--- title: "Assessing ANA Holdings (TSE:9202) Valuation As Recent Returns Weaken And Signals Send Mixed Messages" type: "News" locale: "en" url: "https://longbridge.com/en/news/287032040.md" description: "ANA Holdings (TSE:9202) has seen mixed signals in its valuation, with a recent 1% share price increase contrasting a 18.88% decline over 90 days. The stock's P/E ratio of 7.4x suggests it may be undervalued compared to peers, yet a DCF analysis indicates it could be overvalued at ¥2,746. Investors face a dilemma between current earnings and future cash flows, with analysts setting higher price targets despite recent weaker returns." datetime: "2026-05-20T08:34:18.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287032040.md) - [en](https://longbridge.com/en/news/287032040.md) - [zh-HK](https://longbridge.com/zh-HK/news/287032040.md) generator: "portal-rs" --- # Assessing ANA Holdings (TSE:9202) Valuation As Recent Returns Weaken And Signals Send Mixed Messages ## Why ANA Holdings (TSE:9202) is Back on Investor Radar ANA Holdings (TSE:9202) has drawn attention after recent share price moves, with the stock up about 1% over the past day but lower over the past week and month. Returns over the past 3 months and year to date have also declined, which puts more focus on the company’s current earnings profile, revenue mix and valuation signals. See our latest analysis for ANA Holdings. The recent 1 day share price gain contrasts with a weaker trend, with the 90 day share price return down 18.88% and the 1 year total shareholder return down 1.47%. This suggests momentum has been fading despite the earlier 5 year total shareholder return of 16.77%. If you are comparing ANA Holdings with other opportunities in the transport and infrastructure space, it can be useful to scan companies exposed to large scale power and logistics themes via the 35 power grid technology and infrastructure stocks So with returns weaker over 3 and 12 months, yet analysts setting a higher price target than today’s ¥2,746 level, is ANA Holdings quietly undervalued, or is the market already pricing in its future growth? ## Price-to-Earnings of 7.4x: Is it justified? On a P/E of 7.4x at a last close of ¥2,746, ANA Holdings screens as inexpensive compared with both the wider JP market and its airline peers. The P/E multiple compares the current share price with earnings per share, giving you a quick read on how much investors are paying for each unit of profit. For an airline group with a sizeable Aviation Business and related services, this metric is often a simple way to benchmark expectations on ongoing profitability. ANA Holdings trades on a P/E of 7.4x against an estimated fair P/E of 15.6x, plus peer averages of 19.6x across its broader peer set and 9.9x within the Asian Airlines industry. That is a wide gap, and it indicates that the market price is well below the valuation level that historical relationships and sector comparisons could support if sentiment were to move closer to those benchmarks. Explore the SWS fair ratio for ANA Holdings **Result: Price-to-Earnings of 7.4x (UNDERVALUED)** However, you still need to watch for weaker share price momentum and any pressure on earnings that could challenge the current low P/E story. Find out about the key risks to this ANA Holdings narrative. ## Another View: DCF Points the Other Way While the P/E of 7.4x makes ANA Holdings look inexpensive against peers and a fair ratio of 15.6x, the SWS DCF model tells a different story. On this view, the stock price of ¥2,746 sits well above an estimated future cash flow value of ¥1,004.27, which implies an overvalued signal rather than a bargain. For you as an investor, the question is which lens feels more relevant: current earnings or longer term cash flows? Look into how the SWS DCF model arrives at its fair value. 9202 Discounted Cash Flow as at May 2026 Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out ANA Holdings for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 14 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. ## Next Steps Mixed signals on value, risks and rewards can be confusing, so move quickly from reading to checking the numbers for yourself with the full 5 key rewards and 1 important warning sign. ## Looking for more investment ideas? If ANA Holdings has prompted fresh questions, do not stop here. Take a few minutes to scan other opportunities that might suit your goals and risk comfort. - Target steadier potential with companies that carry robust financial footing and resilient metrics by checking the solid balance sheet and fundamentals stocks screener (37 results). - Spot potential bargains by reviewing companies that combine quality fundamentals with appealing valuations through the 14 high quality undervalued stocks. - Hunt for future market standouts before they are widely followed by reviewing the screener containing 56 high quality undiscovered gems. *This article by Simply Wall St is general in nature. **We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.** It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.* ### **New:** Manage All Your Stock Portfolios in One Place We've created the **ultimate portfolio companion** for stock investors, **and it's free.** • Connect an unlimited number of Portfolios and see your total in one currency • Be alerted to new Warning Signs or Risks via email or mobile • Track the Fair Value of your stocks Try a Demo Portfolio for Free ### Related Stocks - [9202.JP](https://longbridge.com/en/quote/9202.JP.md) ## Related News & Research - [ANA Holdings (TSE:9202) EPS Beat Challenges Slowing Earnings Growth Narrative](https://longbridge.com/en/news/284882207.md) - [Is Starts (TSE:8850) Cheap As First Quarter Earnings And Guidance Reset Expectations?](https://longbridge.com/en/news/296635919.md) - [Is Hanwa (TSE:8078) Fully Valued On Fresh Earnings And Guidance?](https://longbridge.com/en/news/296298819.md) - [Chiyoda (TSE:6366) Has Strong Long Term Returns, Is The Stock Still A Bargain?](https://longbridge.com/en/news/296320264.md) - [Kintetsu Group HoldingsLtd (TSE:9041), The Latest Update Raises A Bigger Question](https://longbridge.com/en/news/296514568.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**