Technology · DE · Market cap $1.7B · ISIN DE0005104400
What is There really worth?
TThereAOF · BE
Price from Jun 16, 2026$0.8000
Fair Value$0.4400
Upside−45.0%
Quality75/100
A strong business, but trading 82% above our fair value of $0.4400.
As of Aug 22, 2026, the fair value of There is $0.4400 per share against a price of $0.8000, so the fair value sits 45% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
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Strengths
✓Healthy Growth (revenue 5y +17.1 %/yr)
✓generates free cash flow
✓Wide moat 69/100
Risks
!Thin margins · 0.0% net margin
!Evidence only low, so the estimate is less certain
69 individual criteria per stock, every one traceable See the method →
What matters now
A high-quality business (quality 75/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
The price sits above even our optimistic bull case ($0.7100). The favourable scenario is already priced in.
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
A fairly wide model range ($0.3300 to $0.7100) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.
How to read this chart
60‑month range $0.4700 – $0.8800 · fair‑value band $0.3300 – $0.7100 · the $0.8000 price screens above the $0.4400 fair value. Dashed = 300-day average. As of Aug 22, 2026.
There (AOF) currently trades at $0.8000, while our model-based Fair Value estimate is $0.4400, implying the stock looks roughly 81.8% overvalued today. The Quality Score stands at 75/100 (high quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of $0.5300 per share, and 1 of the 24 models we run sit above the $0.8000 price. Bear case: the Multiples group reads lowest at $0.1800, and 23 of the 24 models stay below the price. Evidence for this calculation is low.
Our scenario range runs from $0.3300 (bear case) to $0.7100 (bull case); at $0.8000, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 20% below its 52-week high and 95% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −36% fair-value upside, at −45%, AOF screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
ModelBear ⓘ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
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Key figures & financial health
Dividend yield2.0%
Net margin25.6%FY2025
Return on assets (EBIT)40.6%avg 5y
Free cash flow$46.2MFY2025
Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality75/100
Of which business quality 78
· Market factors (momentum, volatility) 66
Profitability98
Margins and returns on capital today
Quality Growth47
Are margins and returns improving?
Cashflow79
Earnings quality: real cash, not paper profit
Fin. Strength98
Balance sheet, leverage, solvency risk
Investment33
Disciplined investing over empire-building
Low Volatility78
Calm price path (market factor)
Momentum59
Price trend over the last 3–12 months (market factor)
52W Momentum64
Distance to the 52-week high (market factor)
Net Issuance82
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
There is no Profile data available for AOF.BE.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
There reported revenue of €189M in FY2025 versus €97.1M in FY2021, a compound +18.2%/yr. Reported net income was €48.4M in FY2025, compounding +25.7%/yr from FY2021.
Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$189M
Latest YoY
+10.9%
Avg. revenue growth/yr (3Y) ⓘ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.
+18.4%
Avg. revenue growth/yr (5Y) ⓘ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.
+17.1%
Avg. revenue growth/yr (9Y) ⓘ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.
+16.1%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
+21.9% · in USD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+19.9%
Dividend yield2.0%
Operating margin (EBIT) ⓘ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.31.1% (2020) → 36.4% (2025) · rising
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.
As of Aug 22, 2026, our model estimates a fair value of $0.4400 versus the last price from Jun 16, 2026 of $0.8000, about −45% upside (overvalued).
What is the fair value of AOF?
Our model-based fair value for There is $0.4400 (as of Aug 22, 2026), built from audited fundamentals. Last price (from Jun 16, 2026): $0.8000.
What is the quality score of AOF?
There has a Quality Score of 75/100. 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 There (AOF)?
Our model-based price target is the fair value of $0.4400 (as of Aug 22, 2026) from 24 valuation models. Cautious scenario $0.3300, optimistic scenario $0.7100. It is a calculation from audited fundamentals, not an analyst target.
What is the There stock forecast for 2026?
Our models put fair value at $0.4400, about −45% upside versus the last price from Jun 16, 2026 of $0.8000 (overvalued). Cautious scenario $0.3300, optimistic scenario $0.7100. The calculation is refreshed regularly with new filings.
What is the net profit margin of AOF?
The net profit margin of There is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.
Does There pay a dividend?
There currently shows a dividend yield of about 1.95% relative to its recent price (as of Aug 22, 2026).
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