Piraeus Port Authority Valuation

Q: What is the Fair Price of PZE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

PZE (€28.4) is trading below our estimate of [[fair value]] (€34.56)

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

Below Fair Value: PZE (€28.4) is trading below our estimate of fair value (€34.56)

Significantly Below Fair Value: PZE is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for PZE. This is calculated by dividing PZE's market cap by their current earnings.
What is PZE's PE Ratio?
PE Ratio	10.5x
Earnings	€71.16m
Market Cap	€750.00m

PZE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.7x
Enterprise Value/EBITDA	5.1x
PEG Ratio	1.4x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for PZE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	19.3x
HHFA Hamburger Hafen und Logistik	41x	55.0%	€1.3b
EUK3 EUROKAI GmbH KGaA	10.4x	13.5%	€424.2m
BLH BREMER LAGERHAUS-GESELLSCHAFT -Aktiengesellschaft von 1877-	15.5x	n/a	€36.1m
TGHN Logwin	10.2x	-7.4%	€725.6m
PZE Piraeus Port Authority	10.5x	7.5%	€750.0m

Price-To-Earnings vs Peers: PZE is good value based on its Price-To-Earnings Ratio (10.5x) compared to the peer average (19.2x).

Price to Earnings Ratio vs Industry

How does PZE's PE Ratio compare vs other companies in the European Infrastructure Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: PZE is good value based on its Price-To-Earnings Ratio (10.5x) compared to the European Infrastructure industry average (14.6x).

Price to Earnings Ratio vs Fair Ratio

What is PZE'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.

PZE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	10.5x
Fair PE Ratio	9.3x

Price-To-Earnings vs Fair Ratio: PZE is expensive based on its Price-To-Earnings Ratio (10.5x) compared to the estimated Fair Price-To-Earnings Ratio (9.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

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