NZX Limited

NZSE:NZX Stock Report

Market Cap: NZ$477.5m

NZX Valuation

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

Below Fair Value: NZX (NZ$1.46) is trading above our estimate of fair value (NZ$0.84)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NZX. This is calculated by dividing NZX's market cap by their current earnings.
What is NZX's PE Ratio?
PE Ratio21.8x
EarningsNZ$21.85m
Market CapNZ$477.45m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NZX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19.8x
MLN Marlin Global
5.6xn/aNZ$204.7m
EXAE Hellenic Exchanges - Athens Stock Exchange
15.8x10.7%€249.3m
SPY Smartpay Holdings
23.7x42.3%NZ$158.5m
4765 SBI Global Asset Management
34.3xn/aJP¥56.5b
NZX NZX
21.8x3.6%NZ$477.5m

Price-To-Earnings vs Peers: NZX is expensive based on its Price-To-Earnings Ratio (21.8x) compared to the peer average (19.8x).

Price to Earnings Ratio vs Industry

How does NZX's PE Ratio compare vs other companies in the Oceanian Capital Markets Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NZX 21.8xIndustry Avg. 20.0xNo. of Companies7PE01224364860+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NZX is expensive based on its Price-To-Earnings Ratio (21.8x) compared to the Oceanic Capital Markets industry average (20x).

Price to Earnings Ratio vs Fair Ratio

What is NZX'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.

NZX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21.8x
Fair PE Ratio18.4x

Price-To-Earnings vs Fair Ratio: NZX is expensive based on its Price-To-Earnings Ratio (21.8x) compared to the estimated Fair Price-To-Earnings Ratio (18.4x).

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 NZX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNZ$1.46
NZ$1.69
+15.8%
0.6%NZ$1.70NZ$1.68n/a2
Nov ’25NZ$1.35
NZ$1.61
+18.9%
0.3%NZ$1.61NZ$1.60n/a2
Oct ’25NZ$1.28
NZ$1.53
+19.8%
1.1%NZ$1.55NZ$1.52n/a2
Sep ’25NZ$1.31
NZ$1.53
+17.0%
1.1%NZ$1.55NZ$1.52n/a2
Aug ’25NZ$1.19
NZ$1.48
+23.9%
1.7%NZ$1.50NZ$1.45n/a2
Jul ’25NZ$1.05
NZ$1.48
+40.5%
1.7%NZ$1.50NZ$1.45n/a2
Jun ’25NZ$1.10
NZ$1.48
+34.1%
1.7%NZ$1.50NZ$1.45n/a2
May ’25NZ$1.16
NZ$1.48
+27.2%
1.7%NZ$1.50NZ$1.45n/a2
Apr ’25NZ$1.05
NZ$1.45
+37.6%
0.3%NZ$1.45NZ$1.44n/a2
Mar ’25NZ$1.00
NZ$1.45
+44.5%
0.3%NZ$1.45NZ$1.44n/a2
Feb ’25NZ$1.05
NZ$1.36
+29.5%
4.4%NZ$1.42NZ$1.30n/a2
Jan ’25NZ$1.09
NZ$1.35
+23.4%
3.3%NZ$1.39NZ$1.30n/a2
Dec ’24NZ$1.04
NZ$1.35
+29.3%
3.3%NZ$1.39NZ$1.30n/a2
Oct ’24NZ$1.06
NZ$1.35
+27.4%
3.7%NZ$1.40NZ$1.30NZ$1.282
Sep ’24NZ$1.17
NZ$1.35
+15.4%
3.7%NZ$1.40NZ$1.30NZ$1.312
Aug ’24NZ$1.20
NZ$1.35
+12.5%
3.7%NZ$1.40NZ$1.30NZ$1.192
Jul ’24NZ$1.16
NZ$1.43
+22.8%
1.8%NZ$1.45NZ$1.40NZ$1.052
Jun ’24NZ$1.13
NZ$1.43
+26.1%
1.8%NZ$1.45NZ$1.40NZ$1.102
May ’24NZ$1.18
NZ$1.43
+20.8%
1.8%NZ$1.45NZ$1.40NZ$1.162
Apr ’24NZ$1.21
NZ$1.43
+17.8%
1.8%NZ$1.45NZ$1.40NZ$1.052
Mar ’24NZ$1.24
NZ$1.48
+19.0%
1.7%NZ$1.50NZ$1.45NZ$1.002
Feb ’24NZ$1.24
NZ$1.48
+19.0%
1.7%NZ$1.50NZ$1.45NZ$1.052
Jan ’24NZ$1.21
NZ$1.48
+21.9%
1.7%NZ$1.50NZ$1.45NZ$1.092
Dec ’23NZ$1.23
NZ$1.48
+19.9%
1.7%NZ$1.50NZ$1.45NZ$1.042
Nov ’23NZ$1.19
NZ$1.54
+29.4%
1.9%NZ$1.57NZ$1.51NZ$1.022

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

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