Spindox S.p.A.

BIT:SPN Stock Report

Market Cap: €59.7m

Spindox Valuation

Is SPN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: SPN (€10.5) is trading above our estimate of fair value (€2.97)

Significantly Below Fair Value: SPN is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for SPN. This is calculated by dividing SPN's market cap by their current revenue.
What is SPN's PS Ratio?
PS Ratio0.6x
Sales€102.38m
Market Cap€59.68m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for SPN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5x
RDF Redelfi
19x45.7%€40.7m
DBA DBA Group
0.2x5.4%€29.6m
DGV Digital Value
0.2x24.8%€141.4m
RETI Reti
0.7x10.5%€22.9m
SPN Spindox
0.6x10.5%€59.7m

Price-To-Sales vs Peers: SPN is good value based on its Price-To-Sales Ratio (0.6x) compared to the peer average (5x).

Price to Sales Ratio vs Industry

How does SPN's PS Ratio compare vs other companies in the IT IT Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
DGV Digital Value
0.2x24.8%US$149.00m
DBA DBA Group
0.2x5.4%US$31.19m
YSFT Softec
0.3xn/aUS$1.41m
No more companies available in this PS range
SPN 0.6xIndustry Avg. 0.9xNo. of Companies6PS01.22.43.64.86+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: SPN is good value based on its Price-To-Sales Ratio (0.6x) compared to the European IT industry average (0.9x).

Price to Sales Ratio vs Fair Ratio

What is SPN'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.

SPN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.6x
Fair PS Ratio0.9x

Price-To-Sales vs Fair Ratio: SPN is good value based on its Price-To-Sales Ratio (0.6x) compared to the estimated Fair Price-To-Sales Ratio (0.9x).

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 SPN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.50
€15.82
+50.6%
1.7%€16.15€15.50n/a3
Nov ’25€10.60
€15.82
+49.2%
1.7%€16.15€15.50n/a3
Oct ’25€10.10
€15.82
+56.6%
1.7%€16.15€15.50n/a3
Sep ’25€10.25
€15.82
+54.3%
1.7%€16.15€15.50n/a3
Aug ’25€10.00
€15.65
+56.5%
1.0%€15.80€15.50n/a2
Jul ’25€10.25
€15.65
+52.7%
1.0%€15.80€15.50n/a2
Jun ’25€9.50
€15.65
+64.7%
1.0%€15.80€15.50n/a2
May ’25€9.10
€15.65
+72.0%
1.0%€15.80€15.50n/a2
Apr ’25€9.25
€15.75
+70.3%
1.6%€16.00€15.50n/a2
Mar ’25€9.70
€15.75
+62.4%
1.6%€16.00€15.50n/a2
Feb ’25€8.80
€15.75
+79.0%
1.6%€16.00€15.50n/a2
Jan ’25€9.10
€15.75
+73.1%
1.6%€16.00€15.50n/a2
Dec ’24€7.65
€15.75
+105.9%
1.6%€16.00€15.50n/a2
Nov ’24€7.80
€15.75
+101.9%
1.6%€16.00€15.50€10.602
Oct ’24€8.30
€15.75
+89.8%
1.6%€16.00€15.50€10.102
Sep ’24€10.30
€15.75
+52.9%
1.6%€16.00€15.50€10.252
Aug ’24€11.00
€15.75
+43.2%
1.6%€16.00€15.50€10.002
Jul ’24€8.75
€15.75
+80.0%
1.6%€16.00€15.50€10.252
Jun ’24€8.50
€15.75
+85.3%
1.6%€16.00€15.50€9.502
May ’24€8.95
€15.52
+73.4%
2.4%€16.00€15.07€9.103
Apr ’24€8.50
€15.29
+79.8%
1.4%€15.50€15.07€9.252
Mar ’24€10.15
€15.29
+50.6%
1.4%€15.50€15.07€9.702
Feb ’24€9.66
€15.29
+58.2%
1.4%€15.50€15.07€8.802
Jan ’24€8.60
€15.29
+77.7%
1.4%€15.50€15.07€9.102
Dec ’23€9.20
€15.29
+66.1%
1.4%€15.50€15.07€7.652
Nov ’23€9.62
€15.29
+58.9%
1.4%€15.50€15.07€7.802

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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