Appian Corporation

DB:910 Stock Report

Market Cap: €2.5b

Appian Valuation

Is 910 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 910 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 910 (€35.71) is trading below our estimate of fair value (€46.78)

Significantly Below Fair Value: 910 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 910?

Key metric: As 910 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 910. This is calculated by dividing 910's market cap by their current revenue.
What is 910's PS Ratio?
PS Ratio4.7x
SalesUS$595.66m
Market CapUS$2.63b

Price to Sales Ratio vs Peers

How does 910's PS Ratio compare to its peers?

The above table shows the PS ratio for 910 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average8.8x
SUSE SUSE
3x7.4%€1.9b
IXX init innovation in traffic systems
1.4x13.2%€352.6m
IVU IVU Traffic Technologies
1.8xn/a€229.4m
NB2 Northern Data
29x31.5%€2.2b
910 Appian
4.7x10.8%€2.6b

Price-To-Sales vs Peers: 910 is good value based on its Price-To-Sales Ratio (4.7x) compared to the peer average (10.7x).

Price to Sales Ratio vs Industry

How does 910's PS Ratio compare vs other companies in the DE Software Industry?

7 CompaniesPrice / SalesEstimated GrowthMarket Cap
CSH CENIT
0.4x5.2%US$77.19m
CLIQ Cliq Digital
0.09x12.6%US$25.94m
LSX LS telcom
0.5x5.0%US$21.13m
IVX InVision
0.6xn/aUS$9.65m
910 4.7xIndustry Avg. 1.8xNo. of Companies9PS02.44.87.29.612+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 910 is expensive based on its Price-To-Sales Ratio (4.7x) compared to the German Software industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

What is 910'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.

910 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.7x
Fair PS Ratio5.3x

Price-To-Sales vs Fair Ratio: 910 is good value based on its Price-To-Sales Ratio (4.7x) compared to the estimated Fair Price-To-Sales Ratio (5.3x).

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 910 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€36.68
€37.07
+1.1%
17.9%€49.75€30.04n/a6
Nov ’25€33.60
€30.52
-9.2%
10.2%€36.44€26.42n/a6
Oct ’25€29.53
€31.68
+7.3%
11.9%€37.57€26.57n/a7
Sep ’25€28.94
€31.68
+9.5%
11.9%€37.57€26.57n/a7
Aug ’25€27.26
€34.02
+24.8%
9.6%€38.92€29.65n/a7
Jul ’25€28.55
€36.74
+28.7%
13.7%€44.79€29.86n/a8
Jun ’25€25.97
€35.92
+38.3%
14.1%€44.59€29.72n/a9
May ’25€35.14
€42.16
+20.0%
12.8%€48.94€33.88n/a10
Apr ’25€36.76
€41.37
+12.5%
13.2%€48.12€32.39n/a10
Mar ’25€32.79
€41.97
+28.0%
13.2%€51.05€32.48n/a9
Feb ’25€30.01
€40.84
+36.1%
13.0%€50.54€32.16n/a9
Jan ’25€34.98
€42.78
+22.3%
12.3%€50.38€33.89n/a10
Dec ’24€34.57
€43.47
+25.7%
13.9%€53.33€34.02n/a11
Nov ’24€36.76
€48.04
+30.7%
14.6%€59.34€32.97€33.6011
Oct ’24€42.95
€49.18
+14.5%
11.9%€58.96€38.37€29.5311
Sep ’24€45.91
€46.80
+1.9%
12.8%€57.25€37.26€28.9412
Aug ’24€46.70
€44.41
-4.9%
15.9%€57.29€31.83€27.2612
Jul ’24€43.58
€41.92
-3.8%
15.5%€52.02€27.38€28.5512
Jun ’24€41.28
€41.14
-0.3%
14.6%€50.37€27.48€25.9711
May ’24€34.02
€42.17
+23.9%
15.1%€49.91€27.23€35.1411
Apr ’24€40.86
€42.01
+2.8%
20.8%€51.43€21.51€36.7612
Mar ’24€38.48
€42.01
+9.2%
20.8%€51.43€21.51€32.7912
Feb ’24€39.36
€38.30
-2.7%
21.4%€50.55€21.14€30.0112
Jan ’24€31.05
€41.75
+34.4%
15.8%€51.80€28.25€34.9812
Dec ’23€36.38
€45.16
+24.1%
15.5%€55.20€30.11€34.5711
Nov ’23€50.70
€52.44
+3.4%
20.4%€71.99€32.44€36.7611

Analyst Forecast: Target price is less than 20% higher than the current share price.

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