Humble Group Valuation

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

HUMBLE (SEK10.2) is trading below our estimate of [[fair value]] (SEK26.32)

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

Below Fair Value: HUMBLE (SEK10.2) is trading below our estimate of fair value (SEK26.32)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for HUMBLE. This is calculated by dividing HUMBLE's market cap by their current earnings.
What is HUMBLE's PE Ratio?
PE Ratio	64.2x
Earnings	SEK 71.00m
Market Cap	SEK 4.56b

HUMBLE 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	0.8x
Enterprise Value/EBITDA	13.7x
PEG Ratio	1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for HUMBLE 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	18.9x
KAMART Karmarts	17.5x	n/a	฿13.2b
A352480 C&C International	8.4x	20.7%	₩395.9b
W7L Warpaint London	24x	11.8%	UK£410.5m
7806 MTG	25.8x	12.0%	JP¥73.6b
HUMBLE Humble Group	64.2x	65.1%	SEK 4.6b

Price-To-Earnings vs Peers: HUMBLE is expensive based on its Price-To-Earnings Ratio (64.2x) compared to the peer average (18.9x).

Price to Earnings Ratio vs Industry

How does HUMBLE's PE Ratio compare vs other companies in the European Personal Products Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: HUMBLE is expensive based on its Price-To-Earnings Ratio (64.2x) compared to the European Personal Products industry average (21.8x).

Price to Earnings Ratio vs Fair Ratio

What is HUMBLE'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.

HUMBLE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	64.2x
Fair PE Ratio	36.4x

Price-To-Earnings vs Fair Ratio: HUMBLE is expensive based on its Price-To-Earnings Ratio (64.2x) compared to the estimated Fair Price-To-Earnings Ratio (36.4x).

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 HUMBLE forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	SEK 10.20	SEK 13.70 +34.3%	9.5%	SEK 15.00	SEK 12.40	n/a	2
Nov ’25	SEK 12.10	SEK 12.60 +4.1%	19.0%	SEK 15.00	SEK 10.20	n/a	2
Oct ’25	SEK 12.73	SEK 12.10 -4.9%	15.7%	SEK 14.00	SEK 10.20	n/a	2
Sep ’25	SEK 12.00	SEK 12.10 +0.8%	15.7%	SEK 14.00	SEK 10.20	n/a	2
Aug ’25	SEK 9.44	SEK 12.10 +28.2%	15.7%	SEK 14.00	SEK 10.20	n/a	2
Jul ’25	SEK 10.06	SEK 12.10 +20.3%	15.7%	SEK 14.00	SEK 10.20	n/a	2
Jun ’25	SEK 9.06	SEK 12.10 +33.6%	15.7%	SEK 14.00	SEK 10.20	n/a	2
May ’25	SEK 9.80	SEK 12.10 +23.5%	15.7%	SEK 14.00	SEK 10.20	n/a	2
Apr ’25	SEK 9.45	SEK 12.10 +28.0%	15.7%	SEK 14.00	SEK 10.20	n/a	2
Mar ’25	SEK 10.38	SEK 12.10 +16.6%	15.7%	SEK 14.00	SEK 10.20	n/a	2
Feb ’25	SEK 10.94	SEK 12.50 +14.3%	20.0%	SEK 15.00	SEK 10.00	n/a	2
Jul ’24	SEK 6.55	SEK 19.50 +197.9%	59.0%	SEK 31.00	SEK 8.00	SEK 10.06	2
Jun ’24	SEK 6.69	SEK 19.50 +191.5%	59.0%	SEK 31.00	SEK 8.00	SEK 9.06	2
May ’24	SEK 7.70	SEK 21.50 +179.2%	44.2%	SEK 31.00	SEK 12.00	SEK 9.80	2
Apr ’24	SEK 6.71	SEK 21.50 +220.4%	44.2%	SEK 31.00	SEK 12.00	SEK 9.45	2
Mar ’24	SEK 8.96	SEK 21.50 +140.0%	44.2%	SEK 31.00	SEK 12.00	SEK 10.38	2
Feb ’24	SEK 9.94	SEK 24.00 +141.6%	29.2%	SEK 31.00	SEK 17.00	SEK 10.94	2
Jan ’24	SEK 9.77	SEK 24.00 +145.8%	29.2%	SEK 31.00	SEK 17.00	SEK 11.38	2
Dec ’23	SEK 9.18	SEK 24.00 +161.4%	29.2%	SEK 31.00	SEK 17.00	SEK 9.48	2
Nov ’23	SEK 8.67	SEK 27.17 +213.3%	26.7%	SEK 33.50	SEK 17.00	SEK 8.51	3

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.