Mycronic Valuation

Is MLT 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-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: MLT (€34) is trading below our estimate of fair value (€48.39)

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

Key Valuation Metric

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

Key metric: As MLT is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MLT. This is calculated by dividing MLT's market cap by their current earnings.
What is MLT's PE Ratio?
PE Ratio	21.5x
Earnings	SEK 1.74b
Market Cap	SEK 37.38b

MLT 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	5x
Enterprise Value/EBITDA	15.5x
PEG Ratio	3.8x

Price to Earnings Ratio vs Peers

How does MLT's PE Ratio compare to its peers?

The above table shows the PE ratio for MLT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	20.2x
JEN Jenoptik	14x	12.3%	€1.2b
S9I Stemmer Imaging	42.8x	37.2%	€349.7m
M7U Nynomic	12.1x	17.5%	€114.7m
FEV FORTEC Elektronik	11.8x	14.2%	€62.7m
MLT Mycronic	21.5x	5.6%	€37.4b

Price-To-Earnings vs Peers: MLT is expensive based on its Price-To-Earnings Ratio (21.5x) compared to the peer average (20.2x).

Price to Earnings Ratio vs Industry

How does MLT's PE Ratio compare vs other companies in the European Electronic Industry?

5 Companies	Price / Earnings	Estimated Growth	Market Cap

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: MLT is expensive based on its Price-To-Earnings Ratio (21.5x) compared to the European Electronic industry average (17.7x).

Price to Earnings Ratio vs Fair Ratio

What is MLT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MLT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	21.5x
Fair PE Ratio	11.4x

Price-To-Earnings vs Fair Ratio: MLT is expensive based on its Price-To-Earnings Ratio (21.5x) compared to the estimated Fair Price-To-Earnings Ratio (11.4x).

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 MLT 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	€34.00	€40.75 +19.8%	5.2%	€42.87	€38.62	n/a	2
Nov ’25	€34.96	€41.59 +19.0%	3.6%	€43.07	€40.11	n/a	2
Oct ’25	€34.88	€40.88 +17.2%	3.2%	€42.17	€39.59	n/a	2
Sep ’25	€33.06	€40.88 +23.6%	3.2%	€42.17	€39.59	n/a	2
Aug ’25	€32.22	€40.88 +26.9%	3.2%	€42.17	€39.59	n/a	2
Jul ’25	€35.94	€39.12 +8.8%	6.8%	€41.79	€36.45	n/a	2
Jun ’25	€35.12	€36.19 +3.0%	11.9%	€40.50	€31.88	n/a	2
May ’25	€32.66	€36.32 +11.2%	11.9%	€40.64	€31.99	n/a	2
Apr ’25	€32.88	€35.66 +8.5%	14.6%	€40.88	€30.44	n/a	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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