Manolete Partners Valuation

Q: What is the Fair Price of 2BE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

2BE (€0.96) is trading above our estimate of [[fair value]] (€0.05)

Is 2BE 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 2BE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2BE (€0.96) is trading above our estimate of fair value (€0.05)

Significantly Below Fair Value: 2BE is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2BE?

Key metric: As 2BE is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2BE. This is calculated by dividing 2BE's market cap by their current revenue.
What is 2BE's PS Ratio?
PS Ratio	1.3x
Sales	UK£29.47m
Market Cap	UK£39.39m

2BE 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	0.8x
Enterprise Value/EBITDA	n/a
PEG Ratio	7.6x

Price to Sales Ratio vs Peers

How does 2BE's PS Ratio compare to its peers?

The above table shows the PS ratio for 2BE 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
CPX capsensixx	0.3x	n/a	€49.6m
B7E Blue Cap	0.3x	2.1%	€71.4m
CAG0 Clere	1.8x	n/a	€91.9m
ADC AdCapital	0.2x	n/a	€31.2m
2BE Manolete Partners	1.3x	12.6%	€39.4m

Price-To-Sales vs Peers: 2BE is expensive based on its Price-To-Sales Ratio (1.3x) compared to the peer average (0.7x).

Price to Sales Ratio vs Industry

How does 2BE's PS Ratio compare vs other companies in the DE Capital Markets Industry?

21 Companies	Price / Sales	Estimated Growth	Market Cap
MLP MLP	0.6x	2.3%	US$675.46m
MUX Mutares SE KGaA	0.1x	10.5%	US$543.56m
AR4 AURELIUS Equity Opportunities SE KGaA	0.2x	0.01%	US$500.05m
AR40 AURELIUS Equity Opportunities SE KGaA	0.1x	n/a	US$408.64m

21 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 2BE is good value based on its Price-To-Sales Ratio (1.3x) compared to the German Capital Markets industry average (2.4x).

Price to Sales Ratio vs Fair Ratio

What is 2BE'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.

2BE PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.3x
Fair PS Ratio	1x

Price-To-Sales vs Fair Ratio: 2BE is expensive based on its Price-To-Sales Ratio (1.3x) compared to the estimated Fair Price-To-Sales Ratio (1x).

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.