Tecnotree Oyj Valuation

Q: What is the Fair Price of 3TT0 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

3TT0 (€2.85) is trading below our estimate of [[fair value]] (€18.4)

Is 3TT0 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

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 3TT0 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3TT0 (€2.85) is trading below our estimate of fair value (€18.4)

Significantly Below Fair Value: 3TT0 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3TT0?

Key metric: As 3TT0 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 3TT0. This is calculated by dividing 3TT0's market cap by their current earnings.
What is 3TT0's PE Ratio?
PE Ratio	3.5x
Earnings	€13.45m
Market Cap	€46.45m

3TT0 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	0.7x
Enterprise Value/EBITDA	2.2x
PEG Ratio	0.3x

Price to Earnings Ratio vs Peers

How does 3TT0's PE Ratio compare to its peers?

The above table shows the PE ratio for 3TT0 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	23.1x
CSH CENIT	22.5x	47.3%	€68.2m
CLIQ Cliq Digital	2.9x	59.3%	€22.1m
BSS Beta Systems Software	60.6x	27.7%	€113.2m
ABX Advanced Blockchain	6.3x	n/a	€17.7m
3TT0 Tecnotree Oyj	3.5x	10.5%	€46.4m

Price-To-Earnings vs Peers: 3TT0 is good value based on its Price-To-Earnings Ratio (3.5x) compared to the peer average (23x).

Price to Earnings Ratio vs Industry

How does 3TT0's PE Ratio compare vs other companies in the European Software Industry?

7 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	26.9x	39.6%
3TT0 Tecnotree Oyj	3.5x	10.5%	US$49.07m

7 Companies		Estimated Growth	Market Cap
Industry Avg.	26.9x	39.6%
3TT0 Tecnotree Oyj	3.5x	10.5%	US$49.07m

No more companies

Price-To-Earnings vs Industry: 3TT0 is good value based on its Price-To-Earnings Ratio (3.5x) compared to the European Software industry average (27x).

Price to Earnings Ratio vs Fair Ratio

What is 3TT0'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.

3TT0 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	3.5x
Fair PE Ratio	14.5x

Price-To-Earnings vs Fair Ratio: 3TT0 is good value based on its Price-To-Earnings Ratio (3.5x) compared to the estimated Fair Price-To-Earnings Ratio (14.5x).

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 3TT0 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	€2.85	€4.25 +49.1%	29.4%	€5.50	€3.00	n/a	2
Nov ’25	€3.27	€4.25 +29.9%	29.4%	€5.50	€3.00	n/a	2
Oct ’25	€3.51	€4.25 +21.1%	29.4%	€5.50	€3.00	n/a	2
Aug ’25	€4.85	€5.75 +18.5%	4.3%	€6.00	€5.50	n/a	2
Jul ’25	€4.96	€5.75 +16.0%	4.3%	€6.00	€5.50	n/a	2
Jun ’25	€5.25	€5.75 +9.5%	4.3%	€6.00	€5.50	n/a	2
May ’25	€5.65	€6.25 +10.6%	12.0%	€7.00	€5.50	n/a	2
Feb ’25	€5.84	€7.70 +31.8%	9.1%	€8.40	€7.00	n/a	2
Jan ’25	€5.93	€7.70 +29.8%	9.1%	€8.40	€7.00	n/a	2
Dec ’24	€5.69	€7.70 +35.3%	9.1%	€8.40	€7.00	n/a	2
Nov ’24	€6.41	€7.70 +20.1%	9.1%	€8.40	€7.00	€3.27	2
Oct ’24	€8.06	€10.40 +29.0%	3.8%	€10.80	€10.00	€3.51	2
Sep ’24	€8.83	€10.40 +17.8%	3.8%	€10.80	€10.00	€4.10	2
Aug ’24	€9.45	€10.90 +15.3%	0.9%	€11.00	€10.80	€4.85	2
Jul ’24	€9.12	€10.90 +19.5%	0.9%	€11.00	€10.80	€4.96	2
Jun ’24	€8.21	€10.90 +32.8%	0.9%	€11.00	€10.80	€5.25	2

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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