Keel Infrastructure Corp.

DB:9MK Stock Report

Market Cap: €1.9b

Keel Infrastructure Valuation

Is 9MK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow 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 9MK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: Insufficient data to calculate 9MK's future cash flow value for valuation analysis.

Significantly Below Future Cash Flow Value: Insufficient data to calculate 9MK's future cash flow value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9MK?

Key metric: As 9MK is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 9MK. This is calculated by dividing 9MK's market cap by their current revenue.
What is 9MK's PS Ratio?
PS Ratio11.7x
SalesUS$188.14m
Market CapUS$2.20b

Price to Sales Ratio vs Peers

How does 9MK's PS Ratio compare to its peers?

The above table shows the PS ratio for 9MK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.3x
AOF ATOSS Software
7.1x11.78%€1.4b
TMV TeamViewer
1.3x4.46%€1.0b
CHG CHAPTERS Group
6.1x29.10%€1.1b
1INN innoscripta
6.5x22.25%€799.0m
9MK Keel Infrastructure
11.7x16.84%€2.2b

Price-To-Sales vs Peers: 9MK is expensive based on its Price-To-Sales Ratio (11.7x) compared to the peer average (5.3x).

Historical Price to Sales Ratio

Historical Price to Sales Ratio compares a stock's price to its sales over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Sales Ratio vs Industry

How does 9MK's PS Ratio compare vs other companies in the DE Software Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
CSH CENIT
0.3x4.47%US$74.13m
50C SOLAI
0.5xn/aUS$11.20m
8DQ GetSwift Technologies
0.07xn/aUS$2.53m
CPU2 CPU Softwarehouse
0.5xn/aUS$1.79m
9MK 11.7xIndustry Avg. 2.1xNo. of Companies11PS0246810+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 9MK is expensive based on its Price-To-Sales Ratio (11.7x) compared to the German Software industry average (2.1x).

Price to Sales Ratio vs Fair Ratio

What is 9MK'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.

9MK PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio11.7x
Fair PS Ratio1.3x

Price-To-Sales vs Fair Ratio: 9MK is expensive based on its Price-To-Sales Ratio (11.7x) compared to the estimated Fair Price-To-Sales Ratio (1.3x).

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 9MK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€3.00
€5.55
+85.05%
23.88%€8.61€3.87n/a10
Sep ’27€2.59
€5.55
+114.34%
23.88%€8.61€3.87n/a10
Aug ’27€3.69
€5.68
+53.95%
24.49%€8.67€3.90n/a10
Jul ’27€4.77
€5.48
+14.95%
29.85%€8.81€2.64n/a9
Jun ’27n/a
€4.84
0%
25.43%€6.88€2.58n/a8
May ’27n/a
€4.07
0%
29.18%€5.97€2.56n/a8
Apr ’27€1.71
€4.53
+165.11%
25.26%€6.04€2.59n/a7
Mar ’27€1.88
€4.56
+142.38%
25.78%€5.88€2.52n/a7
Feb ’27€1.95
€4.57
+134.32%
25.78%€5.89€2.53n/a7
Jan ’27€2.07
€4.57
+121.13%
28.53%€5.97€2.13n/a7
Dec ’26€2.71
€4.26
+57.39%
36.67%€6.04€1.73n/a8
Nov ’26€3.42
€3.85
+12.52%
49.65%€6.04€1.72n/a8
Oct ’26€2.50
€2.26
-9.56%
24.28%€3.37€1.69n/a8
Sep ’26€1.16
€2.29
+97.58%
24.28%€3.42€1.71€2.598
Aug ’26€1.03
€2.41
+134.87%
24.38%€3.46€1.73€3.698
Jul ’26€0.69
€2.79
+305.47%
22.89%€3.86€1.72€4.777
Jun ’26€0.80
€2.88
+258.35%
22.89%€3.99€1.77n/a7
May ’26€0.85
€2.87
+239.15%
22.89%€3.97€1.76n/a7
Apr ’26€0.76
€3.08
+306.96%
22.30%€4.17€1.85€1.717
Mar ’26€1.14
€4.12
+262.33%
17.48%€5.77€3.37€1.887
Feb ’26€1.49
€4.12
+176.61%
17.48%€5.76€3.36€1.957
Jan ’26€1.53
€4.21
+176.02%
17.52%€5.71€3.33€2.077
Dec ’25€2.17
€4.00
+84.22%
11.31%€4.80€3.36€2.716
Nov ’25€1.79
€3.40
+89.85%
23.78%€4.48€2.06€3.426
Oct ’25€1.87
€3.40
+82.33%
23.78%€4.48€2.06€2.506
Sep ’25€1.93
€3.40
+75.89%
23.68%€4.47€2.06€1.166
€5.42
Fair Value
44.7% undervalued intrinsic discount
10
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/13 13:28
End of Day Share Price 2026/09/11 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Keel Infrastructure Corp. is covered by 12 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Brian KinstlingerAlliance Global Partners
Martin TonerATB Cormark
Nicholas GilesB. Riley Securities, Inc.