NetApp, Inc.

DB:NTA Stock Report

Market Cap: €24.1b

NetApp Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: NTA (€123.62) is trading below our estimate of fair value (€192.57)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NTA. This is calculated by dividing NTA's market cap by their current earnings.
What is NTA's PE Ratio?
PE Ratio21.8x
EarningsUS$1.15b
Market CapUS$25.05b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NTA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.2x
HPE Hewlett Packard Enterprise
15.5x7.3%US$28.7b
4901 FUJIFILM Holdings
16.4x9.3%JP¥3.9t
2382 Quanta Computer
21.2x19.7%NT$1.1t
7751 Canon
15.9x7.5%JP¥4.8t
NTA NetApp
21.8x5.8%€25.1b

Price-To-Earnings vs Peers: NTA is expensive based on its Price-To-Earnings Ratio (21.8x) compared to the peer average (17.2x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
NTA 21.8xIndustry Avg. 22.2xNo. of Companies4PE01020304050+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NTA is good value based on its Price-To-Earnings Ratio (21.8x) compared to the Global Tech industry average (22.1x).

Price to Earnings Ratio vs Fair Ratio

What is NTA'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.

NTA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21.8x
Fair PE Ratio14.3x

Price-To-Earnings vs Fair Ratio: NTA is expensive based on its Price-To-Earnings Ratio (21.8x) compared to the estimated Fair Price-To-Earnings Ratio (14.3x).

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 NTA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€123.62
€131.82
+6.6%
9.1%€153.65€111.39n/a17
Nov ’25€107.74
€123.08
+14.2%
10.1%€143.33€99.87n/a16
Oct ’25€109.20
€120.55
+10.4%
10.1%€140.38€97.82n/a16
Sep ’25€106.14
€118.54
+11.7%
9.9%€139.95€97.51n/a16
Aug ’25€116.08
€118.68
+2.2%
10.5%€144.24€97.71n/a16
Jul ’25€118.22
€116.85
-1.2%
10.0%€143.45€97.18n/a16
Jun ’25€111.00
€109.53
-1.3%
8.2%€127.21€96.79n/a16
May ’25€94.27
€97.07
+3.0%
9.6%€110.74€78.44n/a17
Apr ’25€98.20
€95.70
-2.5%
9.8%€109.63€77.66n/a16
Mar ’25€101.50
€91.47
-9.9%
11.7%€110.74€71.98n/a16
Feb ’25€79.70
€83.05
+4.2%
9.5%€96.48€67.08n/a16
Jan ’25€78.50
€82.11
+4.6%
7.9%€92.90€67.82n/a18
Dec ’24€82.70
€80.04
-3.2%
8.2%€91.88€67.07n/a18
Nov ’24€67.75
€75.60
+11.6%
10.1%€93.59€58.96€107.7418
Oct ’24€71.05
€75.60
+6.4%
10.1%€93.59€58.96€109.2018
Sep ’24€69.85
€72.26
+3.4%
10.2%€83.31€57.39€106.1418
Aug ’24€69.65
€68.66
-1.4%
9.5%€80.22€54.99€116.0818
Jul ’24€68.75
€68.17
-0.8%
10.2%€81.56€54.98€118.2218
Jun ’24€66.00
€67.79
+2.7%
10.6%€82.72€55.76€111.0018
May ’24€56.65
€64.15
+13.2%
9.9%€78.29€52.80€94.2719
Apr ’24€56.63
€66.77
+17.9%
9.1%€80.08€54.01€98.2020
Mar ’24€59.82
€68.86
+15.1%
12.0%€94.27€54.68€101.5021
Feb ’24€59.64
€70.76
+18.7%
14.4%€101.53€53.53€79.7021
Jan ’24€55.94
€72.65
+29.9%
14.4%€103.60€54.62€78.5021
Dec ’23€64.60
€76.81
+18.9%
13.7%€104.50€61.75€82.7021
Nov ’23€69.68
€89.12
+27.9%
13.3%€121.46€71.87€67.7521

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

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