Indexa Capital Group, S.A. (INDXA) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of Indexa Capital Group, S.A. stock €2.69, price €14.80, upside -81.8%, quality 81 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 30, 2026.
How to read this chart
40‑month range €7.60 – €17.50 · fair‑value band €1.73 – €4.19 · the €14.80 price screens above the €2.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 30, 2026.
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Indexa Capital Group, S.A., together with its subsidiaries, holds interests in financial and insurance companies. The company offers investment fund and asset management; and insurance brokerage services.
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It also provides investment fund portfolios indexed investments, individual pension plans, individual EPSV plans, and employment pension plans; life insurance; retirement savings products under the Caravel brand; and indexed life insurance-savings under the Indexa brand.
Indexa Capital Group, S.A. was founded in 2014 and is based in Bilbao, Spain.
Stock analysis
Indexa Capital Group, S.A. (INDXA) currently trades at €14.80, while our model-based Fair Value estimate is €2.69, 81.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of €5.75 per share, and 0 of the 11 models we run sit above the €14.80 price.
Bear case: the Multiples group reads lowest at €0.4300, and 11 of the 11 models stay below the price. Data coverage for this calculation is low.
Scenario range: €1.73 (bear) to €4.19 (bull), the price of €14.80 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 81/100 (high quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Indexa Capital Group, S.A. reported revenue of €9.4M in FY2025 versus €2.8M in FY2021, a compound +35.2%/yr. Reported net income was €2.4M in FY2025, compounding +71.8%/yr from FY2021.
Key figures
Market cap €215M Micro · P/E ratio 92.5 · P/S ratio 22.6 · EPS (TTM) €0.1600 · Net margin 24.9% · Return on equity 53.4% · Return on assets (EBIT) 22.0% · Operating margin 22.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 85 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at −82%, INDXA screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (€0.2600 to €7.79). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear€1.73Fair Value €2.69Bull€4.19
Price €14.80 · Upside -81.8%
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 2025 figures (about 10 months old). Earnings retained since then (€0.1333 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+42.5%
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.
+33.8%
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+57.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+57.5%
Dividend (yield on the price)0.0%
Profit margin 2021 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.13% → 35%
2025 sits 485% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+51.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +48.0% a year for the price.
Compare Indexa Capital Group, S.A. 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.Asset Management · 652 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score81 · Top 25%
Fair Value upside−81.8% · Bottom 25%
Profitability
Return on equity (12 months)53.4% · Top 25%
Return on assets28.8% · Top 25%
Net margin (12 months)24.9% · Below median
Operating margin (12 months)22.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)46.3% · Top 25%
Balance sheet
Debt / equity0.07× · Below median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)92.5× · Priciest 25%
P/B37.81× · Priciest 25%
P/S (12 months)22.59× · Priciest 25%
Price / free cash flow106.7× · Priciest 25%
EV/EBITDA63.1× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 60
FUTURE (revenue growth)100· sector 36
PAST (return on equity)100· sector 25
HEALTH (low debt)97· sector 95
DIVIDEND (yield)0· sector 80
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). "Indexa Capital Group, S.A. Fair Value". https://www.fairvalue-calculator.com/stock/INDXA
Frequently asked questions
Is Indexa Capital Group, S.A. (INDXA) overvalued or undervalued?
As of Oct 30, 2026, our model estimates a fair value of €2.69 versus a price of €14.80, about −82% upside (overvalued).
What is the fair value of INDXA?
Our model-based fair value for Indexa Capital Group, S.A. is €2.69 (as of Oct 30, 2026), built from audited fundamentals. The current price: €14.80.
What is the quality score of INDXA?
Indexa Capital Group, S.A. has a Quality Score of 81/100. 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 Indexa Capital Group, S.A. (INDXA)?
Our model-based price target is the fair value of €2.69 (as of Oct 30, 2026) from 11 valuation models. Cautious scenario €1.73, optimistic scenario €4.19. It is a calculation from audited fundamentals, not an analyst target.
What is the Indexa Capital Group, S.A. stock forecast for 2026?
Our models put fair value at €2.69, about −82% upside versus a price of €14.80 (overvalued). Cautious scenario €1.73, optimistic scenario €4.19. The calculation is refreshed regularly with new filings.
What is the revenue of Indexa Capital Group, S.A. (INDXA)?
Indexa Capital Group, S.A. reported trailing-twelve-month revenue of about €9.5M (latest available figure, as of Oct 30, 2026).
What growth is priced into Indexa Capital Group, S.A. (INDXA)?
For today's price to be fair in a discounted-cash-flow model, Indexa Capital Group, S.A. would have to grow free cash flow by +51.2 % per year for five years (discount rate 12.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +35.2 % per year. As of Oct 30, 2026.
What discount rate (WACC) does the fair value of INDXA use?
Our models discount Indexa Capital Group, S.A. at 12.6 %: a base by market capitalisation (micro), damped by beta 0.18, country premium for Spain. 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 Indexa Capital Group, S.A. that is +51.2 % per year a year over ten years, using the same discount rate (12.6 %) and the same formula as our fair value.
How much growth has Indexa Capital Group, S.A. (INDXA) delivered so far?
Over the past 4 years revenue at Indexa Capital Group, S.A. grew +35.2 % a year. The price currently implies +51.2 % 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 Indexa Capital Group, S.A. (INDXA) growing?
The median revenue growth in the sector is +5.1 % a year. That is the yardstick for the growth priced into Indexa Capital Group, S.A. (+51.2 % 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 Indexa Capital Group, S.A. (INDXA)?
The free-cash-flow yield on the price is 0.94 %: that much free cash flow Indexa Capital Group, S.A. produces per unit of market value. When it exceeds the discount rate of our models (12.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Indexa Capital Group, S.A. (INDXA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Indexa Capital Group, S.A. it is €2.69 per share (as of Oct 30, 2026), against a price of €14.80. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Indexa Capital Group, S.A. stock overvalued or undervalued in 2026?
As of Oct 30, 2026, INDXA trades above its calculated fair value: price €14.80, fair value €2.69, a gap of about −82% (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 INDXA?
No. The price is what the market pays today (€14.80); the fair value is what the company's own numbers justify (€2.69). For Indexa Capital Group, S.A. the two are €12.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is Indexa Capital Group, S.A. worth?
The market values Indexa Capital Group, S.A. at about €215M (market capitalisation, as of Oct 30, 2026). Per share that is €14.80; our models calculate a fair value of €2.69 per share.
What do the bullish and bearish scenarios say about INDXA?
Our models span a range for Indexa Capital Group, S.A.: cautious scenario €1.73, base €2.69, optimistic €4.19 per share (as of Oct 30, 2026, price €14.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INDXA?
Indexa Capital Group, S.A. trades at a price-to-earnings ratio of 92.5 (as of Oct 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €2.69 is built from several models across several years. Other multiples: P/B 37.8, P/S 22.6, EV/EBITDA 63.1.
How solid is the balance sheet of Indexa Capital Group, S.A. (INDXA)?
Balance-sheet figures for Indexa Capital Group, S.A. (as of Oct 30, 2026): return on equity 53.4%, debt of 0.07 per unit of equity. They feed the Quality Score of 81/100, which measures business quality independently of the share price.
How far is INDXA from its 52-week high?
Indexa Capital Group, S.A. trades at €14.80, about 15% below its 52-week high of €17.50 and 37% above the low of €10.80 (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of €2.69 is for.
Which stocks are comparable to Indexa Capital Group, S.A.?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, 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 Indexa Capital Group, S.A. stock attractive at the current price?
The data as of Oct 30, 2026: price €14.80, calculated fair value €2.69 (−82%), Quality Score 81/100, from 11 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 INDXA calculated?
We run Indexa Capital Group, S.A. through 11 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 €2.69, 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 13.4 % above its aggregate fair value. Indexa Capital Group, S.A. 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 Indexa Capital Group, S.A. (INDXA)?
The closing price on Oct 30, 2026 was €14.80. Our model-based fair value is €2.69, about −82% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Indexa Capital Group, S.A. right now?
A high-quality business (quality 81/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (€4.19). 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. A fairly wide model range (€1.73 to €4.19) leaves room in how you read the outcome.
Key figures of Indexa Capital Group, S.A.
How large is the market capitalisation of Indexa Capital Group, S.A. (INDXA)?
The market capitalisation of Indexa Capital Group, S.A. is €215M. 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 Indexa Capital Group, S.A. (INDXA)?
The price-to-sales ratio of Indexa Capital Group, S.A. is 22.6 (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 Indexa Capital Group, S.A. (INDXA)?
Earnings per share at Indexa Capital Group, S.A. are €0.1600 (price ÷ EPS = P/E 92.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Indexa Capital Group, S.A. (INDXA)?
The net margin of Indexa Capital Group, S.A. is 24.9% (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 Indexa Capital Group, S.A. (INDXA)?
The return on equity (ROE) of Indexa Capital Group, S.A. is 53.4% (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 Indexa Capital Group, S.A. (INDXA)?
On an EBIT basis the return on assets of Indexa Capital Group, S.A. is 22.0% (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 Indexa Capital Group, S.A. (INDXA)?
The operating margin of Indexa Capital Group, S.A. is 22.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Indexa Capital Group, S.A. (INDXA)?
Revenue at Indexa Capital Group, S.A. is growing +46.3% versus a year earlier (3y avg +33.8%). 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 Indexa Capital Group, S.A. (INDXA)?
Earnings per share at Indexa Capital Group, S.A. are growing +178% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Indexa Capital Group, S.A. (INDXA) carry?
The net debt of Indexa Capital Group, S.A. is €792K (fiscal year 2022, ≈ 0.4 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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Thin data
Oct 30, 2026