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flatexDEGIRO SE (FNNTF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of flatexDEGIRO SE $65.14, price $33.90, upside +92.2%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Broad data
Sep 24, 2026
Broad data
Sep 24, 2026
flatexDEGIRO SE
FNNTF · USClearly undervaluedStrong Fair Value upside, but quality is only moderate.
✓Fair value $65.14 · Strongly undervalued (+92.2%)
✓Quality 70/100
✓Healthy Growth (revenue 5y +16.4 %/yr)
✓Highly profitable · 29.4% net margin (TTM)
✓Low debt · generates free cash flow
✓Wide moat 76/100
What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Sep 24, 2026.
How to read this chart
60‑month range $6.05 – $46.96 · fair‑value band $13.40 – $91.42 · the $33.90 price screens below the $65.14 fair value. As of Sep 24, 2026.
Company profile
flatexDEGIRO SE, together with its subsidiaries, provides online brokerage and IT solutions for banking and securities in Europe. The company operates through two segments, flatex and DEGIRO.
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flatexDEGIRO SE, together with its subsidiaries, provides online brokerage and IT solutions for banking and securities in Europe. The company operates through two segments, flatex and DEGIRO. The company offers online brokerage services, including execution-only securities transactions under the flatex brand; funds, saving plans, stocks, crypto, exchange-traded products, and exchange-traded funds; and services for professional traders under the ViTrade brand. It also provides securities settlement and payment transaction processing services; development and operation of securities settlement; business process outsourcing; securities-backed loans; and treasury products, such as overnight and fixed-term deposits, bank and government bonds, cash loans, and mortgage bonds, as well as undertakings for collective investment in transferable securities and special funds. In addition, the company purchases, develops, produces, distributes, and maintains software and hardware; and supplies and operates information technology infrastructure. Further, it offers Core Banking System, a platform for the technological mapping of business processes for bank operations. The company was formerly known as flatexDEGIRO AG and changed its name to flatexDEGIRO SE in December 2025. flatexDEGIRO SE was founded in 1999 and is based in Frankfurt am Main, Germany.
Stock analysis
flatexDEGIRO SE (FNNTF) currently trades at $33.90, while our model-based Fair Value estimate is $65.14, implying the stock looks roughly 48.0% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $644.24 per share, and 6 of the 12 models we run sit above the $33.90 price.
Bear case: the Multiples group reads lowest at $13.16, and 6 of the 12 models stay below the price. Evidence for this calculation is high.
Scenario range: $13.40 (bear) to $91.42 (bull), the price of $33.90 sits inside 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 70/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
flatexDEGIRO SE reported revenue of €559M in FY2025 versus €406M in FY2021, a compound +8.4%/yr. Reported net income was €160M in FY2025, compounding +32.8%/yr from FY2021.
Key figures
Market cap $3.7B · P/E ratio 19.5 · P/S ratio 5.58 · EPS (TTM) $1.74 · Net margin 28.7% · Return on equity 19.5% · Return on assets (EBIT) 3.4% · Operating margin 43.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (low confidence).
What moves the price
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 92%, FNNTF screens cheaper than that median.
Fair Value models
Bear $13.40
Fair Value $65.14
Bull $91.42
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($1.32 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.
Evidence ⓘEvidence = 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.
Highest evidence
Owner Earnings
$71.44
$107.12
$179.28
75
Growth DCF
$377.05
$644.24
$1,167
75
5Y P/E Exit
$156.19
$212.52
$274.86
72
All 12 models by family
DCF Models
Owner Earnings
$71.44
$107.12
$179.28
75
5Y P/E Exit
$156.19
$212.52
$274.86
72
10Y P/E Exit
$231.07
$333.44
$468.63
64
Earnings-Based
Graham-Dodd
$11.47
$80.00
$112.27
63
Lynch FV
$33.75
$48.21
$62.68
61
Dividend Discount
Gordon GGM
$0.4000
$0.7900
$1.20
67
DDM Multi-Stage
$0.4000
$0.6800
$0.8400
67
Multiples
P/E Multiple
$16.45
$21.93
$27.41
63
P/B Multiple
$9.87
$13.16
$16.45
55
Asset-Based
NCAV (Graham)
$4.70
$6.30
$9.40
54
Growth DCF
Growth DCF
$377.05
$644.24
$1,167
75
Economic Profit
Residual Income
$10.72
$15.31
$28.81
72
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Set up alert →Quality Score breakdown
Overall quality
70/100
Of which business quality 75 · Market factors (momentum, volatility) 60
Profitability
41
Margins and returns on capital today
Quality Growth
70
Are margins and returns improving?
Cashflow
100
Earnings quality: real cash, not paper profit
Fin. Strength
100
Balance sheet, leverage, solvency risk
Investment
43
Disciplined investing over empire-building
Low Volatility
31
Calm price path (market factor)
Momentum
55
Price trend over the last 3–12 months (market factor)
52W Momentum
100
Distance to the 52-week high (market factor)
Net Issuance
80
Share count: buybacks or dilution?
Revenue & earnings trend
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.
100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+21.0%
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.
+11.2%
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.
+16.4%
Start year 2020 (pandemic). Over 10 years: +23.9% a year
Revenue growth 19 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.
+33.8%
’14
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’17
’18
’19
’20
’21
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’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +19.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+19.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.25.5% vs 20.8%, picking up
Profit margin 2020 to 2025 ⓘ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.30% → 40%
Start year 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 51% above its own trend.
Watch FNNTF, get fair value alerts →
Earlier news
News mood ⓘNews mood, the average tone of recent news (22 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.
- Flatexdegiro SE (FNNTF) Q2 2026 Earnings Call Highlights: Strong Net Income Growth Amid Market ...
- Flatexdegiro SE (FNNTF) Q4 2025 Earnings Call Highlights: Record Revenue and Customer Growth ...
- flatexDEGIRO Adopts New Capital Allocation Policy - Increase in Annual Dividend by a Factor of Seven Planned; 2025 Guidance Slightly Exceede
- Does flatexDEGIRO (ETR:FTK) Deserve A Spot On Your Watchlist?
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
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
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| Morgan Stanley, a financial holding company, MS | $188.08 | $314.07 | +67% |
| The Goldman Sachs Group GS | $900.36 | $766.86 | −15% |
| The Charles Schwab Corporation SCHW | $97.74 | $118.07 | +21% |
| Interactive Brokers Group IBKR | $89.24 | $23.12 | −74% |
| Robinhood Markets, Inc HOOD | $116.22 | $47.77 | −59% |
| Macquarie Group MQG | A$245.63 | A$80.51 | −67% |
| CITIC Securities Company 600030 | ¥26.29 | ¥18.35 | −30% |
| Guotai Haitong Securities Co 601211 | ¥17.21 | ¥19.35 | +12% |
| East Money Information Co 300059 | ¥18.28 | ¥4.94 | −73% |
| Nomura Holdings NMR | $9.91 | $10.19 | +3% |
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Frequently asked questions
Is flatexDEGIRO SE (FNNTF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $65.14 versus the last price from Sep 25, 2026 of $33.90, about +92% upside (undervalued).
What is the fair value of FNNTF?
Our model-based fair value for flatexDEGIRO SE is $65.14 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $33.90.
What is the quality score of FNNTF?
flatexDEGIRO SE has a Quality Score of 70/100. 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 flatexDEGIRO SE (FNNTF)?
Our model-based price target is the fair value of $65.14 (as of Sep 24, 2026) from 12 valuation models. Cautious scenario $13.40, optimistic scenario $91.42. It is a calculation from audited fundamentals, not an analyst target.
What is the flatexDEGIRO SE stock forecast for 2026?
Our models put fair value at $65.14, about +92% upside versus the last price from Sep 25, 2026 of $33.90 (undervalued). Cautious scenario $13.40, optimistic scenario $91.42. The calculation is refreshed regularly with new filings.
What is the revenue of flatexDEGIRO SE (FNNTF)?
flatexDEGIRO SE reported trailing-twelve-month revenue of about €584M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of flatexDEGIRO SE (FNNTF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For flatexDEGIRO SE it is $65.14 per share (as of Sep 24, 2026), against a price of $33.90. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is flatexDEGIRO SE stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FNNTF trades below its calculated fair value: price $33.90, fair value $65.14, a gap of about +92% (undervalued). 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 FNNTF?
No. The price is what the market pays today ($33.90); the fair value is what the company's own numbers justify ($65.14). For flatexDEGIRO SE the two are $31.24 per share apart. That gap is exactly why we show both numbers side by side.
How much is flatexDEGIRO SE worth?
The market values flatexDEGIRO SE at about $3.7B (market capitalisation, as of Sep 24, 2026). Per share that is $33.90; our models calculate a fair value of $65.14 per share.
What do the bullish and bearish scenarios say about FNNTF?
Our models span a range for flatexDEGIRO SE: cautious scenario $13.40, base $65.14, optimistic $91.42 per share (as of Sep 24, 2026, price $33.90). The range comes from different growth and margin assumptions, not from analyst opinions.
Which stocks are comparable to flatexDEGIRO SE?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 flatexDEGIRO SE stock attractive at the current price?
The data as of Sep 24, 2026: price $33.90, calculated fair value $65.14 (+92%), Quality Score 70/100, from 12 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 FNNTF calculated?
We run flatexDEGIRO SE through 12 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 $65.14, 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 14.5 % above its aggregate fair value. flatexDEGIRO SE currently trades 48 % below its own fair value, and the market average says nothing about that. 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 flatexDEGIRO SE (FNNTF)?
The latest price we hold is from Sep 25, 2026 and stands at $33.90. Our model-based fair value is $65.14, about +92% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with flatexDEGIRO SE right now?
The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict. The model range is unusually wide ($13.40 to $91.42). The outcome hinges heavily on assumptions, so read the point estimate with caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of flatexDEGIRO SE (FNNTF) come from?
Earnings per share at flatexDEGIRO SE grew +20.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +18.6 %, EBIT margin +6.8 %, tax rate −2.9 %, residual (interest, one-offs) −2.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of flatexDEGIRO SE
How large is the market capitalisation of flatexDEGIRO SE (FNNTF)?
The market capitalisation of flatexDEGIRO SE is $3.7B. 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/E ratio of flatexDEGIRO SE (FNNTF)?
The price-to-earnings ratio of flatexDEGIRO SE is 19.5. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of flatexDEGIRO SE (FNNTF)?
The price-to-sales ratio of flatexDEGIRO SE is 5.58 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of flatexDEGIRO SE (FNNTF)?
Earnings per share at flatexDEGIRO SE are $1.74 (price ÷ EPS = P/E 19.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of flatexDEGIRO SE (FNNTF)?
The net margin of flatexDEGIRO SE is 28.7% (fiscal year 2025). 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 flatexDEGIRO SE (FNNTF)?
The return on equity (ROE) of flatexDEGIRO SE is 19.5% (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 flatexDEGIRO SE (FNNTF)?
On an EBIT basis the return on assets of flatexDEGIRO SE is 3.4% (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 flatexDEGIRO SE (FNNTF)?
The operating margin of flatexDEGIRO SE is 43.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at flatexDEGIRO SE (FNNTF)?
Revenue at flatexDEGIRO SE is growing +18.5% versus a year earlier (3y avg +11.2%). 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 flatexDEGIRO SE (FNNTF)?
Earnings per share at flatexDEGIRO SE are growing +35.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does flatexDEGIRO SE (FNNTF) generate?
The free cash flow of flatexDEGIRO SE is €2.1B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does flatexDEGIRO SE (FNNTF) hold?
flatexDEGIRO SE holds more cash than debt, €3.9B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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