There (ETG) Fair Value & Analysis
Utilities · DE · Market cap €545M · ISIN DE000A0MVLS8
What is There really worth?
A solid business, but trading 145% above our fair value of €6.96.
As of Aug 28, 2026, the fair value of There is €6.96 per share against a price of €17.05, so the fair value sits 59% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Risks
For context
Fair value as of: Aug 28, 2026
From 13 valuation models · updated 9 days ago
Fair value updated Aug 28, 2026, revised from €7.42 to €6.96 (−6.2%) since Aug 13, 2026.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (€9.04). 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.
- Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (€4.87 to €9.04) 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 28, 2026.
How to read this chart
60‑month range €16.20 – €52.95 · fair‑value band €4.87 – €9.04 · the €17.05 price screens above the €6.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.
Analysis
There (ETG) currently trades at €17.05, while our model-based Fair Value estimate is €6.96, implying the stock looks roughly 145.0% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Utilities sector. Bull case: the Multiples group reads highest at a median of €8.97 per share, and 0 of the 13 models we run sit above the €17.05 price. Bear case: the DCF Models group reads lowest at €2.52, and 13 of the 13 models stay below the price. Evidence for this calculation is low.
Net debt stands at €140M. Fundamentals as of Aug 28, 2026
Our scenario range runs from €4.87 (bear case) to €9.04 (bull case); at €17.05, 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 39% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at −12% fair-value upside, at −59%, ETG 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.
All 13 models by family
Widest divergence: Multiples (€8.97) versus DCF Models (€2.52). Highest evidence: Residual Income (74).
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Key figures & financial health
Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 10
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 ETG.HA.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
There reported revenue of €334M in FY2025 versus €272M in FY2021, a compound +5.2%/yr. Reported net income was €15.9M in FY2025, compounding −1.4%/yr from FY2021.
ETG screens 145% overvalued. Compare with China Yangtze Power Co →
Peer Group
Utilities - Renewable · 212 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 Utilities - Renewable median · lower = cheaper
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Renewable stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Yangtze Power Co 600900 | ¥27.96 | ¥25.13 | −10% |
| Ørsted A/S ORSTED | kr 139.25 | kr 31.40 | −77% |
| Huaneng Lancang River Hydropower Inc 600025 | ¥9.79 | ¥5.57 | −43% |
| Adani Green Energy Limited ADANIGREEN | ₹1,319 | ₹169.61 | −87% |
| AXIA Energia SA AXIAP | $10.74 | $9.49 | −12% |
| VERBUND AG VER | €59.65 | €55.03 | −8% |
| BEP BEP | $31.27 | $70.40 | +125% |
| BEPUN BEPUN | C$45.05 | C$42.83 | −5% |
| Fortum Oyj FORTUM | €19.80 | €13.55 | −32% |
| China Longyuan Power Group 001289 | ¥15.92 | ¥7.55 | −53% |
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