Cy4gate S.p.A.

DB:68H Stock Report

Market Cap: €90.5m

Cy4gate Valuation

Is 68H 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-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 68H when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 68H (€3.81) is trading below our estimate of fair value (€5.48)

Significantly Below Fair Value: 68H is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 68H?

Key metric: As 68H is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 68H. This is calculated by dividing 68H's market cap by their current revenue.
What is 68H's PS Ratio?
PS Ratio1.3x
Sales€67.59m
Market Cap€90.52m

Price to Sales Ratio vs Peers

How does 68H's PS Ratio compare to its peers?

The above table shows the PS ratio for 68H vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.6x
EXL Exasol
1.6x13.0%€59.3m
IVU IVU Traffic Technologies
1.8xn/a€231.2m
IXX init innovation in traffic systems
1.5x13.2%€370.4m
CYR cyan
9.6x28.1%€56.1m
68H Cy4gate
1.3x13.7%€90.5m

Price-To-Sales vs Peers: 68H is good value based on its Price-To-Sales Ratio (1.3x) compared to the peer average (3.6x).

Price to Sales Ratio vs Industry

How does 68H's PS Ratio compare vs other companies in the DE Software Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
CSH CENIT
0.3x5.5%US$69.15m
CLIQ Cliq Digital
0.09x12.9%US$27.03m
LSX LS telcom
0.5x5.0%US$21.22m
8DQ GetSwift Technologies
0.07xn/aUS$2.53m
68H 1.3xIndustry Avg. 1.8xNo. of Companies7PS02.44.87.29.612+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 68H is good value based on its Price-To-Sales Ratio (1.3x) compared to the German Software industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

What is 68H'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.

68H PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.3x
Fair PS Ratio0.9x

Price-To-Sales vs Fair Ratio: 68H is expensive based on its Price-To-Sales Ratio (1.3x) compared to the estimated Fair Price-To-Sales Ratio (0.9x).

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 68H forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€3.81
€6.80
+78.7%
2.9%€7.00€6.60n/a2
Nov ’25€4.03
€7.65
+90.1%
13.7%€8.70€6.60n/a2
Oct ’25€5.11
€7.65
+49.7%
13.7%€8.70€6.60n/a2
Sep ’25€5.93
€8.85
+49.2%
1.7%€9.00€8.70n/a2
Aug ’25€6.08
€8.85
+45.6%
1.7%€9.00€8.70n/a2
Jul ’25€5.71
€8.85
+55.0%
1.7%€9.00€8.70n/a2
Jun ’25€6.47
€8.85
+36.8%
1.7%€9.00€8.70n/a2
May ’25€6.16
€8.85
+43.7%
1.7%€9.00€8.70n/a2
Apr ’25€5.67
€8.85
+56.1%
1.7%€9.00€8.70n/a2
Mar ’25€5.62
€9.75
+73.5%
7.7%€10.50€9.00n/a2
Feb ’25€7.32
€11.40
+55.7%
5.3%€12.00€10.80n/a2
Jan ’25€8.02
€11.40
+42.1%
5.3%€12.00€10.80n/a2
Dec ’24€7.81
€11.40
+46.0%
5.3%€12.00€10.80n/a2
Nov ’24€7.13
€11.80
+65.5%
8.5%€12.80€10.80€4.032
Oct ’24€7.19
€11.80
+64.1%
8.5%€12.80€10.80€5.112
Sep ’24€8.35
€12.35
+47.9%
6.9%€13.20€11.50€5.932
Aug ’24€7.95
€12.35
+55.3%
6.9%€13.20€11.50€6.082
Jul ’24€8.68
€12.85
+48.0%
10.5%€14.20€11.50€5.712
Jun ’24€8.47
€12.85
+51.7%
10.5%€14.20€11.50€6.472
May ’24€8.62
€12.85
+49.1%
10.5%€14.20€11.50€6.162
Apr ’24€9.80
€12.85
+31.1%
10.5%€14.20€11.50€5.672
Mar ’24€9.91
€13.60
+37.2%
11.8%€15.20€12.00€5.622
Feb ’24€9.12
€13.60
+49.1%
11.8%€15.20€12.00€7.322
Jan ’24€9.12
€14.00
+53.5%
14.3%€16.00€12.00€8.022
Dec ’23€9.49
€14.00
+47.5%
14.3%€16.00€12.00€7.812
Nov ’23€8.94
€14.00
+56.6%
14.3%€16.00€12.00€7.132

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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