RedFish LongTerm Capital Valuation

Q: What is the Fair Price of HN5 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

HN5 (€1.18) is trading below our estimate of [[fair value]] (€1.22)

Is HN5 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

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 HN5 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HN5 (€1.18) is trading below our estimate of fair value (€1.22)

Significantly Below Fair Value: HN5 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HN5?

Key metric: As HN5 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for HN5. This is calculated by dividing HN5's market cap by their current revenue.
What is HN5's PS Ratio?
PS Ratio	0.9x
Sales	€35.01m
Market Cap	€31.58m

HN5 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	2.1x
Enterprise Value/EBITDA	74.9x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does HN5's PS Ratio compare to its peers?

The above table shows the PS ratio for HN5 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	6.5x
ADC AdCapital	0.2x	n/a	€31.2m
PEH PEH Wertpapier	0.2x	n/a	€34.3m
GBQ GBK Beteiligungen	14.5x	n/a	€35.4m
IPOK Heidelberger Beteiligungsholding	11x	n/a	€24.0m
HN5 RedFish LongTerm Capital	0.9x	n/a	€31.6m

Price-To-Sales vs Peers: HN5 is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (6.5x).

Price to Sales Ratio vs Industry

How does HN5's PS Ratio compare vs other companies in the DE Capital Markets Industry?

23 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	2.9x	0.7%
HN5 RedFish LongTerm Capital	0.9x	n/a	US$33.36m
MLP MLP	0.6x	2.3%	US$677.33m
MUX Mutares SE KGaA	0.09x	10.5%	US$522.69m

23 Companies		Estimated Growth	Market Cap
Industry Avg.	2.9x	9.4%
HN5 RedFish LongTerm Capital	0.9x	n/a	US$33.36m

No more companies

Price-To-Sales vs Industry: HN5 is good value based on its Price-To-Sales Ratio (0.9x) compared to the German Capital Markets industry average (2.8x).

Price to Sales Ratio vs Fair Ratio

What is HN5'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.

HN5 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.9x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate HN5'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?

The above table shows the analyst HN5 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	€1.18	€2.43 +105.7%	3.9%	€2.53	€2.30	n/a	3
Nov ’25	€1.22	€2.43 +98.9%	3.9%	€2.53	€2.30	n/a	3
Oct ’25	€1.25	€2.58 +106.7%	9.9%	€2.92	€2.30	n/a	3
Sep ’25	€1.23	€2.58 +110.0%	9.9%	€2.92	€2.30	n/a	3
Aug ’25	€1.25	€2.63 +110.1%	9.7%	€2.92	€2.30	n/a	3
Jul ’25	€1.26	€2.63 +108.5%	9.7%	€2.92	€2.30	n/a	3
Jun ’25	n/a	€2.63 0%	9.7%	€2.92	€2.30	n/a	3
May ’25	n/a	€2.53 0%	5.1%	€2.66	€2.40	n/a	2
Apr ’25	n/a	€2.38 0%	1.1%	€2.40	€2.35	n/a	2
Mar ’25	n/a	€2.38 0%	1.1%	€2.40	€2.35	n/a	2

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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