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Kudelski SA (0QNQ) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Kudelski SA £1.06, price £1.21, upside -12.4%, quality 38 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Technology · GB · Home Switzerland · ISIN CH0012268360

KS Thin data Sep 24, 2026

Kudelski SA

0QNQ · LSE

Weak valuationQuality is weak on top of the rich price.

!Fair value £1.06 · Overvalued (−12.4%)
!Quality 38/100
!Weak Growth (revenue 5y −12.0 %/yr)
!Loss-making · -11.6% net margin (TTM)
!Moderate debt · negative free cash flow
!Narrow moat 9/100
!Evidence only low, so the estimate is less certain
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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

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Price vs Fair Value

£5.72 £1.12 Fair Value £1.06 Jan 2020 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range £1.12 – £5.72 · fair‑value band £0.7900 – £1.58 · the £1.21 price screens above the £1.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Kudelski SA, together with its subsidiaries, provides digital access and security solutions for digital television and interactive applications in Switzerland, the United States, France, Germany, Netherlands, and internationally. It operates through three segments: Core Digital Security, Cybersecurity, and Internet of Things (IoT).

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Kudelski SA, together with its subsidiaries, provides digital access and security solutions for digital television and interactive applications in Switzerland, the United States, France, Germany, Netherlands, and internationally. It operates through three segments: Core Digital Security, Cybersecurity, and Internet of Things (IoT). The company offers middleware software solutions for set-top boxes and other consumer devices, as well as engages in intellectual property activities. It also provides cybersecurity solutions, including advisory services, technology and resale services, and managed security solutions. In addition, the company offers watermarking solutions; smartcards and digital TV sales and support services; finance services; research and development; Middleware for set-top-boxes; and digital broadcasting solutions, as well as operates a travel agency. Kudelski SA was founded in 1951 and is headquartered in Cheseaux-sur-Lausanne, Switzerland.

Stock analysis

Kudelski SA (0QNQ) currently trades at £1.21, while our model-based Fair Value estimate is £1.06, 12.4% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 93/100, which puts the evidence level at low.

Scenario range: £0.7900 (bear) to £1.58 (bull), the price of £1.21 sits inside 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 38/100 (below-average quality), in the Technology sector.

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

Kudelski SA reported revenue of £384M in FY2025 versus £754M in FY2021, a compound −15.5%/yr. Reported net income was −£44.4M in FY2025.

Key figures

Market cap £67.9M · P/E ratio 0.0 · P/S ratio 0.18 · EPS (TTM) £0.2550 · Dividend yield 8.2% · Net margin −11.6% · Return on equity −12.9% · Return on assets (EBIT) −4.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 11% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −8% fair-value upside, at −12%, 0QNQ screens richer than that median.

Fair Value models

Bear £0.7900 Fair Value £1.06 Bull £1.58
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 2025 figures (about 9 months old). Earnings retained since then (£0.1928 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.
Highest evidence
NCAV (Graham) £2.80 £3.75 £5.60 54
All 1 models by family
Asset-Based
NCAV (Graham) £2.80 £3.75 £5.60 54

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Quality Score breakdown

Overall quality 38/100

Of which business quality 37 · Market factors (momentum, volatility) 50

Profitability 12
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 1
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 26
Distance to the 52-week high (market factor)
Net Issuance 80
Share count: buybacks or dilution?

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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. 6/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+0.1%
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.
−18.4%
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.
−12.0%
Start year 2020 (pandemic). Over 10 years: −8.5% 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.
−5.9%
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.
2.2% (2020) → −8.7% (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

0QNQ screens overvalued: fair value 12% below the price. Compare with SAP SE →

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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.Software - Application · 684 stocks

Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 38 · Bottom 25%
Fair Value upside −19.1% · Below median
Profitability
Return on assets −3.1% · Below median
Net margin (TTM) −11.6% · Bottom 25%
Operating margin (TTM) −1.6% · Below median
Growth and dividend
Revenue growth −2.3% · Below median
Dividend yield (TTM) 8.2% · Top 25%
Balance sheet
Debt / equity 1.46× · Highest 25%

Valuation Multiplesvs Software - Application median · lower = cheaper

P/E (TTM) 0.0× · Cheapest 25%
P/B 0.30× · Cheapest 25%
P/S (TTM) 0.25× · Cheapest 25%

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 Software - Application stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
SAP SE SAP €186.74 €172.46 −8%
Salesforce, Inc CRM $229.57 $342.73 +49%
Shopify Inc SHOP $144.01 $64.36 −55%
ServiceNow, Inc NOW $134.01 $147.41 +10%
Uber Technologies, Inc UBER $69.36 $103.69 +49%
Snowflake Inc SNOW $330.31 $74.36 −77%
Automatic Data Processing, Inc ADP $261.80 $150.01 −43%
Adobe Inc ADBE $239.94 $454.04 +89%
Datadog, Inc DDOG $268.70 $32.52 −88%
Cadence Design Systems, Inc CDNS $326.70 $225.48 −31%

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Kudelski SA · Fair Value
£1.06 −12%Fair Value
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Cite: Fair Value Calculator (2026). "Kudelski SA Fair Value". https://www.fairvalue-calculator.com/stock/0QNQ

Frequently asked questions

Is Kudelski SA (0QNQ) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of £1.06 versus a price of £1.21, about −12% upside (overvalued).
What is the fair value of 0QNQ?
Our model-based fair value for Kudelski SA is £1.06 (as of Sep 24, 2026), built from audited fundamentals. The current price: £1.21.
What is the quality score of 0QNQ?
Kudelski SA has a Quality Score of 38/100. 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 Kudelski SA (0QNQ)?
Our model-based price target is the fair value of £1.06 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario £0.7900, optimistic scenario £1.58. It is a calculation from audited fundamentals, not an analyst target.
What is the Kudelski SA stock forecast for 2026?
Our models put fair value at £1.06, about −12% upside versus a price of £1.21 (overvalued). Cautious scenario £0.7900, optimistic scenario £1.58. The calculation is refreshed regularly with new filings.
What is the revenue of Kudelski SA (0QNQ)?
Kudelski SA reported trailing-twelve-month revenue of about £367M (latest available figure, as of Sep 24, 2026).
Does Kudelski SA pay a dividend?
Kudelski SA currently shows a dividend yield of about 8.22% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Kudelski SA (0QNQ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kudelski SA it is £1.06 per share (as of Sep 24, 2026), against a price of £1.21. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Kudelski SA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0QNQ trades above its calculated fair value: price £1.21, fair value £1.06, a gap of about −12% (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 0QNQ?
No. The price is what the market pays today (£1.21); the fair value is what the company's own numbers justify (£1.06). For Kudelski SA the two are £0.1500 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kudelski SA worth?
The market values Kudelski SA at about £67.9M (market capitalisation, as of Sep 24, 2026). Per share that is £1.21; our models calculate a fair value of £1.06 per share.
What do the bullish and bearish scenarios say about 0QNQ?
Our models span a range for Kudelski SA: cautious scenario £0.7900, base £1.06, optimistic £1.58 per share (as of Sep 24, 2026, price £1.21). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0QNQ?
Kudelski SA trades at a price-to-earnings ratio of 0.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £1.06 is built from several models across several years. Other multiples: P/B 0.3, P/S 0.2.
How solid is the balance sheet of Kudelski SA (0QNQ)?
Balance-sheet figures for Kudelski SA (as of Sep 24, 2026): return on equity −12.9%, debt of 1.46 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is 0QNQ from its 52-week high?
Kudelski SA trades at £1.21, about 11% below its 52-week high of £1.37 and 8% above the low of £1.12 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of £1.06 is for.
Which stocks are comparable to Kudelski SA?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, 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 Kudelski SA stock attractive at the current price?
The data as of Sep 24, 2026: price £1.21, calculated fair value £1.06 (−12%), Quality Score 38/100, from 1 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 0QNQ calculated?
We run Kudelski SA through 1 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 £1.06, 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. Kudelski SA 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 Kudelski SA (0QNQ)?
The closing price on Oct 2, 2026 was £1.21. Our model-based fair value is £1.06, about −12% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kudelski SA right now?
A fairly wide model range (£0.7900 to £1.58) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Kudelski SA

How large is the market capitalisation of Kudelski SA (0QNQ)?
The market capitalisation of Kudelski SA is £67.9M. 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 Kudelski SA (0QNQ)?
The price-to-sales ratio of Kudelski SA is 0.18 (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 Kudelski SA (0QNQ)?
Earnings per share at Kudelski SA are £0.2550 (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 Kudelski SA (0QNQ)?
The dividend yield of Kudelski SA is 8.2% (payout 39.0%). 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 Kudelski SA (0QNQ)?
The net margin of Kudelski SA is −11.6% (fiscal year 2025). 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 Kudelski SA (0QNQ)?
The return on equity (ROE) of Kudelski SA is −12.9% (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 Kudelski SA (0QNQ)?
On an EBIT basis the return on assets of Kudelski SA is −4.9% (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 Kudelski SA (0QNQ)?
The operating margin of Kudelski SA is −1.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kudelski SA (0QNQ)?
Revenue at Kudelski SA is growing −2.3% versus a year earlier (3y avg −18.4%). 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 Kudelski SA (0QNQ) generate?
The free cash flow of Kudelski SA is −£19.5M (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 Kudelski SA (0QNQ) carry?
The net debt of Kudelski SA is £29.6M (fiscal year 2025). 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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