Tenable Holdings Valuation

Q: What is the Fair Price of TE7 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TE7 (€40.07) is trading below our estimate of [[fair value]] (€67.5)

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 (€40.07) is trading below our estimate of fair value (€67.5)

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 Ratio	5.8x
Sales	US$877.60m
Market Cap	US$5.22b

TE7 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	5.8x
Enterprise Value/EBITDA	337.3x
PEG Ratio	n/a

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.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	10.3x
SUSE SUSE	3x	7.4%	€1.9b
IXX init innovation in traffic systems	1.5x	13.2%	€367.4m
IVU IVU Traffic Technologies	1.8x	n/a	€233.7m
NB2 Northern Data	34.7x	31.5%	€2.7b
TE7 Tenable Holdings	5.8x	9.3%	€5.2b

Price-To-Sales vs Peers: TE7 is good value based on its Price-To-Sales Ratio (5.8x) compared to the peer average (12.7x).

Price to Sales Ratio vs Industry

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

6 Companies	Price / Sales	Estimated Growth	Market Cap
CSH CENIT	0.3x	5.2%	US$70.72m
CLIQ Cliq Digital	0.09x	13.2%	US$26.82m
LSX LS telcom	0.4x	5.0%	US$20.93m
8DQ GetSwift Technologies	0.07x	n/a	US$2.53m

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: TE7 is expensive based on its Price-To-Sales Ratio (5.8x) compared to the German Software industry average (2.2x).

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 Ratio	5.8x
Fair PS Ratio	6.1x

Price-To-Sales vs Fair Ratio: TE7 is good value based on its Price-To-Sales Ratio (5.8x) 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.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€40.07	€45.60 +13.8%	9.7%	€51.98	€37.80	n/a	19
Nov ’25	€35.36	€44.51 +25.9%	9.6%	€50.57	€36.78	n/a	19
Oct ’25	€36.68	€46.06 +25.6%	10.1%	€51.21	€35.94	n/a	18
Sep ’25	€37.24	€46.72 +25.5%	9.9%	€52.02	€36.50	n/a	19
Aug ’25	€39.08	€47.42 +21.3%	9.8%	€52.82	€37.07	n/a	19
Jul ’25	€39.73	€53.77 +35.4%	9.5%	€60.86	€40.26	n/a	19
Jun ’25	€38.64	€53.76 +39.1%	9.5%	€60.59	€40.08	n/a	18
May ’25	€42.05	€54.60 +29.8%	9.2%	€60.89	€40.28	n/a	19
Apr ’25	€45.32	€53.93 +19.0%	8.7%	€59.98	€39.68	n/a	18
Mar ’25	€44.23	€53.93 +21.9%	8.7%	€59.98	€39.68	n/a	18
Feb ’25	€43.51	€48.91 +12.4%	11.3%	€60.16	€34.24	n/a	19
Jan ’25	€42.15	€46.02 +9.2%	10.6%	€52.21	€33.89	n/a	17
Dec ’24	€37.33	€45.51 +21.9%	11.0%	€52.40	€34.01	€39.07	16
Nov ’24	€39.04	€51.92 +33.0%	7.4%	€59.62	€44.48	€35.36	15
Oct ’24	€42.18	€51.77 +22.7%	7.1%	€58.96	€44.92	€36.68	16
Sep ’24	€42.02	€50.71 +20.7%	7.0%	€55.52	€44.41	€37.24	15
Aug ’24	€44.83	€48.74 +8.7%	6.3%	€54.08	€43.27	€39.08	14
Jul ’24	€39.87	€43.62 +9.4%	8.0%	€50.14	€38.29	€39.73	13
Jun ’24	€37.80	€43.62 +15.4%	8.0%	€50.14	€38.29	€38.64	13
May ’24	€33.34	€43.62 +30.8%	8.0%	€50.14	€38.29	€42.05	13
Apr ’24	€43.70	€48.93 +12.0%	8.6%	€59.92	€43.33	€45.32	13
Mar ’24	€41.26	€49.34 +19.6%	8.5%	€60.67	€43.87	€44.23	14
Feb ’24	€40.41	€44.68 +10.6%	9.7%	€55.19	€38.64	€43.51	14
Jan ’24	€35.00	€48.52 +38.6%	12.3%	€60.20	€37.12	€42.15	14
Dec ’23	€37.64	€48.52 +28.9%	12.3%	€60.20	€37.12	€37.33	14

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