Marna Beteiligungen AG (M5S) Fair Value & Analysis
Financial Services · DE · Market cap €414K · ISIN DE000A0H1GY2
What is Marna Beteiligungen AG really worth?
A solid business, trading 39% below our fair value of €0.1170.
Strengths
Risks
Fair value as of: Aug 31, 2026
From 2 valuation models · updated 4 days ago
Fair value updated Aug 31, 2026, revised from €0.0473 to €0.1170 (+147.6%) since Aug 28, 2026. Share price −4.7% over the past month.
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What matters now
- The model range is unusually wide (€0.0720 to €0.1980). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- 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 (52/100) 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.
Price vs Fair Value (4 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 31, 2026.
How to read this chart
49‑month range €0.0350 – €3.56 · fair‑value band €0.0720 – €0.1980 · the €0.0715 price screens below the €0.1170 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 31, 2026.
Analysis
Marna Beteiligungen AG (M5S) currently trades at €0.0715, while our model-based Fair Value estimate is €0.1170, implying the stock looks roughly 38.9% undervalued today. The Quality Score stands at 52/100 (solid quality), in the Financial Services sector. How firm this estimate is: it rests on 6 models at a data quality of 88/100, which puts the evidence level at low.
Revenue grew 48.1% year over year. Fundamentals as of Aug 31, 2026
Our scenario range runs from €0.0720 (bear case) to €0.1980 (bull case); at €0.0715, 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. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 64%, M5S screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 2 models by family
Widest divergence: Growth DCF (€0.0900) versus Asset-Based (€0.0300). Highest evidence: Growth DCF (72).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 31, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 8
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
H2 Core AG, an investment company, engages in acquiring, managing, and selling investments in corporations and partnerships in Germany. The company was formerly known as MARNA Beteiligungen AG and changed its name to H2 Core AG in June 2024. H2 Core AG was founded in 2006 and is based in Heidelberg, Germany.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2019 – FY2023 · reported fiscal years
Marna Beteiligungen AG reported revenue of €80.5K in FY2023 versus €18.6K in FY2019, a compound +44.1%/yr. Reported net income was −€301K in FY2023.
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Peer Group
Asset Management · 722 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.
Valuation Multiples vs Asset Management median · lower = cheaper
Strength profile in five axes (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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 31, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $142.39 | $52.88 | −63% |
| Investor AB INVEB | kr 417.20 | kr 824.66 | +98% |
| Brookfield Corporation BN | C$58.60 | C$7.74 | −87% |
| KKR & Co KKR | $108.68 | $19.97 | −82% |
| Apollo Global Management, Inc APO | $135.04 | $101.04 | −25% |
| State Street Corporation STT | $193.33 | $138.33 | −28% |
| Ameriprise Financial, Inc AMP | $559.32 | $515.24 | −8% |
| Ares Management Corporation ARES | $143.10 | $30.88 | −78% |
| Northern Trust Corporation NTRS | $186.79 | $122.02 | −35% |
| Raymond James Financial, Inc RJF | $176.69 | $142.42 | −19% |
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