XTB Valuation

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

XTB (PLN69.96) is trading below our estimate of [[fair value]] (PLN116.26)

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

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: XTB (PLN69.96) is trading below our estimate of fair value (PLN116.26)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for XTB. This is calculated by dividing XTB's market cap by their current earnings.
What is XTB's PE Ratio?
PE Ratio	9x
Earnings	zł916.05m
Market Cap	zł8.23b

XTB 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	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	-1.4x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for XTB 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	8.8x
KRU KRUK Spólka Akcyjna	6.9x	2.7%	zł8.1b
IPE IPOPEMA Securities	5.3x	n/a	zł80.8m
GPW Gielda Papierów Wartosciowych w Warszawie	11.6x	-0.6%	zł1.8b
MRX Marex Group	11.4x	13.5%	US$2.1b
XTB XTB	9x	-6.3%	zł8.2b

Price-To-Earnings vs Peers: XTB is expensive based on its Price-To-Earnings Ratio (9x) compared to the peer average (8.8x).

Price to Earnings Ratio vs Industry

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

4 Companies	Price / Earnings	Estimated Growth	Market Cap
BBD BBI Development	1.1x	n/a	US$8.94m
SKL Skyline Investment	2.4x	n/a	US$8.74m
FMG Wise Energy	2.4x	n/a	US$5.16m
NTC New Tech Capital	0.8x	n/a	US$2.37m

No more companies available in this PE range

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: XTB is good value based on its Price-To-Earnings Ratio (9x) compared to the Polish Capital Markets industry average (11.1x).

Price to Earnings Ratio vs Fair Ratio

What is XTB'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.

XTB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	9x
Fair PE Ratio	9x

Price-To-Earnings vs Fair Ratio: XTB is good value based on its Price-To-Earnings Ratio (9x) compared to the estimated Fair Price-To-Earnings Ratio (9x).

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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