va-Q-tec (XTRA:VQT) - Share price, News & Analysis

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

VQT (€12.74) is trading above our estimate of [[fair value]] (€10.74)

VQT fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	4/6
Past Performance	1/6
Financial Health	1/6
Dividends	0/6

VQT Stock Overview

va-Q-tec AG develops, produces, and markets vacuum insulation panels and phase change materials in Germany, rest of European Union, and internationally.

Rewards

Earnings are forecast to grow 62.48% per year

Earnings have grown 26.1% per year over the past 5 years

Risk Analysis

Interest payments are not well covered by earnings

High level of non-cash earnings

Shareholders have been diluted in the past year

va-Q-tec Competitors

Ringmetall

XTRA:HP3A

€139.5m

SLM Solutions Group

XTRA:AM3D

€224.7m

technotrans

XTRA:TTR1

€183.7m

MAX Automation

XTRA:MXHN

€176.5m

Price History & Performance

Summary of all time highs, changes and price drops for va-Q-tec
Historical stock prices
Current Share Price	€12.74
52 Week High	€32.85
52 Week Low	€12.24
Beta	2.42
1 Month Change	-11.77%
3 Month Change	-42.09%
1 Year Change	-58.30%
3 Year Change	49.88%
5 Year Change	-38.16%
Change since IPO	-12.14%

Recent News & Updates

Mar 17

We Think va-Q-tec (ETR:VQT) Is Taking Some Risk With Its Debt

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Shareholder Returns

	VQT	DE Machinery	DE Market
7D	-1.5%	-1.5%	-0.5%
1Y	-58.3%	-32.1%	-21.1%

Return vs Industry: VQT underperformed the German Machinery industry which returned -34.1% over the past year.

Return vs Market: VQT underperformed the German Market which returned -22% over the past year.

Price Volatility

Is VQT's price volatile compared to industry and market?
VQT volatility
VQT Average Weekly Movement	6.7%
Machinery Industry Average Movement	5.3%
Market Average Movement	5.6%
10% most volatile stocks in DE Market	10.2%
10% least volatile stocks in DE Market	2.9%

Stable Share Price: VQT is not significantly more volatile than the rest of German stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: VQT's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2001	597	Joachim Kuhn	https://www.va-q-tec.com

va-Q-tec AG develops, produces, and markets vacuum insulation panels and phase change materials in Germany, rest of European Union, and internationally. It also manufactures and distributes thermal packaging solutions and thermal energy storage components. The company supplies temperature controlled supply chain systems for healthcare and logistics companies; insulation of refrigeration/freezing equipment and food containers to appliance and food companies; insulating water boilers, pipelines, laboratory equipment, and ultra-low temperature refrigeration units for technics and industry; building insulation solutions for facades, roofs, and floors; and insulation in refrigeration trucks, cars, trains, and aircraft.

va-Q-tec Fundamentals Summary

How do va-Q-tec's earnings and revenue compare to its market cap?
VQT fundamental statistics
Market Cap	€170.73m
Earnings (TTM)	€182.00k
Revenue (TTM)	€119.26m

938.1x

P/E Ratio

1.4x

P/S Ratio

Is VQT overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
VQT income statement (TTM)
Revenue	€119.26m
Cost of Revenue	€51.97m
Gross Profit	€67.29m
Other Expenses	€67.11m
Earnings	€182.00k

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 11, 2022

Earnings per share (EPS)	0.014
Gross Margin	56.42%
Net Profit Margin	0.15%
Debt/Equity Ratio	121.4%

How did VQT perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is VQT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for VQT. This is calculated by dividing VQT's market cap by their current preferred multiple.
What is VQT's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€170.73m

VQT 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	1.9x
Enterprise Value/EBITDA	27.3x
PEG Ratio	15x

Price to Sales Ratio vs Peers

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

VQT PS Ratio vs Peers

The above table shows the PS ratio for VQT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	1.2x
HP3A Ringmetall	0.8x	4.6%	€139.5m
AM3D SLM Solutions Group	2.7x	25.7%	€224.7m
TTR1 technotrans	0.9x	6.5%	€183.7m
MXHN MAX Automation	0.5x	3.1%	€176.5m
VQT va-Q-tec	1.4x	9.3%	€170.7m

Forward PS

Price-To-Sales vs Peers: VQT is expensive based on its Price-To-Sales Ratio (1.4x) compared to the peer average (1.2x).

Price to Earnings Ratio vs Industry

How does VQT's PE Ratio compare vs other companies in the DE Machinery Industry?

Price-To-Sales vs Industry: VQT is expensive based on its Price-To-Sales Ratio (1.4x) compared to the German Machinery industry average (0.8x)

Price to Sales Ratio vs Fair Ratio

What is VQT'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.

VQT PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.4x
Fair PS Ratio	1.3x

Price-To-Sales vs Fair Ratio: VQT is expensive based on its Price-To-Sales Ratio (1.4x) compared to the estimated Fair Price-To-Sales Ratio (1.3x).

Share Price vs Fair Value

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

Below Fair Value: VQT (€12.74) is trading above our estimate of fair value (€10.74)

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

Price to Earnings Growth Ratio

PEG Ratio: VQT is poor value based on its PEG Ratio (15x)

Discover undervalued companies

Future Growth

How is va-Q-tec forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

62.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: VQT's forecast earnings growth (62.5% per year) is above the savings rate (-0.05%).

Earnings vs Market: VQT's earnings (62.5% per year) are forecast to grow faster than the German market (8.3% per year).

High Growth Earnings: VQT's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: VQT's revenue (9.3% per year) is forecast to grow faster than the German market (4.8% per year).

High Growth Revenue: VQT's revenue (9.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: VQT's Return on Equity is forecast to be low in 3 years time (14.1%).

Discover growth companies

Past Performance

How has va-Q-tec performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

26.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: VQT has a high level of non-cash earnings.

Growing Profit Margin: VQT's current net profit margins (0.2%) are lower than last year (0.2%).

Past Earnings Growth Analysis

Earnings Trend: VQT has become profitable over the past 5 years, growing earnings by 26.1% per year.

Accelerating Growth: VQT's earnings growth over the past year (19%) is below its 5-year average (26.1% per year).

Earnings vs Industry: VQT earnings growth over the past year (19%) underperformed the Machinery industry 82.5%.

Return on Equity

High ROE: VQT's Return on Equity (0.4%) is considered low.

Discover strong past performing companies

Financial Health

How is va-Q-tec's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: VQT's short term assets (€48.2M) exceed its short term liabilities (€36.6M).

Long Term Liabilities: VQT's short term assets (€48.2M) do not cover its long term liabilities (€57.3M).

Debt to Equity History and Analysis

Debt Level: VQT's net debt to equity ratio (101.6%) is considered high.

Reducing Debt: VQT's debt to equity ratio has increased from 7.1% to 121.4% over the past 5 years.

Debt Coverage: VQT's debt is not well covered by operating cash flow (6.7%).

Interest Coverage: VQT's interest payments on its debt are not well covered by EBIT (0.2x coverage).

Balance Sheet

Discover healthy companies

Dividend

What is va-Q-tec current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate VQT's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate VQT's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if VQT's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if VQT's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as VQT has not reported any payouts.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

5.4yrs

Average management tenure

CEO

Joachim Kuhn (57 yo)

22.42yrs

Tenure

Dr. Joachim Kuhn Founder of va-Q-tec AG and has been its Chief Executive Officer since 2001. Dr. Kuhn has been Consultant of va-Q-tec AG since 2015. Dr. Kuhn serves as the Chairman of Management Board at v...

Leadership Team

Experienced Management: VQT's management team is seasoned and experienced (5.4 years average tenure).

Board Members

Experienced Board: VQT's board of directors are considered experienced (8 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.5%.

Data	Last Updated (UTC time)
Company Analysis	2022/06/27 00:00
End of Day Share Price	2022/06/27 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31