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LS telcom AG (LSX) Fair Value & Analysis

Communication Services · DE · Market cap €23.8M

LT LS telcom AG LSX · XETRA
Price€3.80
Fair Value€2.08
Upside-45.3%
Quality55/100
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Mixed Growth
Thin margins · 0.9% net margin
Moderate debt · generates free cash flow
Trails peers (2/13)
Narrow moat 25/100
Evidence: High Range €1.58 – €2.87 Share as image

Fair value as of: Jul 15, 2026

From 22 valuation models · updated 27 days ago

Share price −8.4% over the past month.

A solid business, but screening 45% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (€2.87). The favourable scenario is already priced in.
  • Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (€1.58 to €2.87) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€9.20 €2.78 Fair Value €2.08 Mar 2019 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range €2.78 – €9.20 · fair‑value band €1.58 – €2.87 · the €3.80 price screens above the €2.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

LS telcom AG (LSX) currently trades at €3.80, while our model-based Fair Value estimate is €2.08, implying the stock looks roughly 45.3% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Communication Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, LS telcom AG generated revenue of €40.5M at a net margin of 1.9%. Revenue declined 3.3% year over year. It earns a return on equity of 4.5%. Net debt stands at €5.0M. Fundamentals as of Jul 15, 2026

Our scenario range runs from €1.58 (bear case) to €2.87 (bull case); at €3.80, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 32% below its 52-week high and 14% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 32% fair-value upside, at -45%, LSX screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF €0.6900 €0.9600 €1.32 80
Residual Income €1.78 €1.74 €1.48 76
Rev-Margin DCF €0.8500 €1.48 €2.21 74
All 22 models by family
DCF Models
FCF DCF €0.6700 €0.9500 €1.37 38
Owner Earnings €0.9400 €1.29 €1.79 31
5Y Revenue Exit €0.8500 €1.46 €2.28 39
5Y EBITDA Exit €4.38 €7.51 €11.39 41
5Y P/E Exit €1.08 €1.86 €2.72 38
10Y Revenue Exit €0.7200 €1.19 €1.72 36
10Y EBITDA Exit €2.62 €4.62 €7.01 37
10Y P/E Exit €0.8800 €1.41 €1.98 35
Earnings-Based
Graham-Dodd €0.9200 €1.70 €2.11 54
EPV €0.6500 €0.7800 €0.8900 59
Multiples
P/E Multiple €2.23 €2.97 €3.71 63
P/S Multiple €1.72 €2.29 €2.87 58
P/B Multiple €1.72 €2.29 €2.87 55
EV/EBIT €1.63 €2.34 €3.05 53
EV/EBITDA €8.82 €11.92 €15.03 54
EV/Revenue €1.12 €1.81 €2.50 43
Asset-Based
NCAV (Graham) €1.29 €1.72 €2.57 50
Growth DCF
Growth DCF €0.6900 €0.9600 €1.32 80
Rev-Margin DCF €0.8500 €1.48 €2.21 74
Economic Profit
Residual Income €1.78 €1.74 €1.48 76
ROIC Compounder €0.6500 €0.7800 €0.8900 72
Growth Earnings
Growth-Adj P/E €1.58 €2.26 €2.94 68

Widest divergence: Multiples (€2.29) versus Earnings-Based (€0.7800). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €40.5M
Revenue growth (YoY) -3.3%
Net margin 1.9%
Return on equity 4.5%
Free cash flow €887K FY2025
P/E ratio 29.2
More key figures
Operating margin 10.2%
EPS (TTM) €0.1300
EPS growth (YoY) -90.5%
Net debt €5.0M FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 54 · Market factors (momentum, volatility) 50

Profitability 35
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 46
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

LS telcom AG provides software, IT system, hardware, planning, and consultancy services for optimal spectrum use worldwide.

Full company description

LS telcom AG provides software, IT system, hardware, planning, and consultancy services for optimal spectrum use worldwide. The company offers its products in the areas of spectrum policy, licensing, and management; spectrum operation and monitoring; electronic warfare; radio communications and private networks; network planning tools; and airborne measurements. LS telcom AG serves customers in the spectrum regulation, public safety, public transportation, railways, airports, ports and hubs, industries, oil and gas, utilities, defense and security, smart healthcare, mobile network operators, and broadcast industries. The company was founded in 1992 and is headquartered in Lichtenau, Germany.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

LS telcom AG reported revenue of €36.6M in FY2025 versus €31.6M in FY2021, a compound +3.7%/yr. Reported net income was €782K in FY2025.

Growth Quality 63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€36.6M
Latest YoY
−0.9%
Avg. growth/yr (3Y) 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.
−8.2%
Avg. growth/yr (5Y) 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.
+7.2%
Avg. growth/yr (17Y) 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.
+6.4%
Revenue +3.7%/yr
FY21 €31.6M
FY22 €47.3M
FY23 €41.7M
FY24 €36.9M
FY25 €36.6M
Net income
FY21 −€113K
FY22 €2.0M
FY23 −€213K
FY24 −€3.6M
FY25 €782K

LSX screens 45% overvalued. Compare with China Mobile Limited →

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Cite: Fair Value Calculator (2026). "LS telcom AG Fair Value". https://www.fairvalue-calculator.com/stock/LSX

Peer Group

Telecom Services · 250 stocks

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.

Quality Score 55 · Above median
Fair Value upside −45% · Bottom 25%
Return on equity (TTM) 3% · Below median
Return on assets 1% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) -4% · Bottom 25%
Revenue growth -3% · Below median
Debt / equity 0.57× · Higher than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 68.3× · Pricier than 75% of peers
P/B 1.84× · Pricier than median
P/S (TTM) 0.69× · Cheaper than median
P/FCF 30.9× · Pricier than 75% of peers
EV/EBITDA 15.9× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 29
FUTURE 0 · sector 15
PAST 12 · sector 28
HEALTH 71 · sector 88
DIVIDEND 0 · sector 73

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

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Telecom Services stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥89.98 ¥109.88 +22%
T-Mobile US, Inc TMUS $187.61 $172.67 -8%
Bharti Airtel Limited BHARTIARTL ₹1,922 ₹941.55 -51%
China Telecom Corporation 601728 ¥6.01 ¥8.36 +39%
América Móvil, S.A. AMXB 23.07 MXN 30.35 MXN +32%
Vodafone Group VODN 259.50 MXN 507.27 MXN +95%
Advanced Info Service Public Company ADVANC 379.00 THB 286.77 THB -24%
Chunghwa Telecom Co 2412 133.50 TWD 100.00 TWD -25%
China Unicom (Hong Kong) Limited 0762 HK$6.50 HK$13.03 +100%
Telefónica, S.A TEFN 75.67 MXN 111.01 MXN +47%

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Frequently asked questions

Is LS telcom AG (LSX) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of €2.08 versus a price of €3.80, about −45% (overvalued).
What is the fair value of LSX?
Our model-based fair value for LS telcom AG is €2.08 (as of Jul 15, 2026), built from audited fundamentals. The current price is €3.80.
What is the quality score of LSX?
LS telcom AG has a Quality Score of 55/100. 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 revenue of LS telcom AG (LSX)?
LS telcom AG reported trailing-twelve-month revenue of about €40.5M (latest available figure, as of Jul 15, 2026).
What is the net profit margin of LSX?
The net profit margin of LS telcom AG is about 1.9%, meaning it keeps roughly 1.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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