EN DE
Watch Mutares SE & Co. KGaA for free: we tell you when fair value or trend changes.
Data-driven stock valuation

Mutares SE & Co. KGaA (MUX) fair value: what the stock is really worth

As of Nov 11, 2026: fair value (intrinsic value) of Mutares SE & Co. KGaA stock €56.00, price €28.90, upside +93.8%, quality 32 out of 100. Rating: strongly undervalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.

  1. Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free

Financial Services DE · ISIN DE000A2NB650

MS Mutares SE & Co. KGaA logo Thin data Nov 11, 2026

Mutares SE & Co. KGaA

MUX · XETRA
Cheap, value-trap risk

The stock costs 48% less than our calculation considers fair.

Fair value €56.00 · Strongly undervalued
6.9% dividend yield · Low payout
Even on cautious assumptions the value is 45% above the price (€42.00).
Mixed Growth (revenue 5y +24.9 %/yr in EUR)
Loss over the last twelve months · -2.9% net margin (TTM) · fiscal year 2025 6.4%
Mixed vs. peers (5/11)
Quality 32/100
Narrow moat 22/100 · thin data
Thin data
Watch Mutares SE & Co. KGaA for free: we tell you when fair value or trend changes. Watch for free

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

€38.18 €10.90 Fair Value €56.00 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.

How to read this chart

60‑month range €10.90 – €38.18 · fair‑value band €42.00 – €132.29 · the €28.90 price screens below the €56.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.

Follow Mutares SE & Co. KGaA in your weekly email

Every Wednesday you see whether Mutares SE & Co. KGaA is on track or worth a review, plus price against fair value. Free, up to 3 stocks.

We send you a confirmation link. Unsubscribe with one click.

Which stocks are undervalued right now? Check free Discover now →

Company profile

Mutares SE & Co. KGaA is a private equity firm specializing in investments in secondary direct, special situations, bridge financing, recapitalization, distressed/vulture, management succession, reorganization, carve-outs, turnarounds, spin-offs and re-funding. It also considers co-investments.

Show moreShow less

The firm typically acquires small and medium-sized companies. It also focuses on platform and add-on acquisitions.

The firm makes investments in automotive and mobility, wood and paper, construction and infrastructure, engineering, consumer goods and services, technology, commercial repair services, automobiles and components, retail and food, healthcare equipment and services, chemicals and materials including containers and packaging.

The firm primarily invests in companies with established market positions and whose focus of activity is on Europe, North America and Asia.

It considers acquiring companies that have revenues between 100 million ($107.33 million) and 750 million ($804.94 million) with an EBITDA up to 5 million ($5.37 million). It prefers to acquire a controlling and majority stake in its portfolio companies.

It typically makes long term investments with a holding period between three and five years. The firm prefers to invest from its personal capital and from balance sheet investments.

Mutares SE & Co. KGaA was founded in February 2008 and is based in Munich, Germany, with additional offices in across Europe and Asia.

Stock analysis

Mutares SE & Co. KGaA (MUX) currently trades at €28.90, while our model-based Fair Value estimate is €56.00, implying the stock looks roughly 48% undervalued today.

Show more

Valuation

Bull case: the Earnings-Based group reads highest at a median of €438.30 per share, and 5 of the 9 models we run sit above the €28.90 price.

Bear case: the Asset-Based group reads lowest at €7.54, and 4 of the 9 models stay below the price. Data coverage for this calculation is low.

Scenario range: €42.00 (bear) to €132.29 (bull), the price of €28.90 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 32/100 (below-average quality), in the Financial Services sector.

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

Mutares SE & Co. KGaA reported revenue of €4.8B in FY2025 versus €2.5B in FY2021, a compound +17.7%/yr. Reported net income was €308M in FY2025, compounding −9.0%/yr from FY2021.

Key figures

Market cap €685M Small · P/S ratio 0.11 · EPS (TTM) €−9.86 · Dividend yield 6.9% · Net margin −2.9% · Return on equity −29.2% · Return on assets (EBIT) −4.2% (5-year average) · Operating margin −4.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 22 out of 100 (low confidence).

What moves the price

The share trades about 9% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 94%, MUX screens cheaper than that median.

Fair Value models

Bear €42.00 Fair Value €56.00 Bull €132.29
Price €28.90 · Upside +93.8%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
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
Owner Earnings €269.91 €577.53 €1,181 71
Gordon GGM €14.07 €27.08 €39.59 67
DDM Multi-Stage €14.07 €23.87 €28.71 67
All 9 models by family
DCF Models
Owner Earnings €269.91 €577.53 €1,181 71
Earnings-Based
Graham-Dodd €81.65 €569.41 €799.08 63
Lynch FV €215.02 €307.18 €399.33 61
Dividend Discount
Gordon GGM €14.07 €27.08 €39.59 67
DDM Multi-Stage €14.07 €23.87 €28.71 67
Multiples
P/E Multiple €117.07 €156.09 €195.12 63
P/B Multiple €11.82 €15.76 €19.70 55
Asset-Based
NCAV (Graham) €5.63 €7.54 €11.26 54
Economic Profit
Residual Income €71.04 €128.32 €368.73 65

Open the full fair value analysis →

Quality Score breakdown

Overall quality 32/100

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

Profitability 59
How much profit the company makes from its sales and capital
Quality Growth 40
Are margins and returns getting better?
Cashflow 4
Do the profits arrive as real cash?
Financial strength 26
Debt, balance sheet and risk of trouble
Investment 59
Does it invest with discipline instead of growing at any price?
Low Volatility 73
How calm the share price moves, does not count
Price momentum 51
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 63
Distance to the 52-week high, does not count
New shares 25
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. 44/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−8.5%
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.
+8.5%
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.
+24.9%
Start year 2020 (pandemic). Over 10 years: +21.5% a year
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.
+48.9%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+59.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+53.0%
Dividend (yield on the price)6.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.53.0% vs 37.0%, picking up
Profit margin 2019 to 2024 ⓘ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.3% → −11%
Pace: the 5-year rate starts in 2020 (pandemic)

Watch MUX, get fair value alerts →

Compare Mutares SE & Co. KGaA with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

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.Asset Management · 633 stocks

Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 32 · Bottom 25%
Fair Value upside +93.8% · Top 25%
Profitability
Return on assets 5.8% · Above median
Net margin (12 months) −2.9% · Bottom 25%
Operating margin (12 months) −4.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 7.8% · Above median
Dividend yield (12 months) 6.9% · Top 25%
Balance sheet
Debt / equity 0.41× · Above median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 1.14× · Pricier than median
P/S (12 months) 0.10× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 37
FUTURE (revenue growth)39 · sector 36
PAST (return on equity)0 · sector 21
HEALTH (low debt)–
DIVIDEND (yield)100 · sector 75

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

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 Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Raymond James Financial, Inc RJF $167.13 $281.42 +68% vs MUX
Apollo Global Management, Inc APO $122.95 $197.52 +61% vs MUX
Ameriprise Financial, Inc AMP $520.06 $639.69 +23% vs MUX
Exor N.V EXO €74.45 €76.42 +3% vs MUX
State Street Corporation STT $174.17 $168.03 −4% vs MUX
Northern Trust Corporation NTRS $178.71 $133.48 −25% vs MUX
Ares Management Corporation ARES $137.89 $99.35 −28% vs MUX
Brookfield Asset Management Ltd BAM $52.56 $31.26 −41% vs MUX
Blackstone Inc BX $122.01 $52.29 −57% vs MUX
KKR & Co KKR $100.05 $27.63 −72% vs MUX

Explore undervalued stocks

More undervalued Financial Services stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend StocksUndervalued 52-Week Low StocksStocks for 2027: Large Companies Below Fair Value

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Average Down CalculatorFree calculator
Run the numbers yourself: free valuation calculators
DCF CalculatorP/E Ratio CalculatorPEG Ratio CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorIntrinsic ValueIntrinsic vs Extrinsic ValueP/E Ratio by Sector
For bloggers & editors: embed code + live data

For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.

Mutares SE & Co. KGaA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Mutares SE & Co. KGaA Fair Value". https://www.fairvalue-calculator.com/stock/MUX.XETRA

Frequently asked questions

Is Mutares SE & Co. KGaA (MUX) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of €56.00 versus a price of €28.90, about +94% upside (undervalued).
What is the fair value of MUX?
Our model-based fair value for Mutares SE & Co. KGaA is €56.00 (as of Nov 11, 2026), built from audited fundamentals. The current price: €28.90.
What is the quality score of MUX?
Mutares SE & Co. KGaA has a Quality Score of 32/100. 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 Mutares SE & Co. KGaA (MUX)?
Our model-based price target is the fair value of €56.00 (as of Nov 11, 2026) from 9 valuation models. Cautious scenario €42.00, optimistic scenario €132.29. It is a calculation from audited fundamentals, not an analyst target.
What is the Mutares SE & Co. KGaA stock forecast for 2026?
Our models put fair value at €56.00, about +94% upside versus a price of €28.90 (undervalued). Cautious scenario €42.00, optimistic scenario €132.29. The calculation is refreshed regularly with new filings.
What is the revenue of Mutares SE & Co. KGaA (MUX)?
Mutares SE & Co. KGaA reported trailing-twelve-month revenue of about €6.8B (latest available figure, as of Nov 11, 2026).
Does Mutares SE & Co. KGaA pay a dividend?
Mutares SE & Co. KGaA currently shows a dividend yield of 6.92% relative to its recent price (as of Nov 11, 2026).
How much is the dividend of Mutares SE & Co. KGaA (MUX) and when is the ex-dividend date?
Mutares SE & Co. KGaA pays a dividend of €2.00 per share a year, a dividend yield of 6.9%. The last ex-dividend date was Jul 6, 2026. A dividend has been paid every year since at least 2011. The payout ratio is 16.7% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Mutares SE & Co. KGaA (MUX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mutares SE & Co. KGaA it is €56.00 per share (as of Nov 11, 2026), against a price of €28.90. It is the blended result of 9 valuation models in 6 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Mutares SE & Co. KGaA stock overvalued or undervalued in 2026?
As of Nov 11, 2026, MUX trades below its calculated fair value: price €28.90, fair value €56.00, a gap of about +94% (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 MUX?
No. The price is what the market pays today (€28.90); the fair value is what the company's own numbers justify (€56.00). For Mutares SE & Co. KGaA the two are €27.10 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mutares SE & Co. KGaA worth?
The market values Mutares SE & Co. KGaA at about €685M (market capitalisation, as of Nov 11, 2026). Per share that is €28.90; our models calculate a fair value of €56.00 per share.
What do the bullish and bearish scenarios say about MUX?
Our models span a range for Mutares SE & Co. KGaA: cautious scenario €42.00, base €56.00, optimistic €132.29 per share (as of Nov 11, 2026, price €28.90). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Mutares SE & Co. KGaA (MUX)?
Balance-sheet figures for Mutares SE & Co. KGaA (as of Nov 11, 2026): return on equity −29.2%, debt of 0.41 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is MUX from its 52-week high?
Mutares SE & Co. KGaA trades at €28.90, about 9% below its 52-week high of €31.81 and 34% above the low of €21.60 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of €56.00 is for.
Which stocks are comparable to Mutares SE & Co. KGaA?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Asset Management Ltd, Apollo Global Management, 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 Mutares SE & Co. KGaA stock attractive at the current price?
The data as of Nov 11, 2026: price €28.90, calculated fair value €56.00 (+94%), Quality Score 32/100, from 9 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 MUX calculated?
We run Mutares SE & Co. KGaA through 9 models from 6 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of €56.00 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 14.0% above its aggregate fair value. Mutares SE & Co. KGaA currently trades 48% 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 Mutares SE & Co. KGaA (MUX)?
The closing price on Nov 11, 2026 was €28.90. Our model-based fair value is €56.00, about +94% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mutares SE & Co. KGaA right now?
The large discount to fair value meets weak quality (32/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (€42.00). The market is more pessimistic than our downside scenario. The model range is unusually wide (€42.00 to €132.29). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of Mutares SE & Co. KGaA (MUX) come from?
Earnings per share at Mutares SE & Co. KGaA grew +36.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +19.5 %, EBIT margin +0.5 %, tax rate +1.4 %, residual (interest, one-offs) +12.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Mutares SE & Co. KGaA

How large is the market capitalisation of Mutares SE & Co. KGaA (MUX)?
The market capitalisation of Mutares SE & Co. KGaA is €685M. 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 Mutares SE & Co. KGaA (MUX)?
The price-to-sales ratio of Mutares SE & Co. KGaA is 0.11 (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 Mutares SE & Co. KGaA (MUX)?
Earnings per share at Mutares SE & Co. KGaA are €−9.86. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mutares SE & Co. KGaA (MUX)?
The dividend yield of Mutares SE & Co. KGaA is 6.9%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mutares SE & Co. KGaA (MUX)?
The net margin of Mutares SE & Co. KGaA is −2.9% (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 Mutares SE & Co. KGaA (MUX)?
The return on equity (ROE) of Mutares SE & Co. KGaA is −29.2% (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 Mutares SE & Co. KGaA (MUX)?
On an EBIT basis the return on assets of Mutares SE & Co. KGaA is −4.2% (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 Mutares SE & Co. KGaA (MUX)?
The operating margin of Mutares SE & Co. KGaA is −4.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mutares SE & Co. KGaA (MUX)?
Revenue at Mutares SE & Co. KGaA is growing +7.8% versus a year earlier (3y avg +8.5%). 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 Mutares SE & Co. KGaA (MUX)?
Earnings per share at Mutares SE & Co. KGaA are growing +75.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Mutares SE & Co. KGaA (MUX) generate?
The free cash flow of Mutares SE & Co. KGaA is −€297M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Mutares SE & Co. KGaA (MUX) hold?
Mutares SE & Co. KGaA holds more cash than debt, €407M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
Free · no account needed

Watch Mutares SE & Co. KGaA in the live analysis

One click puts Mutares SE & Co. KGaA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.