Zumtobel AG (0MJH) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Zumtobel AG €1.86, price €4.15, upside -55.2%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range €3.24 – €8.11 · fair‑value band €1.32 – €2.69 · the €4.15 price screens above the €1.86 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.
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Zumtobel Group AG operates in the lighting industry worldwide. It operates in two segments, Lighting and Components. It provides various products and services, including light management systems, components, and luminaires, as well as professional solutions for indoor and outdoor lighting applications.
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Zumtobel Group AG operates in the lighting industry worldwide. It operates in two segments, Lighting and Components. It provides various products and services, including light management systems, components, and luminaires, as well as professional solutions for indoor and outdoor lighting applications. The company also offers hardware and software for lighting systems, such as LED light sources, LED drivers, and sensors, as well as lighting systems management; and light contracting, and design, as well as project management for turnkey lighting solutions. It provides its products under the Zumtobel, Thorn, and Tridonic brands. The company was formerly known as Zumtobel AG and changed its name to Zumtobel Group AG in September 2014. Zumtobel Group AG was founded in 1950 and is headquartered in Dornbirn, Austria.
Stock analysis
Zumtobel AG (0MJH) currently trades at €4.15, while our model-based Fair Value estimate is €1.86, 55.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of €6.53 per share, and 7 of the 21 models we run sit above the €4.15 price.
Bear case: the Earnings-Based group reads lowest at €0.2400, and 14 of the 21 models stay below the price. Evidence for this calculation is medium.
Scenario range: €1.32 (bear) to €2.69 (bull), the price of €4.15 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 52/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Zumtobel AG reported revenue of €1.0B in FY2026 versus €1.1B in FY2022, a compound −2.4%/yr. Reported net income was €1.2M in FY2026, compounding −59.5%/yr from FY2022.
Key figures
Market cap €176M · P/E ratio 0.0 · EPS (TTM) €1.46 · Dividend yield 3.6% · Net margin 0.1% · Return on equity 0.2% · Return on assets (EBIT) 4.4% · Operating margin −0.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 28% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −34% fair-value upside, at −55%, 0MJH screens richer than that median.
Fair Value models
Bear €1.32Fair Value €1.86Bull €2.69
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 5 months old). Earnings retained since then (€0.5616 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.Evidence ⓘEvidence = 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.
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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−5.2%
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.
−4.9%
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.
−0.1%
Start year 2021 (pandemic). Over 10 years: −2.6% a year
Revenue growth 13 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.
−1.4%
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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.
−47.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−51.2%
Dividend (yield on the price)3.6%
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.−51.2% vs −20.4%, slowing
Profit margin 2021 to 2026 ⓘ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.4% → 2%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 1.6%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+26.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +24.0% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Electrical Equipment” was too small, so the broader sector is used.)Industrials · 5266 stocks
Beats the sector median on 2/10 measures
Overall it trails its sector peers.
Valuation
Quality Score52 · Below median
Fair Value upside−55.2% · Bottom 25%
Profitability
Return on equity (TTM)0.2% · Bottom 25%
Return on assets1.2% · Below median
Net margin (TTM)0.1% · Bottom 25%
Operating margin (TTM)−0.1% · Bottom 25%
Growth and dividend
Revenue growth−1.4% · Below median
Dividend yield (TTM)3.6% · Top 25%
Balance sheet
Debt / equity0.20× · Above median
Valuation Multiplesvs Industrials median · lower = cheaper
P/E (TTM)0.0× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 17
FUTURE (revenue growth)0· sector 35
PAST (return on equity)1· sector 29
HEALTH (low debt)90· sector 94
DIVIDEND (yield)72· sector 37
VALUE 0: the price sits above our fair-value range.
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.
Cite: Fair Value Calculator (2026). "Zumtobel AG Fair Value". https://www.fairvalue-calculator.com/stock/0MJH
Frequently asked questions
Is Zumtobel AG (0MJH) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of €1.86 versus a price of €4.15, about −55% upside (overvalued).
What is the fair value of 0MJH?
Our model-based fair value for Zumtobel AG is €1.86 (as of Oct 2, 2026), built from audited fundamentals. The current price: €4.15.
What is the quality score of 0MJH?
Zumtobel AG has a Quality Score of 52/100. 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 Zumtobel AG (0MJH)?
Our model-based price target is the fair value of €1.86 (as of Oct 2, 2026) from 21 valuation models. Cautious scenario €1.32, optimistic scenario €2.69. It is a calculation from audited fundamentals, not an analyst target.
What is the Zumtobel AG stock forecast for 2026?
Our models put fair value at €1.86, about −55% upside versus a price of €4.15 (overvalued). Cautious scenario €1.32, optimistic scenario €2.69. The calculation is refreshed regularly with new filings.
What is the revenue of Zumtobel AG (0MJH)?
Zumtobel AG reported trailing-twelve-month revenue of about €1.0B (latest available figure, as of Oct 2, 2026).
Does Zumtobel AG pay a dividend?
Zumtobel AG currently shows a dividend yield of about 3.62% relative to its recent price (as of Oct 2, 2026).
What growth is priced into Zumtobel AG (0MJH)?
For today's price to be fair in a discounted-cash-flow model, Zumtobel AG would have to grow free cash flow by +26.7 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.1 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of 0MJH use?
Our models discount Zumtobel AG at 11.8 %: a base by market capitalisation (micro), damped by beta 0.47, country premium for United Kingdom. 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 Zumtobel AG that is +26.7 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Zumtobel AG (0MJH) delivered so far?
Over the past 5 years revenue at Zumtobel AG grew -0.1 % a year. The price currently implies +26.7 % per year free-cash-flow growth a 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 Zumtobel AG (0MJH) growing?
The median revenue growth in the sector is +7.0 % a year. That is the yardstick for the growth priced into Zumtobel AG (+26.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Zumtobel AG (0MJH)?
The free-cash-flow yield on the price is 3.14 %: that much free cash flow Zumtobel AG produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zumtobel AG (0MJH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zumtobel AG it is €1.86 per share (as of Oct 2, 2026), against a price of €4.15. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Zumtobel AG stock overvalued or undervalued in 2026?
As of Oct 2, 2026, 0MJH trades above its calculated fair value: price €4.15, fair value €1.86, a gap of about −55% (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 0MJH?
No. The price is what the market pays today (€4.15); the fair value is what the company's own numbers justify (€1.86). For Zumtobel AG the two are €2.29 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zumtobel AG worth?
The market values Zumtobel AG at about €176M (market capitalisation, as of Oct 2, 2026). Per share that is €4.15; our models calculate a fair value of €1.86 per share.
What do the bullish and bearish scenarios say about 0MJH?
Our models span a range for Zumtobel AG: cautious scenario €1.32, base €1.86, optimistic €2.69 per share (as of Oct 2, 2026, price €4.15). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0MJH?
Zumtobel AG trades at a price-to-earnings ratio of 0.0 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €1.86 is built from several models across several years.
How solid is the balance sheet of Zumtobel AG (0MJH)?
Balance-sheet figures for Zumtobel AG (as of Oct 2, 2026): return on equity 0.2%, debt of 0.20 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is 0MJH from its 52-week high?
Zumtobel AG trades at €4.15, about 5% below its 52-week high of €4.35 and 28% above the low of €3.24 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of €1.86 is for.
Which stocks are comparable to Zumtobel AG?
From the same area (Industrials) we also value AEPL, COSPOWER, PANAENERG, LAKSELEC, 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 Zumtobel AG stock attractive at the current price?
The data as of Oct 2, 2026: price €4.15, calculated fair value €1.86 (−55%), Quality Score 52/100, from 21 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 0MJH calculated?
We run Zumtobel AG through 21 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €1.86, 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 14.5 % above its aggregate fair value. Zumtobel AG 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 Zumtobel AG (0MJH)?
The closing price on Oct 1, 2026 was €4.15. Our model-based fair value is €1.86, about −55% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zumtobel AG right now?
The price sits above even our optimistic bull case (€2.69). The favourable scenario is already priced in. Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (€1.32 to €2.69) leaves room in how you read the outcome.
Where does the earnings growth of Zumtobel AG (0MJH) come from?
Earnings per share at Zumtobel AG grew −1.8 % a year from 2015 to 2026. Broken into its drivers: revenue per share −2.0 %, EBIT margin −5.5 %, tax rate −1.5 %, residual (interest, one-offs) +7.8 %. 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 Zumtobel AG
How large is the market capitalisation of Zumtobel AG (0MJH)?
The market capitalisation of Zumtobel AG is €176M. 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 are the earnings per share of Zumtobel AG (0MJH)?
Earnings per share at Zumtobel AG are €1.46 (price ÷ EPS = P/E 0.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zumtobel AG (0MJH)?
The dividend yield of Zumtobel AG is 3.6% (payout 10.2%). 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 Zumtobel AG (0MJH)?
The net margin of Zumtobel AG is 0.1% (fiscal year 2026). 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 Zumtobel AG (0MJH)?
The return on equity (ROE) of Zumtobel AG is 0.2% (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 Zumtobel AG (0MJH)?
On an EBIT basis the return on assets of Zumtobel AG is 4.4% (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 Zumtobel AG (0MJH)?
The operating margin of Zumtobel AG is −0.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zumtobel AG (0MJH)?
Revenue at Zumtobel AG is growing −1.4% versus a year earlier (3y avg −4.9%). 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 Zumtobel AG (0MJH)?
Earnings per share at Zumtobel AG are growing +215% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Zumtobel AG (0MJH) carry?
The net debt of Zumtobel AG is €130M (fiscal year 2026, ≈ 20.0 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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