Clearfield, Inc.

DB:AP7 Stock Report

Market Cap: €417.9m

Clearfield Valuation

Is AP7 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 AP7 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AP7 (€29.17) is trading below our estimate of fair value (€83.86)

Significantly Below Fair Value: AP7 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AP7?

Key metric: As AP7 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for AP7. This is calculated by dividing AP7's market cap by their current revenue.
What is AP7's PS Ratio?
PS Ratio2.6x
SalesUS$166.71m
Market CapUS$441.52m

Price to Sales Ratio vs Peers

How does AP7's PS Ratio compare to its peers?

The above table shows the PS ratio for AP7 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
AP7 Clearfield
2.6x10.2%€441.5m

Price-To-Sales vs Peers: AP7 is expensive based on its Price-To-Sales Ratio (2.6x) compared to the peer average (1.2x).

Price to Sales Ratio vs Industry

How does AP7's PS Ratio compare vs other companies in the European Communications Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
AP7 2.6xIndustry Avg. 1.1xNo. of Companies8PS00.81.62.43.24+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: AP7 is expensive based on its Price-To-Sales Ratio (2.6x) compared to the European Communications industry average (1.1x).

Price to Sales Ratio vs Fair Ratio

What is AP7'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.

AP7 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.6x
Fair PS Ratio0.4x

Price-To-Sales vs Fair Ratio: AP7 is expensive based on its Price-To-Sales Ratio (2.6x) compared to the estimated Fair Price-To-Sales Ratio (0.4x).

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 AP7 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€29.17
€43.18
+48.0%
5.1%€46.93€41.30n/a4
Nov ’25€32.81
€42.84
+30.6%
4.4%€45.82€41.23n/a4
Oct ’25€34.60
€42.84
+23.8%
4.4%€45.82€41.23n/a4
Sep ’25€33.08
€42.84
+29.5%
4.4%€45.82€41.23n/a4
Aug ’25€40.03
€37.16
-7.2%
14.5%€43.66€28.80n/a4
Jul ’25€35.61
€37.16
+4.3%
14.5%€43.66€28.80n/a4
Jun ’25€34.42
€37.16
+7.9%
14.5%€43.66€28.80n/a4
May ’25€27.60
€31.03
+12.4%
26.6%€43.54€23.16n/a4
Apr ’25€27.40
€31.03
+13.3%
26.6%€43.54€23.16n/a4
Mar ’25€27.80
€31.03
+11.6%
26.6%€43.54€23.16n/a4
Feb ’25€23.30
€31.85
+36.7%
27.1%€43.40€23.08n/a4
Jan ’25€26.70
€32.76
+22.7%
28.6%€45.86€23.40n/a4
Dec ’24€23.20
€32.76
+41.2%
28.6%€45.86€23.40n/a4
Nov ’24€22.60
€42.51
+88.1%
11.0%€49.12€35.90€32.814
Oct ’24€26.80
€44.30
+65.3%
16.8%€54.52€34.53€34.604
Sep ’24€32.10
€44.30
+38.0%
16.8%€54.52€34.53€33.084
Aug ’24€42.20
€44.11
+4.5%
16.6%€54.85€34.74€40.034
Jul ’24€43.30
€44.11
+1.9%
16.6%€54.85€34.74€35.614
Jun ’24€36.30
€40.60
+11.9%
14.6%€45.37€30.85€34.424
May ’24€38.70
€79.07
+104.3%
17.8%€95.16€57.10€27.604
Apr ’24€40.80
€88.18
+116.1%
19.8%€105.15€58.11€27.405
Mar ’24€59.00
€101.71
+72.4%
2.8%€105.60€97.26€27.805
Feb ’24€65.50
€120.64
+84.2%
6.6%€130.65€111.19€23.305
Jan ’24€87.00
€125.93
+44.7%
5.4%€130.77€116.24€26.703
Dec ’23€125.00
€125.93
+0.7%
5.4%€130.77€116.24€23.203
Nov ’23€123.00
€117.16
-4.7%
4.3%€123.57€111.42€22.603

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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