Applus Services Valuation

Is 0QTZ 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 0QTZ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0QTZ (€12.46) is trading below our estimate of fair value (€14.47)

Significantly Below Fair Value: 0QTZ is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0QTZ?

Key metric: As 0QTZ is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 0QTZ. This is calculated by dividing 0QTZ's market cap by their current revenue.
What is 0QTZ's PS Ratio?
PS Ratio	0.8x
Sales	€2.15b
Market Cap	€1.64b

0QTZ 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	1.2x
Enterprise Value/EBITDA	10.3x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 0QTZ's PS Ratio compare to its peers?

The above table shows the PS ratio for 0QTZ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	3x
DATA GlobalData	6.3x	7.5%	UK£1.7b
RWS RWS Holdings	0.7x	2.3%	UK£525.7m
DWF DWF Group	0.7x	2.6%	UK£316.4m
FNTL Fintel	4.3x	8.0%	UK£294.9m
0QTZ Applus Services	0.8x	3.8%	€1.6b

Price-To-Sales vs Peers: 0QTZ is good value based on its Price-To-Sales Ratio (0.8x) compared to the peer average (3.8x).

Price to Sales Ratio vs Industry

How does 0QTZ's PS Ratio compare vs other companies in the GB Professional Services Industry?

10 Companies	Price / Sales	Estimated Growth	Market Cap
HAS Hays	0.2x	1.0%	US$1.55b
IPEL Impellam Group	0.2x	n/a	US$489.91m
CPI Capita	0.1x	1.3%	US$364.41m
RWA Robert Walters	0.2x	0.02%	US$287.41m

10 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 0QTZ is expensive based on its Price-To-Sales Ratio (0.8x) compared to the UK Professional Services industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

What is 0QTZ'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.

0QTZ PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.8x
Fair PS Ratio	1.2x

Price-To-Sales vs Fair Ratio: 0QTZ is good value based on its Price-To-Sales Ratio (0.8x) compared to the estimated Fair Price-To-Sales Ratio (1.2x).

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 0QTZ 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	€12.46	€12.26 -1.6%	5.9%	€12.80	€11.00	n/a	5
Nov ’25	€12.68	€12.26 -3.3%	5.9%	€12.80	€11.00	n/a	5
Oct ’25	€12.98	€12.26 -5.6%	5.9%	€12.80	€11.00	n/a	5
Sep ’25	€12.56	€12.26 -2.4%	5.9%	€12.80	€11.00	n/a	5
Aug ’25	€12.78	€12.10 -5.3%	5.5%	€12.80	€11.00	n/a	5
Jul ’25	€12.78	€11.71 -8.4%	9.1%	€12.80	€9.75	n/a	6
Jun ’25	€12.73	€11.71 -8.0%	9.1%	€12.80	€9.75	n/a	6
May ’25	€12.71	€11.41 -10.2%	8.5%	€12.80	€9.75	n/a	6
Apr ’25	€11.44	€10.99 -3.9%	9.9%	€12.80	€9.50	n/a	7
Mar ’25	€11.46	€10.99 -4.1%	9.9%	€12.80	€9.50	n/a	7
Feb ’25	€11.18	€11.04 -1.2%	9.3%	€12.80	€9.50	n/a	8
Jan ’25	€10.00	€11.04 +10.4%	9.3%	€12.80	€9.50	n/a	8
Dec ’24	€9.89	€10.92 +10.4%	9.4%	€12.80	€9.50	n/a	9
Nov ’24	€9.94	€10.92 +9.9%	9.4%	€12.80	€9.50	€12.68	9
Oct ’24	€9.92	€10.90 +9.8%	9.8%	€12.80	€9.50	€12.98	9
Sep ’24	€9.47	€10.76 +13.5%	10.2%	€12.80	€9.50	€12.56	10
Aug ’24	€9.67	€10.76 +11.2%	10.2%	€12.80	€9.50	€12.78	10
Jul ’24	€9.91	€10.17 +2.7%	16.8%	€12.80	€7.00	€12.78	11
Jun ’24	€8.95	€9.66 +7.9%	17.1%	€12.80	€7.00	€12.73	13
May ’24	€7.55	€9.23 +22.3%	20.9%	€12.80	€6.00	€12.71	14
Apr ’24	€7.20	€9.22 +28.1%	21.3%	€12.80	€5.75	€11.44	14
Mar ’24	€6.67	€9.18 +37.5%	21.2%	€12.80	€5.75	€11.46	14
Feb ’24	€7.08	€8.96 +26.6%	20.7%	€12.80	€5.25	€11.18	14
Jan ’24	€6.43	€9.25 +44.0%	20.2%	€12.80	€5.50	€10.00	15
Dec ’23	€6.26	€9.25 +47.8%	20.2%	€12.80	€5.50	€9.89	15
Nov ’23	€6.10	€9.89 +62.2%	16.0%	€12.80	€7.00	€9.94	13

Analyst Forecast: Target price is lower than the current share price.