Full House Resorts Valuation

Is F4L 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 F4L when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: F4L (€4.48) is trading below our estimate of fair value (€38.17)

Significantly Below Fair Value: F4L is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for F4L?

Key metric: As F4L is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for F4L. This is calculated by dividing F4L's market cap by their current revenue.
What is F4L's PS Ratio?
PS Ratio	0.6x
Sales	US$279.13m
Market Cap	US$173.02m

F4L 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	18.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does F4L's PS Ratio compare to its peers?

The above table shows the PS ratio for F4L 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	2.3x
TIMA ZEAL Network	6.3x	12.9%	€944.3m
EMH pferdewetten.de	1.3x	27.1%	€26.8m
ACX bet-at-home.com	0.4x	9.0%	€17.8m
HTG HomeToGo	1.2x	13.6%	€247.6m
F4L Full House Resorts	0.6x	11.6%	€173.0m

Price-To-Sales vs Peers: F4L is good value based on its Price-To-Sales Ratio (0.6x) compared to the peer average (2.3x).

Price to Sales Ratio vs Industry

How does F4L's PS Ratio compare vs other companies in the DE Hospitality Industry?

2 Companies	Price / Sales	Estimated Growth	Market Cap
MS1 Marley Spoon Group	0.08x	10.0%	US$14.42m
9UX Hostmore	0.0006x	n/a	US$138.43k

No more companies available in this PS range

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: F4L is good value based on its Price-To-Sales Ratio (0.6x) compared to the European Hospitality industry average (1x).

Price to Sales Ratio vs Fair Ratio

What is F4L'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.

F4L PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.6x
Fair PS Ratio	0.8x

Price-To-Sales vs Fair Ratio: F4L is good value based on its Price-To-Sales Ratio (0.6x) compared to the estimated Fair Price-To-Sales Ratio (0.8x).

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 F4L 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	€4.48	€5.70 +27.1%	19.8%	€7.41	€4.40	n/a	5
Nov ’25	€4.54	€6.25 +37.7%	19.5%	€8.27	€4.60	n/a	5
Oct ’25	€4.38	€6.23 +42.2%	19.5%	€8.24	€4.58	n/a	5
Sep ’25	€4.30	€6.23 +44.8%	19.5%	€8.24	€4.58	n/a	5
Aug ’25	€5.05	€6.30 +24.8%	19.5%	€8.34	€4.63	n/a	5
Jul ’25	€4.52	€6.16 +36.3%	20.6%	€8.40	€4.67	n/a	5
Jun ’25	€4.52	€6.08 +34.4%	20.6%	€8.29	€4.60	n/a	5
May ’25	€4.88	€6.15 +26.1%	20.6%	€8.39	€4.66	n/a	5
Apr ’25	€5.25	€5.52 +5.2%	11.8%	€6.44	€4.60	n/a	4
Mar ’25	€4.64	€6.44 +38.8%	26.7%	€9.20	€4.60	n/a	4
Feb ’25	€4.30	€6.44 +49.8%	26.7%	€9.20	€4.60	n/a	4
Jan ’25	€5.00	€6.79 +35.8%	24.0%	€9.05	€4.53	n/a	4
Dec ’24	€4.52	€7.03 +55.6%	24.0%	€9.38	€4.69	n/a	4
Nov ’24	€3.48	€7.79 +123.8%	23.3%	€9.44	€4.72	€4.54	4
Oct ’24	€4.10	€8.55 +108.6%	21.0%	€10.34	€5.17	€4.38	5
Sep ’24	€4.38	€8.90 +103.3%	22.0%	€10.10	€5.05	€4.30	5
Aug ’24	€5.75	€11.49 +99.8%	6.3%	€11.85	€10.03	€5.05	5
Jul ’24	€5.85	€12.01 +105.3%	7.0%	€13.10	€10.29	€4.52	6
Jun ’24	€6.55	€12.01 +83.3%	7.0%	€13.10	€10.29	€4.52	6
May ’24	€6.15	€12.16 +97.8%	3.5%	€12.77	€11.86	€4.88	6
Apr ’24	n/a	€12.80 0%	3.7%	€13.27	€12.33	€5.25	6
Mar ’24	n/a	€12.43 0%	5.6%	€13.05	€11.19	€4.64	6
Feb ’24	n/a	€11.74 0%	10.9%	€12.97	€9.27	€4.30	6
Jan ’24	n/a	€11.43 0%	12.0%	€13.12	€9.37	€5.00	5
Dec ’23	n/a	€11.91 0%	13.2%	€13.90	€9.93	€4.52	4
Nov ’23	n/a	€13.35 0%	18.8%	€17.46	€11.30	€3.48	4

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.