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MAX Automation SE (MXHN) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of MAX Automation SE stock €6.42, price €2.41, upside +166.4%, quality 45 out of 100. Rating: strongly undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.

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Industrials DE · ISIN DE000A2DA588

MA MAX Automation SE logo Some data Nov 9, 2026

MAX Automation SE

MXHN · XETRA
Cheap, value-trap risk

The stock costs 62% less than our calculation considers fair.

Fair value €6.42 · Strongly undervalued
Low debt
Generates free cash flow
Even on cautious assumptions the value is 104% above the price (€4.91).
Quality 45/100
Mixed vs. peers (5/12)
Some data
Weak Growth (revenue 5y +1.7 %/yr in EUR)
Loss-making · -0.8% net margin (TTM)
Narrow moat 21/100 · 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

€6.34 €2.23 Fair Value €6.42 Sep 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 €2.23 – €6.34 · fair‑value band €4.91 – €8.21 · the €2.41 price screens below the €6.42 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

MAX Automation SE, together with its subsidiaries, engages in the provision of automation solutions for the automotive, electrical, recycling, raw materials recovery, packaging, and medical technology industries.

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It operates in six segments: bdtronic Group, Vecoplan Group, AIM Micro, NSM + Jücker, and ELWEMA. The bdtronic Group segment develops, manufactures, and markets process solutions in the form of machines and systems with integrated software solutions for high-precision manufacturing processes for the automotive, electronics, and medical technology industries.

Its Vecoplan Group segment develops, manufactures, and installs machines and systems for the shredding, conveying, and processing of primary and secondary raw materials for customers in wood and recycling, waste disposal, and paper and plastics industries.

The AIM Micro segment develops, manufactures, and markets technologies for the manufacture of optoelectronic modules and micro-optical components for customers in the medical technology and sensor industry, as well as the aerospace industry.

Its NSM + Jücker segment provides system solutions for metal parts, including automation solutions for pressing plants, and customized solutions for high-performance transport systems for cans, lids, and closures in the manufacturing and filling industry; and supplies measurement and control technology, and related software for automation processes and systems in drive and automation technology.

The ELWEMA segment develops and implements solutions in testing, assembly, and cleaning technology for automotive industry. It is also involved in real estate activities. The company operates in Germany, European Union, North America, China, and internationally.

The company was formerly known as MAX Automation AG and changed its name to MAX Automation SE in February 2018. MAX Automation SE was founded in 1990 and is headquartered in Hamburg, Germany.

Stock analysis

MAX Automation SE (MXHN) currently trades at €2.41, while our model-based Fair Value estimate is €6.42, implying the stock looks roughly 62% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of €6.86 per share, and 8 of the 11 models we run sit above the €2.41 price.

Bear case: the Multiples group reads lowest at €4.90, and 3 of the 11 models stay below the price. Data coverage for this calculation is medium.

Scenario range: €4.91 (bear) to €8.21 (bull), the price of €2.41 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 45/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

MAX Automation SE reported revenue of €335M in FY2025 versus €349M in FY2021, a compound −1.1%/yr. Reported net income was −€4.4M in FY2025.

Key figures

Market cap €99.4M Micro · P/S ratio 0.28 · EPS (TTM) €−0.0700 · Net margin −0.8% · Return on equity −1.5% · Return on assets (EBIT) 3.3% (5-year average) · Operating margin −0.2% · Revenue (TTM) €349M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 21 out of 100 (low confidence).

What moves the price

The share trades about 56% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at 166%, MXHN screens cheaper than that median.

Fair Value models

Bear €4.91 Fair Value €6.42 Bull €8.21
Price €2.41 · Upside +166.4%
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 €5.14 €6.42 €8.68 82
Growth DCF €5.26 €6.47 €8.44 80
Owner Earnings €1.32 €1.72 €2.41 77
All 11 models by family
DCF Models
FCF DCF €5.14 €6.42 €8.68 82
Owner Earnings €1.32 €1.72 €2.41 77
5Y Revenue Exit €4.99 €7.10 €10.25 73
5Y EBITDA Exit €3.29 €4.19 €5.45 77
10Y Revenue Exit €4.91 €6.49 €8.21 68
10Y EBITDA Exit €4.13 €4.88 €5.63 70
Multiples
EV/EBITDA €1.62 €2.41 €3.20 66
EV/Revenue €4.95 €7.39 €9.84 53
Asset-Based
NCAV (Graham) €0.2100 €0.3100 €0.3900 55
Growth DCF
Growth DCF €5.26 €6.47 €8.44 80
Rev-Margin DCF €4.99 €7.25 €10.13 73

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Quality Score breakdown

Overall quality 45/100

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

Profitability 25
How much profit the company makes from its sales and capital
Quality Growth 9
Are margins and returns getting better?
Cashflow 52
Do the profits arrive as real cash?
Financial strength 58
Debt, balance sheet and risk of trouble
Investment 66
Does it invest with discipline instead of growing at any price?
Low Volatility 65
How calm the share price moves, does not count
Price momentum 3
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 3
Distance to the 52-week high, does not count
New shares 82
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. 27/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−8.6%
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.
−0.8%
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.
+1.7%
Start year 2020 (pandemic). Over 10 years: −1.4% a year
Revenue growth 18 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.
+2.2%
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.
−6.3% (2020) → −0.7% (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).
−13.1%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −14.9% 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.Specialty Industrial Machinery · 810 stocks

Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 45 · Below median
Fair Value upside +166.4% · Top 25%
Profitability
Return on assets −1.3% · Bottom 25%
Net margin (12 months) −0.8% · Bottom 25%
Operating margin (12 months) −0.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −1.0% · Below median
Balance sheet
Debt / equity 0.15× · Above median

Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper

P/B 0.51× · Cheapest 25%
P/S (12 months) 0.29× · Cheapest 25%
Price / free cash flow (fiscal year) 3.8× · Cheapest 25%
EV/EBITDA 12.4× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 0
FUTURE (revenue growth)0 · sector 30
PAST (return on equity)0 · sector 28
HEALTH (low debt)93 · sector 96
DIVIDEND (yield)0 · sector 30

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 Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Cummins Inc CMI $450.07 $359.36 −20% vs MXHN
SIE SIE €271.00 €149.56 −45% vs MXHN
AMETEK, Inc AME $228.67 $125.74 −45% vs MXHN
Illinois Tool Works Inc ITW $280.95 $154.30 −45% vs MXHN
Sandvik AB SAND kr 357.40 kr 194.33 −46% vs MXHN
Parker-Hannifin Corporation PH $917.79 $492.92 −46% vs MXHN
Rockwell Automation, Inc ROK $375.86 $186.75 −50% vs MXHN
Emerson Electric Co EMR $162.35 $79.99 −51% vs MXHN
Eaton Corporation ETN $341.72 $156.90 −54% vs MXHN
GE Vernova Inc GEV $774.11 $143.50 −81% vs MXHN

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Cite: Fair Value Calculator (2026). "MAX Automation SE Fair Value". https://www.fairvalue-calculator.com/stock/MXHN

Frequently asked questions

Is MAX Automation SE (MXHN) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €6.42 versus a price of €2.41, about +166% upside (undervalued).
What is the fair value of MXHN?
Our model-based fair value for MAX Automation SE is €6.42 (as of Nov 9, 2026), built from audited fundamentals. The current price: €2.41.
What is the quality score of MXHN?
MAX Automation SE has a Quality Score of 45/100. 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 MAX Automation SE (MXHN)?
Our model-based price target is the fair value of €6.42 (as of Nov 9, 2026) from 11 valuation models. Cautious scenario €4.91, optimistic scenario €8.21. It is a calculation from audited fundamentals, not an analyst target.
What is the MAX Automation SE stock forecast for 2026?
Our models put fair value at €6.42, about +166% upside versus a price of €2.41 (undervalued). Cautious scenario €4.91, optimistic scenario €8.21. The calculation is refreshed regularly with new filings.
What is the revenue of MAX Automation SE (MXHN)?
MAX Automation SE reported trailing-twelve-month revenue of about €349M (latest available figure, as of Nov 9, 2026).
What growth is priced into MAX Automation SE (MXHN)?
For today's price to be fair in a discounted-cash-flow model, MAX Automation SE would have to grow free cash flow by -13.1 % per year for five years (discount rate 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.7 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of MXHN use?
Our models discount MAX Automation SE at 12.5 %: a base by market capitalisation (micro), country premium for Germany. 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 MAX Automation SE that is -13.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.5 %) and the same formula as our fair value.
How much growth has MAX Automation SE (MXHN) delivered so far?
Over the past 5 years revenue at MAX Automation SE grew +1.7 % a year. The price currently implies free-cash-flow growth of -13.1 % 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 MAX Automation SE (MXHN) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into MAX Automation SE (-13.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of MAX Automation SE (MXHN)?
The free-cash-flow yield on the price is 26.01 %: that much free cash flow MAX Automation SE produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of MAX Automation SE (MXHN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MAX Automation SE it is €6.42 per share (as of Nov 9, 2026), against a price of €2.41. It is the blended result of 11 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is MAX Automation SE stock overvalued or undervalued in 2026?
As of Nov 9, 2026, MXHN trades below its calculated fair value: price €2.41, fair value €6.42, a gap of about +166% (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 MXHN?
No. The price is what the market pays today (€2.41); the fair value is what the company's own numbers justify (€6.42). For MAX Automation SE the two are €4.01 per share apart. That gap is exactly why we show both numbers side by side.
How much is MAX Automation SE worth?
The market values MAX Automation SE at about €99.4M (market capitalisation, as of Nov 9, 2026). Per share that is €2.41; our models calculate a fair value of €6.42 per share.
What do the bullish and bearish scenarios say about MXHN?
Our models span a range for MAX Automation SE: cautious scenario €4.91, base €6.42, optimistic €8.21 per share (as of Nov 9, 2026, price €2.41). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of MAX Automation SE (MXHN)?
Balance-sheet figures for MAX Automation SE (as of Nov 9, 2026): return on equity −1.5%, debt of 0.15 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is MXHN from its 52-week high?
MAX Automation SE trades at €2.41, about 56% below its 52-week high of €5.42 and 8% above the low of €2.23 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of €6.42 is for.
Which stocks are comparable to MAX Automation SE?
From the same area (Industrials) we also value SIE, GE Vernova Inc, Eaton Corporation, Parker-Hannifin Corporation, 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 MAX Automation SE stock attractive at the current price?
The data as of Nov 9, 2026: price €2.41, calculated fair value €6.42 (+166%), Quality Score 45/100, from 11 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 MXHN calculated?
We run MAX Automation SE through 11 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of €6.42 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. MAX Automation SE currently trades 62% 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 MAX Automation SE (MXHN)?
The closing price on Nov 9, 2026 was €2.41. Our model-based fair value is €6.42, about +166% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MAX Automation SE right now?
The large discount to fair value meets weak quality (45/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (€4.91). The market is more pessimistic than our downside scenario.
Where does the earnings growth of MAX Automation SE (MXHN) come from?
Earnings per share at MAX Automation SE grew +11.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share −4.1 %, EBIT margin −5.3 %, tax rate +3.3 %, residual (interest, one-offs) +19.1 %. 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 MAX Automation SE

How large is the market capitalisation of MAX Automation SE (MXHN)?
The market capitalisation of MAX Automation SE is €99.4M. 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 MAX Automation SE (MXHN)?
The price-to-sales ratio of MAX Automation SE is 0.28 (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 MAX Automation SE (MXHN)?
Earnings per share at MAX Automation SE are €−0.0700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of MAX Automation SE (MXHN)?
The net margin of MAX Automation SE is −0.8% (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 return on equity of MAX Automation SE (MXHN)?
The return on equity (ROE) of MAX Automation SE is −1.5% (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 MAX Automation SE (MXHN)?
On an EBIT basis the return on assets of MAX Automation SE is 3.3% (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 MAX Automation SE (MXHN)?
The operating margin of MAX Automation SE is −0.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MAX Automation SE (MXHN)?
Revenue at MAX Automation SE is growing −1.0% versus a year earlier (3y avg −0.8%). 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 MAX Automation SE (MXHN)?
Earnings per share at MAX Automation SE are growing −87.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does MAX Automation SE (MXHN) carry?
The net debt of MAX Automation SE is €31.1M (fiscal year 2025, ≈ 1.2 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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