secunet Security Networks Aktiengesellschaft

LSE:0NWC Stock Report

Market Cap: €738.8m

secunet Security Networks Valuation

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

Below Fair Value: 0NWC (€114) is trading below our estimate of fair value (€120.9)

Significantly Below Fair Value: 0NWC is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for 0NWC. This is calculated by dividing 0NWC's market cap by their current earnings.
What is 0NWC's PE Ratio?
PE Ratio26.7x
Earnings€27.65m
Market Cap€738.82m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for 0NWC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19.8x
FDM FDM Group (Holdings)
11.6x-7.3%UK£352.4m
KNOS Kainos Group
20x1.7%UK£1.0b
ECK Eckoh
33.7x8.7%UK£153.0m
CCC Computacenter
13.8x7.0%UK£2.4b
0NWC secunet Security Networks
26.7x8.5%€738.8m

Price-To-Earnings vs Peers: 0NWC is expensive based on its Price-To-Earnings Ratio (26.7x) compared to the peer average (19.8x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
0NWC 26.7xIndustry Avg. 17.9xNo. of Companies27PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0NWC is expensive based on its Price-To-Earnings Ratio (26.7x) compared to the European IT industry average (17.9x).

Price to Earnings Ratio vs Fair Ratio

What is 0NWC'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.

0NWC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio26.7x
Fair PE Ratio32.4x

Price-To-Earnings vs Fair Ratio: 0NWC is good value based on its Price-To-Earnings Ratio (26.7x) compared to the estimated Fair Price-To-Earnings Ratio (32.4x).

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 0NWC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€114.00
€194.00
+70.2%
25.1%€258.00€123.00n/a4
Nov ’25€109.20
€195.00
+78.6%
30.6%€267.00€102.00n/a4
Oct ’25€92.00
€192.75
+109.5%
31.8%€267.00€98.00n/a4
Sep ’25€104.00
€192.75
+85.3%
31.8%€267.00€98.00n/a4
Aug ’25€118.80
€203.75
+71.5%
31.4%€267.00€105.00n/a4
Jul ’25€128.00
€203.75
+59.2%
31.4%€267.00€105.00n/a4
Jun ’25€141.80
€203.75
+43.7%
31.4%€267.00€105.00n/a4
May ’25€150.80
€216.50
+43.6%
36.3%€318.00€105.00n/a4
Apr ’25€160.21
€216.50
+35.1%
36.3%€318.00€105.00n/a4
Mar ’25€153.78
€215.25
+40.0%
35.8%€318.00€105.00n/a4
Feb ’25€166.40
€235.00
+41.2%
38.3%€320.00€105.00n/a4
Jan ’25€146.00
€231.25
+58.4%
38.8%€318.00€100.00n/a4
Dec ’24€140.38
€275.00
+95.9%
20.1%€318.00€197.00n/a3
Nov ’24€129.60
€285.00
+119.9%
21.7%€345.00€200.00€109.203
Oct ’24€202.38
€315.00
+55.6%
20.6%€375.00€225.00€92.003
Sep ’24€220.49
€315.00
+42.9%
20.6%€375.00€225.00€104.003
Aug ’24€205.50
€312.00
+51.8%
20.4%€375.00€225.00€118.803
Jul ’24€219.49
€312.00
+42.1%
20.4%€375.00€225.00€128.003
Jun ’24€196.00
€312.00
+59.2%
20.4%€375.00€225.00€141.803
May ’24€198.01
€311.33
+57.2%
20.3%€375.00€225.00€150.803
Apr ’24€203.17
€313.00
+54.1%
20.4%€375.00€225.00€160.213
Mar ’24€232.00
€314.67
+35.6%
19.6%€375.00€230.00€153.783
Feb ’24€221.34
€314.67
+42.2%
19.6%€375.00€230.00€166.403
Jan ’24€197.80
€328.33
+66.0%
22.3%€385.00€225.00€146.003
Dec ’23€230.00
€380.00
+65.2%
1.3%€385.00€375.00€140.382
Nov ’23€216.52
€437.50
+102.1%
12.0%€490.00€385.00€129.602

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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