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Lang & Schwarz Aktiengesellschaft, (LUS1) Fair Value & Analysis

Financial Services · DE · Market cap €148M

LS Lang & Schwarz Aktiengesellschaft, LUS1 · XETRA
Price€19.25
Fair Value€29.06
Upside+51.0%
Quality61/100
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Healthy Growth
Thin margins · 4.1% net margin
Low debt · generates free cash flow
13.38% dividend yield
Ranks above peers (9/13)
Moderate moat 55/100
Evidence: High Range €21.79 – €36.32 Share as image

Fair value as of: Jul 16, 2026

From 13 valuation models · updated 25 days ago

Share price +7.8% over the past month.

A solid business, screening 51% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€21.79). The market is more pessimistic than our downside scenario.
  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

€26.40 €5.97 Fair Value €29.06 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range €5.97 – €26.40 · fair‑value band €21.79 – €36.32 · the €19.25 price screens below the €29.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Lang & Schwarz Aktiengesellschaft, (LUS1) currently trades at €19.25, while our model-based Fair Value estimate is €29.06, implying the stock looks roughly 51.0% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Lang & Schwarz Aktiengesellschaft, generated revenue of €1.2B at a net margin of 4.1%. Revenue grew 105.5% year over year. It earns a return on equity of 63.6%. The balance sheet holds a net cash position of €150M. Fundamentals as of Jul 16, 2026

Our scenario range runs from €21.79 (bear case) to €36.32 (bull case); at €19.25, the current price sits below 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 35% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 11% fair-value upside, at 51%, LUS1 screens cheaper 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 €141.91 €213.69 €325.83 80
Residual Income €33.31 €51.80 €688.03 76
Rev-Margin DCF €131.60 €206.22 €362.82 74
All 13 models by family
DCF Models
Owner Earnings €80.50 €133.91 €227.11 31
5Y P/E Exit €119.13 €212.73 €336.48 38
10Y P/E Exit €130.27 €223.93 €369.35 35
Earnings-Based
Graham-Dodd €34.89 €243.35 €341.51 54
Lynch FV €120.73 €172.47 €224.22 50
Dividend Discount
Gordon GGM €12.20 €20.43 €26.51 70
DDM Multi-Stage €12.20 €19.37 €21.97 61
Multiples
P/E Multiple €76.97 €102.63 €128.29 63
P/B Multiple €21.79 €29.06 €36.32 55
Asset-Based
NCAV (Graham) €4.84 €6.49 €9.69 50
Growth DCF
Growth DCF €141.91 €213.69 €325.83 80
Rev-Margin DCF €131.60 €206.22 €362.82 74
Economic Profit
Residual Income €33.31 €51.80 €688.03 76

Widest divergence: DCF Models (€212.73) versus Asset-Based (€6.49). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €1.2B
Revenue growth (YoY) +106%
Net margin 4.1%
Return on equity 63.6%
Free cash flow €99.3M FY2025
P/E ratio 5.7
More key figures
Operating margin 10.1%
EPS (TTM) €5.13
EPS growth (YoY) -37.8%
Net cash €150M FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 63 · Market factors (momentum, volatility) 38

Profitability 52
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 71
Earnings quality: real cash, not paper profit
Fin. Strength 67
Balance sheet, leverage, solvency risk
Investment 34
Disciplined investing over empire-building
Low Volatility 62
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 36
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

Lang & Schwarz Aktiengesellschaft, together with its subsidiaries, engages in the development and issuance of derivative financial instruments in Germany. The company operates a platform for over-the-counter trading, which allows customers to trade in shares, funds, bonds, and ETPs; and LS Exchange, an electronic trading system.

Full company description

Lang & Schwarz Aktiengesellschaft, together with its subsidiaries, engages in the development and issuance of derivative financial instruments in Germany. The company operates a platform for over-the-counter trading, which allows customers to trade in shares, funds, bonds, and ETPs; and LS Exchange, an electronic trading system. It also provides IT services, hardware and software and maintenance services, and technical trading venue connection areas. The company was founded in 1996 and is headquartered in Düsseldorf, Germany.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Lang & Schwarz Aktiengesellschaft, reported revenue of €1.2B in FY2025 versus €839M in FY2021, a compound +9.3%/yr. Reported net income was €48.4M in FY2025, compounding +23.3%/yr from FY2021.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€1.2B
Latest YoY
+61.8%
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.
+16.6%
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.
+11.6%
Avg. growth/yr (19Y) 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.
+25.0%
Revenue +9.3%/yr
FY21 €839M
FY22 €754M
FY23 €485M
FY24 €740M
FY25 €1.2B
Net income +23.3%/yr
FY21 €21.0M
FY22 €8.8M
FY23 €7.6M
FY24 €22.1M
FY25 €48.4M
Character of growth · EPS growth decomposed (2014-2025) +19.3 % p.a.
Revenue per share +14.5 pp

of which total revenue +14.7 pp · buybacks/dilution −0.2 pp

EBIT margin −0.3 pp
Tax rate −2.4 pp
Residual (interest, one-offs) +7.5 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Lang & Schwarz Aktiengesellschaft, Fair Value". https://www.fairvalue-calculator.com/stock/LUS1

Peer Group

Capital Markets · 423 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 62 · Above median
Fair Value upside +51% · Top 25%
Return on equity (TTM) 64% · Top 25%
Return on assets 5% · Top 25%
Net margin (TTM) 4% · Below median
Operating margin (TTM) 10% · Below median
Revenue growth 109% · Top 25%
Dividend yield (TTM) 13.4% · Top 25%

Valuation Multiples vs Capital Markets median · lower = cheaper

P/E (TTM) 3.1× · Cheaper than 75% of peers
P/B 1.87× · Pricier than median
P/S (TTM) 0.14× · Cheaper than 75% of peers
P/FCF 1.7× · Pricier than median

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 100 · sector 9
FUTURE 100 · sector 96
PAST 100 · sector 30
HEALTH 100 · sector 93
DIVIDEND 100 · sector 36

Insider activity: 45/100

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.

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10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

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Kiwoom Securities Co 039490 322,000 KRW 358,091 KRW +11%
SSI Securities Corporation SSI 24,250 VND 28,021 VND +16%
Bolsas y Mercados Argentinos S.A BYMA 313.75 ARS 120.22 ARS -62%

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Frequently asked questions

Is Lang & Schwarz Aktiengesellschaft, (LUS1) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of €29.06 versus a price of €19.25, about +51% (undervalued).
What is the fair value of LUS1?
Our model-based fair value for Lang & Schwarz Aktiengesellschaft, is €29.06 (as of Jul 16, 2026), built from audited fundamentals. The current price is €19.25.
What is the quality score of LUS1?
Lang & Schwarz Aktiengesellschaft, has a Quality Score of 61/100. 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 Lang & Schwarz Aktiengesellschaft, (LUS1)?
Lang & Schwarz Aktiengesellschaft, reported trailing-twelve-month revenue of about €1.2B (latest available figure, as of Jul 16, 2026).
What is the net profit margin of LUS1?
The net profit margin of Lang & Schwarz Aktiengesellschaft, is about 4.1%, meaning it keeps roughly 4.1% 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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