Voestalpine AG

XTRA:VAS Stock Report

Market Cap: €3.1b

Voestalpine Valuation

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: VAS (€18.5) is trading below our estimate of fair value (€23.68)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for VAS. This is calculated by dividing VAS's market cap by their current revenue.
What is VAS's PS Ratio?
PS Ratio0.2x
Sales€16.21b
Market Cap€3.14b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for VAS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.2x
TKA thyssenkrupp
0.07x1.1%€2.4b
SZG Salzgitter
0.09x2.1%€887.0m
NDA Aurubis
0.2x4.2%€3.3b
WCH Wacker Chemie
0.6x5.2%€3.5b
VAS Voestalpine
0.2x0.4%€3.1b

Price-To-Sales vs Peers: VAS is good value based on its Price-To-Sales Ratio (0.2x) compared to the peer average (0.2x).

Price to Sales Ratio vs Industry

How does VAS's PS Ratio compare vs other companies in the European Metals and Mining Industry?

36 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.0.7x1.9%
VAS Voestalpine
 0.2x0.4%US$3.31b
VAS 0.2xIndustry Avg. 0.7xNo. of Companies35PS00.81.62.43.24+
36 CompaniesEstimated GrowthMarket Cap
Industry Avg.0.7x28.5%
VAS Voestalpine
 0.2x61.2%US$3.31b
No more companies

Price-To-Sales vs Industry: VAS is good value based on its Price-To-Sales Ratio (0.2x) compared to the European Metals and Mining industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

What is VAS'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.

VAS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.2x
Fair PS Ratio0.3x

Price-To-Sales vs Fair Ratio: VAS is good value based on its Price-To-Sales Ratio (0.2x) compared to the estimated Fair Price-To-Sales Ratio (0.3x).

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 VAS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€18.50
€25.54
+38.1%
18.7%€36.00€19.10n/a12
Nov ’25€19.07
€28.03
+47.0%
18.5%€37.00€19.10n/a12
Oct ’25€23.02
€29.48
+28.1%
15.9%€39.00€22.30n/a12
Sep ’25€22.06
€29.48
+33.7%
15.9%€39.00€22.30n/a12
Aug ’25€23.76
€30.48
+28.3%
12.9%€39.00€25.80n/a12
Jul ’25€25.28
€30.14
+19.2%
14.6%€39.00€22.20n/a12
Jun ’25€26.62
€29.45
+10.6%
14.3%€38.00€22.20n/a12
May ’25€25.02
€29.45
+17.7%
14.3%€38.00€22.20n/a12
Apr ’25€25.90
€29.89
+15.4%
13.7%€39.00€24.80n/a12
Mar ’25€25.50
€30.18
+18.4%
13.1%€39.00€25.80n/a12
Feb ’25€27.50
€30.40
+10.5%
12.4%€39.00€25.80n/a12
Jan ’25€28.46
€30.69
+7.8%
15.1%€40.00€25.80n/a11
Dec ’24€26.56
€30.17
+13.6%
16.7%€40.00€24.80n/a11
Nov ’24€23.76
€30.79
+29.6%
17.9%€40.00€23.60€19.0711
Oct ’24€25.84
€32.50
+25.8%
15.6%€40.00€24.20€23.0212
Sep ’24€27.66
€32.63
+18.0%
15.2%€40.00€24.20€22.0612
Aug ’24€29.48
€34.23
+16.1%
13.8%€41.00€25.40€23.7612
Jul ’24€33.02
€34.83
+5.5%
14.0%€41.00€25.10€25.2812
Jun ’24€29.02
€35.83
+23.5%
13.7%€42.00€25.10€26.6211
May ’24€31.06
€36.05
+16.1%
14.8%€44.00€25.10€25.0210
Apr ’24€31.28
€35.40
+13.2%
17.7%€44.00€22.40€25.9012
Mar ’24€34.82
€35.13
+0.9%
18.2%€44.00€23.40€25.5011
Feb ’24€30.94
€32.05
+3.6%
15.9%€40.00€21.50€27.5011
Jan ’24€24.76
€27.52
+11.1%
20.4%€40.00€20.00€28.4613
Dec ’23€25.94
€27.15
+4.7%
21.0%€40.00€19.60€26.5613
Nov ’23€21.82
€25.55
+17.1%
20.7%€40.00€18.90€23.7613

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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