Bitdeer Technologies Group

DB:R1T Stock Report

Market Cap: €1.7b

Bitdeer Technologies Group Valuation

Is R1T 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 R1T when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: R1T (€10.96) is trading below our estimate of fair value (€101.16)

Significantly Below Fair Value: R1T is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for R1T?

Key metric: As R1T is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for R1T. This is calculated by dividing R1T's market cap by their current revenue.
What is R1T's PS Ratio?
PS Ratio4.2x
SalesUS$395.61m
Market CapUS$1.82b

Price to Sales Ratio vs Peers

How does R1T's PS Ratio compare to its peers?

The above table shows the PS ratio for R1T vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average11.3x
TMV TeamViewer
2.7x6.5%€1.8b
AOF ATOSS Software
11.5x12.7%€1.9b
NB2 Northern Data
28.6x31.5%€2.2b
MUM Mensch und Maschine Software
2.5x-0.1%€888.7m
R1T Bitdeer Technologies Group
4.2x37.4%€1.8b

Price-To-Sales vs Peers: R1T is good value based on its Price-To-Sales Ratio (4.2x) compared to the peer average (11.3x).

Price to Sales Ratio vs Industry

How does R1T's PS Ratio compare vs other companies in the DE Software Industry?

7 CompaniesPrice / SalesEstimated GrowthMarket Cap
CSH CENIT
0.3x5.2%US$72.36m
CLIQ Cliq Digital
0.08x13.2%US$24.26m
LSX LS telcom
0.5x5.0%US$21.24m
IVX InVision
0.6xn/aUS$9.69m
R1T 4.2xIndustry Avg. 2.1xNo. of Companies7PS02.44.87.29.612+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: R1T is expensive based on its Price-To-Sales Ratio (4.2x) compared to the German Software industry average (2.2x).

Price to Sales Ratio vs Fair Ratio

What is R1T'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.

R1T PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.2x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate R1T's Price-To-Sales Fair Ratio for valuation analysis.

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 R1T forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.96
€15.35
+40.0%
13.4%€20.20€13.34n/a11
Nov ’25n/a
€12.99
0%
14.9%€15.69€8.31n/a11
Oct ’25n/a
€12.72
0%
15.4%€15.23€8.06n/a9
Sep ’25n/a
€12.93
0%
15.3%€15.43€8.17n/a9
Aug ’25n/a
€14.28
0%
11.8%€18.42€12.89n/a8
Jul ’25n/a
€12.34
0%
22.5%€18.58€8.36n/a9
Jun ’25n/a
€12.30
0%
23.8%€18.48€8.32n/a8
May ’25n/a
€12.53
0%
23.8%€18.82€8.47n/a8
Apr ’25n/a
€12.55
0%
25.2%€18.37€8.27n/a6
Mar ’25n/a
€13.84
0%
24.9%€18.46€10.15n/a3
Feb ’25n/a
€14.24
0%
29.0%€18.38€10.11n/a2
Jan ’25n/a
€17.06
0%
8.1%€18.44€15.67n/a2
Dec ’24n/a
€17.06
0%
8.1%€18.44€15.67n/a2
Nov ’24n/a
€17.25
0%
8.1%€18.64€15.85n/a2
Oct ’24n/a
€17.25
0%
8.1%€18.64€15.85n/a2

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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