H2 Core Valuation

Q: What is the Fair Price of M5S when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

M5S (€1.58) is trading below our estimate of [[fair value]] (€4.46)

Is M5S 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-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of M5S when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: M5S (€1.58) is trading below our estimate of fair value (€4.46)

Significantly Below Fair Value: M5S is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for M5S?

Key metric: As M5S is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for M5S. This is calculated by dividing M5S's market cap by their current book value.
What is M5S's PB Ratio?
PB Ratio	31.5x
Book	€552.16k
Market Cap	€17.38m

M5S 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	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does M5S's PB Ratio compare to its peers?

The above table shows the PB ratio for M5S vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	1.1x
HHX HAMMONIA Schiffsholding	0.7x	n/a	€40.7m
NEP SLOMAN NEPTUN Schiffahrts-Aktiengesellschaft	0.7x	n/a	€111.9m
PM1 Wilson	1.2x	n/a	€258.8m
BLH BREMER LAGERHAUS-GESELLSCHAFT -Aktiengesellschaft von 1877-	1.8x	n/a	€38.4m
M5S H2 Core	31.5x	n/a	€17.4m

Price-To-Book vs Peers: M5S is expensive based on its Price-To-Book Ratio (31.5x) compared to the peer average (1.1x).

Price to Book Ratio vs Industry

How does M5S's PB Ratio compare vs other companies in the European Shipping Industry?

1 Company	Price / Book	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: M5S is expensive based on its Price-To-Book Ratio (31.5x) compared to the European Shipping industry average (1x).

Price to Book Ratio vs Fair Ratio

What is M5S's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

M5S PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	31.5x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate M5S's Price-To-Book 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?

Analyst Forecast: Insufficient data to show price forecast.