AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS) fair value: what the stock is really worth
As of Oct 23, 2026: fair value (intrinsic value) of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft stock €34.49, price €139, upside -75.2%, quality 48 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?No
Good quality?No
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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 26, 2026.
How to read this chart
60‑month range €10.68 – €239.00 · fair‑value band €34.49 – €49.45 · the €139.00 price screens above the €34.49 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 26, 2026.
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AT & S Austria Technologie & Systemtechnik, together with its subsidiaries, manufactures, distributes, and sells printed circuit boards in Austria, Germany, rest of Europe, China, rest of Asia, and the Americas. It operates through Electronics Solutions, Microelectronics, and Others segments.
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The company offers integrated circuit substrates; printed circuit boards and modules; flexible and rigid-flex, thermally enhanced, high-density interconnect, cavity, ECP, high-frequency and high-speed, multilayer, and double-sided printed circuit boards; and test and reference boards.
It also provides Z-Interconnect, ECP, 2.5D, and mSAP technological solutions.
In addition, the company offers advanced interconnect solution services, such as product and process simulation consist of warpage simulation, reliability simulation, failure analysis, and heat management; hardware development center, including PCB/substrate layout, technical concepts, data conversion, and drawings; product development services, which include project management, assembly services, and technology consulting; and functional test development, such as test and laboratory services.
It distributes its products directly to original equipment and contract electronic manufacturers. The company serves semiconductors, communications, consumer electronics, medical, industrial, aviation, and automotive sectors.
AT & S Austria Technologie & Systemtechnik was incorporated in 1987 and is headquartered in Leoben, Austria.
Stock analysis
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS) currently trades at €139.00, while our model-based Fair Value estimate is €34.49, 75.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €114.78 per share, and 3 of the 14 models we run sit above the €139.00 price.
Bear case: the Earnings-Based group reads lowest at €8.27, and 11 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €34.49 (bear) to €49.45 (bull), the price of €139.00 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 48/100 (below-average quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft reported revenue of €1.8B in FY2026 versus €1.6B in FY2022, a compound +3.0%/yr. Reported net income was −€25.6M in FY2026.
Key figures
Market cap €6.7B Mid · P/E ratio 101.5 · P/S ratio 3.87 · EPS (TTM) €1.37 · Net margin 3.7% · Return on equity 5.9% · Return on assets (EBIT) 3.1% · Operating margin 13.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (medium confidence).
What moves the price
The share trades about 42% below its 52-week high and 430% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −44% fair-value upside, at −75%, ATS screens richer than that median.
Fair Value models
Bear€34.49Fair Value €34.49Bull€49.45
Price €139.00 · Upside -75.2%
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. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (€0.7882 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.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.
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.68/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+12.7%
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.
+0.0%
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.
+8.5%
Start year 2021 (pandemic). Over 10 years: +8.9% a year
Revenue growth 24 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.
+8.1%
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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.
6.7% (2021) → 5.4% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes more growth than the company has delivered so far and less than analysts expect.
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).
+16.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+24.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +14.4% a year for the price and +21.5% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (14 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Capacity expansion for AI substrates offers growth potential, yet sustained negative cash flow and low margins underscore the lack of durable competitive advantage.
Main risk: Sustained negative operating cash flow risks undermining financial flexibility during capacity expansion for AI substrates, hitting returns.
AT&S is redeeming its 2022 hybrid bond early with existing liquidity, cutting recurring financing costs by about half via a new convertible instrument. This strengthens financial flexibility at a time of major capacity expansion for AI substrates tied to partners like Marvell. Will the lower costs mainly support profitable scaling or simply cover the ongoing investment needs?
Compare AT & S Austria Technologie & Systemtechnik Aktiengesellschaft with another stock
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.Electronic Components · 649 stocks
Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−75.2% · Bottom 25%
Profitability
Return on equity (12 months)5.9% · Below median
Return on assets−0.6% · Bottom 25%
Net margin (12 months)3.7% · Below median
Operating margin (12 months)13.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)37.5% · Top 25%
Balance sheet
Debt / equity1.20× · Highest 25%
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/E (12 months)101.5× · Priciest 25%
P/B7.15× · Priciest 25%
P/S (12 months)3.87× · Pricier than median
Price / free cash flow32.1× · Pricier than median
EV/EBITDA16.0× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 64
PAST (return on equity)24· sector 27
HEALTH (low debt)40· sector 95
DIVIDEND (yield)0· sector 25
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). "AT & S Austria Technologie & Systemtechnik Aktiengesellschaft Fair Value". https://www.fairvalue-calculator.com/stock/ATS.VI
Frequently asked questions
Is AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS) overvalued or undervalued?
As of Oct 26, 2026, our model estimates a fair value of €34.49 versus a price of €139.00, about −75% upside (overvalued).
What is the fair value of ATS?
Our model-based fair value for AT & S Austria Technologie & Systemtechnik Aktiengesellschaft is €34.49 (as of Oct 26, 2026), built from audited fundamentals. The current price: €139.00.
What is the quality score of ATS?
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft has a Quality Score of 48/100. 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 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
Our model-based price target is the fair value of €34.49 (as of Oct 26, 2026) from 14 valuation models. Cautious scenario €34.49, optimistic scenario €49.45. It is a calculation from audited fundamentals, not an analyst target.
What is the AT & S Austria Technologie & Systemtechnik Aktiengesellschaft stock forecast for 2026?
Our models put fair value at €34.49, about −75% upside versus a price of €139.00 (overvalued). Cautious scenario €34.49, optimistic scenario €49.45. The calculation is refreshed regularly with new filings.
What is the revenue of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft reported trailing-twelve-month revenue of about €1.9B (latest available figure, as of Oct 26, 2026).
What growth is priced into AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
For today's price to be fair in a discounted-cash-flow model, AT & S Austria Technologie & Systemtechnik Aktiengesellschaft would have to grow free cash flow by +16.9 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.6 % per year. As of Oct 26, 2026.
What discount rate (WACC) does the fair value of ATS use?
Our models discount AT & S Austria Technologie & Systemtechnik Aktiengesellschaft at 10.4 %: a base by market capitalisation (mid), damped by beta 1.21, country premium for Austria. 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 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft that is +16.9 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS) delivered so far?
Over the past 5 years revenue at AT & S Austria Technologie & Systemtechnik Aktiengesellschaft grew +8.6 % a year. The price currently implies +16.9 % 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 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS) growing?
The median revenue growth in the sector is +10.8 % a year. That is the yardstick for the growth priced into AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (+16.9 % 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 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
The free-cash-flow yield on the price is 4.34 %: that much free cash flow AT & S Austria Technologie & Systemtechnik Aktiengesellschaft produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AT & S Austria Technologie & Systemtechnik Aktiengesellschaft it is €34.49 per share (as of Oct 26, 2026), against a price of €139.00. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is AT & S Austria Technologie & Systemtechnik Aktiengesellschaft stock overvalued or undervalued in 2026?
As of Oct 26, 2026, ATS trades above its calculated fair value: price €139.00, fair value €34.49, a gap of about −75% (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 ATS?
No. The price is what the market pays today (€139.00); the fair value is what the company's own numbers justify (€34.49). For AT & S Austria Technologie & Systemtechnik Aktiengesellschaft the two are €104.51 per share apart. That gap is exactly why we show both numbers side by side.
How much is AT & S Austria Technologie & Systemtechnik Aktiengesellschaft worth?
The market values AT & S Austria Technologie & Systemtechnik Aktiengesellschaft at about €6.7B (market capitalisation, as of Oct 26, 2026). Per share that is €139.00; our models calculate a fair value of €34.49 per share.
What do the bullish and bearish scenarios say about ATS?
Our models span a range for AT & S Austria Technologie & Systemtechnik Aktiengesellschaft: cautious scenario €34.49, base €34.49, optimistic €49.45 per share (as of Oct 26, 2026, price €139.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ATS?
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft trades at a price-to-earnings ratio of 101.5 (as of Oct 26, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €34.49 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2018 to 2025), reported earnings: 15.9. Other multiples: P/B 7.2, P/S 3.9, EV/EBITDA 16.0.
How solid is the balance sheet of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
Balance-sheet figures for AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (as of Oct 26, 2026): return on equity 5.9%, debt of 1.20 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is ATS from its 52-week high?
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft trades at €139.00, about 42% below its 52-week high of €239.00 and 430% above the low of €26.25 (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of €34.49 is for.
Which stocks are comparable to AT & S Austria Technologie & Systemtechnik Aktiengesellschaft?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Samsung Electro-Mechanics Co, 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 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft stock attractive at the current price?
The data as of Oct 26, 2026: price €139.00, calculated fair value €34.49 (−75%), Quality Score 48/100, from 14 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 ATS calculated?
We run AT & S Austria Technologie & Systemtechnik Aktiengesellschaft through 14 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 €34.49, 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 12.7 % above its aggregate fair value. AT & S Austria Technologie & Systemtechnik Aktiengesellschaft 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 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
The closing price on Oct 23, 2026 was €139.00. Our model-based fair value is €34.49, about −75% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AT & S Austria Technologie & Systemtechnik Aktiengesellschaft right now?
The price sits above even our optimistic bull case (€49.45). The favourable scenario is already priced in. Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
How large is the market capitalisation of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
The market capitalisation of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft is €6.7B. 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 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
The price-to-sales ratio of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft is 3.87 (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 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
Earnings per share at AT & S Austria Technologie & Systemtechnik Aktiengesellschaft are €1.37 (price ÷ EPS = P/E 101.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
The net margin of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft is 3.7% (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 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
The return on equity (ROE) of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft is 5.9% (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 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
On an EBIT basis the return on assets of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft is 3.1% (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 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
The operating margin of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft is 13.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
Revenue at AT & S Austria Technologie & Systemtechnik Aktiengesellschaft is growing +37.5% versus a year earlier (3y avg 0.0%). 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 AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS)?
Earnings per share at AT & S Austria Technologie & Systemtechnik Aktiengesellschaft are growing −94.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (ATS) carry?
The net debt of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft is €986M (fiscal year 2026, ≈ 4.2 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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Oct 26, 2026