Elastic N.V.

MUN:3E1 Stock Report

Market Cap: €9.4b

Elastic Valuation

Is 3E1 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • 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 3E1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 3E1 (€115.15) is trading below our estimate of fair value (€179.92)

Significantly Below Fair Value: 3E1 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 3E1?

Key metric: As 3E1 is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 3E1. This is calculated by dividing 3E1's market cap by their current revenue.
What is 3E1's PS Ratio?
PS Ratio8.1x
SalesUS$1.38b
Market CapUS$9.75b

Price to Sales Ratio vs Peers

How does 3E1's PS Ratio compare to its peers?

The above table shows the PS ratio for 3E1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average14x
NEM Nemetschek
12.5x14.1%€11.5b
NB2 Northern Data
29.2x31.5%€2.2b
AOF ATOSS Software
11.4x12.7%€1.9b
TMV TeamViewer
2.7x6.5%€1.8b
3E1 Elastic
8.1x12.4%€9.8b

Price-To-Sales vs Peers: 3E1 is good value based on its Price-To-Sales Ratio (8.1x) compared to the peer average (14x).

Price to Sales Ratio vs Industry

How does 3E1's PS Ratio compare vs other companies in the DE Software Industry?

7 CompaniesPrice / SalesEstimated GrowthMarket Cap
CSH CENIT
0.4x5.2%US$73.94m
CLIQ Cliq Digital
0.09x13.2%US$25.72m
LSX LS telcom
0.5x5.0%US$21.11m
IVX InVision
0.6xn/aUS$9.54m
3E1 8.1xIndustry Avg. 2.2xNo. of Companies7PS02.44.87.29.612+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 3E1 is expensive based on its Price-To-Sales Ratio (8.1x) compared to the German Software industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

What is 3E1'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.

3E1 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio8.1x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 3E1'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 3E1 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€115.15
€118.04
+2.5%
11.8%€134.44€89.42n/a23
Nov ’25n/a
€92.85
0%
12.2%€120.06€69.26n/a24
Oct ’25n/a
€90.44
0%
12.3%€116.45€67.19n/a24
Sep ’25€68.96
€92.37
+33.9%
12.4%€117.62€67.86n/a22
Aug ’25n/a
€116.77
0%
12.0%€142.21€84.41n/a22
Jul ’25€106.55
€116.77
+9.6%
12.0%€142.21€84.41n/a22
Jun ’25€92.38
€116.90
+26.5%
11.5%€133.66€84.81n/a22
May ’25n/a
€121.23
0%
14.4%€169.16€84.12n/a22
Apr ’25€92.90
€121.23
+30.5%
14.4%€169.16€84.12n/a22
Mar ’25€109.20
€121.43
+11.2%
15.9%€170.72€84.90n/a22
Feb ’25€109.40
€102.11
-6.7%
16.9%€128.79€61.63n/a21
Jan ’25€102.60
€94.97
-7.4%
15.0%€120.17€61.46n/a21
Dec ’24€96.30
€91.39
-5.1%
12.3%€110.34€61.61n/a21
Nov ’24n/a
€78.08
0%
10.9%€94.93€63.60n/a21
Oct ’24n/a
€76.00
0%
9.3%€86.08€63.38n/a21
Sep ’24n/a
€72.72
0%
10.1%€83.55€55.70€68.9621
Aug ’24€60.40
€69.63
+15.3%
10.6%€82.46€54.97n/a20
Jul ’24n/a
€69.63
0%
10.6%€82.46€54.97€106.5520
Jun ’24n/a
€67.03
0%
13.7%€85.50€51.12€92.3819
May ’24n/a
€63.54
0%
12.2%€77.14€49.91n/a19
Apr ’24n/a
€65.82
0%
13.5%€79.94€47.03€92.9020
Mar ’24n/a
€67.09
0%
16.5%€90.74€47.26€109.2020
Feb ’24n/a
€65.87
0%
19.1%€91.90€45.95€109.4020
Jan ’24n/a
€71.26
0%
17.1%€93.60€48.67€102.6020
Dec ’23n/a
€76.69
0%
22.5%€129.20€49.40€96.3018
Nov ’23n/a
€101.11
0%
17.2%€156.89€73.89n/a19

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

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