Associated Capital Group Valuation

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

Below Fair Value: AC ($36.33) is trading above our estimate of fair value ($7.8)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for AC. This is calculated by dividing AC's market cap by their current earnings.
What is AC's PE Ratio?
PE Ratio	13.7x
Earnings	US$56.39m
Market Cap	US$776.00m

AC 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	29.7x
Enterprise Value/EBITDA	-20.2x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for AC 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	29.9x
NOAH Noah Holdings	8.3x	11.1%	US$777.1m
GAMI GAMCO Investors	9.8x	n/a	US$628.8m
AACT Ares Acquisition Corporation II	25.3x	n/a	US$682.9m
ALCC AltC Acquisition	76.2x	n/a	US$653.8m
AC Associated Capital Group	13.7x	n/a	US$776.0m

Price-To-Earnings vs Peers: AC is good value based on its Price-To-Earnings Ratio (13.7x) compared to the peer average (29.9x).

Price to Earnings Ratio vs Industry

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

22 Companies	Price / Earnings	Estimated Growth	Market Cap
ADX Adams Diversified Equity Fund	4x	n/a	US$2.52b
CET Central Securities	4.5x	n/a	US$1.32b
GAM General American Investors Company	4.1x	n/a	US$1.16b
MUDS Mudrick Capital Acquisition Corporation II	3.4x	n/a	US$401.64m

22 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: AC is good value based on its Price-To-Earnings Ratio (13.7x) compared to the US Capital Markets industry average (23.6x).

Price to Earnings Ratio vs Fair Ratio

What is AC'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.

AC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	13.7x
Fair PE Ratio	n/a

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