Marley Spoon Group Valuation

Q: What is the Fair Price of MS1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

MS1 (€0.7) is trading below our estimate of [[fair value]] (€22.01)

Is MS1 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

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 MS1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MS1 (€0.7) is trading below our estimate of fair value (€22.01)

Significantly Below Fair Value: MS1 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MS1?

Key metric: As MS1 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for MS1. This is calculated by dividing MS1's market cap by their current revenue.
What is MS1's PS Ratio?
PS Ratio	0.07x
Sales	€177.43m
Market Cap	€12.84m

MS1 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	0.5x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does MS1's PS Ratio compare to its peers?

The above table shows the PS ratio for MS1 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	0.7x
RGB Regenbogen	0.7x	n/a	€16.1m
EAD Erlebnis Akademie	0.4x	2.6%	€9.3m
ACX bet-at-home.com	0.4x	9.0%	€17.4m
NHB0 Nebelhornbahn-Aktiengesellschaft	1.5x	n/a	€22.2m
MS1 Marley Spoon Group	0.07x	10.0%	€12.8m

Price-To-Sales vs Peers: MS1 is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (0.7x).

Price to Sales Ratio vs Industry

How does MS1's PS Ratio compare vs other companies in the DE Hospitality Industry?

2 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	1.0x	9.6%
MS1 Marley Spoon Group	0.07x	10.0%	US$13.60m
9UX Hostmore	0.0006x	n/a	US$138.43k

No more companies available in this PS range

2 Companies		Estimated Growth	Market Cap
Industry Avg.	1.0x	81.7%
MS1 Marley Spoon Group	0.07x	43.7%	US$13.60m

No more companies

Price-To-Sales vs Industry: MS1 is good value based on its Price-To-Sales Ratio (0.1x) compared to the European Hospitality industry average (1x).

Price to Sales Ratio vs Fair Ratio

What is MS1'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.

MS1 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.07x
Fair PS Ratio	0.3x

Price-To-Sales vs Fair Ratio: MS1 is good value based on its Price-To-Sales Ratio (0.1x) compared to the estimated Fair Price-To-Sales Ratio (0.3x).

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 MS1 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	€0.69	€3.82 +449.2%	23.0%	€4.90	€2.75	n/a	3
Nov ’25	€0.81	€5.10 +529.6%	27.5%	€6.50	€3.70	n/a	2
Oct ’25	€1.14	€5.10 +347.4%	27.5%	€6.50	€3.70	n/a	2
Sep ’25	€1.28	€5.10 +298.4%	27.5%	€6.50	€3.70	n/a	2
Aug ’25	€1.31	€6.30 +380.9%	3.2%	€6.50	€6.10	n/a	2
Jul ’25	€1.57	€6.30 +301.3%	3.2%	€6.50	€6.10	n/a	2
Jun ’25	€1.88	€6.30 +235.1%	3.2%	€6.50	€6.10	n/a	2
May ’25	€2.80	€6.40 +128.6%	1.6%	€6.50	€6.30	n/a	2
Apr ’25	€3.70	€6.35 +71.6%	2.4%	€6.50	€6.20	n/a	2
Mar ’25	€3.30	€6.35 +92.4%	2.4%	€6.50	€6.20	n/a	2
Feb ’25	€2.32	€6.35 +173.7%	2.4%	€6.50	€6.20	n/a	2
Jan ’25	€2.46	€8.50 +245.5%	23.5%	€10.50	€6.50	n/a	2
Dec ’24	€3.42	€8.50 +148.5%	23.5%	€10.50	€6.50	n/a	2

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.