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Kaleon (KLN) fair value: what the stock is really worth

As of Nov 5, 2026: fair value (intrinsic value) of Kaleon stock €2.19, price €3.92, that is 44.1% below the price, quality 48 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.

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Consumer Cyclical IT · ISIN IT0005678104

K Kaleon logo Some data Nov 9, 2026

Kaleon

KLN · MI
Weakest Setup

Our calculation puts a fair price 44% below what the stock costs today.

Low debt
Quality 48/100
Expensive Growth (revenue YoY +9.3 %/yr in EUR)
Thin margins · 2.6% net margin (TTM)
Some data
Costs 98 times its yearly profit.
Fair value €2.19 · Strongly overvalued
Negative free cash flow
Trails peers (4/12)
Narrow moat 31/100 · 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

€4.45 €3.83 Fair Value €2.19 Nov 2025 Nov 2026

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

How to read this chart

11‑month range €3.83 – €4.45 · fair‑value band €1.53 – €2.85 · the €3.92 price screens above the €2.19 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

Kaleon S.p.A. specializes in the operation, management, protection, and enhancement of artistic, natural, and museum heritage. The company's services include general admission, private tours, and guided visits.

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It also provides tourist offerings, such as food & beverage services, bookshops and boutiques, programs dedicated to school trips, accommodations, bicycle and sports equipment rental services, and location rental services for private events and weddings.

It operates under the brand name of Terre Borromeo. Kaleon S.p.A. was formerly known as SAG S.r.l. The company was incorporated in 1983 and is based in Milan, Italy. Kaleon S.p.A. is a subsidiary of L6a4 S.R.L.

Stock analysis

Kaleon (KLN) currently trades at €3.92, while our model-based Fair Value estimate is €2.19, 44% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of €2.54 per share, and 1 of the 14 models we run sit above the €3.92 price.

Bear case: the Asset-Based group reads lowest at €0.4400, and 13 of the 14 models stay below the price. Data coverage for this calculation is medium.

Scenario range: €1.53 (bear) to €2.85 (bull), the price of €3.92 sits above 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 48/100 (below-average quality), in the Consumer Cyclical sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Kaleon reported revenue of €23.8M in FY2025 versus €21.6M in FY2023, a compound +4.9%/yr. Reported net income was €1.6M in FY2025, compounding −26.7%/yr from FY2023.

Key figures

Market cap €55.4M Micro · P/E ratio 98.0 · P/S ratio 2.49 · EPS (TTM) €0.0400 · Net margin 2.6% · Return on equity 3.7% · Return on assets (EBIT) 14.3% (3-year average) · Operating margin 5.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 31 out of 100 (low confidence).

What moves the price

The share trades about 12% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at −44%, KLN screens richer than that median.

Fair Value models

Bear €1.53 Fair Value €2.19 Bull €2.85
Price €3.92 · Downside -44.1%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.0343 per share) are deliberately not added. 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
EPV €1.43 €1.53 €1.61 71
EV/EBITDA €3.31 €4.72 €6.12 67
ROIC Compounder €1.43 €1.53 €1.61 66
All 14 models by family
Earnings-Based
Graham-Dodd €0.7500 €2.50 €3.35 58
Lynch FV €0.5700 €0.8100 €1.05 55
PEG = 1.0 €0.5700 €0.8100 €1.05 52
EPV €1.43 €1.53 €1.61 71
Multiples
P/E Multiple €1.82 €2.43 €3.03 63
P/S Multiple €1.41 €1.87 €2.34 58
P/B Multiple €1.99 €2.65 €3.31 55
EV/EBIT €2.04 €3.03 €4.01 65
EV/EBITDA €3.31 €4.72 €6.12 67
EV/Revenue €0.5100 €1.12 €1.73 51
Asset-Based
NCAV (Graham) €0.3300 €0.4400 €0.6600 54
Economic Profit
Residual Income €1.20 €1.18 €1.23 64
ROIC Compounder €1.43 €1.53 €1.61 66
Growth Earnings
Growth-Adj P/E €1.53 €2.19 €2.85 61

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Quality Score breakdown

Overall quality 48/100

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

Profitability 50
How much profit the company makes from its sales and capital
Quality Growth 37
Are margins and returns getting better?
Cashflow 44
Do the profits arrive as real cash?
Financial strength 92
Debt, balance sheet and risk of trouble
Investment 0
Does it invest with discipline instead of growing at any price?
Low Volatility 81
How calm the share price moves, does not count
Price momentum 41
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 23
Distance to the 52-week high, does not count
New shares 80
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. 41/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: only 3 usable fiscal years, at least 4 required
not computed

KLN screens overvalued: fair value 44% below the price. Compare with Booking Holdings →

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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.Travel Services · 86 stocks

Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 48 · Below median
Fair Value upside −44.1% · Bottom 25%
Profitability
Return on equity (12 months) 3.7% · Below median
Return on assets 4.2% · Above median
Net margin (12 months) 2.6% · Below median
Operating margin (12 months) 5.9% · Above median
Growth and dividend
Revenue growth (quarter YoY) 8.7% · Above median
Balance sheet
Debt / equity 0.10× · Below median

Valuation Multiplesvs Travel Services median · lower = cheaper

P/E (12 months) 98.0× · Priciest 25%
P/B 2.35× · Pricier than median
P/S (12 months) 2.49× · Pricier than median
EV/EBITDA 11.5× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 54
FUTURE (revenue growth)44 · sector 9
PAST (return on equity)15 · sector 34
HEALTH (low debt)95 · sector 94
DIVIDEND (yield)0 · sector 40

VALUE 0: the price sits above our fair-value range.

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 Travel Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Trip.com Group 9961 HK$345.60 HK$683.09 +98% vs KLN
Carnival Corporation CCL $29.58 $37.36 +26% vs KLN
Booking Holdings BKNG $160.67 $185.59 +16% vs KLN
Norwegian Cruise Line Holdings NCLH $17.92 $20.27 +13% vs KLN
Airbnb, Inc ABNB $189.99 $208.99 +10% vs KLN
Viking Holdings VIK $87.48 $96.23 +10% vs KLN
Expedia Group EXPE $259.24 $285.16 +10% vs KLN
MakeMyTrip Limited MMYT $51.10 $34.50 −32% vs KLN
Royal Caribbean Cruises Ltd RCL $327.16 $206.34 −37% vs KLN
Travel + Leisure Co TNL $75.33 $36.58 −51% vs KLN

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Kaleon: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Kaleon Fair Value". https://www.fairvalue-calculator.com/stock/KLN

Frequently asked questions

Is Kaleon (KLN) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €2.19 versus a price of €3.92, about 44% lower (overvalued).
What is the fair value of KLN?
Our model-based fair value for Kaleon is €2.19 (as of Nov 9, 2026), built from audited fundamentals. The current price: €3.92.
What is the quality score of KLN?
Kaleon has a Quality Score of 48/100. 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 Kaleon (KLN)?
Our model-based price target is the fair value of €2.19 (as of Nov 9, 2026) from 14 valuation models. Cautious scenario €1.53, optimistic scenario €2.85. It is a calculation from audited fundamentals, not an analyst target.
What is the Kaleon stock forecast for 2026?
Our models put fair value at €2.19, about 44% lower versus a price of €3.92 (overvalued). Cautious scenario €1.53, optimistic scenario €2.85. The calculation is refreshed regularly with new filings.
What is the revenue of Kaleon (KLN)?
Kaleon reported trailing-twelve-month revenue of about €24.8M (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Kaleon (KLN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kaleon it is €2.19 per share (as of Nov 9, 2026), against a price of €3.92. It is the blended result of 14 valuation models in 5 families (Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Kaleon stock overvalued or undervalued in 2026?
As of Nov 9, 2026, KLN trades above its calculated fair value: price €3.92, fair value €2.19, a gap of about −44% (overvalued). 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 KLN?
No. The price is what the market pays today (€3.92); the fair value is what the company's own numbers justify (€2.19). For Kaleon the two are €1.73 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kaleon worth?
The market values Kaleon at about €55.4M (market capitalisation, as of Nov 9, 2026). Per share that is €3.92; our models calculate a fair value of €2.19 per share.
What do the bullish and bearish scenarios say about KLN?
Our models span a range for Kaleon: cautious scenario €1.53, base €2.19, optimistic €2.85 per share (as of Nov 9, 2026, price €3.92). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KLN?
Kaleon trades at a price-to-earnings ratio of 98.0 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €2.19 is built from several models across several years. Other multiples: P/B 2.4, P/S 2.5, EV/EBITDA 11.5.
How solid is the balance sheet of Kaleon (KLN)?
Balance-sheet figures for Kaleon (as of Nov 9, 2026): return on equity 3.7%, debt of 0.10 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is KLN from its 52-week high?
Kaleon trades at €3.92, about 12% below its 52-week high of €4.45 and 2% above the low of €3.83 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €2.19 is for.
Which stocks are comparable to Kaleon?
From the same area (Consumer Cyclical) we also value Booking Holdings, Airbnb, Inc, Royal Caribbean Cruises Ltd, Viking Holdings, 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 Kaleon stock attractive at the current price?
The data as of Nov 9, 2026: price €3.92, calculated fair value €2.19 (−44%), Quality Score 48/100, from 14 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 KLN calculated?
We run Kaleon through 14 models from 5 families: Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €2.19 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. Kaleon itself currently trades above fair value. 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 Kaleon (KLN)?
The closing price on Nov 5, 2026 was €3.92. Our model-based fair value is €2.19, about 44% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kaleon right now?
The price sits above even our optimistic bull case (€2.85). The favourable scenario is already priced in. Weak quality (48/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (€1.53 to €2.85) leaves room in how you read the outcome.

Key figures of Kaleon

How large is the market capitalisation of Kaleon (KLN)?
The market capitalisation of Kaleon is €55.4M. 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 Kaleon (KLN)?
The price-to-sales ratio of Kaleon is 2.49 (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 Kaleon (KLN)?
Earnings per share at Kaleon are €0.0400 (price ÷ EPS = P/E 98.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Kaleon (KLN)?
The net margin of Kaleon is 2.6% (last twelve months). 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 Kaleon (KLN)?
The return on equity (ROE) of Kaleon is 3.7% (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 Kaleon (KLN)?
On an EBIT basis the return on assets of Kaleon is 14.3% (avg 3y). 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 Kaleon (KLN)?
The operating margin of Kaleon is 5.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kaleon (KLN)?
Revenue at Kaleon is growing +8.7% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Kaleon (KLN) generate?
The free cash flow of Kaleon is −€2.6M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Kaleon (KLN) carry?
The net debt of Kaleon is €12.7M (fiscal year 2024). 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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