Windward Ltd.

AIM:WNWD Stock Report

Market Cap: UK£109.0m

Windward Valuation

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

Below Fair Value: WNWD (£1.23) is trading below our estimate of fair value (£2.5)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for WNWD. This is calculated by dividing WNWD's market cap by their current revenue.
What is WNWD's PS Ratio?
PS Ratio4.2x
SalesUS$33.09m
Market CapUS$138.22m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for WNWD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3x
IGP Intercede Group
5.3x-6.3%UK£105.6m
OMG Oxford Metrics
1.8x1.7%UK£84.1m
PULS Pulsar Group
1.2x6.1%UK£76.6m
SPE Sopheon
3.5x7.7%UK£106.6m
WNWD Windward
4.2x17.1%UK£109.0m

Price-To-Sales vs Peers: WNWD is expensive based on its Price-To-Sales Ratio (4.2x) compared to the peer average (3x).

Price to Sales Ratio vs Industry

How does WNWD's PS Ratio compare vs other companies in the GB Software Industry?

11 CompaniesPrice / SalesEstimated GrowthMarket Cap
RM. RM
0.3xn/aUS$77.58m
SWG Shearwater Group
0.4xn/aUS$10.42m
MBO MobilityOne
0.01xn/aUS$3.03m
CCS Crossword Cybersecurity
0.5xn/aUS$2.46m
WNWD 4.2xIndustry Avg. 2.6xNo. of Companies13PS0246810+
11 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: WNWD is expensive based on its Price-To-Sales Ratio (4.2x) compared to the UK Software industry average (2.6x).

Price to Sales Ratio vs Fair Ratio

What is WNWD'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.

WNWD PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.2x
Fair PS Ratio3.7x

Price-To-Sales vs Fair Ratio: WNWD is expensive based on its Price-To-Sales Ratio (4.2x) compared to the estimated Fair Price-To-Sales Ratio (3.7x).

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 WNWD forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£1.23
UK£1.72
+40.1%
13.6%UK£2.00UK£1.43n/a3
Nov ’25UK£1.40
UK£1.72
+22.6%
13.6%UK£2.00UK£1.43n/a3
Oct ’25UK£1.30
UK£1.72
+32.1%
13.6%UK£2.00UK£1.43n/a3
Sep ’25UK£1.38
UK£1.72
+24.8%
13.6%UK£2.00UK£1.43n/a3
Aug ’25UK£1.03
UK£1.51
+47.0%
10.1%UK£1.72UK£1.37n/a3
Jul ’25UK£0.97
UK£1.43
+48.0%
3.4%UK£1.49UK£1.37n/a3
Jun ’25UK£0.99
UK£1.43
+44.4%
3.4%UK£1.49UK£1.37n/a3
May ’25UK£1.01
UK£1.42
+41.6%
2.9%UK£1.47UK£1.37n/a3
Apr ’25UK£1.10
UK£1.42
+29.4%
2.9%UK£1.47UK£1.37n/a3
Mar ’25UK£1.12
UK£1.36
+21.1%
4.2%UK£1.43UK£1.29n/a3
Feb ’25UK£1.10
UK£1.36
+23.3%
4.2%UK£1.43UK£1.29n/a3
Jan ’25UK£0.83
UK£1.19
+42.5%
3.4%UK£1.23UK£1.15n/a2
Oct ’24UK£0.61
UK£1.07
+74.6%
8.0%UK£1.15UK£0.98UK£1.302
Sep ’24UK£0.47
UK£1.07
+124.2%
8.0%UK£1.15UK£0.98UK£1.382
Aug ’24UK£0.53
UK£1.07
+102.9%
8.0%UK£1.15UK£0.98UK£1.032
Jul ’24UK£0.53
UK£1.07
+102.9%
8.0%UK£1.15UK£0.98UK£0.972
Jun ’24UK£0.40
UK£1.07
+166.2%
8.0%UK£1.15UK£0.98UK£0.992
May ’24UK£0.46
UK£1.07
+131.5%
8.0%UK£1.15UK£0.98UK£1.012
Apr ’24UK£0.40
UK£1.07
+166.2%
8.0%UK£1.15UK£0.98UK£1.102
Jan ’24UK£0.65
UK£1.99
+205.4%
25.9%UK£2.50UK£1.47UK£0.832
Dec ’23UK£0.65
UK£1.99
+205.4%
25.9%UK£2.50UK£1.47UK£0.782
Nov ’23UK£0.60
UK£1.99
+230.8%
25.9%UK£2.50UK£1.47UK£0.662

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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