ADTRAN Holdings, Inc.

XTRA:QH9 Stock Report

Market Cap: €628.3m

ADTRAN Holdings Valuation

Is QH9 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • 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 QH9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: QH9 (€7.8) is trading above our estimate of fair value (€0.83)

Significantly Below Fair Value: QH9 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for QH9?

Key metric: As QH9 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for QH9. This is calculated by dividing QH9's market cap by their current revenue.
What is QH9's PS Ratio?
PS Ratio0.7x
SalesUS$905.35m
Market CapUS$662.67m

Price to Sales Ratio vs Peers

How does QH9's PS Ratio compare to its peers?

The above table shows the PS ratio for QH9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.2x
ADV Adtran Networks
2.1x4.6%€1.0b
FEW Funkwerk
1xn/a€160.4m
CEK CeoTronics
1.4x10.3%€42.3m
CFC aconnic
0.2xn/a€15.5m
QH9 ADTRAN Holdings
0.7x10.6%€662.7m

Price-To-Sales vs Peers: QH9 is good value based on its Price-To-Sales Ratio (0.7x) compared to the peer average (1.2x).

Price to Sales Ratio vs Industry

How does QH9's PS Ratio compare vs other companies in the European Communications Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
QH9 0.7xIndustry Avg. 1.1xNo. of Companies8PS00.81.62.43.24+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: QH9 is good value based on its Price-To-Sales Ratio (0.7x) compared to the European Communications industry average (1.1x).

Price to Sales Ratio vs Fair Ratio

What is QH9'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.

QH9 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.7x
Fair PS Ratio0.7x

Price-To-Sales vs Fair Ratio: QH9 is expensive based on its Price-To-Sales Ratio (0.7x) compared to the estimated Fair Price-To-Sales Ratio (0.7x).

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 QH9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€7.80
€9.14
+17.1%
7.6%€10.26€8.40n/a5
Nov ’25€5.82
€6.28
+7.9%
11.3%€7.17€5.38n/a4
Oct ’25€5.20
€6.28
+20.8%
11.3%€7.17€5.38n/a4
Sep ’25€5.03
€6.28
+24.7%
11.3%€7.17€5.38n/a4
Aug ’25€6.02
€6.99
+16.0%
12.5%€7.92€5.59n/a4
Jul ’25€4.80
€6.99
+45.7%
12.5%€7.92€5.59n/a4
Jun ’25€5.03
€6.98
+38.7%
12.5%€7.91€5.58n/a4
May ’25€4.13
€7.61
+84.5%
16.3%€9.69€6.46n/a4
Apr ’25€5.04
€7.61
+51.2%
16.3%€9.69€6.46n/a4
Mar ’25€5.19
€7.61
+46.6%
16.3%€9.69€6.46n/a4
Feb ’25€5.99
€7.91
+32.0%
15.0%€9.63€6.42n/a4
Jan ’25€6.81
€7.91
+16.2%
15.0%€9.63€6.42n/a4
Dec ’24€5.00
€7.82
+56.6%
17.6%€9.80€6.54n/a4
Nov ’24€6.25
€10.28
+64.4%
17.0%€12.15€7.48€5.824
Oct ’24€8.04
€10.28
+27.9%
17.0%€12.15€7.48€5.204
Sep ’24€8.04
€10.18
+26.7%
17.0%€12.03€7.41€5.034
Aug ’24€8.91
€12.52
+40.5%
17.3%€15.48€10.02€6.024
Jul ’24€9.65
€12.52
+29.7%
17.3%€15.48€10.02€4.804
Jun ’24€8.17
€12.52
+53.3%
17.3%€15.48€10.02€5.034
May ’24€8.17
€16.34
+99.9%
20.4%€19.97€11.80€4.134
Apr ’24€14.50
€23.63
+62.9%
11.8%€28.54€20.25€5.046
Mar ’24€15.90
€26.03
+63.7%
8.5%€29.24€23.58€5.195
Feb ’24€17.05
€28.45
+66.9%
9.0%€32.91€25.16€5.995
Jan ’24€16.90
€28.45
+68.4%
9.0%€32.91€25.16€6.815
Dec ’23€19.55
€28.45
+45.5%
9.0%€32.91€25.16€5.005
Nov ’23€23.00
€30.86
+34.2%
12.5%€35.12€26.09€6.254

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

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