CMS Energy Corporation

DB:CSG Stock Report

Market Cap: €19.9b

CMS Energy Valuation

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

Valuation Score

0/6

Valuation Score 0/6

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

Below Fair Value: CSG (€67) is trading above our estimate of fair value (€66.36)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for CSG. This is calculated by dividing CSG's market cap by their current earnings.
What is CSG's PE Ratio?
PE Ratio20.3x
EarningsUS$1.04b
Market CapUS$21.05b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for CSG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19.3x
EOAN E.ON
17.4x8.9%€31.2b
WWG Gelsenwasser
13.8xn/a€1.8b
MNV6 Mainova
33.7xn/a€1.9b
MVV1 MVV Energie
12.3xn/a€2.0b
CSG CMS Energy
20.3x8.0%€21.0b

Price-To-Earnings vs Peers: CSG is expensive based on its Price-To-Earnings Ratio (20.3x) compared to the peer average (19.4x).

Price to Earnings Ratio vs Industry

How does CSG's PE Ratio compare vs other companies in the Global Integrated Utilities Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
CSG 20.3xIndustry Avg. 17.7xNo. of Companies8PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CSG is expensive based on its Price-To-Earnings Ratio (20.3x) compared to the Global Integrated Utilities industry average (17.6x).

Price to Earnings Ratio vs Fair Ratio

What is CSG'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.

CSG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.3x
Fair PE Ratio19.4x

Price-To-Earnings vs Fair Ratio: CSG is expensive based on its Price-To-Earnings Ratio (20.3x) compared to the estimated Fair Price-To-Earnings Ratio (19.4x).

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 CSG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€67.00
€68.78
+2.7%
8.7%€75.41€55.36n/a18
Nov ’25€63.50
€66.56
+4.8%
9.0%€74.75€53.52n/a17
Oct ’25€63.00
€64.03
+1.6%
7.2%€68.66€52.40n/a16
Sep ’25€61.00
€60.92
-0.1%
8.1%€67.72€49.66n/a15
Aug ’25€59.50
€60.10
+1.0%
7.1%€66.31€50.66n/a16
Jul ’25€55.00
€59.74
+8.6%
6.5%€66.40€51.44n/a17
Jun ’25€56.50
€59.03
+4.5%
6.3%€65.37€50.64n/a17
May ’25€56.00
€59.14
+5.6%
6.1%€63.42€51.30n/a17
Apr ’25€55.06
€57.37
+4.2%
5.7%€61.54€50.52n/a17
Mar ’25€52.90
€57.72
+9.1%
5.8%€61.91€50.83n/a17
Feb ’25€52.72
€57.74
+9.5%
7.2%€69.00€50.60n/a17
Jan ’25€52.18
€55.22
+5.8%
8.6%€68.10€49.03n/a16
Dec ’24€51.82
€54.84
+5.8%
6.7%€59.72€49.62n/a16
Nov ’24€51.20
€56.16
+9.7%
6.5%€61.42€51.02€63.5016
Oct ’24€49.63
€59.99
+20.9%
6.9%€67.63€51.66€63.0015
Sep ’24€51.66
€59.40
+15.0%
8.5%€70.51€50.36€61.0015
Aug ’24€55.26
€60.26
+9.0%
7.8%€69.85€49.89€59.5014
Jul ’24€53.46
€61.12
+14.3%
7.3%€70.69€50.50€55.0014
Jun ’24€53.72
€62.56
+16.5%
7.6%€71.89€51.35€56.5014
May ’24€56.16
€61.62
+9.7%
7.0%€69.85€49.90€56.0014
Apr ’24€56.00
€62.67
+11.9%
7.7%€71.56€51.12€55.0614
Mar ’24€55.50
€64.20
+15.7%
7.3%€72.63€50.93€52.9015
Feb ’24€57.50
€62.38
+8.5%
7.5%€70.56€49.49€52.7215
Jan ’24€59.50
€62.41
+4.9%
8.6%€69.69€50.86€52.1815
Dec ’23€58.00
€62.15
+7.2%
8.1%€70.29€51.74€51.8215
Nov ’23€57.50
€64.46
+12.1%
9.6%€75.92€53.65€51.2016

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

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