Tenable Holdings, Inc.

DB:TE7 Stock Report

Market Cap: €4.8b

Tenable Holdings Valuation

Is TE7 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 TE7 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TE7 (€39.25) is trading below our estimate of fair value (€67.87)

Significantly Below Fair Value: TE7 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TE7?

Key metric: As TE7 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TE7. This is calculated by dividing TE7's market cap by their current revenue.
What is TE7's PS Ratio?
PS Ratio5.7x
SalesUS$877.60m
Market CapUS$5.03b

Price to Sales Ratio vs Peers

How does TE7's PS Ratio compare to its peers?

The above table shows the PS ratio for TE7 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average9.5x
SUSE SUSE
3x7.4%€1.9b
IXX init innovation in traffic systems
1.4x13.2%€356.5m
IVU IVU Traffic Technologies
1.7xn/a€231.1m
NB2 Northern Data
31.6x31.5%€2.5b
TE7 Tenable Holdings
5.7x9.3%€5.0b

Price-To-Sales vs Peers: TE7 is good value based on its Price-To-Sales Ratio (5.7x) compared to the peer average (11.7x).

Price to Sales Ratio vs Industry

How does TE7's PS Ratio compare vs other companies in the DE Software Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
CSH CENIT
0.3x5.2%US$71.98m
CLIQ Cliq Digital
0.09x13.2%US$25.26m
LSX LS telcom
0.5x5.0%US$21.40m
8DQ GetSwift Technologies
0.07xn/aUS$2.53m
TE7 5.7xIndustry Avg. 2.2xNo. of Companies7PS02.44.87.29.612+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TE7 is expensive based on its Price-To-Sales Ratio (5.7x) compared to the German Software industry average (2.1x).

Price to Sales Ratio vs Fair Ratio

What is TE7'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.

TE7 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.7x
Fair PS Ratio6.1x

Price-To-Sales vs Fair Ratio: TE7 is good value based on its Price-To-Sales Ratio (5.7x) compared to the estimated Fair Price-To-Sales Ratio (6.1x).

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 TE7 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€39.25
€45.69
+16.4%
9.6%€51.91€37.75n/a19
Nov ’25€35.36
€44.51
+25.9%
9.6%€50.57€36.78n/a19
Oct ’25€36.68
€46.06
+25.6%
10.1%€51.21€35.94n/a18
Sep ’25€37.24
€46.72
+25.5%
9.9%€52.02€36.50n/a19
Aug ’25€39.08
€47.42
+21.3%
9.8%€52.82€37.07n/a19
Jul ’25€39.73
€53.77
+35.4%
9.5%€60.86€40.26n/a19
Jun ’25€38.64
€53.76
+39.1%
9.5%€60.59€40.08n/a18
May ’25€42.05
€54.60
+29.8%
9.2%€60.89€40.28n/a19
Apr ’25€45.32
€53.93
+19.0%
8.7%€59.98€39.68n/a18
Mar ’25€44.23
€53.93
+21.9%
8.7%€59.98€39.68n/a18
Feb ’25€43.51
€48.91
+12.4%
11.3%€60.16€34.24n/a19
Jan ’25€42.15
€46.02
+9.2%
10.6%€52.21€33.89n/a17
Dec ’24€37.33
€45.51
+21.9%
11.0%€52.40€34.01n/a16
Nov ’24€39.04
€51.92
+33.0%
7.4%€59.62€44.48€35.3615
Oct ’24€42.18
€51.77
+22.7%
7.1%€58.96€44.92€36.6816
Sep ’24€42.02
€50.71
+20.7%
7.0%€55.52€44.41€37.2415
Aug ’24€44.83
€48.74
+8.7%
6.3%€54.08€43.27€39.0814
Jul ’24€39.87
€43.62
+9.4%
8.0%€50.14€38.29€39.7313
Jun ’24€37.80
€43.62
+15.4%
8.0%€50.14€38.29€38.6413
May ’24€33.34
€43.62
+30.8%
8.0%€50.14€38.29€42.0513
Apr ’24€43.70
€48.93
+12.0%
8.6%€59.92€43.33€45.3213
Mar ’24€41.26
€49.34
+19.6%
8.5%€60.67€43.87€44.2314
Feb ’24€40.41
€44.68
+10.6%
9.7%€55.19€38.64€43.5114
Jan ’24€35.00
€48.52
+38.6%
12.3%€60.20€37.12€42.1514
Dec ’23€37.64
€48.52
+28.9%
12.3%€60.20€37.12€37.3314
Nov ’23€39.98
€48.52
+21.4%
12.3%€60.20€37.12€39.0414

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

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