Spir Group Valuation

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

SPIR (NOK8.12) is trading below our estimate of [[fair value]] (NOK36.79)

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

Below Fair Value: SPIR (NOK8.12) is trading below our estimate of fair value (NOK36.79)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SPIR. This is calculated by dividing SPIR's market cap by their current earnings.
What is SPIR's PE Ratio?
PE Ratio	40.3x
Earnings	NOK 26.61m
Market Cap	NOK 1.07b

SPIR 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	1.7x
Enterprise Value/EBITDA	10.7x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SPIR 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	21.8x
MNTR Mintra Holding	17.6x	-3.5%	NOK 891.0m
RIVER River Tech	3.7x	n/a	NOK 337.1m
SMCRT SmartCraft	49.4x	26.0%	NOK 5.0b
LINK LINK Mobility Group Holding	16.4x	-3.7%	NOK 6.4b
SPIR Spir Group	40.3x	n/a	NOK 1.1b

Price-To-Earnings vs Peers: SPIR is expensive based on its Price-To-Earnings Ratio (40.3x) compared to the peer average (21.8x).

Price to Earnings Ratio vs Industry

How does SPIR's PE Ratio compare vs other companies in the European Software Industry?

5 Companies	Price / Earnings	Estimated Growth	Market Cap

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SPIR is expensive based on its Price-To-Earnings Ratio (40.3x) compared to the European Software industry average (28.3x).

Price to Earnings Ratio vs Fair Ratio

What is SPIR'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.

SPIR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	40.3x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate SPIR's Price-To-Earnings 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.

Discover undervalued companies

Mintra Holding

NOK 891.0m

Mintra Holding AS provides digital learning and human capital management software solutions worldwide.

MNTR

NOK 3.98

-19.4%

River Tech

NOK 337.1m

A technology company, provides software solutions.

RIVER

NOK 16.40

-11.4%

-48.1%

Pexip Holding

NOK 4.3b

A video technology company, provides end-to-end video conferencing platform and digital infrastructure worldwide.

PEXIP

NOK 41.85

-2.2%

95.2%