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INTERSHOP Communications Aktiengesellschaft (ISHA) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of INTERSHOP Communications Aktiengesellschaft €0.81, price €1.44, upside -43.6%, quality 38 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Technology · DE · ISIN DE000A254211

IC Thin data Sep 23, 2026

INTERSHOP Communications Aktiengesellschaft

ISHA · XETRA

Weakest SetupStrongly overvalued and low quality.

!Fair value €0.8100 · Strongly overvalued (−44%)
!Quality 38/100
!Weak Growth (revenue 5y −0.2 %/yr)
!Loss-making · -9.9% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (1/10)
!Narrow moat 16/100
!Evidence only low, so the estimate is less certain
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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

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Price vs Fair Value

€6.40 €0.9800 Fair Value €0.8100 Feb 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range €0.9800 – €6.40 · fair‑value band €0.6000 – €1.01 · the €1.44 price screens above the €0.8100 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

INTERSHOP Communications offers ecommerce solutions in Germany, rest of Europe, and internationally. It operates in two segments, Software and Cloud, and Service.

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INTERSHOP Communications offers ecommerce solutions in Germany, rest of Europe, and internationally. It operates in two segments, Software and Cloud, and Service. The company provides Commerce Management to control sales channels and touchpoints; Search & Recommendations to create data-driven personalized user experiences with AI-powered algorithms; and Integration Hub, a low-code solution for SAP integration. It also offers Experience Management to give customers a unique experience with intershop experience management; Product Information Management; Order Management for ordering and fulfillment processes; Customer Engagement Center; and business intelligence data hub used for data management. In addition, the company offers implementation and training services. It serves manufacturing, wholesale, retail, B2C, B2X, and B2B sectors. The company was founded in 1992 and is based in Jena, Germany.

Stock analysis

INTERSHOP Communications Aktiengesellschaft (ISHA) currently trades at €1.44, while our model-based Fair Value estimate is €0.8100, implying the stock looks roughly 77.1% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: €0.6000 (bear) to €1.01 (bull), the price of €1.44 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 38/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

INTERSHOP Communications Aktiengesellschaft reported revenue of €33.3M in FY2025 versus €36.0M in FY2021, a compound −1.9%/yr. Reported net income was −€3.2M in FY2025.

Key figures

Market cap €32.9M · P/S ratio 1.03 · EPS (TTM) €−0.2100 · Net margin −9.7% · Return on equity −27.7% · Return on assets (EBIT) −3.1% · Operating margin 1.3% · Revenue (TTM) €32.1M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 26% below its 52-week high and 46% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −14% fair-value upside, at −44%, ISHA screens richer than that median.

Fair Value models

Bear €0.6000 Fair Value €0.8100 Bull €1.01
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. 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 ⓘ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
EV/EBITDA €1.02 €1.22 €1.43 67
NCAV (Graham) €0.3200 €0.4200 €0.6300 54
All 2 models by family
Multiples
EV/EBITDA €1.02 €1.22 €1.43 67
Asset-Based
NCAV (Graham) €0.3200 €0.4200 €0.6300 54

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Quality Score breakdown

Overall quality 38/100

Of which business quality 38 · Market factors (momentum, volatility) 54

Profitability 27
Margins and returns on capital today
Quality Growth 15
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 46
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 47
Share count: buybacks or dilution?

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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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−14.1%
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.
−3.3%
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.
−0.2%
Start year 2020 (pandemic). Over 10 years: −2.5% a year
Revenue growth 23 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.
−1.3%
Profit margin (trend) ⓘ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.
3.1% (2020) → −5.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

ISHA screens 77% overvalued. Compare with SAP SE →

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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.Software - Application · 721 stocks

Beats the industry median on 1/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 38 · Bottom 25%
Fair Value upside −44% · Below median
Profitability
Return on assets −4% · Below median
Net margin (TTM) −10% · Bottom 25%
Operating margin (TTM) 1% · Below median
Growth and dividend
Revenue growth −13% · Bottom 25%
Balance sheet
Debt / equity 0.11× · Above median

Valuation Multiplesvs Software - Application median · lower = cheaper

P/B 3.13× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM) 1.17× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 27
FUTURE (revenue growth)0 · sector 38
PAST (return on equity)0 · sector 16
HEALTH (low debt)95 · sector 97
DIVIDEND (yield)0 · sector 30

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, 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

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
SAP SE SAP €184.18 €159.06 −14%
Shopify Inc SHOP $142.34 $64.36 −55%
Uber Technologies, Inc UBER $69.89 $104.82 +50%
Salesforce, Inc CRM $233.28 $344.41 +48%
ServiceNow, Inc NOW $140.78 $154.86 +10%
Cadence Design Systems, Inc CDNS $309.09 $225.14 −27%
Snowflake Inc SNOW $334.81 $75.08 −78%
Datadog, Inc DDOG $251.49 $32.92 −87%
Adobe Inc ADBE $238.25 $454.04 +91%
Automatic Data Processing, Inc ADP $263.68 $177.51 −33%

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INTERSHOP Communications Aktiengesellschaft · Fair Value
€0.8100 −77%Fair Value
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Cite: Fair Value Calculator (2026). "INTERSHOP Communications Aktiengesellschaft Fair Value". https://www.fairvalue-calculator.com/stock/ISHA

Frequently asked questions

Is INTERSHOP Communications Aktiengesellschaft (ISHA) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €0.8100 versus a price of €1.44, about −44% upside (overvalued).
What is the fair value of ISHA?
Our model-based fair value for INTERSHOP Communications Aktiengesellschaft is €0.8100 (as of Sep 23, 2026), built from audited fundamentals. The current price: €1.44.
What is the quality score of ISHA?
INTERSHOP Communications Aktiengesellschaft has a Quality Score of 38/100. 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 INTERSHOP Communications Aktiengesellschaft (ISHA)?
Our model-based price target is the fair value of €0.8100 (as of Sep 23, 2026) from 2 valuation models. Cautious scenario €0.6000, optimistic scenario €1.01. It is a calculation from audited fundamentals, not an analyst target.
What is the INTERSHOP Communications Aktiengesellschaft stock forecast for 2026?
Our models put fair value at €0.8100, about −44% upside versus a price of €1.44 (overvalued). Cautious scenario €0.6000, optimistic scenario €1.01. The calculation is refreshed regularly with new filings.
What is the revenue of INTERSHOP Communications Aktiengesellschaft (ISHA)?
INTERSHOP Communications Aktiengesellschaft reported trailing-twelve-month revenue of about €32.1M (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of INTERSHOP Communications Aktiengesellschaft (ISHA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For INTERSHOP Communications Aktiengesellschaft it is €0.8100 per share (as of Sep 23, 2026), against a price of €1.44. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is INTERSHOP Communications Aktiengesellschaft stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ISHA trades above its calculated fair value: price €1.44, fair value €0.8100, a gap of about −44% (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 ISHA?
No. The price is what the market pays today (€1.44); the fair value is what the company's own numbers justify (€0.8100). For INTERSHOP Communications Aktiengesellschaft the two are €0.6250 per share apart. That gap is exactly why we show both numbers side by side.
How much is INTERSHOP Communications Aktiengesellschaft worth?
The market values INTERSHOP Communications Aktiengesellschaft at about €32.9M (market capitalisation, as of Sep 23, 2026). Per share that is €1.44; our models calculate a fair value of €0.8100 per share.
What do the bullish and bearish scenarios say about ISHA?
Our models span a range for INTERSHOP Communications Aktiengesellschaft: cautious scenario €0.6000, base €0.8100, optimistic €1.01 per share (as of Sep 23, 2026, price €1.44). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of INTERSHOP Communications Aktiengesellschaft (ISHA)?
Balance-sheet figures for INTERSHOP Communications Aktiengesellschaft (as of Sep 23, 2026): return on equity −27.7%, debt of 0.11 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is ISHA from its 52-week high?
INTERSHOP Communications Aktiengesellschaft trades at €1.44, about 26% below its 52-week high of €1.94 and 46% above the low of €0.9800 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €0.8100 is for.
Which stocks are comparable to INTERSHOP Communications Aktiengesellschaft?
From the same area (Technology) we also value SAP SE, Shopify Inc, Uber Technologies, Inc, Salesforce, 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 INTERSHOP Communications Aktiengesellschaft stock attractive at the current price?
The data as of Sep 23, 2026: price €1.44, calculated fair value €0.8100 (−44%), Quality Score 38/100, from 2 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 ISHA calculated?
We run INTERSHOP Communications Aktiengesellschaft through 2 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 €0.8100, 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 13.0 % above its aggregate fair value. INTERSHOP Communications Aktiengesellschaft 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 INTERSHOP Communications Aktiengesellschaft (ISHA)?
The closing price on Sep 24, 2026 was €1.44. Our model-based fair value is €0.8100, about −44% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with INTERSHOP Communications Aktiengesellschaft right now?
The price sits above even our optimistic bull case (€1.01). The favourable scenario is already priced in. Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of INTERSHOP Communications Aktiengesellschaft

How large is the market capitalisation of INTERSHOP Communications Aktiengesellschaft (ISHA)?
The market capitalisation of INTERSHOP Communications Aktiengesellschaft is €32.9M. 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 INTERSHOP Communications Aktiengesellschaft (ISHA)?
The price-to-sales ratio of INTERSHOP Communications Aktiengesellschaft is 1.03 (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 INTERSHOP Communications Aktiengesellschaft (ISHA)?
Earnings per share at INTERSHOP Communications Aktiengesellschaft are €−0.2100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of INTERSHOP Communications Aktiengesellschaft (ISHA)?
The net margin of INTERSHOP Communications Aktiengesellschaft is −9.7% (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 INTERSHOP Communications Aktiengesellschaft (ISHA)?
The return on equity (ROE) of INTERSHOP Communications Aktiengesellschaft is −27.7% (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 INTERSHOP Communications Aktiengesellschaft (ISHA)?
On an EBIT basis the return on assets of INTERSHOP Communications Aktiengesellschaft is −3.1% (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 INTERSHOP Communications Aktiengesellschaft (ISHA)?
The operating margin of INTERSHOP Communications Aktiengesellschaft is 1.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at INTERSHOP Communications Aktiengesellschaft (ISHA)?
Revenue at INTERSHOP Communications Aktiengesellschaft is growing −13.1% versus a year earlier (3y avg −3.3%). 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 INTERSHOP Communications Aktiengesellschaft (ISHA)?
Earnings per share at INTERSHOP Communications Aktiengesellschaft are growing −86.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does INTERSHOP Communications Aktiengesellschaft (ISHA) generate?
The free cash flow of INTERSHOP Communications Aktiengesellschaft is −€449K (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does INTERSHOP Communications Aktiengesellschaft (ISHA) carry?
The net debt of INTERSHOP Communications Aktiengesellschaft is €417K (fiscal year 2025). 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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