Mutares SE & Co. KGaA

MUN:MUX Stock Report

Market Cap: €460.1m

Mutares SE KGaA Valuation

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

Valuation Score

6/6

Valuation Score 6/6

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

Below Fair Value: MUX (€22.15) is trading below our estimate of fair value (€218.71)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for MUX. This is calculated by dividing MUX's market cap by their current revenue.
What is MUX's PS Ratio?
PS Ratio0.09x
Sales€5.21b
Market Cap€460.09m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for MUX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.6x
MLP MLP
0.7x2.8%€654.7m
AR4 AURELIUS Equity Opportunities SE KGaA
0.1xn/a€384.2m
HXCK Ernst Russ
1x-6.3%€191.4m
O4B OVB Holding
0.7x3.5%€279.3m
MUX Mutares SE KGaA
0.09x10.5%€460.1m

Price-To-Sales vs Peers: MUX is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (0.6x).

Price to Sales Ratio vs Industry

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

24 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.2.8x0.9%
MUX Mutares SE KGaA
 0.09x10.5%US$483.70m
MLP MLP
0.7x2.8%US$688.28m
AR4 AURELIUS Equity Opportunities SE KGaA
0.2x0.01%US$500.05m
MUX 0.1xIndustry Avg. 2.8xNo. of Companies23PS048121620+
24 CompaniesEstimated GrowthMarket Cap
Industry Avg.2.8x9.2%
MUX Mutares SE KGaA
 0.09x-45.5%US$483.70m
No more companies

Price-To-Sales vs Industry: MUX is good value based on its Price-To-Sales Ratio (0.1x) compared to the German Capital Markets industry average (2.3x).

Price to Sales Ratio vs Fair Ratio

What is MUX'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.

MUX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.09x
Fair PS Ratio1.8x

Price-To-Sales vs Fair Ratio: MUX is good value based on its Price-To-Sales Ratio (0.1x) compared to the estimated Fair Price-To-Sales Ratio (1.8x).

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 MUX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€22.15
€43.70
+97.3%
13.6%€50.00€36.00n/a5
Nov ’25€25.25
€43.70
+73.1%
13.6%€50.00€36.00n/a5
Oct ’25€21.15
€46.10
+118.0%
10.0%€50.00€37.00n/a5
Sep ’25n/a
€46.10
0%
10.0%€50.00€37.00n/a5
Aug ’25€32.25
€44.70
+38.6%
16.6%€50.00€30.00n/a5
Jul ’25€34.50
€44.70
+29.6%
16.6%€50.00€30.00n/a5
Jun ’25€41.35
€43.38
+4.9%
17.8%€48.00€30.00n/a4
May ’25€42.20
€40.70
-3.6%
17.8%€47.50€30.00n/a5
Apr ’25€35.50
€39.28
+10.6%
16.5%€46.40€30.00n/a5
Mar ’25€34.75
€39.28
+13.0%
16.5%€46.40€30.00n/a5
Feb ’25€38.20
€39.28
+2.8%
16.5%€46.40€30.00n/a5
Jan ’25€35.30
€38.48
+9.0%
17.1%€46.40€30.00n/a5
Dec ’24€31.95
€38.48
+20.4%
17.1%€46.40€30.00n/a5
Nov ’24€28.65
€33.60
+17.3%
8.5%€38.00€30.00€25.255
Oct ’24€27.65
€33.60
+21.5%
8.5%€38.00€30.00€21.155
Sep ’24€21.90
€33.60
+53.4%
8.5%€38.00€30.00n/a5
Aug ’24€21.80
€33.40
+53.2%
7.7%€37.00€30.00€32.255
Jul ’24n/a
€34.00
0%
7.5%€37.00€30.00€34.504
Jun ’24€23.70
€34.00
+43.5%
7.5%€37.00€30.00€41.354
May ’24n/a
€31.00
0%
15.3%€37.00€24.00€42.204
Apr ’24€19.48
€31.00
+59.1%
15.3%€37.00€24.00€35.504
Mar ’24n/a
€31.00
0%
15.3%€37.00€24.00€34.754
Feb ’24€20.55
€31.00
+50.9%
15.3%€37.00€24.00€38.204
Jan ’24€17.88
€31.00
+73.4%
15.3%€37.00€24.00€35.304
Dec ’23n/a
€30.33
0%
17.5%€37.00€24.00€31.953
Nov ’23n/a
€30.88
0%
16.0%€37.00€23.50€28.654

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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