Nichicon Corporation

DB:NH4 Stock Report

Market Cap: €456.1m

Nichicon Valuation

Is NH4 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 NH4 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NH4 (€6.45) is trading below our estimate of fair value (€10.61)

Significantly Below Fair Value: NH4 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NH4?

Key metric: As NH4 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NH4. This is calculated by dividing NH4's market cap by their current earnings.
What is NH4's PE Ratio?
PE Ratio11.7x
EarningsJP¥6.26b
Market CapJP¥73.14b

Price to Earnings Ratio vs Peers

How does NH4's PE Ratio compare to its peers?

The above table shows the PE ratio for NH4 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20.5x
S9I Stemmer Imaging
42.6x37.2%€348.4m
JEN Jenoptik
14.2x12.3%€1.2b
M7U Nynomic
12.3x17.5%€116.0m
DAM DATA MODUL Produktion und Vertrieb von elektronischen Systemen
12.7x15.3%€96.6m
NH4 Nichicon
11.7x13.5%€73.1b

Price-To-Earnings vs Peers: NH4 is good value based on its Price-To-Earnings Ratio (11.7x) compared to the peer average (20.5x).

Price to Earnings Ratio vs Industry

How does NH4's PE Ratio compare vs other companies in the European Electronic Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NH4 11.7xIndustry Avg. 17.7xNo. of Companies15PE01224364860+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NH4 is good value based on its Price-To-Earnings Ratio (11.7x) compared to the European Electronic industry average (17.7x).

Price to Earnings Ratio vs Fair Ratio

What is NH4'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.

NH4 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.7x
Fair PE Ratio10.7x

Price-To-Earnings vs Fair Ratio: NH4 is expensive based on its Price-To-Earnings Ratio (11.7x) compared to the estimated Fair Price-To-Earnings Ratio (10.7x).

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 NH4 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€6.45
€6.81
+5.6%
12.7%€7.93€5.61n/a6
Nov ’25€5.90
€6.50
+10.2%
12.1%€7.84€5.55n/a6
Oct ’25€6.00
€7.01
+16.8%
11.3%€8.31€6.29n/a5
Sep ’25€6.00
€7.89
+31.6%
12.9%€9.37€6.25n/a5
Aug ’25€6.45
€8.07
+25.1%
6.1%€8.65€7.49n/a5
Jul ’25€6.80
€8.59
+26.3%
10.2%€10.14€7.76n/a5
Jun ’25€6.50
€8.59
+32.2%
10.2%€10.14€7.76n/a5
May ’25€7.75
€8.99
+16.0%
11.7%€10.95€8.03n/a5
Apr ’25€7.55
€9.21
+22.1%
11.3%€10.93€8.20n/a4
Mar ’25€7.40
€9.76
+31.8%
13.1%€11.03€8.27n/a4
Feb ’25€7.80
€10.54
+35.1%
10.3%€11.87€9.06n/a4
Jan ’25€8.05
€10.96
+36.2%
9.3%€12.25€9.67n/a4
Dec ’24€8.80
€10.64
+20.9%
8.5%€11.76€9.28n/a5
Nov ’24€7.65
€10.64
+39.1%
8.7%€11.49€9.25€5.905
Oct ’24€8.70
€10.69
+22.9%
9.9%€12.03€9.18€6.005
Sep ’24€8.70
€10.36
+19.1%
9.6%€12.01€9.16€6.006
Aug ’24€8.75
€10.49
+19.9%
8.4%€12.08€9.54€6.456
Jul ’24€9.40
€10.88
+15.8%
6.1%€11.72€10.04€6.806
Jun ’24€8.55
€10.86
+27.0%
6.8%€11.75€9.74€6.506
May ’24€8.35
€11.33
+35.7%
6.8%€12.27€10.16€7.756
Apr ’24€9.25
€11.33
+22.5%
6.8%€12.27€10.16€7.556
Mar ’24€9.20
€11.08
+20.5%
8.1%€12.20€9.76€7.405
Feb ’24€8.75
€11.27
+28.8%
9.8%€12.71€9.53€7.805
Jan ’24€8.45
€11.43
+35.3%
5.7%€12.43€10.36€8.056
Dec ’23€9.80
€11.43
+16.6%
5.7%€12.43€10.36€8.806
Nov ’23€9.40
€11.31
+20.3%
6.3%€12.59€10.29€7.656

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

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