Ninety One Group

JSE:N91 Stock Report

Market Cap: R35.5b

Ninety One Group Valuation

Is N91 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 N91 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: N91 (ZAR39.99) is trading below our estimate of fair value (ZAR49.28)

Significantly Below Fair Value: N91 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 N91?

Other financial metrics that can be useful for relative valuation.

N91 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/Revenue2.2x
Enterprise Value/EBITDA6.8x
PEG Ratio-19.4x

Price to Earnings Ratio vs Peers

How does N91's PE Ratio compare to its peers?

The above table shows the PE ratio for N91 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.4x
KST PSG Financial Services
18.9xn/aR19.1b
CML Coronation Fund Managers
16.8xn/aR10.7b
AFH Alexander Forbes Group Holdings
11.6xn/aR7.8b
AIL African Rainbow Capital Investments
2.3xn/aR5.8b
N91 Ninety One Group
9.8x-0.5%R1.5b

Price-To-Earnings vs Peers: N91 is good value based on its Price-To-Earnings Ratio (9.8x) compared to the peer average (12.4x).

Price to Earnings Ratio vs Industry

How does N91's PE Ratio compare vs other companies in the African Capital Markets Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a6.3%
 n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a6.3%
 n/an/an/a
No more companies

Price-To-Earnings vs Industry: N91 is expensive based on its Price-To-Earnings Ratio (9.8x) compared to the African Capital Markets industry average (8.9x).

Price to Earnings Ratio vs Fair Ratio

What is N91'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.

N91 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.8x
Fair PE Ratio7.1x

Price-To-Earnings vs Fair Ratio: N91 is expensive based on its Price-To-Earnings Ratio (9.8x) compared to the estimated Fair Price-To-Earnings Ratio (7.1x).

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 N91 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentR39.99
R42.91
+7.3%
9.9%R50.05R37.24n/a6
Apr ’25R40.90
R43.22
+5.7%
10.7%R51.05R37.99n/a6
Mar ’25R39.54
R43.22
+9.3%
10.7%R51.05R37.99n/a6
Feb ’25R41.20
R43.22
+4.9%
10.7%R51.05R37.99n/a6
Jan ’25R43.12
R41.66
-3.4%
12.3%R49.89R35.97n/a6
Dec ’24R40.90
R41.70
+2.0%
12.0%R50.94R36.72n/a6
Nov ’24R36.68
R41.08
+12.0%
12.6%R49.93R34.76n/a6
Oct ’24R39.54
R41.67
+5.4%
13.1%R50.13R34.91n/a6
Sep ’24R40.35
R42.86
+6.2%
14.0%R51.05R35.55n/a5
Aug ’24R39.22
R42.86
+9.3%
14.0%R51.05R35.55n/a5
Jul ’24R40.40
R45.73
+13.2%
16.4%R55.35R36.90n/a5
Jun ’24R40.92
R45.73
+11.7%
16.4%R55.35R36.90n/a5
May ’24R41.55
R43.92
+5.7%
18.0%R56.43R33.86R39.775
Apr ’24R40.83
R44.53
+9.1%
19.1%R55.77R32.35R40.905
Mar ’24R45.72
R42.69
-6.6%
19.1%R53.47R31.01R39.545
Feb ’24R42.58
R42.69
+0.3%
19.1%R53.47R31.01R41.205
Jan ’24R38.46
R45.06
+17.2%
16.3%R54.00R33.48R43.125
Dec ’23R41.10
R43.13
+4.9%
15.9%R51.39R31.86R40.905
Nov ’23R43.85
R43.27
-1.3%
16.3%R52.28R31.83R36.685
Oct ’23R36.54
R45.77
+25.3%
9.7%R51.03R40.03R39.545
Sep ’23R38.20
R45.88
+20.1%
10.3%R52.24R40.97R40.356
Aug ’23R42.37
R45.88
+8.3%
10.3%R52.24R40.97R39.226
Jul ’23R39.33
R51.49
+30.9%
5.6%R56.47R47.55R40.405
Jun ’23R42.28
R51.49
+21.8%
5.6%R56.47R47.55R40.925
May ’23R52.80
R52.89
+0.2%
5.3%R56.58R48.91R41.555

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

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