SP Group Valuation

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

SPGC (DKK259.5) is trading below our estimate of [[fair value]] (DKK1044.72)

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

Below Fair Value: SPGC (DKK259.5) is trading below our estimate of fair value (DKK1044.72)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SPGC. This is calculated by dividing SPGC's market cap by their current earnings.
What is SPGC's PE Ratio?
PE Ratio	18.6x
Earnings	DKK 211.80m
Market Cap	DKK 3.94b

SPGC 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	1.7x
Enterprise Value/EBITDA	10x
PEG Ratio	1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SPGC 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	21.6x
ZTF Zotefoams	17.3x	n/a	UK£171.6m
VCT Victrex	24.6x	37.8%	UK£756.5m
TET Treatt	21.5x	15.3%	UK£242.9m
ATYM Atalaya Mining	23.2x	40.0%	UK£498.3m
SPGC SP Group	18.6x	19.1%	DKK 3.9b

Price-To-Earnings vs Peers: SPGC is good value based on its Price-To-Earnings Ratio (18.6x) compared to the peer average (29x).

Price to Earnings Ratio vs Industry

How does SPGC's PE Ratio compare vs other companies in the European Chemicals Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SPGC is expensive based on its Price-To-Earnings Ratio (18.6x) compared to the European Chemicals industry average (17.8x).

Price to Earnings Ratio vs Fair Ratio

What is SPGC'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.

SPGC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	18.6x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate SPGC'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?

Analyst Forecast: Insufficient data to show price forecast.

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