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Etherstack Plc (ESK) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Etherstack Plc stock A$0.66, price A$0.53, upside +24.5%, quality 59 out of 100. Rating: undervalued. Calculated from audited financials with 10 of our 26 valuation models and 37 quality factors, updated daily.

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Technology AU · ISIN AU000000ESK6

EP Etherstack Plc logo Thin data Nov 9, 2026

Etherstack Plc

ESK · AU
Undervalued, but in a downtrend

The stock costs 20% less than our calculation considers fair.

Fair value A$0.6600 · Undervalued
Low debt
Revenue last quarter +40% vs. a year ago.
Quality 59/100
Mixed Growth (revenue 5y +27.2 %/yr in USD)
Mixed vs. peers (4/10)
Loss-making · -12.4% net margin (TTM)
Negative free cash flow over the last twelve months
Narrow moat 20/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

A$0.7600 A$0.1100 Fair Value A$0.6600 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range A$0.1100 – A$0.7600 · fair‑value band A$0.4100 – A$1.05 · the A$0.5300 price screens below the A$0.6600 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

Etherstack plc, a wireless technology company, engages in the development, manufacture, licensing, and sale of mission critical radio technologies to equipment manufacturers and network operators in the United Kingdom, the United States, Europe, Japan, and Australia.

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The company's technology enables push-to-talk communications; and advanced digital land mobile radio (LMR) and cellular and satellite networks.

It offers a range of cryptographic solutions, including P25 security suite, which unites AES/DES P25 encryption engine with P25 key fill device support for complete P25 subscriber encryption; P25 key management facility; P25 security dongles; and FIPS 140-2 cryptographic module, a single-board security device that implements APCO P25 encryption, decryption, and key management and storage services in conformance with FIPS140-2 standards.

It also designs, develops, supplies, and licenses wireless air interface protocol stacks for third-party defence and critical communications radio manufacturers. In addition, the company offers LTE interworking function for LMR; LMR protocol stacks; and LMR voice and data systems.

Further, it provides tactical and satellite solutions, such as P25 tactical repeater, which is a compact, battery-powered, and rapidly deployable analog for stand-alone or network augmentation use; and IVX, a small form factor push-to-talk over IP radio for encrypted voice and data communications.

The company serves carrier, defense, public safety, utilities, and resource sectors. The company was formerly known as MM&S (5698) plc and changed its name to Etherstack plc in May 2012. Etherstack plc was founded in 2002 and is based in Chippendale, Australia.

Stock analysis

Etherstack Plc (ESK) currently trades at A$0.5300, while our model-based Fair Value estimate is A$0.6600, implying the stock looks roughly 20% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of A$0.5900 per share, and 5 of the 10 models we run sit above the A$0.5300 price.

Bear case: the Multiples group reads lowest at A$0.4450, and 5 of the 10 models stay below the price. Data coverage for this calculation is low.

Scenario range: A$0.4100 (bear) to A$1.05 (bull), the price of A$0.5300 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 59/100 (solid quality), in the Technology sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Etherstack Plc reported revenue of $15.6M in FY2025 versus $8.5M in FY2021, a compound +16.5%/yr. Reported net income was −$1.1M in FY2025.

Key figures

Market cap A$76.3M (≈ $52.6M) Micro · P/S ratio 5.67 · EPS (TTM) A$−0.0200 · Net margin −6.9% · Return on equity −18.1% · Return on assets (EBIT) −0.9% (5-year average) · Operating margin 7.1% · Revenue (TTM) $12.5M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 20 out of 100 (low confidence).

What moves the price

The share trades about 30% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at 25%, ESK screens cheaper than that median.

Fair Value models

Bear A$0.4100 Fair Value A$0.6600 Bull A$1.05
Price A$0.5300 · Upside +24.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF A$0.4000 A$0.7000 A$1.22 78
Growth DCF A$0.4000 A$0.6900 A$1.18 76
Owner Earnings A$0.2300 A$0.3900 A$0.6800 74
All 10 models by family
DCF Models
FCF DCF A$0.4000 A$0.7000 A$1.22 78
Owner Earnings A$0.2300 A$0.3900 A$0.6800 74
5Y Revenue Exit A$0.3000 A$0.4900 A$0.7300 72
5Y EBITDA Exit A$0.4000 A$0.6900 A$1.04 74
10Y Revenue Exit A$0.3200 A$0.5100 A$0.7800 66
10Y EBITDA Exit A$0.4000 A$0.6600 A$1.04 67
Multiples
EV/EBITDA A$0.4100 A$0.5500 A$0.6900 67
EV/Revenue A$0.2300 A$0.3400 A$0.4400 53
Growth DCF
Growth DCF A$0.4000 A$0.6900 A$1.18 76
Rev-Margin DCF A$0.3000 A$0.4900 A$0.7200 72

Open the full fair value analysis →

Quality Score breakdown

Overall quality 59/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 20
How much profit the company makes from its sales and capital
Quality Growth 100
Are margins and returns getting better?
Cashflow 70
Do the profits arrive as real cash?
Financial strength 80
Debt, balance sheet and risk of trouble
Investment 68
Does it invest with discipline instead of growing at any price?
Low Volatility 44
How calm the share price moves, does not count
Price momentum 31
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 14
Distance to the 52-week high, does not count
New shares 34
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 59/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+74.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.2%
Start year 2020 (pandemic)
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−15.7% (2020) → −4.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +3.7% a year for the price.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 621 stocks

Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 59 · Above median
Fair Value upside +24.5% · Above median
Profitability
Return on assets −4.4% · Below median
Net margin (12 months) −12.4% · Bottom 25%
Operating margin (12 months) 7.1% · Above median
Growth and dividend
Revenue growth (quarter YoY) 39.8% · Top 25%
Balance sheet
Debt / equity 0.18× · Above median

Valuation Multiplesvs Software - Application median · lower = cheaper

P/B 3.86× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months) 4.21× · Pricier than median
Price / free cash flow (fiscal year) 19.6× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)66 · sector 29
FUTURE (revenue growth)100 · sector 40
PAST (return on equity)0 · sector 19
HEALTH (low debt)91 · sector 97
DIVIDEND (yield)0 · sector 29

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Adobe Inc ADBE $239.30 $463.72 +94% vs ESK
Salesforce, Inc CRM $213.65 $342.73 +60% vs ESK
Uber Technologies, Inc UBER $68.59 $101.28 +48% vs ESK
Intuit Inc INTU $341.50 $459.14 +34% vs ESK
ServiceNow, Inc NOW $101.97 $112.17 +10% vs ESK
SAP SE SAP €211.65 €173.59 −18% vs ESK
Cadence Design Systems, Inc CDNS $319.92 $225.48 −30% vs ESK
Automatic Data Processing, Inc ADP $303.35 $150.40 −50% vs ESK
Shopify Inc SHOP $148.91 $64.96 −56% vs ESK
Snowflake Inc SNOW $275.88 $73.81 −73% vs ESK

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Etherstack Plc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Etherstack Plc Fair Value". https://www.fairvalue-calculator.com/stock/ESK

Frequently asked questions

Is Etherstack Plc (ESK) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of A$0.6600 versus a price of A$0.5300, about +25% upside (undervalued).
What is the fair value of ESK?
Our model-based fair value for Etherstack Plc is A$0.6600 (as of Nov 9, 2026), built from audited fundamentals. The current price: A$0.5300.
What is the quality score of ESK?
Etherstack Plc has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Etherstack Plc (ESK)?
Our model-based price target is the fair value of A$0.6600 (as of Nov 9, 2026) from 10 valuation models. Cautious scenario A$0.4100, optimistic scenario A$1.05. It is a calculation from audited fundamentals, not an analyst target.
What is the Etherstack Plc stock forecast for 2026?
Our models put fair value at A$0.6600, about +25% upside versus a price of A$0.5300 (undervalued). Cautious scenario A$0.4100, optimistic scenario A$1.05. The calculation is refreshed regularly with new filings.
What is the revenue of Etherstack Plc (ESK)?
Etherstack Plc reported trailing-twelve-month revenue of about $12.5M (latest available figure, as of Nov 9, 2026).
What growth is priced into Etherstack Plc (ESK)?
For today's price to be fair in a discounted-cash-flow model, Etherstack Plc would have to grow free cash flow by +6.2 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +27.2 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of ESK use?
Our models discount Etherstack Plc at 8.7 %: a base by market capitalisation (nano), damped by beta 0.66, country premium for Australia. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Etherstack Plc that is +6.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has Etherstack Plc (ESK) delivered so far?
Over the past 5 years revenue at Etherstack Plc grew +27.2 % a year. The price currently implies free-cash-flow growth of +6.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Etherstack Plc (ESK) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Etherstack Plc (+6.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Etherstack Plc (ESK)?
The free-cash-flow yield on the price is 5.11 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Etherstack Plc produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Etherstack Plc (ESK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Etherstack Plc it is A$0.6600 per share (as of Nov 9, 2026), against a price of A$0.5300. It is the blended result of 10 valuation models in 3 families (DCF Models, Multiples, Growth DCF).
Is Etherstack Plc stock overvalued or undervalued in 2026?
As of Nov 9, 2026, ESK trades below its calculated fair value: price A$0.5300, fair value A$0.6600, a gap of about +25% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ESK?
No. The price is what the market pays today (A$0.5300); the fair value is what the company's own numbers justify (A$0.6600). For Etherstack Plc the two are A$0.1300 per share apart. That gap is exactly why we show both numbers side by side.
How much is Etherstack Plc worth?
The market values Etherstack Plc at about A$76.3M (market capitalisation, as of Nov 9, 2026). Per share that is A$0.5300; our models calculate a fair value of A$0.6600 per share.
What do the bullish and bearish scenarios say about ESK?
Our models span a range for Etherstack Plc: cautious scenario A$0.4100, base A$0.6600, optimistic A$1.05 per share (as of Nov 9, 2026, price A$0.5300). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Etherstack Plc (ESK)?
Balance-sheet figures for Etherstack Plc (as of Nov 9, 2026): return on equity −18.1%, debt of 0.18 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is ESK from its 52-week high?
Etherstack Plc trades at A$0.5300, about 30% below its 52-week high of A$0.7600 and 16% above the low of A$0.4550 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.6600 is for.
Which stocks are comparable to Etherstack Plc?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Etherstack Plc stock attractive at the current price?
The data as of Nov 9, 2026: price A$0.5300, calculated fair value A$0.6600 (+25%), Quality Score 59/100, from 10 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ESK calculated?
We run Etherstack Plc through 10 models from 3 families: DCF Models, Multiples, Growth DCF. Every model gets the same audited fundamentals; the fair value of A$0.6600 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Etherstack Plc currently trades 20% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Etherstack Plc (ESK)?
The closing price on Nov 9, 2026 was A$0.5300. Our model-based fair value is A$0.6600, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Etherstack Plc right now?
Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (A$0.4100 to A$1.05) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Etherstack Plc

How large is the market capitalisation of Etherstack Plc (ESK)?
The market capitalisation of Etherstack Plc is A$76.3M (≈ $52.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Etherstack Plc (ESK)?
The price-to-sales ratio of Etherstack Plc is 5.67 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Etherstack Plc (ESK)?
Earnings per share at Etherstack Plc are A$−0.0200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Etherstack Plc (ESK)?
The net margin of Etherstack Plc is −6.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Etherstack Plc (ESK)?
The return on equity (ROE) of Etherstack Plc is −18.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Etherstack Plc (ESK)?
On an EBIT basis the return on assets of Etherstack Plc is −0.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Etherstack Plc (ESK)?
The operating margin of Etherstack Plc is 7.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Etherstack Plc (ESK)?
Revenue at Etherstack Plc is growing +39.8% versus a year earlier (3y avg +3.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Etherstack Plc (ESK)?
Earnings per share at Etherstack Plc are growing −69.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Etherstack Plc (ESK) carry?
The net debt of Etherstack Plc is $1.8M (fiscal year 2025, ≈ 0.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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