Axon Enterprise, Inc.

DB:TCS Stock Report

Market Cap: €46.4b

Axon Enterprise Valuation

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

Valuation Score

0/6

Valuation Score 0/6

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

Below Fair Value: TCS (€600.6) is trading above our estimate of fair value (€407.57)

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

Key Valuation Metric

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

Key metric: As TCS is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TCS. This is calculated by dividing TCS's market cap by their current revenue.
What is TCS's PS Ratio?
PS Ratio25x
SalesUS$1.94b
Market CapUS$48.57b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for TCS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.1x
RHM Rheinmetall
3x20.4%€26.4b
MTX MTU Aero Engines
2.4x8.9%€16.7b
5UH Hensoldt
2x13.2%€4.2b
OHB OHB
0.9x16.0%€894.4m
TCS Axon Enterprise
25x20.9%€48.6b

Price-To-Sales vs Peers: TCS is expensive based on its Price-To-Sales Ratio (25x) compared to the peer average (2.1x).

Price to Sales Ratio vs Industry

How does TCS's PS Ratio compare vs other companies in the European Aerospace & Defense Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
TCS 25.0xIndustry Avg. 1.6xNo. of Companies10PS01.22.43.64.86+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TCS is expensive based on its Price-To-Sales Ratio (25x) compared to the European Aerospace & Defense industry average (1.6x).

Price to Sales Ratio vs Fair Ratio

What is TCS'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.

TCS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio25x
Fair PS Ratio5.2x

Price-To-Sales vs Fair Ratio: TCS is expensive based on its Price-To-Sales Ratio (25x) compared to the estimated Fair Price-To-Sales Ratio (5.2x).

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 TCS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€600.60
€537.54
-10.5%
14.9%€715.50€367.29n/a13
Nov ’25€391.60
€396.73
+1.3%
12.9%€484.47€336.82n/a13
Oct ’25€360.70
€348.13
-3.5%
5.5%€388.51€302.67n/a13
Sep ’25€327.00
€346.21
+5.9%
4.4%€366.36€306.83n/a13
Aug ’25€275.60
€337.98
+22.6%
6.1%€365.76€292.61n/a13
Jul ’25€270.80
€342.04
+26.3%
6.5%€372.52€298.02n/a11
Jun ’25€256.80
€332.65
+29.5%
10.9%€371.88€235.75n/a12
May ’25€294.90
€307.14
+4.1%
11.2%€374.12€237.17n/a12
Apr ’25€291.50
€282.75
-3.0%
7.1%€309.98€231.87n/a12
Mar ’25€290.00
€285.34
-1.6%
7.1%€312.83€234.00n/a12
Feb ’25€229.50
€238.30
+3.8%
8.7%€270.69€212.36n/a12
Jan ’25€232.00
€224.79
-3.1%
3.8%€238.63€209.82n/a12
Dec ’24€209.50
€227.38
+8.5%
5.1%€247.46€205.44n/a12
Nov ’24€193.20
€222.75
+15.3%
3.5%€235.55€207.28€391.6012
Oct ’24€187.60
€217.52
+15.9%
3.4%€230.50€202.84€360.7012
Sep ’24€196.60
€217.52
+10.6%
3.4%€230.50€202.84€327.0012
Aug ’24€168.00
€219.09
+30.4%
5.1%€240.54€201.98€275.6011
Jul ’24€178.20
€219.09
+22.9%
5.1%€240.54€201.98€270.8011
Jun ’24€179.20
€225.65
+25.9%
4.5%€245.15€208.66€256.8011
May ’24€190.80
€222.24
+16.5%
8.6%€273.69€203.44€294.9011
Apr ’24€204.05
€218.40
+7.0%
4.6%€242.46€205.58€291.5010
Mar ’24€201.50
€218.34
+8.4%
3.2%€226.97€208.21€290.0010
Feb ’24€177.96
€179.41
+0.8%
14.0%€218.47€141.10€229.5011
Jan ’24€152.96
€173.16
+13.2%
11.5%€209.87€143.05€232.0011
Dec ’23€169.00
€178.80
+5.8%
13.7%€222.75€129.86€209.5011
Nov ’23€143.94
€155.50
+8.0%
18.4%€223.07€120.04€193.2011

Analyst Forecast: Target price is lower than the current share price.

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