Binect Valuation

Is MA10 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 MA10 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MA10 (€1.81) is trading above our estimate of fair value (€0.46)

Significantly Below Fair Value: MA10 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MA10?

Key metric: As MA10 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for MA10. This is calculated by dividing MA10's market cap by their current revenue.
What is MA10's PS Ratio?
PS Ratio	0.3x
Sales	€17.58m
Market Cap	€6.01m

MA10 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	0.3x
Enterprise Value/EBITDA	21x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does MA10's PS Ratio compare to its peers?

The above table shows the PS ratio for MA10 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	25.7x
HRU Horus	28x	n/a	€5.3m
XE8 Black Sea Property	4.5x	n/a	€7.4m
14D tokentus investment	54.1x	n/a	€6.2m
6MP Murphy & Spitz Green Capital	16.2x	n/a	€6.1m
MA10 Binect	0.3x	9.7%	€6.0m

Price-To-Sales vs Peers: MA10 is good value based on its Price-To-Sales Ratio (0.3x) compared to the peer average (25.7x).

Price to Sales Ratio vs Industry

How does MA10's PS Ratio compare vs other companies in the DE Capital Markets Industry?

23 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	2.8x	0.7%
MA10 Binect	0.3x	9.7%	US$6.30m
MLP MLP	0.6x	2.3%	US$672.51m
MUX Mutares SE KGaA	0.09x	10.5%	US$508.01m

23 Companies		Estimated Growth	Market Cap
Industry Avg.	2.8x	9.1%
MA10 Binect	0.3x	67.3%	US$6.30m

No more companies

Price-To-Sales vs Industry: MA10 is good value based on its Price-To-Sales Ratio (0.3x) compared to the German Capital Markets industry average (2.8x).

Price to Sales Ratio vs Fair Ratio

What is MA10'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.

MA10 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.3x
Fair PS Ratio	0.5x

Price-To-Sales vs Fair Ratio: MA10 is good value based on its Price-To-Sales Ratio (0.3x) compared to the estimated Fair Price-To-Sales Ratio (0.5x).

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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