Munic SA (ALMUN) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Munic SA €1.01, price €0.34, upside +200.0%, quality 50 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 Sep 23, 2026.
How to read this chart
60‑month range €0.3350 – €4.44 · fair‑value band €0.6894 – €1.44 · the €0.3350 price screens below the €1.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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MUNIC S.A. operates as a vehicle data collection, processing, and monetization company in Europe and North America.
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MUNIC S.A. operates as a vehicle data collection, processing, and monetization company in Europe and North America. Its product portfolio includes Munic Max, a hardwired telematics device; Munic V6, 2G, 3G and 4G, and catM OBD dongles; C4 Dongle V8, V8+, and DoIP; C4Max and C4Flex V8; C4RMax and C4RFlex V8; UDK4IoT; Munic V6+ and V7+, an 4G cat 4 and WiFi hotspot OBD dongles. The company also operates Munic.io, a car data, edge computing, and application platform, which includes processing and telematics application development and aggregation platform; and offers catalogue of application and technical module for various verticals of connected vehicles. In addition, it provides car dealership, insurance, fleet, affinity marketing, remote diagnostic, leasing, OEM, vehicle inspection, and driver service solutions. The company was founded in 2002 and is headquartered in Villejuif, France.
Stock analysis
Munic SA (ALMUN) currently trades at €0.3350, while our model-based Fair Value estimate is €1.01, implying the stock looks roughly 66.7% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €1.36 per share, and 10 of the 10 models we run sit above the €0.3350 price.
Bear case: the Multiples group reads lowest at €0.6300, and 0 of the 10 models stay below the price. Evidence for this calculation is low.
Scenario range: €0.6894 (bear) to €1.44 (bull), the price of €0.3350 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 50/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Munic SA reported revenue of €11.2M in FY2025 versus €19.3M in FY2021, a compound −12.7%/yr. Reported net income was −€229K in FY2025.
Key figures
Market cap €4.3M · P/S ratio 0.31 · EPS (TTM) €−0.0300 · Net margin −2.1% · Return on equity −2.0% · Return on assets (EBIT) −6.2% · Operating margin 2.3% · Revenue (TTM) €14.0M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 70% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −20% fair-value upside, at 200%, ALMUN screens cheaper than that median.
Fair Value models
Bear €0.6894Fair Value €1.01Bull €1.44
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.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.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 growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+17.5%
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.
−19.7%
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.
+8.2%
Start year 2020 (pandemic)
Revenue growth 8 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.
−2.4%
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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.
−53.1% (2020) → −1.3% (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).
−0.9%
Yearly growth needed for the next five years to justify today's price.
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 −3.0% 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 industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Infrastructure · 383 stocks
Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside+200% · Top 25%
Profitability
Return on assets−1% · Below median
Net margin (TTM)−2% · Below median
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth0% · Below median
Balance sheet
Debt / equity0.20× · Above median
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
P/B0.44× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
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). "Munic SA Fair Value". https://www.fairvalue-calculator.com/stock/ALMUN
Frequently asked questions
Is Munic SA (ALMUN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €1.01 versus a price of €0.3350, about +200% upside (undervalued).
What is the fair value of ALMUN?
Our model-based fair value for Munic SA is €1.01 (as of Sep 23, 2026), built from audited fundamentals. The current price: €0.3350.
What is the quality score of ALMUN?
Munic SA has a Quality Score of 50/100. 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 Munic SA (ALMUN)?
Our model-based price target is the fair value of €1.01 (as of Sep 23, 2026) from 10 valuation models. Cautious scenario €0.6894, optimistic scenario €1.44. It is a calculation from audited fundamentals, not an analyst target.
What is the Munic SA stock forecast for 2026?
Our models put fair value at €1.01, about +200% upside versus a price of €0.3350 (undervalued). Cautious scenario €0.6894, optimistic scenario €1.44. The calculation is refreshed regularly with new filings.
What is the revenue of Munic SA (ALMUN)?
Munic SA reported trailing-twelve-month revenue of about €14.0M (latest available figure, as of Sep 23, 2026).
What growth is priced into Munic SA (ALMUN)?
For today's price to be fair in a discounted-cash-flow model, Munic SA would have to grow free cash flow by -0.9 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.2 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of ALMUN use?
Our models discount Munic SA at 10.3 %: a base by market capitalisation (nano), country premium for France. 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 Munic SA that is -0.9 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Munic SA (ALMUN) delivered so far?
Over the past 5 years revenue at Munic SA grew +8.2 % a year. The price currently implies -0.9 % 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 Munic SA (ALMUN) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Munic SA (-0.9 % 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 Munic SA (ALMUN)?
The free-cash-flow yield on the price is 18.44 %: that much free cash flow Munic SA produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Munic SA (ALMUN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Munic SA it is €1.01 per share (as of Sep 23, 2026), against a price of €0.3350. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Munic SA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ALMUN trades below its calculated fair value: price €0.3350, fair value €1.01, a gap of about +200% (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 ALMUN?
No. The price is what the market pays today (€0.3350); the fair value is what the company's own numbers justify (€1.01). For Munic SA the two are €0.6700 per share apart. That gap is exactly why we show both numbers side by side.
How much is Munic SA worth?
The market values Munic SA at about €4.3M (market capitalisation, as of Sep 23, 2026). Per share that is €0.3350; our models calculate a fair value of €1.01 per share.
What do the bullish and bearish scenarios say about ALMUN?
Our models span a range for Munic SA: cautious scenario €0.6894, base €1.01, optimistic €1.44 per share (as of Sep 23, 2026, price €0.3350). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Munic SA (ALMUN)?
Balance-sheet figures for Munic SA (as of Sep 23, 2026): return on equity −2.0%, debt of 0.20 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is ALMUN from its 52-week high?
Munic SA trades at €0.3350, about 70% below its 52-week high of €1.10 and at the low of €0.3350 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €1.01 is for.
Which stocks are comparable to Munic SA?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, Palo Alto Networks, 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 Munic SA stock attractive at the current price?
The data as of Sep 23, 2026: price €0.3350, calculated fair value €1.01 (+200%), Quality Score 50/100, from 10 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 ALMUN calculated?
We run Munic SA through 10 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 €1.01, 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. Munic SA currently trades 200 % 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 Munic SA (ALMUN)?
The closing price on Sep 24, 2026 was €0.3350. Our model-based fair value is €1.01, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Munic SA right now?
The price is below even our cautious bear case (€0.6894). 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 (50/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€0.6894 to €1.44) leaves room in how you read the outcome.
Key figures of Munic SA
How large is the market capitalisation of Munic SA (ALMUN)?
The market capitalisation of Munic SA is €4.3M. 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 Munic SA (ALMUN)?
The price-to-sales ratio of Munic SA is 0.31 (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 Munic SA (ALMUN)?
Earnings per share at Munic SA are €−0.0300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Munic SA (ALMUN)?
The net margin of Munic SA is −2.1% (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 Munic SA (ALMUN)?
The return on equity (ROE) of Munic SA is −2.0% (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 Munic SA (ALMUN)?
On an EBIT basis the return on assets of Munic SA is −6.2% (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 Munic SA (ALMUN)?
The operating margin of Munic SA is 2.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Munic SA (ALMUN)?
Revenue at Munic SA is growing −0.1% versus a year earlier (3y avg −19.7%). 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 Munic SA (ALMUN)?
Earnings per share at Munic SA are growing −80.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Munic SA (ALMUN) carry?
The net debt of Munic SA is €1.3M (fiscal year 2025, ≈ 2.4 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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