Mensch und Maschine Software SE

XTRA:MUM Stock Report

Market Cap: €897.2m

Mensch und Maschine Software Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MUM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MUM (€52.8) is trading below our estimate of fair value (€89.1)

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

Key Valuation Metric

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

Key metric: As MUM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MUM. This is calculated by dividing MUM's market cap by their current earnings.
What is MUM's PE Ratio?
PE Ratio28.1x
Earnings€31.97m
Market Cap€897.23m

Price to Earnings Ratio vs Peers

How does MUM's PE Ratio compare to its peers?

The above table shows the PE ratio for MUM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average29.4x
TMV TeamViewer
15x11.1%€1.8b
AOF ATOSS Software
43.4x7.8%€1.9b
OSP2 USU Software
37.8x39.7%€226.8m
FAA Fabasoft
21.3x3.3%€195.4m
MUM Mensch und Maschine Software
28.1x14.0%€897.2m

Price-To-Earnings vs Peers: MUM is good value based on its Price-To-Earnings Ratio (28.1x) compared to the peer average (29.4x).

Price to Earnings Ratio vs Industry

How does MUM's PE Ratio compare vs other companies in the European Software Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MUM 28.1xIndustry Avg. 28.1xNo. of Companies19PE020406080100+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MUM is good value based on its Price-To-Earnings Ratio (28.1x) compared to the European Software industry average (28.1x).

Price to Earnings Ratio vs Fair Ratio

What is MUM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MUM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio28.1x
Fair PE Ratio22.7x

Price-To-Earnings vs Fair Ratio: MUM is expensive based on its Price-To-Earnings Ratio (28.1x) compared to the estimated Fair Price-To-Earnings Ratio (22.7x).

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 MUM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€52.80
€71.00
+34.5%
4.2%€74.00€68.00n/a2
Nov ’25€53.00
€71.00
+34.0%
4.2%€74.00€68.00n/a2
Oct ’25€54.30
€71.17
+31.1%
2.8%€74.00€69.50n/a3
Sep ’25€55.60
€71.17
+28.0%
2.8%€74.00€69.50n/a3
Aug ’25€59.80
€71.17
+19.0%
2.8%€74.00€69.50n/a3
Jul ’25€55.00
€70.83
+28.8%
3.2%€74.00€69.00n/a3
Jun ’25€56.90
€70.83
+24.5%
3.2%€74.00€69.00n/a3
May ’25€55.40
€70.83
+27.9%
3.2%€74.00€69.00n/a3
Apr ’25€53.20
€67.83
+27.5%
3.0%€69.50€65.00n/a3
Mar ’25€50.70
€67.50
+33.1%
2.8%€69.50€65.00n/a3
Feb ’25€50.30
€66.83
+32.9%
2.9%€69.50€65.00n/a3
Jan ’25€55.00
€66.83
+21.5%
2.9%€69.50€65.00n/a3
Dec ’24€53.70
€66.83
+24.5%
2.9%€69.50€65.00n/a3
Nov ’24€49.70
€65.63
+32.0%
4.1%€69.50€62.00€53.004
Oct ’24€45.90
€65.63
+43.0%
4.1%€69.50€62.00€54.304
Sep ’24€55.00
€65.63
+19.3%
4.1%€69.50€62.00€55.604
Aug ’24€53.70
€65.63
+22.2%
4.1%€69.50€62.00€59.804
Jul ’24€54.60
€65.65
+20.2%
5.8%€72.00€62.00€55.004
Jun ’24€51.70
€63.23
+22.3%
1.9%€65.00€62.00€56.904
May ’24€51.60
€63.23
+22.5%
1.9%€65.00€62.00€55.404
Apr ’24€51.20
€60.75
+18.7%
6.7%€65.00€54.00€53.204
Mar ’24€49.25
€59.65
+21.1%
5.7%€62.30€54.00€50.704
Feb ’24€51.60
€60.70
+17.6%
7.4%€66.50€54.00€50.304
Jan ’24€45.60
€60.93
+33.6%
8.5%€66.50€54.00€55.003
Dec ’23€51.50
€64.40
+25.0%
3.3%€66.50€62.30€53.702

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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