NOS S.G.P.S Valuation

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

Below Fair Value: NOS (€3.48) is trading below our estimate of fair value (€8.05)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NOS. This is calculated by dividing NOS's market cap by their current earnings.
What is NOS's PE Ratio?
PE Ratio	7x
Earnings	€255.79m
Market Cap	€1.79b

NOS 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	2x
Enterprise Value/EBITDA	5.8x
PEG Ratio	-0.5x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NOS 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	9.8x
SNC Sonaecom SGPS	9.5x	n/a	€733.8m
OTEL Oman Telecommunications Company SAOG	11.8x	29.5%	ر.ع712.5m
CCA Cogeco Communications	8.6x	-0.04%	CA$2.9b
MGTS Moscow City Telephone Network	9.3x	n/a	₽117.2b
NOS NOS S.G.P.S	7x	-15.1%	€1.8b

Price-To-Earnings vs Peers: NOS is good value based on its Price-To-Earnings Ratio (7x) compared to the peer average (10x).

Price to Earnings Ratio vs Industry

How does NOS's PE Ratio compare vs other companies in the European Telecom Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: NOS is good value based on its Price-To-Earnings Ratio (7x) compared to the European Telecom industry average (18.1x).

Price to Earnings Ratio vs Fair Ratio

What is NOS'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.

NOS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	7x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate NOS'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?

The above table shows the analyst NOS 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	€3.48	€3.98 +14.2%	9.8%	€4.50	€3.30	n/a	14
Nov ’25	€3.54	€4.06 +14.9%	12.2%	€5.25	€3.30	n/a	15
Oct ’25	€3.65	€4.04 +10.9%	12.2%	€5.25	€3.30	n/a	15
Sep ’25	€3.60	€4.09 +13.6%	13.3%	€5.25	€3.30	n/a	15
Aug ’25	€3.51	€4.09 +16.7%	13.3%	€5.25	€3.30	n/a	15
Jul ’25	€3.38	€4.05 +20.1%	12.9%	€5.25	€3.30	n/a	15
Jun ’25	€3.32	€4.06 +22.5%	12.7%	€5.25	€3.40	n/a	15
May ’25	€3.24	€4.11 +26.9%	12.6%	€5.25	€3.40	n/a	15
Apr ’25	€3.63	€4.09 +12.8%	12.9%	€5.25	€3.40	n/a	15
Mar ’25	€3.28	€4.08 +24.4%	13.1%	€5.25	€3.40	n/a	15
Feb ’25	€3.22	€4.09 +27.0%	13.1%	€5.25	€3.40	n/a	15
Jan ’25	€3.20	€4.11 +28.3%	12.7%	€5.25	€3.40	n/a	15
Dec ’24	€3.39	€4.15 +22.4%	11.7%	€5.25	€3.40	n/a	15
Nov ’24	€3.48	€4.16 +19.5%	11.3%	€5.00	€3.40	€3.54	15
Oct ’24	€3.48	€4.17 +19.8%	11.3%	€5.00	€3.40	€3.65	15
Sep ’24	€3.46	€4.17 +20.5%	11.3%	€5.00	€3.40	€3.60	15
Aug ’24	€3.45	€4.17 +20.8%	11.3%	€5.00	€3.40	€3.51	15
Jul ’24	€3.26	€4.09 +25.5%	13.6%	€5.00	€2.60	€3.38	14
Jun ’24	€3.43	€4.11 +19.6%	13.5%	€5.00	€2.60	€3.32	14
May ’24	€3.99	€4.09 +2.5%	12.8%	€4.80	€2.60	€3.24	14
Apr ’24	€4.22	€4.01 -4.9%	13.1%	€4.70	€2.60	€3.63	15
Mar ’24	€4.20	€3.92 -6.7%	12.7%	€4.70	€2.60	€3.28	15
Feb ’24	€3.95	€3.89 -1.6%	12.8%	€4.70	€2.60	€3.22	15
Jan ’24	€3.78	€3.89 +2.8%	13.2%	€4.70	€2.60	€3.20	16
Dec ’23	€3.87	€3.86 -0.3%	12.8%	€4.70	€2.60	€3.39	16
Nov ’23	€4.00	€3.86 -3.5%	12.7%	€4.70	€2.60	€3.48	16

Analyst Forecast: Target price is less than 20% higher than the current share price.