KST Beteiligungs AG (KSW) fair value: what the stock is really worth
As of Oct 5, 2026: fair value of KST Beteiligungs AG €2.19, price €1.11, upside +97.3%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range €0.7050 – €1.71 · fair‑value band €1.16 – €2.74 · the €1.11 price screens below the €2.19 fair value. Dashed = 300-day average. As of Oct 3, 2026.
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KST Beteiligungs AG is a publicly owned investment manager. The firm provides its services to Institutional and private investors. It invests in small and mid-cap stocks in German-speaking countries. It also invest in classic equity investments in the form of convertible or option bonds. It also focuses on long-term investment approach.
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KST Beteiligungs AG is a publicly owned investment manager. The firm provides its services to Institutional and private investors. It invests in small and mid-cap stocks in German-speaking countries. It also invest in classic equity investments in the form of convertible or option bonds. It also focuses on long-term investment approach. KST Beteiligungs AG was founded in October, 1984 and is based in Grafenau, Germany with additional office in Stuttgart, Germany.
Stock analysis
KST Beteiligungs AG (KSW) currently trades at €1.11, while our model-based Fair Value estimate is €2.19, implying the stock looks roughly 49.3% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €1.77 per share, and 5 of the 6 models we run sit above the €1.11 price.
Bear case: the Asset-Based group reads lowest at €0.9200, and 1 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: €1.16 (bear) to €2.74 (bull), the price of €1.11 sits below 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 63/100 (solid quality), in the Industrials sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
KST Beteiligungs AG reported revenue of €4.9M in FY2025 versus €12.7M in FY2021, a compound −21.1%/yr. Reported net income was €487K in FY2025, compounding −25.8%/yr from FY2021.
Key figures
Market cap €5.2M · P/E ratio 11.1 · P/S ratio 1.10 · EPS (TTM) €0.1000 · Net margin 9.9% · Return on equity 7.1% · Return on assets (EBIT) 4.6% · Operating margin 12.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 32% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 2% fair-value upside, at 97%, KSW screens cheaper than that median.
Fair Value models
Bear €1.16Fair Value €2.19Bull €2.74
Price €1.11 · Upside +97.3%
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 (€0.0762 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.
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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
−22.2%
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.
−1.2%
Revenue growth 11 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.
−1.4%
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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.
−11.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−11.7%
Dividend (yield on the price)0.0%
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.−23% → 9%
⚠ Revenue per share shrinking 4.3%/yr over ~6Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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.Conglomerates · 363 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside+97.3% · Top 25%
Profitability
Return on equity (TTM)7.1% · Above median
Return on assets5.2% · Top 25%
Net margin (TTM)13.8% · Top 25%
Operating margin (TTM)12.9% · Above median
Growth and dividend
Revenue growth303.0% · Top 25%
Balance sheet
Debt / equity0.45× · Above median
Valuation Multiplesvs Conglomerates median · lower = cheaper
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). "KST Beteiligungs AG Fair Value". https://www.fairvalue-calculator.com/stock/KSW
Frequently asked questions
Is KST Beteiligungs AG (KSW) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of €2.19 versus a price of €1.11, about +97% upside (undervalued).
What is the fair value of KSW?
Our model-based fair value for KST Beteiligungs AG is €2.19 (as of Oct 3, 2026), built from audited fundamentals. The current price: €1.11.
What is the quality score of KSW?
KST Beteiligungs AG has a Quality Score of 63/100. 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 KST Beteiligungs AG (KSW)?
Our model-based price target is the fair value of €2.19 (as of Oct 3, 2026) from 6 valuation models. Cautious scenario €1.16, optimistic scenario €2.74. It is a calculation from audited fundamentals, not an analyst target.
What is the KST Beteiligungs AG stock forecast for 2026?
Our models put fair value at €2.19, about +97% upside versus a price of €1.11 (undervalued). Cautious scenario €1.16, optimistic scenario €2.74. The calculation is refreshed regularly with new filings.
What is the revenue of KST Beteiligungs AG (KSW)?
KST Beteiligungs AG reported trailing-twelve-month revenue of about €3.3M (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of KST Beteiligungs AG (KSW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KST Beteiligungs AG it is €2.19 per share (as of Oct 3, 2026), against a price of €1.11. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is KST Beteiligungs AG stock overvalued or undervalued in 2026?
As of Oct 3, 2026, KSW trades below its calculated fair value: price €1.11, fair value €2.19, a gap of about +97% (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 KSW?
No. The price is what the market pays today (€1.11); the fair value is what the company's own numbers justify (€2.19). For KST Beteiligungs AG the two are €1.08 per share apart. That gap is exactly why we show both numbers side by side.
How much is KST Beteiligungs AG worth?
The market values KST Beteiligungs AG at about €5.2M (market capitalisation, as of Oct 3, 2026). Per share that is €1.11; our models calculate a fair value of €2.19 per share.
What do the bullish and bearish scenarios say about KSW?
Our models span a range for KST Beteiligungs AG: cautious scenario €1.16, base €2.19, optimistic €2.74 per share (as of Oct 3, 2026, price €1.11). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KSW?
KST Beteiligungs AG trades at a price-to-earnings ratio of 11.1 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €2.19 is built from several models across several years. Other multiples: P/B 0.8, P/S 1.6, EV/EBITDA 11.0.
How solid is the balance sheet of KST Beteiligungs AG (KSW)?
Balance-sheet figures for KST Beteiligungs AG (as of Oct 3, 2026): return on equity 7.1%, debt of 0.45 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is KSW from its 52-week high?
KST Beteiligungs AG trades at €1.11, about 13% below its 52-week high of €1.27 and 32% above the low of €0.8400 (as of Oct 5, 2026). Distance from the high says nothing about value: that is what the fair value of €2.19 is for.
Which stocks are comparable to KST Beteiligungs AG?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Swire Pacific Limited, 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 KST Beteiligungs AG stock attractive at the current price?
The data as of Oct 3, 2026: price €1.11, calculated fair value €2.19 (+97%), Quality Score 63/100, from 6 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 KSW calculated?
We run KST Beteiligungs AG through 6 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 €2.19, 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 15.0 % above its aggregate fair value. KST Beteiligungs AG currently trades 49 % 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 KST Beteiligungs AG (KSW)?
The closing price on Oct 5, 2026 was €1.11. Our model-based fair value is €2.19, about +97% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KST Beteiligungs AG right now?
The price is below even our cautious bear case (€1.16). The market is more pessimistic than our downside scenario. 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 quality (63/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€1.16 to €2.74) leaves room in how you read the outcome.
Key figures of KST Beteiligungs AG
How large is the market capitalisation of KST Beteiligungs AG (KSW)?
The market capitalisation of KST Beteiligungs AG is €5.2M. 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 KST Beteiligungs AG (KSW)?
The price-to-sales ratio of KST Beteiligungs AG is 1.10 (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 KST Beteiligungs AG (KSW)?
Earnings per share at KST Beteiligungs AG are €0.1000 (price ÷ EPS = P/E 11.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of KST Beteiligungs AG (KSW)?
The net margin of KST Beteiligungs AG is 9.9% (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 KST Beteiligungs AG (KSW)?
The return on equity (ROE) of KST Beteiligungs AG is 7.1% (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 KST Beteiligungs AG (KSW)?
On an EBIT basis the return on assets of KST Beteiligungs AG is 4.6% (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 KST Beteiligungs AG (KSW)?
The operating margin of KST Beteiligungs AG is 12.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at KST Beteiligungs AG (KSW)?
Revenue at KST Beteiligungs AG is growing +303% versus a year earlier (3y avg +12.4%). 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 KST Beteiligungs AG (KSW)?
Earnings per share at KST Beteiligungs AG are growing −18.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does KST Beteiligungs AG (KSW) carry?
The net debt of KST Beteiligungs AG is €1.6M (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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