Calix, Inc.

DB:CXA Stock Report

Market Cap: €1.9b

Calix Valuation

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

Below Fair Value: CXA (€29) is trading below our estimate of fair value (€52.1)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for CXA. This is calculated by dividing CXA's market cap by their current revenue.
What is CXA's PS Ratio?
PS Ratio2.2x
SalesUS$890.13m
Market CapUS$2.04b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for CXA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.4x
ADV Adtran Networks
2.1x4.6%€1.0b
FEW Funkwerk
1xn/a€165.2m
CEK CeoTronics
1.4x10.3%€44.7m
JEN Jenoptik
1.1x4.8%€1.2b
CXA Calix
2.2x4.4%€2.0b

Price-To-Sales vs Peers: CXA is expensive based on its Price-To-Sales Ratio (2.2x) compared to the peer average (1.4x).

Price to Sales Ratio vs Industry

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

7 CompaniesPrice / SalesEstimated GrowthMarket Cap
CXA 2.2xIndustry Avg. 1.1xNo. of Companies8PS00.81.62.43.24+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: CXA is expensive based on its Price-To-Sales Ratio (2.2x) compared to the European Communications industry average (1.1x).

Price to Sales Ratio vs Fair Ratio

What is CXA'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.

CXA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.2x
Fair PS Ratio1.3x

Price-To-Sales vs Fair Ratio: CXA is expensive based on its Price-To-Sales Ratio (2.2x) compared to the estimated Fair Price-To-Sales Ratio (1.3x).

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 CXA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€29.00
€40.36
+39.2%
12.9%€46.04€32.23n/a6
Nov ’25€32.20
€40.36
+25.3%
12.9%€46.04€32.23n/a6
Oct ’25€34.60
€39.41
+13.9%
12.7%€46.14€29.53n/a7
Sep ’25€33.80
€39.41
+16.6%
12.7%€46.14€29.53n/a7
Aug ’25€37.80
€39.41
+4.3%
12.7%€46.14€29.53n/a7
Jul ’25€33.20
€35.42
+6.7%
17.3%€41.79€26.00n/a7
Jun ’25€32.20
€35.42
+10.0%
17.3%€41.79€26.00n/a7
May ’25€26.00
€36.05
+38.7%
16.4%€41.95€26.10n/a8
Apr ’25€30.80
€42.26
+37.2%
11.3%€46.01€31.28n/a8
Mar ’25€32.12
€42.71
+33.0%
11.5%€46.00€31.28n/a7
Feb ’25€30.58
€42.71
+39.7%
11.5%€46.00€31.28n/a7
Jan ’25€39.46
€51.80
+31.3%
18.9%€70.97€39.74n/a8
Dec ’24€35.18
€51.80
+47.3%
18.9%€70.97€39.74n/a8
Nov ’24€31.14
€51.80
+66.4%
18.9%€70.97€39.74€32.208
Oct ’24€43.04
€69.07
+60.5%
17.7%€85.36€45.82€34.608
Sep ’24€42.70
€69.07
+61.8%
17.7%€85.36€45.82€33.808
Aug ’24€40.62
€69.07
+70.0%
17.7%€85.36€45.82€37.808
Jul ’24€45.68
€71.73
+57.0%
17.5%€87.93€45.35€33.208
Jun ’24€42.84
€71.73
+67.4%
17.5%€87.93€45.35€32.208
May ’24€41.30
€74.03
+79.2%
10.8%€86.21€63.53€26.007
Apr ’24€47.76
€76.47
+60.1%
8.9%€88.00€68.55€30.809
Mar ’24€48.22
€76.47
+58.6%
8.9%€88.00€68.55€32.129
Feb ’24€48.07
€77.00
+60.2%
8.2%€87.43€68.10€30.589
Jan ’24€63.42
€80.52
+27.0%
7.1%€89.64€70.77€39.469
Dec ’23€66.18
€83.43
+26.1%
7.4%€94.23€74.39€35.189
Nov ’23€72.88
€83.43
+14.5%
7.4%€94.23€74.39€31.149

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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