Flow Capital Valuation

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

2WEA (€0.47) is trading below our estimate of [[fair value]] (€1.72)

Is 2WEA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: 2WEA (€0.47) is trading below our estimate of fair value (€1.72)

Significantly Below Fair Value: 2WEA is trading below fair value by more than 20%.

Key Valuation Metric

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

Key metric: As 2WEA is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2WEA. This is calculated by dividing 2WEA's market cap by their current revenue.
What is 2WEA's PS Ratio?
PS Ratio	3.8x
Sales	CA$5.81m
Market Cap	CA$22.15m

2WEA 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	6.4x
Enterprise Value/EBITDA	14x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for 2WEA 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	8.1x
IPOK Heidelberger Beteiligungsholding	11x	n/a	€24.0m
ECF Mountain Alliance	3.3x	n/a	€19.3m
SCI SCI	2.1x	n/a	€8.2m
RMO RM Rheiner Management	15.9x	n/a	€7.3m
2WEA Flow Capital	3.8x	n/a	€22.1m

Price-To-Sales vs Peers: 2WEA is good value based on its Price-To-Sales Ratio (3.8x) compared to the peer average (8.1x).

Price to Sales Ratio vs Industry

How does 2WEA'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$677.33m
MUX Mutares SE KGaA	0.09x	10.5%	US$522.69m
AR4 AURELIUS Equity Opportunities SE KGaA	0.2x	0.01%	US$500.05m
AR4 AURELIUS Equity Opportunities SE KGaA	0.1x	n/a	US$411.59m

22 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 2WEA is expensive based on its Price-To-Sales Ratio (3.8x) compared to the German Capital Markets industry average (2.8x).

Price to Sales Ratio vs Fair Ratio

What is 2WEA'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.

2WEA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	3.8x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 2WEA's Price-To-Sales Fair Ratio for valuation analysis.

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.

Discover undervalued companies

Yeahka

HK$4.3b

An investment holding company, provides payment and business services to merchants and consumers in the People’s Republic of China.

4YE

HK$1.21

-5.5%

-23.4%

ORIX

JP¥3.7t

Provides diversified financial services in Japan, the United States, Asia, Europe, Australasia, and the Middle East.

OIX

JP¥20.40

3.0%

23.6%

Amundi

€12.3b

Amundi is a publically owned investment manager.

ANI

€64.10

-4.8%

16.1%