Etherstack plc (ESK) Fair Value & Analysis
Technology · AU · Market cap A$75.0M
Fair value as of: Jul 19, 2026
From 13 valuation models · updated 22 days ago
Share price +1.9% over the past month.
A solid business, but screening 50% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (A$0.3400). The favourable scenario is already priced in.
- Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.
How to read this chart
60‑month range A$0.1100 – A$0.7600 · fair‑value band A$0.2000 – A$0.3400 · the A$0.5400 price screens above the A$0.2700 fair value. Dashed = 300-day average. As of Jul 19, 2026.
Analysis
Etherstack plc (ESK) currently trades at A$0.5400, while our model-based Fair Value estimate is A$0.2700, implying the stock looks roughly 50.0% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Etherstack plc generated revenue of A$10.1M at a net margin of -6.9%. Revenue grew 50.0% year over year. It earns a return on equity of -9.1%. Net debt stands at A$1.8M. Fundamentals as of Jul 19, 2026
Our scenario range runs from A$0.2000 (bear case) to A$0.3400 (bull case); at A$0.5400, 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 34% below its 52-week high and 52% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -27% fair-value upside, at -50%, ESK screens richer 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.
All 13 models by family
Widest divergence: DCF Models (A$0.2700) versus Dividend Discount (A$0.0100). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 68 · Market factors (momentum, volatility) 44
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
Etherstack plc, a wireless technology company, engages in the development, manufacture, licensing, and sale of mission critical radio technologies to equipment manufacturers and network operators in the United Kingdom, the United States, Europe, Japan, and Australia.
Full company description
Etherstack plc, a wireless technology company, engages in the development, manufacture, licensing, and sale of mission critical radio technologies to equipment manufacturers and network operators in the United Kingdom, the United States, Europe, Japan, and Australia. The company's technology enables push-to-talk communications; and advanced digital land mobile radio (LMR) and cellular and satellite networks. It offers a range of cryptographic solutions, including P25 security suite, which unites AES/DES P25 encryption engine with P25 key fill device support for complete P25 subscriber encryption; P25 key management facility; P25 security dongles; and FIPS 140-2 cryptographic module, a single-board security device that implements APCO P25 encryption, decryption, and key management and storage services in conformance with FIPS140-2 standards. It also designs, develops, supplies, and licenses wireless air interface protocol stacks for third-party defence and critical communications radio manufacturers. In addition, the company offers LTE interworking function for LMR; LMR protocol stacks; and LMR voice and data systems. Further, it provides tactical and satellite solutions, such as P25 tactical repeater, which is a compact, battery-powered, and rapidly deployable analog for stand-alone or network augmentation use; and IVX, a small form factor push-to-talk over IP radio for encrypted voice and data communications. The company serves carrier, defense, public safety, utilities, and resource sectors. The company was formerly known as MM&S (5698) plc and changed its name to Etherstack plc in May 2012. Etherstack plc was founded in 2002 and is based in Chippendale, Australia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Etherstack plc reported revenue of A$15.6M in FY2025 versus A$8.5M in FY2021, a compound +16.5%/yr. Reported net income was −A$1.1M in FY2025.
ESK screens 50% overvalued. Compare with SAP SE →
Peer Group
Software - Application · 709 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.
Valuation Multiples vs Software - Application median · lower = cheaper
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 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SAP SE SAPS | C$12.69 | C$16.26 | +28% |
| Shopify Inc SHOP | C$173.23 | C$20.54 | -88% |
| Uber Technologies, Inc UBER | $72.67 | $51.11 | -30% |
| Salesforce, Inc CRM | $170.77 | $182.10 | +7% |
| ServiceNow, Inc NOW | $107.71 | $33.12 | -69% |
| Cadence Design Systems, Inc CDNS | $384.17 | $80.41 | -79% |
| Snowflake Inc SNOW | $271.87 | $34.04 | -87% |
| Adobe Inc ADBE | $230.61 | $379.48 | +65% |
| Automatic Data Processing, Inc ADP | $241.92 | $177.51 | -27% |
| Intuit Inc INTU | $291.09 | $258.69 | -11% |
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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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