SigmaRoc plc

DB:M2I2 Stock Report

Market Cap: €1.0b

SigmaRoc Valuation

Is M2I2 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 M2I2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: M2I2 (€0.93) is trading below our estimate of fair value (€3.17)

Significantly Below Fair Value: M2I2 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for M2I2?

Key metric: As M2I2 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for M2I2. This is calculated by dividing M2I2's market cap by their current revenue.
What is M2I2's PS Ratio?
PS Ratio1.1x
SalesUK£759.05m
Market CapUK£867.36m

Price to Sales Ratio vs Peers

How does M2I2's PS Ratio compare to its peers?

The above table shows the PS ratio for M2I2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.7x
STO3 Sto SE KGaA
0.4x1.8%€736.4m
HEI Heidelberg Materials
1x3.9%€21.2b
SZG Salzgitter
0.09x2.1%€906.0m
ACT AlzChem Group
1.1x7.5%€598.4m
M2I2 SigmaRoc
1.1x11.6%€867.4m

Price-To-Sales vs Peers: M2I2 is expensive based on its Price-To-Sales Ratio (1.1x) compared to the peer average (0.7x).

Price to Sales Ratio vs Industry

How does M2I2's PS Ratio compare vs other companies in the European Basic Materials Industry?

0 CompaniesPrice / SalesEstimated GrowthMarket Cap
M2I2 1.1xIndustry Avg. 1.0xNo. of Companies9PS00.61.21.82.43+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: M2I2 is expensive based on its Price-To-Sales Ratio (1.1x) compared to the European Basic Materials industry average (1x).

Price to Sales Ratio vs Fair Ratio

What is M2I2'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.

M2I2 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.1x
Fair PS Ratio0.4x

Price-To-Sales vs Fair Ratio: M2I2 is expensive based on its Price-To-Sales Ratio (1.1x) compared to the estimated Fair Price-To-Sales Ratio (0.4x).

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 M2I2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.93
€1.29
+39.4%
8.2%€1.45€1.15n/a6
Nov ’25€0.94
€1.24
+31.0%
8.6%€1.43€1.13n/a6
Oct ’25€0.83
€1.22
+46.2%
9.6%€1.42€1.07n/a6
Sep ’25€0.84
€1.20
+41.6%
10.5%€1.40€1.05n/a5
Aug ’25€0.85
€1.20
+40.8%
10.5%€1.40€1.05n/a5
Jul ’25€0.78
€1.20
+53.4%
10.5%€1.40€1.05n/a5
Jun ’25€0.78
€1.20
+54.4%
10.5%€1.40€1.05n/a5
May ’25€0.75
€1.21
+61.1%
11.4%€1.40€1.05n/a4
Apr ’25€0.79
€1.20
+52.5%
13.0%€1.41€1.00n/a4
Mar ’25€0.75
€1.20
+59.9%
13.0%€1.41€1.00n/a4
Feb ’25€0.74
€1.20
+61.0%
13.0%€1.41€1.00n/a4
Jan ’25€0.60
€1.22
+103.5%
10.3%€1.40€1.10n/a3
Dec ’24€0.55
€1.21
+121.1%
10.3%€1.38€1.09n/a3
Nov ’24€0.55
€1.15
+108.6%
12.7%€1.38€0.97€0.944
Oct ’24€0.61
€1.16
+90.4%
12.7%€1.39€0.99€0.834
Sep ’24€0.63
€1.16
+85.2%
14.5%€1.41€0.94€0.844
Aug ’24€0.69
€1.16
+68.9%
14.5%€1.41€0.94€0.854
Jul ’24€0.66
€1.16
+76.7%
14.5%€1.41€0.94€0.784
Jun ’24€0.69
€1.21
+76.5%
10.3%€1.38€1.09€0.783
May ’24€0.63
€1.10
+75.4%
18.5%€1.37€0.80€0.754
Apr ’24€0.59
€1.10
+86.5%
21.3%€1.37€0.80€0.793
Mar ’24€0.63
€1.11
+75.7%
21.5%€1.40€0.82€0.753
Feb ’24€0.65
€1.11
+70.3%
21.5%€1.40€0.82€0.743
Jan ’24€0.61
€1.11
+79.9%
21.5%€1.40€0.82€0.603
Dec ’23€0.63
€1.12
+79.6%
25.8%€1.51€0.81€0.553
Nov ’23€0.55
€1.12
+106.0%
25.8%€1.51€0.81€0.553

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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