Sino Valuation

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

XTP (€64) is trading below our estimate of [[fair value]] (€211.87)

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

Below Fair Value: XTP (€64) is trading below our estimate of fair value (€211.87)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for XTP. This is calculated by dividing XTP's market cap by their current revenue.
What is XTP's PS Ratio?
PS Ratio	26.9x
Sales	€5.42m
Market Cap	€146.09m

XTP 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	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for XTP 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	13.4x
LUS1 Lang & Schwarz	0.3x	n/a	€180.7m
EUX EUWAX	4.9x	n/a	€197.8m
BWB Baader Bank	0.6x	n/a	€201.0m
ADE Bitcoin Group	47.7x	n/a	€302.0m
XTP Sino	26.9x	8.4%	€146.1m

Price-To-Sales vs Peers: XTP is expensive based on its Price-To-Sales Ratio (26.9x) compared to the peer average (13.4x).

Price to Sales Ratio vs Industry

How does XTP's PS Ratio compare vs other companies in the DE Capital Markets Industry?

22 Companies	Price / Sales	Estimated Growth	Market Cap
MLP MLP	0.6x	2.3%	US$669.24m
MUX Mutares SE KGaA	0.09x	10.5%	US$504.68m
AR4 AURELIUS Equity Opportunities SE KGaA	0.2x	0.01%	US$500.05m
AR4 AURELIUS Equity Opportunities SE KGaA	0.1x	n/a	US$406.78m

22 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: XTP is expensive based on its Price-To-Sales Ratio (26.9x) compared to the German Capital Markets industry average (2.8x).

Price to Sales Ratio vs Fair Ratio

What is XTP'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.

XTP PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	26.9x
Fair PS Ratio	2.4x

Price-To-Sales vs Fair Ratio: XTP is expensive based on its Price-To-Sales Ratio (26.9x) compared to the estimated Fair Price-To-Sales Ratio (2.4x).

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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