Smartbroker Holding AG

DB:SB1 Stock Report

Market Cap: €131.6m

Smartbroker Holding Valuation

Is SB1 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 SB1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SB1 (€7.82) is trading below our estimate of fair value (€15.79)

Significantly Below Fair Value: SB1 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SB1?

Key metric: As SB1 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for SB1. This is calculated by dividing SB1's market cap by their current revenue.
What is SB1's PS Ratio?
PS Ratio2.7x
Sales€49.57m
Market Cap€131.57m

Price to Sales Ratio vs Peers

How does SB1's PS Ratio compare to its peers?

The above table shows the PS ratio for SB1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.7x
NWO New Work
1.2x-4.1%€367.6m
YOC YOC
1.6x13.1%€55.6m
G24 Scout24
10.8x8.0%€6.2b
BST Bastei Lübbe
1.1x2.9%€129.4m
SB1 Smartbroker Holding
2.7x8.5%€131.6m

Price-To-Sales vs Peers: SB1 is good value based on its Price-To-Sales Ratio (2.7x) compared to the peer average (3.7x).

Price to Sales Ratio vs Industry

How does SB1's PS Ratio compare vs other companies in the European Interactive Media and Services Industry?

7 CompaniesPrice / SalesEstimated GrowthMarket Cap
SB1 2.7xIndustry Avg. 1.6xNo. of Companies11PS01.63.24.86.48+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: SB1 is expensive based on its Price-To-Sales Ratio (2.7x) compared to the European Interactive Media and Services industry average (1.6x).

Price to Sales Ratio vs Fair Ratio

What is SB1'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.

SB1 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.7x
Fair PS Ratio1.1x

Price-To-Sales vs Fair Ratio: SB1 is expensive based on its Price-To-Sales Ratio (2.7x) compared to the estimated Fair Price-To-Sales Ratio (1.1x).

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 SB1 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€7.82
€10.00
+27.9%
20.0%€12.00€8.00n/a2
Nov ’25€7.48
€10.00
+33.7%
20.0%€12.00€8.00n/a2
Oct ’25€7.70
€9.80
+27.3%
22.4%€12.00€7.60n/a2
Sep ’25€6.02
€9.80
+62.8%
22.4%€12.00€7.60n/a2
Aug ’25€6.08
€9.80
+61.2%
22.4%€12.00€7.60n/a2
Jul ’25€6.20
€9.87
+59.1%
18.2%€12.00€7.60n/a3
Jun ’25€6.76
€9.87
+46.0%
18.2%€12.00€7.60n/a3
May ’25€6.90
€9.53
+38.2%
15.0%€11.00€7.60n/a3
Apr ’25€6.50
€11.63
+78.8%
32.9%€17.90€7.60n/a4
Mar ’25€6.62
€12.23
+84.7%
27.0%€17.90€10.00n/a4
Feb ’25€7.64
€13.10
+71.5%
23.3%€17.90€10.00n/a4
Jan ’25€9.28
€13.10
+41.2%
23.3%€17.90€10.00n/a4
Dec ’24€8.82
€13.80
+56.5%
23.4%€17.90€10.00n/a3
Nov ’24€9.00
€13.80
+53.3%
23.4%€17.90€10.00€7.483
Oct ’24€10.85
€13.80
+27.2%
23.4%€17.90€10.00€7.703
Sep ’24€12.40
€12.98
+4.6%
25.3%€17.90€10.00€6.024
Aug ’24€8.98
€12.93
+43.9%
24.8%€17.70€10.00€6.084
Jul ’24€9.50
€12.93
+36.1%
24.8%€17.70€10.00€6.204
Jun ’24€9.58
€13.90
+45.1%
22.6%€17.70€10.00€6.763
May ’24€9.18
€13.90
+51.4%
22.6%€17.70€10.00€6.903
Apr ’24€9.07
€16.68
+83.8%
33.1%€25.00€10.00€6.504
Mar ’24€8.31
€17.50
+110.6%
30.3%€25.00€13.50€6.623
Feb ’24€6.83
€19.25
+181.8%
29.9%€25.00€13.50€7.642
Jan ’24€5.82
€24.61
+322.9%
31.2%€37.55€13.50€9.285
Dec ’23€8.33
€25.57
+207.0%
25.1%€37.55€18.30€8.825
Nov ’23€6.82
€25.57
+274.9%
25.1%€37.55€18.30€9.005

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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