Materialise Valuation

Is 06MA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

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 06MA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 06MA (€7.4) is trading above our estimate of fair value (€6.65)

Significantly Below Fair Value: 06MA is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 06MA?

Key metric: As 06MA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 06MA. This is calculated by dividing 06MA's market cap by their current earnings.
What is 06MA's PE Ratio?
PE Ratio	44.8x
Earnings	€9.99m
Market Cap	€444.05m

06MA 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	1.4x
Enterprise Value/EBITDA	11x
PEG Ratio	1.6x

Price to Earnings Ratio vs Peers

How does 06MA's PE Ratio compare to its peers?

The above table shows the PE ratio for 06MA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	24.5x
OSP2 USU Software	36.9x	39.7%	€224.8m
MUM Mensch und Maschine Software	28.3x	14.0%	€905.7m
FAA Fabasoft	19.7x	3.3%	€181.1m
TMV TeamViewer	13.1x	10.7%	€1.6b
06MA Materialise	44.8x	27.2%	€466.6m

Price-To-Earnings vs Peers: 06MA is expensive based on its Price-To-Earnings Ratio (44.8x) compared to the peer average (24.5x).

Price to Earnings Ratio vs Industry

How does 06MA's PE Ratio compare vs other companies in the European Software Industry?

7 Companies	Price / Earnings	Estimated Growth	Market Cap

7 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 06MA is expensive based on its Price-To-Earnings Ratio (44.8x) compared to the European Software industry average (26.2x).

Price to Earnings Ratio vs Fair Ratio

What is 06MA'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.

06MA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	44.8x
Fair PE Ratio	22.8x

Price-To-Earnings vs Fair Ratio: 06MA is expensive based on its Price-To-Earnings Ratio (44.8x) compared to the estimated Fair Price-To-Earnings Ratio (22.8x).

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 06MA forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€7.40	€9.57 +29.3%	11.4%	€11.11	€8.80	n/a	3
Dec ’25	€6.80	€9.57 +40.7%	11.4%	€11.11	€8.80	n/a	3
Nov ’25	€5.35	€9.57 +78.8%	11.4%	€11.11	€8.80	n/a	3
Oct ’25	€4.84	€9.50 +96.2%	11.9%	€11.09	€8.63	n/a	3
Sep ’25	€4.82	€9.59 +98.9%	11.1%	€11.09	€8.78	n/a	3
Aug ’25	€5.90	€9.59 +62.5%	11.1%	€11.09	€8.78	n/a	3
Jul ’25	€4.58	€9.68 +111.3%	11.4%	€11.24	€8.90	n/a	3
Jun ’25	€4.66	€9.68 +107.7%	11.4%	€11.24	€8.90	n/a	3
May ’25	€4.98	€9.68 +94.4%	11.4%	€11.24	€8.90	n/a	3
Apr ’25	€4.66	€10.31 +121.2%	7.6%	€11.10	€9.52	n/a	2
Mar ’25	€4.92	€10.31 +109.6%	7.6%	€11.10	€9.52	n/a	2
Jan ’25	€5.95	€10.93 +83.7%	5.2%	€11.33	€10.13	n/a	3
Dec ’24	€5.70	€10.93 +91.7%	5.2%	€11.33	€10.13	€6.80	3
Nov ’24	€5.10	€10.93 +114.3%	5.2%	€11.33	€10.13	€5.35	3
Oct ’24	€5.00	€11.84 +136.8%	16.4%	€14.56	€10.13	€4.84	3
Sep ’24	€6.10	€11.84 +94.1%	16.4%	€14.56	€10.13	€4.82	3
Aug ’24	€7.20	€11.84 +64.5%	16.4%	€14.56	€10.13	€5.90	3
Jul ’24	€7.75	€10.59 +36.7%	2.7%	€10.87	€10.31	€4.58	2
Jun ’24	€8.55	€10.59 +23.9%	2.7%	€10.87	€10.31	€4.66	2
May ’24	€7.90	€10.59 +34.1%	2.7%	€10.87	€10.31	€4.98	2
Apr ’24	€7.42	€12.00 +61.7%	10.1%	€13.04	€10.31	€4.66	3
Mar ’24	€7.98	€12.00 +50.4%	10.1%	€13.04	€10.31	€4.92	3
Feb ’24	€9.52	€15.98 +67.9%	12.4%	€19.11	€13.73	€5.15	4
Jan ’24	€8.14	€15.98 +96.3%	12.4%	€19.11	€13.73	€5.95	4
Dec ’23	€9.16	€15.98 +74.5%	12.4%	€19.11	€13.73	€5.70	4

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.