Piraeus Financial Holdings S.A.

LSE:0RTY Stock Report

Market Cap: €4.4b

Piraeus Financial Holdings Valuation

Is 0RTY 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 0RTY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0RTY (€3.61) is trading below our estimate of fair value (€10.38)

Significantly Below Fair Value: 0RTY is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0RTY?

Key metric: As 0RTY is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0RTY. This is calculated by dividing 0RTY's market cap by their current earnings.
What is 0RTY's PE Ratio?
PE Ratio4x
Earnings€1.10b
Market Cap€4.36b

Price to Earnings Ratio vs Peers

How does 0RTY's PE Ratio compare to its peers?

The above table shows the PE ratio for 0RTY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average4.5x
HSBK Halyk Bank of Kazakhstan
3.3xn/aUS$5.2b
TCS TCS Group Holding
6.5xn/aUS$5.1b
TBCG TBC Bank Group
4.9x16.8%UK£1.7b
BGEO Bank of Georgia Group
3.2x-3.2%UK£2.2b
0RTY Piraeus Financial Holdings
4x-1.7%€4.4b

Price-To-Earnings vs Peers: 0RTY is good value based on its Price-To-Earnings Ratio (4x) compared to the peer average (4.5x).

Price to Earnings Ratio vs Industry

How does 0RTY's PE Ratio compare vs other companies in the European Banks Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
0RTY 4.0xIndustry Avg. 7.2xNo. of Companies46PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0RTY is good value based on its Price-To-Earnings Ratio (4x) compared to the European Banks industry average (7.2x).

Price to Earnings Ratio vs Fair Ratio

What is 0RTY'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.

0RTY PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 0RTY's Price-To-Earnings Fair Ratio for valuation analysis.

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 0RTY forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€3.61
€5.49
+52.1%
9.5%€6.31€4.13n/a14
Nov ’25€3.54
€5.45
+53.9%
8.9%€6.24€4.13n/a14
Oct ’25€3.93
€5.46
+38.9%
8.5%€6.00€4.13n/a14
Sep ’25€3.88
€5.40
+39.1%
8.4%€6.00€4.13n/a14
Aug ’25€3.77
€5.27
+39.8%
8.7%€6.00€4.13n/a14
Jul ’25€3.59
€5.12
+42.9%
9.3%€6.00€4.13n/a13
Jun ’25€3.60
€5.06
+40.3%
9.8%€6.00€4.13n/a13
May ’25€3.86
€5.06
+30.9%
9.8%€6.00€4.13n/a13
Apr ’25€3.89
€5.01
+28.7%
9.0%€6.00€4.20n/a12
Mar ’25€4.03
€4.72
+17.0%
10.7%€5.50€3.95n/a11
Feb ’25€3.72
€4.38
+17.8%
8.5%€5.00€3.70n/a11
Jan ’25n/a
€4.16
0%
11.7%€5.00€3.10n/a12
Dec ’24€3.20
€4.13
+28.8%
10.7%€4.70€3.10n/a12
Nov ’24€2.77
€4.03
+45.4%
11.5%€4.65€3.10€3.5412
Oct ’24€2.81
€4.04
+43.6%
12.5%€4.65€3.10€3.9312
Sep ’24€3.28
€3.89
+18.8%
12.0%€4.65€3.10€3.8812
Aug ’24n/a
€3.74
0%
14.6%€4.65€2.70€3.7712
Jul ’24€2.99
€3.40
+13.7%
12.9%€4.04€2.70€3.5911
Jun ’24n/a
€2.92
0%
15.1%€3.80€2.20€3.6011
May ’24n/a
€2.71
0%
19.6%€3.80€1.80€3.8611
Apr ’24n/a
€2.64
0%
20.9%€3.80€1.80€3.8911
Mar ’24n/a
€2.59
0%
21.5%€3.80€1.80€4.0310
Feb ’24n/a
€2.35
0%
15.5%€3.30€1.80€3.7211
Jan ’24n/a
€2.14
0%
24.4%€3.30€1.00n/a11
Dec ’23€1.41
€2.05
+45.3%
20.5%€2.75€1.00€3.2011
Nov ’23n/a
€1.93
0%
23.7%€2.66€0.96€2.7711

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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