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Photonike Capital SA (MLPHO) fair value: what the stock is really worth

As of Nov 3, 2026: fair value (intrinsic value) of Photonike Capital SA stock €0.14, price €0.08, upside +79.0%, quality 58 out of 100. Rating: strongly undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services FR · Home Belgium · ISIN BE0948608451

PC Photonike Capital SA logo Thin data Nov 4, 2026

Photonike Capital SA

MLPHO · PA
Undervalued, but in a downtrend

The stock costs 44% less than our calculation considers fair.

Fair value €0.1414 · Strongly undervalued
Highly profitable · 32.8% net margin (TTM)
Low debt
Even on cautious assumptions the value is 39% above the price (€0.1098).
Quality 58/100
Mixed Growth (revenue YoY +196.4 %/yr in EUR)
Wide moat 66/100 · thin data
Trails peers (4/11)
Thin data
⚠ Thinly traded
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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

€1.30 €0.0600 Fair Value €0.1414 May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range €0.0600 – €1.30 · fair‑value band €0.1098 – €0.1730 · the €0.0790 price screens below the €0.1414 fair value. As of Nov 4, 2026.

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Company profile

Photonike Capital SA provides bespoke risk protection solutions in the industrial and financial processes. It offers tailor made solutions for credit enhancement, market hedging, and alternative finance purposes. The company was founded in 2008 and is based in Brussels, Belgium.

Stock analysis

Photonike Capital SA (MLPHO) currently trades at €0.0790, while our model-based Fair Value estimate is €0.1414, implying the stock looks roughly 44% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 85/100, which puts the data coverage at low.

Scenario range: €0.1098 (bear) to €0.1730 (bull), the price of €0.0790 sits below 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 58/100 (solid quality), in the Financial Services sector.

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

Photonike Capital SA reported revenue of €0 in FY2024 versus €0 in FY2018. Reported net income was €575K in FY2024.

Key figures

Market cap €8.0M Micro · P/S ratio 4.54 · Net margin 32.8% · Return on assets (EBIT) 0.1% (5-year average) · Operating margin 28.8% · Revenue (TTM) €1.8M · Net debt €8.5M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).

What moves the price

The share trades about 43% below its 52-week high and 32% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at 79%, MLPHO screens cheaper than that median.

Fair Value models

Bear €0.1098 Fair Value €0.1414 Bull €0.1730
Price €0.0790 · Upside +79.0%
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
P/B Multiple €0.4400 €0.5900 €0.7400 55
NCAV (Graham) €0.4000 €0.6000 €0.7500 55
All 2 models by family
Multiples
P/B Multiple €0.4400 €0.5900 €0.7400 55
Asset-Based
NCAV (Graham) €0.4000 €0.6000 €0.7500 55

Open the full fair value analysis →

Quality Score breakdown

Overall quality 58/100

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

Profitability 10
How much profit the company makes from its sales and capital
Quality Growth 56
Are margins and returns getting better?
Financial strength 56
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 9
How calm the share price moves, does not count
Price momentum 12
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 12
Distance to the 52-week high, does not count

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. 54/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

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Compare Photonike Capital SA with another stock

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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.Capital Markets · 384 stocks

Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 58 · Above median
Fair Value upside +79.0% · Top 25%
Profitability
Return on assets 0.7% · Bottom 25%
Net margin (12 months) 32.8% · Above median
Operating margin (12 months) 28.8% · Below median
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Below median
Balance sheet
Debt / equity 0.14× · Above median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/B 0.11× · Cheapest 25%
P/S (12 months) 4.75× · Pricier than median
EV/EBITDA 23.1× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 43
FUTURE (revenue growth)0 · sector 68
PAST (return on equity)0 · sector 38
HEALTH (low debt)93 · sector 94
DIVIDEND (yield)0 · sector 47

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 Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $181.44 $260.72 +44% vs MLPHO
The Charles Schwab Corporation SCHW $91.49 $117.60 +29% vs MLPHO
Guotai Haitong Securities Co 601211 ¥16.46 ¥18.02 +9% vs MLPHO
Nomura Holdings NMR $9.42 $10.17 +8% vs MLPHO
The Goldman Sachs Group GS $865.82 $766.86 −11% vs MLPHO
CITIC Securities Company 600030 ¥25.72 ¥20.42 −21% vs MLPHO
Robinhood Markets, Inc HOOD $80.91 $47.60 −41% vs MLPHO
Macquarie Group MQG A$248.86 A$123.84 −50% vs MLPHO
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs MLPHO
Interactive Brokers Group IBKR $75.82 $17.48 −77% vs MLPHO

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Photonike Capital SA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Photonike Capital SA Fair Value". https://www.fairvalue-calculator.com/stock/MLPHO

Frequently asked questions

Is Photonike Capital SA (MLPHO) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of €0.1414 versus a price of €0.0790, about +79% upside (undervalued).
What is the fair value of MLPHO?
Our model-based fair value for Photonike Capital SA is €0.1414 (as of Nov 4, 2026), built from audited fundamentals. The current price: €0.0790.
What is the quality score of MLPHO?
Photonike Capital SA has a Quality Score of 58/100. 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 Photonike Capital SA (MLPHO)?
Our model-based price target is the fair value of €0.1414 (as of Nov 4, 2026) from 2 valuation models. Cautious scenario €0.1098, optimistic scenario €0.1730. It is a calculation from audited fundamentals, not an analyst target.
What is the Photonike Capital SA stock forecast for 2026?
Our models put fair value at €0.1414, about +79% upside versus a price of €0.0790 (undervalued). Cautious scenario €0.1098, optimistic scenario €0.1730. The calculation is refreshed regularly with new filings.
What is the revenue of Photonike Capital SA (MLPHO)?
Photonike Capital SA reported trailing-twelve-month revenue of about €1.8M (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of Photonike Capital SA (MLPHO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Photonike Capital SA it is €0.1414 per share (as of Nov 4, 2026), against a price of €0.0790. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Photonike Capital SA stock overvalued or undervalued in 2026?
As of Nov 4, 2026, MLPHO trades below its calculated fair value: price €0.0790, fair value €0.1414, a gap of about +79% (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 MLPHO?
No. The price is what the market pays today (€0.0790); the fair value is what the company's own numbers justify (€0.1414). For Photonike Capital SA the two are €0.0624 per share apart. That gap is exactly why we show both numbers side by side.
How much is Photonike Capital SA worth?
The market values Photonike Capital SA at about €8.0M (market capitalisation, as of Nov 4, 2026). Per share that is €0.0790; our models calculate a fair value of €0.1414 per share.
What do the bullish and bearish scenarios say about MLPHO?
Our models span a range for Photonike Capital SA: cautious scenario €0.1098, base €0.1414, optimistic €0.1730 per share (as of Nov 4, 2026, price €0.0790). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Photonike Capital SA (MLPHO)?
Balance-sheet figures for Photonike Capital SA (as of Nov 4, 2026): debt of 0.14 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is MLPHO from its 52-week high?
Photonike Capital SA trades at €0.0790, about 43% below its 52-week high of €0.1380 and 32% above the low of €0.0600 (as of Nov 3, 2026). Distance from the high says nothing about value: that is what the fair value of €0.1414 is for.
Which stocks are comparable to Photonike Capital SA?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Photonike Capital SA stock attractive at the current price?
The data as of Nov 4, 2026: price €0.0790, calculated fair value €0.1414 (+79%), Quality Score 58/100, from 2 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 MLPHO calculated?
We run Photonike Capital SA through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of €0.1414 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. Photonike Capital SA currently trades 44% 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 Photonike Capital SA (MLPHO)?
The closing price on Nov 3, 2026 was €0.0790. Our model-based fair value is €0.1414, about +79% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Photonike Capital SA right now?
The price is below even our cautious bear case (€0.1098). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Photonike Capital SA

How large is the market capitalisation of Photonike Capital SA (MLPHO)?
The market capitalisation of Photonike Capital SA is €8.0M. 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 Photonike Capital SA (MLPHO)?
The price-to-sales ratio of Photonike Capital SA is 4.54 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Photonike Capital SA (MLPHO)?
The net margin of Photonike Capital SA is 32.8% (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 EBIT return on assets of Photonike Capital SA (MLPHO)?
On an EBIT basis the return on assets of Photonike Capital SA is 0.1% (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 Photonike Capital SA (MLPHO)?
The operating margin of Photonike Capital SA is 28.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much net debt does Photonike Capital SA (MLPHO) carry?
The net debt of Photonike Capital SA is €8.5M (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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