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Aplicaciones y Tratamiento de Sistemas, S.A (ATSI) Fair Value & Analysis

Technology · ES · Market cap €203M

AY Aplicaciones y Tratamiento de Sistemas, S.A ATSI · MC
Price€4.02
Fair Value€4.40
Upside+9.5%
Quality62/100
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Healthy Growth
Thin margins · 4.1% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/13)
Moderate moat 53/100
Evidence: High Range €3.30 – €7.20 Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 26 days ago

Share price −1.5% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (€3.30 to €7.20) leaves room in how you read the outcome.
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Price vs Fair Value (4 years)

€7.73 €2.75 Fair Value €4.40 Dec 2022 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

44‑month range €2.75 – €7.73 · fair‑value band €3.30 – €7.20 · the €4.02 price screens below the €4.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Aplicaciones y Tratamiento de Sistemas, S.A (ATSI) currently trades at €4.02, while our model-based Fair Value estimate is €4.40, implying the stock looks roughly 9.5% fairly valued today. The Quality Score stands at 62/100 (solid quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Aplicaciones y Tratamiento de Sistemas, S.A generated revenue of €186M at a net margin of 3.9%. Revenue grew 34.8% year over year. It earns a return on equity of 25.1%. Net debt stands at €3.6M. Fundamentals as of Jul 15, 2026

Our scenario range runs from €3.30 (bear case) to €7.20 (bull case); at €4.02, the current price sits within 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 16% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -25% fair-value upside, at 9%, ATSI screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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
Highest evidence
Growth DCF €3.73 €5.75 €9.33 80
Residual Income €1.15 €1.63 €7.20 76
Rev-Margin DCF €3.53 €6.36 €11.84 74
All 26 models by family
DCF Models
FCF DCF €3.97 €5.50 €9.94 38
Owner Earnings €3.33 €6.37 €11.66 31
5Y Revenue Exit €3.42 €5.59 €10.10 39
5Y EBITDA Exit €3.94 €6.62 €11.87 41
5Y P/E Exit €3.66 €7.48 €12.59 38
10Y Revenue Exit €3.53 €6.93 €8.94 36
10Y EBITDA Exit €3.94 €7.87 €14.53 37
10Y P/E Exit €3.77 €7.36 €13.09 35
Earnings-Based
Graham-Dodd €1.50 €10.43 €14.64 54
Lynch FV €4.28 €6.11 €7.94 50
PEG = 1.0 €4.28 €6.11 €7.94 46
EPV €1.85 €2.05 €2.21 59
Dividend Discount
Gordon GGM €0.1400 €0.2300 €0.3000 70
DDM Multi-Stage €0.1400 €0.2200 €0.2500 61
Multiples
P/E Multiple €3.30 €4.40 €5.50 63
P/S Multiple €2.80 €3.74 €4.67 58
P/B Multiple €2.13 €2.84 €3.55 55
EV/EBIT €4.25 €5.60 €6.96 53
EV/EBITDA €3.91 €5.15 €6.39 54
EV/Revenue €2.92 €4.10 €5.27 43
Asset-Based
NCAV (Graham) €0.4700 €0.6300 €0.9500 50
Growth DCF
Growth DCF €3.73 €5.75 €9.33 80
Rev-Margin DCF €3.53 €6.36 €11.84 74
Economic Profit
Residual Income €1.15 €1.63 €7.20 76
ROIC Compounder €2.23 €2.95 €3.84 72
Growth Earnings
Growth-Adj P/E €5.25 €7.50 €9.76 68

Widest divergence: Growth Earnings (€7.50) versus Dividend Discount (€0.2200). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €186M
Revenue growth (YoY) +34.8%
Net margin 3.9%
Return on equity 25.1%
Free cash flow €16.0M FY2025
P/E ratio 23.7
More key figures
Operating margin 6.4%
EPS (TTM) €0.1800
EPS growth (YoY) +45.6%
Net debt €3.6M FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 64 · Market factors (momentum, volatility) 47

Profitability 60
Margins and returns on capital today
Quality Growth 60
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 87
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.

About the company

Aplicaciones y Tratamiento de Sistemas, S.A. operates as a consulting, IT services, and software development company in Spain and internationally.

Full company description

Aplicaciones y Tratamiento de Sistemas, S.A. operates as a consulting, IT services, and software development company in Spain and internationally. The company's services include IT governance, channels and commerce, digital design and UX, architecture and development, data and business, customer and marketing, culture and workplace, cloud and infrastructure, DEXS, e-Commerce, DevOps, emerging and other solutions. It serves automotive, banking, education, energy and utilities, food and beverage, media and publishing, retail large distribution, retail fashion, health sciences, insurance, telcos, and transportation and logistics sectors. Aplicaciones y Tratamiento de Sistemas, S.A. was founded in 1994 and is headquartered in Las Rozas, Spain.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Aplicaciones y Tratamiento de Sistemas, S.A reported revenue of €270M in FY2025 versus €96.4M in FY2021, a compound +29.4%/yr. Reported net income was €11.0M in FY2025, compounding +21.8%/yr from FY2021.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€270M
Latest YoY
+28.6%
Avg. 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.
+27.8%
Avg. 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.
+27.9%
Avg. growth/yr (6Y) 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.
+25.4%
Revenue +29.4%/yr
FY21 €96.4M
FY22 €129M
FY23 €169M
FY24 €210M
FY25 €270M
Net income +21.8%/yr
FY21 €5.0M
FY22 €7.4M
FY23 €7.1M
FY24 €8.9M
FY25 €11.0M

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Cite: Fair Value Calculator (2026). "Aplicaciones y Tratamiento de Sistemas, S.A Fair Value". https://www.fairvalue-calculator.com/stock/ATSI

Peer Group

Information Technology Services · 476 stocks

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.

Quality Score 62 · Above median
Fair Value upside +10% · Above median
Return on equity (TTM) 26% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 4% · Below median
Operating margin (TTM) 5% · Below median
Revenue growth 22% · Top 25%
Debt / equity 0.17× · Higher than median

Valuation Multiples vs Information Technology Services median · lower = cheaper

P/E (TTM) 22.6× · Pricier than median
P/B 4.95× · Pricier than 75% of peers
P/S (TTM) 0.86× · Cheaper than median
P/FCF 14.7× · Pricier than 75% of peers
EV/EBITDA 11.9× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 46 · sector 22
FUTURE 100 · sector 29
PAST 100 · sector 37
HEALTH 92 · sector 97
DIVIDEND 0 · sector 37

Insider activity: 40/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Information Technology Services stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
International Business Machines Corporation IBM $235.92 $143.90 -39%
Accenture plc ACNN 2,460 MXN 250.95 MXN -90%
Infosys Limited INFY ₹1,156 ₹1,457 +26%
HCL Technologies Limited HCLTECH ₹1,204 ₹1,230 +2%
Wipro Limited WIPRO ₹178.43 ₹226.81 +27%
Tech Mahindra Limited TECHM ₹1,455 ₹1,086 -25%
Samsung SDS Co 018260 199,300 KRW 196,390 KRW -1%
Persistent Systems Limited PERSISTENT ₹5,059 ₹2,364 -53%
Hyundai Autoever Corporation 307950 393,000 KRW 133,088 KRW -66%
Coforge Limited COFORGE ₹1,541 ₹702.84 -54%

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Frequently asked questions

Is Aplicaciones y Tratamiento de Sistemas, S.A (ATSI) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of €4.40 versus a price of €4.02, about +9% (fairly valued).
What is the fair value of ATSI?
Our model-based fair value for Aplicaciones y Tratamiento de Sistemas, S.A is €4.40 (as of Jul 15, 2026), built from audited fundamentals. The current price is €4.02.
What is the quality score of ATSI?
Aplicaciones y Tratamiento de Sistemas, S.A has a Quality Score of 62/100. 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 revenue of Aplicaciones y Tratamiento de Sistemas, S.A (ATSI)?
Aplicaciones y Tratamiento de Sistemas, S.A reported trailing-twelve-month revenue of about €186M (latest available figure, as of Jul 15, 2026).
What is the net profit margin of ATSI?
The net profit margin of Aplicaciones y Tratamiento de Sistemas, S.A is about 3.9%, meaning it keeps roughly 3.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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