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There (LIV) fair value: what the stock is really worth
As of Aug 31, 2026: fair value of There €41.50, price €37.40, upside +11.0%, quality 68 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
Oct 3, 2026
There
LIV · BENeutralThe stock looks roughly fairly valued with average quality.
·Fair value €41.50 · Fairly valued (+11.0%)
✓Quality 68/100
✓Healthy Growth (revenue 5y +7.7 %/yr)
!Thin margins · 6.8% net margin (FY2025)
✓Moderate debt · generates free cash flow
·3.5% dividend yield · Safety not assessed
!Moderate moat 60/100
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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
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, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range €24.17 – €69.08 · fair‑value band €28.21 – €54.61 · the €37.40 price screens below the €41.50 fair value. Dashed = 300-day average. As of Oct 3, 2026.
Company profile
There is no Profile data available for LIV.BE.
Stock analysis
There (LIV) currently trades at €37.40, while our model-based Fair Value estimate is €41.50, implying the stock looks roughly 9.9% undervalued today.
Show more
Valuation
Bull case: the Earnings-Based group reads highest at a median of €47.84 per share, and 6 of the 12 models we run sit above the €37.40 price.
Bear case: the Asset-Based group reads lowest at €7.17, and 6 of the 12 models stay below the price. Evidence for this calculation is high.
Scenario range: €28.21 (bear) to €54.61 (bull), the price of €37.40 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 68/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
There reported revenue of $10.8B in FY2025 versus $8.2B in FY2021, a compound +7.1%/yr. Reported net income was $735M in FY2025, compounding +14.0%/yr from FY2021.
Key figures
Market cap €8.0B · Dividend yield 3.5% · Net margin 6.8% · Return on assets (EBIT) 10.2% · Free cash flow $716M · Net debt $1.5B.
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 36% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 11%, LIV screens cheaper than that median.
Fair Value models
Bear €28.21
Fair Value €41.50
Bull €54.61
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. 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
Growth DCF
€29.69
€42.38
€58.91
79
Owner Earnings
€28.18
€41.63
€59.92
76
Residual Income
€16.82
€20.34
€31.25
75
All 12 models by family
DCF Models
Owner Earnings
€28.18
€41.63
€59.92
76
5Y P/E Exit
€24.17
€37.76
€51.15
71
10Y P/E Exit
€25.66
€37.16
€49.78
64
Earnings-Based
Graham-Dodd
€20.79
€47.84
€61.39
65
Dividend Discount
Gordon GGM
€8.70
€14.17
€20.26
68
DDM Multi-Stage
€8.70
€12.58
€16.72
67
Multiples
P/E Multiple
€29.82
€39.75
€49.69
63
P/B Multiple
€11.24
€14.98
€18.73
55
Asset-Based
NCAV (Graham)
€5.35
€7.17
€10.70
54
Growth DCF
Growth DCF
€29.69
€42.38
€58.91
79
Rev-Margin DCF
€32.00
€51.96
€73.22
72
Economic Profit
Residual Income
€16.82
€20.34
€31.25
75
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Set up alert →Quality Score breakdown
Overall quality
68/100
Of which business quality 62 · Market factors (momentum, volatility) 30
Profitability
66
Margins and returns on capital today
Quality Growth
38
Are margins and returns improving?
Cashflow
50
Earnings quality: real cash, not paper profit
Fin. Strength
47
Balance sheet, leverage, solvency risk
Investment
90
Disciplined investing over empire-building
Low Volatility
66
Calm price path (market factor)
Momentum
20
Price trend over the last 3–12 months (market factor)
52W Momentum
6
Distance to the 52-week high (market factor)
Net Issuance
100
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.
70/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.1%
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.
+6.9%
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.
+7.7%
Start year 2020 (pandemic)
Revenue growth 9 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.
+0.8%
’16
’17
’18
’19
’20
’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.
+32.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+29.1%
Dividend (yield on the price)3.5%
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.5% → 10%
2025 sits 67% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less 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).
−11.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −13.1% a year for the price.
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: German Stocks
- Valuation of the Germany 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 Asset Management stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $112.09 | $52.29 | −53% |
| KKR & Co KKR | $93.18 | $29.26 | −69% |
| Brookfield Corporation BN | $36.87 | $13.45 | −64% |
| Apollo Global Management, Inc APO | $116.06 | $197.23 | +70% |
| State Street Corporation STT | $177.78 | $139.37 | −22% |
| Ameriprise Financial, Inc AMP | $494.82 | $595.40 | +20% |
| Ares Management Corporation ARES | $122.01 | $103.68 | −15% |
| Northern Trust Corporation NTRS | $175.73 | $123.42 | −30% |
| Raymond James Financial, Inc RJF | $161.16 | $317.27 | +97% |
| Exor N.V EXO | €68.10 | €136.20 | +100% |
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Frequently asked questions
Is There (LIV) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of €41.50 versus the last price from Aug 31, 2026 of €37.40, about +11% upside (undervalued).
What is the fair value of LIV?
Our model-based fair value for There is €41.50 (as of Oct 3, 2026), built from audited fundamentals. Last price (from Aug 31, 2026): €37.40.
What is the quality score of LIV?
There has a Quality Score of 68/100. 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 There (LIV)?
Our model-based price target is the fair value of €41.50 (as of Oct 3, 2026) from 12 valuation models. Cautious scenario €28.21, optimistic scenario €54.61. It is a calculation from audited fundamentals, not an analyst target.
What is the There stock forecast for 2026?
Our models put fair value at €41.50, about +11% upside versus the last price from Aug 31, 2026 of €37.40 (undervalued). Cautious scenario €28.21, optimistic scenario €54.61. The calculation is refreshed regularly with new filings.
Does There pay a dividend?
There currently shows a dividend yield of about 3.54% relative to its recent price (as of Oct 3, 2026).
What growth is priced into There (LIV)?
For today's price to be fair in a discounted-cash-flow model, There would have to grow free cash flow by -11.0 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.8 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of LIV use?
Our models discount There at 9.5 %: a base by market capitalisation (mid), country premium for Germany. 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 There that is -11.0 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has There (LIV) delivered so far?
Over the past 5 years revenue at There grew +7.8 % a year. The price currently implies -11.0 % 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 There (LIV) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into There (-11.0 % 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 There (LIV)?
The free-cash-flow yield on the price is 22.76 %: that much free cash flow There produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of There (LIV)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For There it is €41.50 per share (as of Oct 3, 2026), against a price of €37.40. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is There stock overvalued or undervalued in 2026?
As of Oct 3, 2026, LIV trades below its calculated fair value: price €37.40, fair value €41.50, a gap of about +11% (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 LIV?
No. The price is what the market pays today (€37.40); the fair value is what the company's own numbers justify (€41.50). For There the two are €4.10 per share apart. That gap is exactly why we show both numbers side by side.
How much is There worth?
The market values There at about €8.0B (market capitalisation, as of Oct 3, 2026). Per share that is €37.40; our models calculate a fair value of €41.50 per share.
What do the bullish and bearish scenarios say about LIV?
Our models span a range for There: cautious scenario €28.21, base €41.50, optimistic €54.61 per share (as of Oct 3, 2026, price €37.40). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is LIV from its 52-week high?
There trades at €37.40, about 36% below its 52-week high of €58.48 and at the low of €37.40 (as of Aug 31, 2026). Distance from the high says nothing about value: that is what the fair value of €41.50 is for.
Which stocks are comparable to There?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, 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 There stock attractive at the current price?
The data as of Oct 3, 2026: price €37.40, calculated fair value €41.50 (+11%), Quality Score 68/100, 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 LIV calculated?
We run There 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 €41.50, 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. There currently trades 10 % 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 There (LIV)?
The latest price we hold is from Aug 31, 2026 and stands at €37.40. Our model-based fair value is €41.50, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with There right now?
A fairly wide model range (€28.21 to €54.61) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of There
How large is the market capitalisation of There (LIV)?
The market capitalisation of There is €8.0B. 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 dividend yield of There (LIV)?
The dividend yield of There is 3.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of There (LIV)?
The net margin of There is 6.8% (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 EBIT return on assets of There (LIV)?
On an EBIT basis the return on assets of There is 10.2% (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.
How much net debt does There (LIV) carry?
The net debt of There is $1.5B (fiscal year 2025, ≈ 2.2 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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