BOE Varitronix Limited

DB:VTX Stock Report

Market Cap: €523.4m

BOE Varitronix Valuation

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

Below Fair Value: VTX (€0.62) is trading below our estimate of fair value (€2.66)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for VTX. This is calculated by dividing VTX's market cap by their current earnings.
What is VTX's PE Ratio?
PE Ratio9.5x
EarningsHK$444.85m
Market CapHK$4.24b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for VTX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20x
S9I Stemmer Imaging
42.2x37.2%€344.5m
JEN Jenoptik
14.2x12.3%€1.2b
M7U Nynomic
12.2x17.5%€115.4m
FEV FORTEC Elektronik
11.5x14.2%€60.8m
VTX BOE Varitronix
9.5x20.8%€4.2b

Price-To-Earnings vs Peers: VTX is good value based on its Price-To-Earnings Ratio (9.5x) compared to the peer average (20x).

Price to Earnings Ratio vs Industry

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

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
VTX 9.5xIndustry Avg. 17.8xNo. of Companies18PE01224364860+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: VTX is good value based on its Price-To-Earnings Ratio (9.5x) compared to the European Electronic industry average (17.8x).

Price to Earnings Ratio vs Fair Ratio

What is VTX'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.

VTX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.5x
Fair PE Ratio15.4x

Price-To-Earnings vs Fair Ratio: VTX is good value based on its Price-To-Earnings Ratio (9.5x) compared to the estimated Fair Price-To-Earnings Ratio (15.4x).

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 VTX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.62
€0.89
+44.1%
21.4%€1.28€0.68n/a7
Nov ’25€0.60
€0.87
+43.5%
21.4%€1.24€0.66n/a7
Oct ’25€0.62
€0.81
+31.4%
24.7%€1.20€0.57n/a7
Sep ’25€0.51
€0.81
+61.3%
24.7%€1.20€0.57n/a7
Aug ’25€0.48
€0.97
+99.8%
17.5%€1.17€0.66n/a7
Jul ’25€0.53
€1.00
+88.6%
19.7%€1.31€0.67n/a7
Jun ’25€0.61
€1.00
+62.5%
19.7%€1.31€0.67n/a7
May ’25€0.63
€1.00
+59.9%
19.7%€1.31€0.67n/a7
Apr ’25€0.54
€0.99
+84.5%
21.4%€1.30€0.67n/a6
Mar ’25€0.63
€1.57
+148.9%
26.0%€2.51€1.17n/a7
Feb ’25€0.57
€1.57
+175.1%
26.0%€2.51€1.17n/a7
Jan ’25€0.78
€1.61
+107.6%
23.9%€2.52€1.29n/a7
Dec ’24€0.85
€1.61
+88.2%
23.9%€2.52€1.29n/a7
Nov ’24€0.74
€1.78
+141.2%
23.8%€2.58€1.44€0.607
Oct ’24€0.81
€1.78
+119.0%
23.8%€2.58€1.44€0.627
Sep ’24€0.85
€1.84
+115.6%
25.3%€2.53€1.40€0.518
Aug ’24€1.29
€2.31
+79.3%
13.0%€2.76€1.81€0.488
Jul ’24€1.28
€2.35
+83.9%
13.0%€2.81€1.84€0.538
Jun ’24€1.19
€2.46
+106.8%
10.4%€2.85€2.22€0.617
May ’24€1.43
€2.46
+72.0%
9.7%€2.82€2.23€0.637
Apr ’24€1.56
€2.46
+57.6%
9.7%€2.82€2.23€0.547
Mar ’24€2.16
€2.70
+24.9%
9.8%€3.10€2.39€0.636
Feb ’24€2.18
€2.70
+23.7%
9.6%€3.17€2.44€0.575
Jan ’24€1.75
€2.70
+54.2%
9.6%€3.17€2.44€0.785
Dec ’23€1.67
€2.72
+62.8%
9.6%€3.20€2.46€0.855
Nov ’23€1.54
€2.97
+92.8%
6.9%€3.31€2.80€0.744

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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