Bellini Nautica Valuation

Is F2F 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 F2F when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: F2F (€2.88) is trading below our estimate of fair value (€13.46)

Significantly Below Fair Value: F2F is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for F2F?

Key metric: As F2F is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for F2F. This is calculated by dividing F2F's market cap by their current revenue.
What is F2F's PS Ratio?
PS Ratio	1.2x
Sales	€17.34m
Market Cap	€20.03m

F2F 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	1.3x
Enterprise Value/EBITDA	25.5x
PEG Ratio	6.3x

Price to Sales Ratio vs Peers

How does F2F's PS Ratio compare to its peers?

The above table shows the PS ratio for F2F 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	1.4x
DEX Delticom	0.07x	2.7%	€33.8m
WFA Weng Fine Art	3.6x	n/a	€21.1m
ART Artnet	1.7x	n/a	€40.5m
BIKE Bike24 Holding	0.2x	6.5%	€54.3m
F2F Bellini Nautica	1.2x	32.5%	€20.0m

Price-To-Sales vs Peers: F2F is good value based on its Price-To-Sales Ratio (1.2x) compared to the peer average (1.4x).

Price to Sales Ratio vs Industry

How does F2F's PS Ratio compare vs other companies in the DE Specialty Retail Industry?

4 Companies	Price / Sales	Estimated Growth	Market Cap
CEC Ceconomy	0.06x	1.1%	US$1.53b
GFG Global Fashion Group	0.07x	-0.5%	US$57.07m
DEX Delticom	0.07x	2.7%	US$35.77m
49S Superdry	0.004x	-1.4%	US$3.12m

No more companies available in this PS range

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: F2F is expensive based on its Price-To-Sales Ratio (1.2x) compared to the European Specialty Retail industry average (0.4x).

Price to Sales Ratio vs Fair Ratio

What is F2F'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.

F2F PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.2x
Fair PS Ratio	0.2x

Price-To-Sales vs Fair Ratio: F2F is expensive based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (0.2x).

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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