Teqnion Valuation

Q: What is the Fair Price of M45 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

M45 (€17.86) is trading below our estimate of [[fair value]] (€28.04)

Is M45 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 M45 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: M45 (€17.86) is trading below our estimate of fair value (€28.04)

Significantly Below Fair Value: M45 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for M45?

Key metric: As M45 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for M45. This is calculated by dividing M45's market cap by their current earnings.
What is M45's PE Ratio?
PE Ratio	28.5x
Earnings	SEK 118.70m
Market Cap	SEK 3.39b

M45 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	2.4x
Enterprise Value/EBITDA	21.4x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does M45's PE Ratio compare to its peers?

The above table shows the PE ratio for M45 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	5x
HMU HMS Bergbau	10.4x	8.0%	€131.8m
NWX Nordwest Handel	6.2x	n/a	€67.3m
ETE Ekotechnika	0.9x	n/a	€25.7m
0EK2 Ekotechnika	2.3x	n/a	€21.4m
M45 Teqnion	28.5x	n/a	€3.4b

Price-To-Earnings vs Peers: M45 is expensive based on its Price-To-Earnings Ratio (28.5x) compared to the peer average (5.5x).

Price to Earnings Ratio vs Industry

How does M45's PE Ratio compare vs other companies in the European Trade Distributors Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: M45 is expensive based on its Price-To-Earnings Ratio (28.5x) compared to the European Trade Distributors industry average (15.5x).

Price to Earnings Ratio vs Fair Ratio

What is M45'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.

M45 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	28.5x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate M45's Price-To-Earnings 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?

Analyst Forecast: Insufficient data to show price forecast.

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