ANA Holdings Valuation

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

Below Fair Value: ANCA (€17.3) is trading above our estimate of fair value (€11.64)

Significantly Below Fair Value: ANCA is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for ANCA. This is calculated by dividing ANCA's market cap by their current earnings.
What is ANCA's PE Ratio?
PE Ratio	9.2x
Earnings	JP¥144.67b
Market Cap	JP¥1.33t

ANCA 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	0.7x
Enterprise Value/EBITDA	4.5x
PEG Ratio	5.7x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for ANCA 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	10.2x
LHA Deutsche Lufthansa	6.5x	14.0%	€7.3b
FRA Fraport	10.1x	3.7%	€4.6b
SIX2 Sixt	14x	16.3%	€3.1b
LTM LATAM Airlines Group	10.1x	21.9%	CL$8.2t
ANCA ANA Holdings	9.2x	1.6%	€1.3t

Price-To-Earnings vs Peers: ANCA is good value based on its Price-To-Earnings Ratio (9.2x) compared to the peer average (10.2x).

Price to Earnings Ratio vs Industry

How does ANCA's PE Ratio compare vs other companies in the Global Airlines Industry?

5 Companies	Price / Earnings	Estimated Growth	Market Cap

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: ANCA is good value based on its Price-To-Earnings Ratio (9.2x) compared to the Global Airlines industry average (10.1x).

Price to Earnings Ratio vs Fair Ratio

What is ANCA'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.

ANCA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	9.2x
Fair PE Ratio	13.5x

Price-To-Earnings vs Fair Ratio: ANCA is good value based on its Price-To-Earnings Ratio (9.2x) compared to the estimated Fair Price-To-Earnings Ratio (13.5x).

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 ANCA forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€17.30	€20.69 +19.6%	7.1%	€23.82	€17.71	n/a	13
Nov ’25	€17.40	€20.47 +17.6%	7.2%	€23.60	€17.55	n/a	13
Oct ’25	€18.70	€21.30 +13.9%	8.7%	€26.07	€18.62	n/a	13
Sep ’25	€18.10	€21.10 +16.6%	8.7%	€25.85	€18.46	n/a	13
Aug ’25	€17.50	€21.28 +21.6%	8.2%	€25.89	€18.50	n/a	13
Jul ’25	€16.90	€20.15 +19.2%	8.6%	€24.95	€17.41	n/a	13
Jun ’25	€17.40	€20.81 +19.6%	9.4%	€25.25	€17.62	n/a	11
May ’25	€17.70	€21.16 +19.6%	8.6%	€25.54	€19.01	n/a	11
Apr ’25	€19.10	€22.60 +18.3%	9.7%	€27.45	€20.13	n/a	11
Mar ’25	€19.80	€22.82 +15.3%	10.0%	€27.57	€20.22	n/a	10
Feb ’25	€20.60	€23.17 +12.5%	11.0%	€28.29	€20.75	n/a	10
Jan ’25	€19.30	€23.10 +19.7%	8.9%	€27.56	€21.15	n/a	11
Dec ’24	€18.60	€22.62 +21.6%	8.7%	€26.92	€20.66	n/a	11
Nov ’24	€18.30	€22.61 +23.6%	8.4%	€26.81	€20.57	€17.40	11
Oct ’24	€19.60	€22.79 +16.3%	8.5%	€27.22	€20.89	€18.70	12
Sep ’24	€20.80	€22.25 +7.0%	8.8%	€26.92	€20.66	€18.10	11
Aug ’24	€21.80	€22.39 +2.7%	9.9%	€27.65	€19.93	€17.50	11
Jul ’24	€21.60	€22.07 +2.2%	9.6%	€27.48	€19.81	€16.90	11
Jun ’24	€20.60	€21.12 +2.5%	10.6%	€26.19	€17.46	€17.40	10
May ’24	€19.60	€20.20 +3.0%	7.1%	€22.36	€17.61	€17.70	10
Apr ’24	€20.16	€20.39 +1.2%	6.5%	€22.04	€17.91	€19.10	10
Mar ’24	€18.96	€20.51 +8.2%	6.2%	€22.14	€17.99	€19.80	11
Feb ’24	€20.08	€21.53 +7.2%	5.2%	€23.00	€19.40	€20.60	10
Jan ’24	€19.44	€21.01 +8.1%	6.2%	€22.78	€18.51	€19.30	11
Dec ’23	€20.28	€20.02 -1.3%	8.1%	€22.29	€17.07	€18.60	11
Nov ’23	€20.00	€18.85 -5.8%	7.2%	€21.78	€16.68	€18.30	11

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