AT & S Austria Technologie & Systemtechnik Valuation

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

ATS (CZK392.6) is trading below our estimate of [[fair value]] (CZK4818.25)

Is ATS 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-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: ATS (CZK392.6) is trading below our estimate of fair value (CZK4818.25)

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

Key Valuation Metric

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

Key metric: As ATS is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for ATS. This is calculated by dividing ATS's market cap by their current revenue.
What is ATS's PS Ratio?
PS Ratio	0.4x
Sales	€1.54b
Market Cap	€600.62m

ATS 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	1.5x
Enterprise Value/EBITDA	9.9x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does ATS's PS Ratio compare to its peers?

The above table shows the PS ratio for ATS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	3.7x
300843 Shenglan Technology	4.1x	n/a	CN¥5.0b
002876 Shenzhen Sunnypol OptoelectronicsLtd	2.1x	32.6%	CN¥5.1b
301051 Shenzhen Xinhao Photoelectricity Technology	3.2x	86.8%	CN¥5.6b
301086 Shenzhen hongfuhan Technology	5.6x	n/a	CN¥4.5b
ATS AT & S Austria Technologie & Systemtechnik	0.4x	20.1%	Kč600.6m

Price-To-Sales vs Peers: ATS is good value based on its Price-To-Sales Ratio (0.4x) compared to the peer average (3.7x).

Price to Sales Ratio vs Industry

How does ATS's PS Ratio compare vs other companies in the European Electronic Industry?

38 Companies	Price / Sales	Estimated Growth	Market Cap

38 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: ATS is good value based on its Price-To-Sales Ratio (0.4x) compared to the European Electronic industry average (0.9x).

Price to Sales Ratio vs Fair Ratio

What is ATS's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ATS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.4x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate ATS's Price-To-Sales 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?

The above table shows the analyst ATS 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	Kč392.60	Kč641.76 +63.5%	32.2%	Kč937.48	Kč380.06	n/a	7
Nov ’25	Kč423.60	Kč659.84 +55.8%	28.5%	Kč937.46	Kč380.05	n/a	7
Oct ’25	Kč519.00	Kč696.20 +34.1%	26.8%	Kč1,003.28	Kč476.56	n/a	7
Sep ’25	Kč447.00	Kč695.84 +55.7%	28.4%	Kč1,013.18	Kč430.60	n/a	7
Aug ’25	Kč480.60	Kč705.67 +46.8%	28.0%	Kč1,016.92	Kč432.19	n/a	7
Jul ’25	Kč545.00	Kč758.98 +39.3%	30.8%	Kč1,092.37	Kč422.05	n/a	7
Jun ’25	Kč533.50	Kč755.67 +41.6%	30.8%	Kč1,087.60	Kč420.21	n/a	7
May ’25	Kč526.50	Kč844.32 +60.4%	36.8%	Kč1,389.15	Kč429.37	n/a	7
Apr ’25	Kč449.00	Kč844.32 +88.0%	36.8%	Kč1,389.15	Kč429.37	n/a	7
Mar ’25	Kč480.00	Kč851.64 +77.4%	36.8%	Kč1,401.20	Kč433.10	n/a	7
Feb ’25	Kč545.00	Kč848.67 +55.7%	34.0%	Kč1,361.42	Kč420.80	n/a	7
Jan ’25	n/a	Kč1,120.05 0%	55.3%	Kč2,572.60	Kč588.02	n/a	7
Dec ’24	Kč608.00	Kč1,120.05 +84.2%	55.3%	Kč2,572.60	Kč588.02	n/a	7
Nov ’24	Kč573.00	Kč1,181.74 +106.2%	54.8%	Kč2,592.77	Kč592.63	Kč423.60	7
Oct ’24	Kč676.00	Kč1,211.36 +79.2%	55.2%	Kč2,535.40	Kč579.52	Kč519.00	6
Sep ’24	n/a	Kč1,211.36 0%	55.2%	Kč2,535.40	Kč579.52	Kč447.00	6
Aug ’24	Kč815.00	Kč1,133.20 +39.0%	60.2%	Kč2,496.20	Kč570.56	Kč480.60	6
Jul ’24	Kč770.00	Kč1,109.32 +44.1%	57.7%	Kč2,368.65	Kč568.48	Kč545.00	6
Jun ’24	Kč700.00	Kč1,109.32 +58.5%	57.7%	Kč2,368.65	Kč568.48	Kč533.50	6
May ’24	n/a	Kč1,001.42 0%	37.1%	Kč1,525.59	Kč563.30	Kč526.50	6
Apr ’24	n/a	Kč1,074.14 0%	42.5%	Kč1,851.70	Kč577.15	Kč449.00	6
Mar ’24	n/a	Kč1,257.49 0%	32.8%	Kč1,826.92	Kč569.43	Kč480.00	6
Feb ’24	Kč711.00	Kč1,335.20 +87.8%	28.2%	Kč1,830.46	Kč618.08	Kč545.00	6
Jan ’24	n/a	Kč1,549.07 0%	31.9%	Kč2,309.71	Kč680.76	n/a	7
Dec ’23	Kč844.00	Kč1,526.41 +80.9%	34.0%	Kč2,317.49	Kč683.05	Kč608.00	7
Nov ’23	n/a	Kč1,609.72 0%	28.6%	Kč2,332.17	Kč932.87	Kč573.00	7

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.