€12.10
+11.0%
15.7%€14.57€9.18€8.905
Sep ’24€11.00
€10.65
-3.2%
12.6%€12.68€9.19€8.655
Aug ’24€9.50
€11.15
+17.3%
12.8%€13.43€9.74€9.755
Jul ’24€9.05
€11.15
+23.2%
12.8%€13.43€9.74€9.155
Jun ’24€9.95
€11.15
+12.0%
12.8%€13.43€9.74€8.855
May ’24€8.40
€10.56
+25.7%
9.5%€12.34€9.60€8.755
Apr ’24€8.55
€11.08
+29.6%
8.5%€12.79€10.30€9.355
Mar ’24€9.10
€11.46
+25.9%
7.2%€12.50€10.07€9.605
Feb ’24€9.35
€12.47
+33.4%
2.9%€12.83€12.11€10.704
Jan ’24€9.45
€12.40
+31.3%
2.8%€12.83€12.12€11.105
Dec ’23€10.00
€12.21
+22.1%
7.7%€13.88€11.10€10.005
Nov ’23€9.15
€13.31
+45.5%
12.2%€15.91€11.57€10.705

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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