Materialise NV

DB:06MA Stock Report

Market Cap: €401.7m

Materialise Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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 (€6.65) is trading below our estimate of fair value (€7.02)

Significantly Below Fair Value: 06MA is trading below fair value, but not by a significant amount.

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 Ratio38.7x
Earnings€9.99m
Market Cap€401.73m

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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average37.1x
OSP2 USU Software
37.8x39.7%€225.8m
FAA Fabasoft
21.9x5.9%€201.0m
MUM Mensch und Maschine Software
27.7x14.0%€887.0m
BSS Beta Systems Software
61.1x27.7%€111.3m
06MA Materialise
38.7x27.2%€422.9m

Price-To-Earnings vs Peers: 06MA is expensive based on its Price-To-Earnings Ratio (38.7x) compared to the peer average (37.1x).

Price to Earnings Ratio vs Industry

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

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
06MA 38.7xIndustry Avg. 27.7xNo. of Companies17PE020406080100+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 06MA is expensive based on its Price-To-Earnings Ratio (38.7x) compared to the European Software industry average (27.6x).

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 Ratio38.7x
Fair PE Ratio22.6x

Price-To-Earnings vs Fair Ratio: 06MA is expensive based on its Price-To-Earnings Ratio (38.7x) compared to the estimated Fair Price-To-Earnings Ratio (22.6x).

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.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€6.65
€9.57
+43.9%
11.4%€11.11€8.80n/a3
Nov ’25€5.35
€9.57
+78.8%
11.4%€11.11€8.80n/a3
Oct ’25€4.84
€9.50
+96.2%
11.9%€11.09€8.63n/a3
Sep ’25€4.82
€9.59
+98.9%
11.1%€11.09€8.78n/a3
Aug ’25€5.90
€9.59
+62.5%
11.1%€11.09€8.78n/a3
Jul ’25€4.58
€9.68
+111.3%
11.4%€11.24€8.90n/a3
Jun ’25€4.66
€9.68
+107.7%
11.4%€11.24€8.90n/a3
May ’25€4.98
€9.68
+94.4%
11.4%€11.24€8.90n/a3
Apr ’25€4.66
€10.31
+121.2%
7.6%€11.10€9.52n/a2
Mar ’25€4.92
€10.31
+109.6%
7.6%€11.10€9.52n/a2
Jan ’25€5.95
€10.93
+83.7%
5.2%€11.33€10.13n/a3
Dec ’24€5.70
€10.93
+91.7%
5.2%€11.33€10.13n/a3
Nov ’24€5.10
€10.93
+114.3%
5.2%€11.33€10.13€5.353
Oct ’24€5.00
€11.84
+136.8%
16.4%€14.56€10.13€4.843
Sep ’24€6.10
€11.84
+94.1%
16.4%€14.56€10.13€4.823
Aug ’24€7.20
€11.84
+64.5%
16.4%€14.56€10.13€5.903
Jul ’24€7.75
€10.59
+36.7%
2.7%€10.87€10.31€4.582
Jun ’24€8.55
€10.59
+23.9%
2.7%€10.87€10.31€4.662
May ’24€7.90
€10.59
+34.1%
2.7%€10.87€10.31€4.982
Apr ’24€7.42
€12.00
+61.7%
10.1%€13.04€10.31€4.663
Mar ’24€7.98
€12.00
+50.4%
10.1%€13.04€10.31€4.923
Feb ’24€9.52
€15.98
+67.9%
12.4%€19.11€13.73€5.154
Jan ’24€8.14
€15.98
+96.3%
12.4%€19.11€13.73€5.954
Dec ’23€9.16
€15.98
+74.5%
12.4%€19.11€13.73€5.704
Nov ’23€10.50
€17.13
+63.2%
13.9%€19.61€13.73€5.104

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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