Oxford Square Capital Valuation

Q: What is the Fair Price of 22T when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

22T (€2.61) is trading above our estimate of [[fair value]] (€0.07)

Is 22T undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

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 22T when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 22T (€2.61) is trading above our estimate of fair value (€0.07)

Significantly Below Fair Value: 22T is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 22T?

Key metric: As 22T is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 22T. This is calculated by dividing 22T's market cap by their current revenue.
What is 22T's PS Ratio?
PS Ratio	4.2x
Sales	US$44.79m
Market Cap	US$190.10m

22T 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	6x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 22T's PS Ratio compare to its peers?

The above table shows the PS ratio for 22T 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	5.2x
QB7 Quirin Privatbank	2.1x	n/a	€167.6m
SRAG Samara Asset Group	11.2x	n/a	€110.2m
MPCK MPC Münchmeyer Petersen Capital	4.7x	6.2%	€199.2m
B8A BAVARIA Industries Group	2.7x	n/a	€415.8m
22T Oxford Square Capital	4.2x	-9.3%	€190.1m

Price-To-Sales vs Peers: 22T is good value based on its Price-To-Sales Ratio (4.2x) compared to the peer average (5.2x).

Price to Sales Ratio vs Industry

How does 22T's PS Ratio compare vs other companies in the DE Capital Markets Industry?

23 Companies	Price / Sales	Estimated Growth	Market Cap
MLP MLP	0.7x	2.8%	US$688.28m
AR4 AURELIUS Equity Opportunities SE KGaA	0.2x	0.01%	US$500.05m
MUX Mutares SE KGaA	0.09x	10.5%	US$483.70m
AR4 AURELIUS Equity Opportunities SE KGaA	0.1x	n/a	US$405.01m

23 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 22T is expensive based on its Price-To-Sales Ratio (4.2x) compared to the German Capital Markets industry average (2.8x).

Price to Sales Ratio vs Fair Ratio

What is 22T'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.

22T PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	4.2x
Fair PS Ratio	2.3x

Price-To-Sales vs Fair Ratio: 22T is expensive based on its Price-To-Sales Ratio (4.2x) compared to the estimated Fair Price-To-Sales Ratio (2.3x).

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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