Alan Allman Associates Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: AAA (€3.4) is trading below our estimate of fair value (€8.04)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for AAA. This is calculated by dividing AAA's market cap by their current earnings.
What is AAA's PE Ratio?
PE Ratio	66.3x
Earnings	€2.33m
Market Cap	€154.30m

AAA 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	0.9x
Enterprise Value/EBITDA	11.8x
PEG Ratio	1.2x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for AAA 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	10.9x
ASY Assystem	6.1x	-32.2%	€528.9m
ALFRE Freelance.com	9.6x	15.3%	€148.0m
ALGEC GECI International	2.5x	n/a	€2.7m
BVI Bureau Veritas	25.5x	9.6%	€12.9b
AAA Alan Allman Associates	66.3x	55.8%	€154.3m

Price-To-Earnings vs Peers: AAA is expensive based on its Price-To-Earnings Ratio (66.3x) compared to the peer average (10.9x).

Price to Earnings Ratio vs Industry

How does AAA's PE Ratio compare vs other companies in the European Professional Services Industry?

5 Companies	Price / Earnings	Estimated Growth	Market Cap

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: AAA is expensive based on its Price-To-Earnings Ratio (66.3x) compared to the European Professional Services industry average (18x).

Price to Earnings Ratio vs Fair Ratio

What is AAA'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.

AAA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	66.3x
Fair PE Ratio	25.6x

Price-To-Earnings vs Fair Ratio: AAA is expensive based on its Price-To-Earnings Ratio (66.3x) compared to the estimated Fair Price-To-Earnings Ratio (25.6x).

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 AAA 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	€3.40	€5.20 +52.9%	13.5%	€5.90	€4.50	n/a	2
Nov ’25	€4.30	€5.20 +20.9%	13.5%	€5.90	€4.50	n/a	2
Oct ’25	€4.90	€5.80 +18.4%	13.8%	€6.60	€5.00	n/a	2
Sep ’25	€5.80	€6.90 +19.0%	13.0%	€7.80	€6.00	n/a	2
Aug ’25	€7.55	€8.80 +16.6%	9.1%	€9.60	€8.00	n/a	2
Jul ’25	€7.55	€8.80 +16.6%	9.1%	€9.60	€8.00	n/a	2
Jun ’25	€9.25	€8.80 -4.9%	9.1%	€9.60	€8.00	n/a	2
May ’25	€8.65	€8.80 +1.7%	9.1%	€9.60	€8.00	n/a	2
Apr ’25	€9.60	€9.20 -4.2%	13.0%	€10.40	€8.00	n/a	2
Mar ’25	€10.00	€9.20 -8.0%	13.0%	€10.40	€8.00	n/a	2
Feb ’25	€10.40	€9.15 -12.0%	12.6%	€10.30	€8.00	n/a	2
Jan ’25	€11.05	€9.15 -17.2%	12.6%	€10.30	€8.00	n/a	2
Dec ’24	€9.40	€9.15 -2.7%	12.6%	€10.30	€8.00	€3.96	2
Nov ’24	€9.80	€9.15 -6.6%	12.6%	€10.30	€8.00	€4.30	2
Oct ’24	€10.45	€10.20 -2.4%	2.0%	€10.40	€10.00	€4.90	2
Sep ’24	€11.70	€10.60 -9.4%	5.7%	€11.20	€10.00	€5.80	2
Aug ’24	€12.10	€10.15 -16.1%	1.5%	€10.30	€10.00	€7.55	2
Jul ’24	€11.80	€9.90 -16.1%	1.0%	€10.00	€9.80	€7.55	2
Jun ’24	€10.45	€9.90 -5.3%	1.0%	€10.00	€9.80	€9.25	2
May ’24	€10.30	€9.90 -3.9%	1.0%	€10.00	€9.80	€8.65	2
Mar ’24	€9.18	€10.35 +12.7%	3.4%	€10.70	€10.00	€10.00	2
Feb ’24	€9.84	€10.10 +2.6%	1.0%	€10.20	€10.00	€10.40	2
Jan ’24	€8.98	€10.10 +12.5%	1.0%	€10.20	€10.00	€11.05	2
Dec ’23	€9.72	€10.10 +3.9%	1.0%	€10.20	€10.00	€9.40	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.