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MBB INDUSTRIES (MBB) Fair Value & Analysis

Industrials · DE · Market cap €867M · ISIN DE000A0ETBQ4

What is MBB INDUSTRIES really worth?

MI MBB INDUSTRIES MBB · XETRA
Price€178.00
Fair Value€200.59
Upside+12.7%
Quality72/100

A solid business, trading 11% below our fair value of €200.59.

As of Aug 30, 2026, the fair value of MBB INDUSTRIES is €200.59 per share against a price of €178.00, so the fair value sits 13% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Healthy Growth (revenue 5y +11.1 %/yr)
Low debt · generates free cash flow

Risks

!Thin margins · 4.5% net margin
!Mixed vs. peers (8/14)
!Moderate moat 50/100
!Weak on dividend: 14 out of 100

For context

·0.68% dividend yield
Evidence: High Range €150.44 – €250.74

Fair value as of: Aug 30, 2026

From 13 valuation models · updated 7 days ago

Share price −6.2% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

€222.44 €69.77 Fair Value €200.59 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range €69.77 – €222.44 · fair‑value band €150.44 – €250.74 · the €178.00 price screens below the €200.59 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.

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Analysis

MBB INDUSTRIES (MBB) currently trades at €178.00, while our model-based Fair Value estimate is €200.59, implying the stock looks roughly 11.3% undervalued today. The Quality Score stands at 72/100 (solid quality), in the Industrials sector. Bull case: the Growth DCF group reads highest at a median of €534.86 per share, and 7 of the 13 models we run sit above the €178.00 price. Bear case: the Dividend Discount group reads lowest at €42.66, and 6 of the 13 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, MBB INDUSTRIES generated revenue of €1.2B at a net margin of 4.5%. Revenue declined 6.9% year over year. It earns a return on equity of 13.7%. The balance sheet holds a net cash position of €426M. Fundamentals as of Aug 30, 2026

Our scenario range runs from €150.44 (bear case) to €250.74 (bull case); at €178.00, the current price sits within 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 21% below its 52-week high and 34% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 35% fair-value upside, at 13%, MBB screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €5.96 per share, which is 3.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

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.

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 €452.17 €684.92 €1,029 78
Owner Earnings €178.00 €241.46 €342.34 77
Residual Income €96.62 €100.62 €103.86 76
All 13 models by family
DCF Models
Owner Earnings €178.00 €241.46 €342.34 77
5Y P/E Exit €313.74 €439.38 €580.38 71
10Y P/E Exit €365.17 €495.31 €673.90 64
Earnings-Based
Graham-Dodd €64.95 €330.25 €456.20 64
Lynch FV €89.80 €128.28 €166.77 61
Dividend Discount
Gordon GGM €25.91 €46.70 €64.28 68
DDM Multi-Stage €25.91 €42.66 €49.88 67
Multiples
P/E Multiple €150.44 €200.59 €250.74 63
P/B Multiple €121.79 €162.38 €202.98 55
Asset-Based
NCAV (Graham) €62.16 €83.29 €124.31 54
Growth DCF
Growth DCF €452.17 €684.92 €1,029 78
Rev-Margin DCF €359.89 €534.86 €767.77 72
Economic Profit
Residual Income €96.62 €100.62 €103.86 76

Widest divergence: Growth DCF (€534.86) versus Dividend Discount (€42.66). Highest evidence: Growth DCF (78).

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Key figures & financial health

P/E ratio 17.9
P/S ratio 0.78 P/E × margin
EPS (TTM) €9.96 price ÷ EPS = P/E 17.9
Dividend yield 0.7% payout 12.1%
Net margin 4.3% FY2025
Return on equity 13.7% TTM
More key figures
Profitability
Return on assets (EBIT) 4.6% avg 5y
Operating margin 10.9% TTM
Growth
Revenue (TTM) €1.2B TTM
Revenue growth (YoY) −6.9% 3y avg +9.3%
EPS growth (YoY) +43.3%
Balance sheet & cash flow
Free cash flow €179M FY2025
Net cash €426M FY2025

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 72/100

Of which business quality 71 · Market factors (momentum, volatility) 47

Profitability 37
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 77
Earnings quality: real cash, not paper profit
Fin. Strength 92
Balance sheet, leverage, solvency risk
Investment 69
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 44
Distance to the 52-week high (market factor)
Net Issuance 99
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.

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

MBB SE, together with its subsidiaries, engages in the acquisition and management of medium-sized companies in Germany and internationally. It operates through four segments: Friedrich Vorwerk, Aumann, DTS, and Delignit.

Full company description

MBB SE, together with its subsidiaries, engages in the acquisition and management of medium-sized companies in Germany and internationally. It operates through four segments: Friedrich Vorwerk, Aumann, DTS, and Delignit. The company plans, builds, and operates systems for the transport and distribution of energy, including gas, electricity, hydrogen, and district-heating networks and facilities; offers winding technologies for electric motors, solutions for battery module and battery pack assembly, coating systems for electrode production, and systems for fuel cell production; and provides cyber security, data center, and cloud services, as well as managed services. It also develops, produces, and distributes ecological wood-based materials and system solutions, such as cargo area fittings for automotives, industrial and rail vehicle floors, fire protection and sound insulation solutions, and modular prefabricated components; manufactures tissue products comprising napkins, handkerchiefs, toilet paper, and household rolls; and engages in the manufacturing of mattresses, pillows, and other products from polyurethane foam. The company was formerly known as MBB Industries AG and changed its name to MBB SE in March 2015. MBB SE was founded in 1995 and is headquartered in Berlin, Germany.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

MBB INDUSTRIES reported revenue of €1.2B in FY2025 versus €680M in FY2021, a compound +14.5%/yr. Reported net income was €50.8M in FY2025, compounding +163.8%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 88/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€1.2B
Latest YoY
+9.5%
Avg. revenue 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.
+9.3%
Avg. revenue 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.
+11.1%
Avg. revenue 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.
+16.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
≈ +35.5% (approximate, leans on 2025) · in EUR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+34.8%
Dividend yield0.7%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 34.8% vs 10Y 16.8%, picking up
Operating margin (EBIT) 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.4.1% (2020) → 10.7% (2025) · rising
Worst earnings drop163% (2010) (loss year, drop beyond 100%) · in EUR
⚠ Rate leans on 2025: that final year sits 129% above its own trend (e.g. a one-off disposal gain) and could not be adjusted
Revenue +14.5%/yr
FY21 €680M
FY22 €896M
FY23 €977M
FY24 €1.1B
FY25 €1.2B
Net income +163.8%/yr
FY21 €1.0M
FY22 €24.2M
FY23 €12.2M
FY24 €37.7M
FY25 €50.8M
Character of growth · EPS growth decomposed (2014-2025) +13.2 % p.a.
Revenue per share +18.7 %

of which total revenue +16.4 % · buybacks/dilution +2.0 %

EBIT margin +2.5 %
Tax rate −4.7 %
Residual (interest, one-offs) −2.3 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "MBB INDUSTRIES Fair Value". https://www.fairvalue-calculator.com/stock/MBB.XETRA

Peer Group

Conglomerates · 373 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 72 · Top 25%
Fair Value upside +13% · Above median
Return on equity (TTM) 14% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 4% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth −8% · Bottom 25%
Dividend yield (TTM) 0.7% · Below median
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Conglomerates median · lower = cheaper

P/E (TTM) 17.9× · Pricier than median
P/B 1.52× · Pricier than median
P/S (TTM) 0.85× · Pricier than median
P/FCF 5.6× · Pricier than median
EV/EBITDA 2.4× · Cheaper than 75% of peers

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE50 · sector 25
FUTURE0 · sector 16
PAST55 · sector 17
HEALTH98 · sector 89
DIVIDEND14 · sector 43

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

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Frequently asked questions

Is MBB INDUSTRIES (MBB) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of €200.59 versus a price of €178.00, about +13% upside (undervalued).
What is the fair value of MBB?
Our model-based fair value for MBB INDUSTRIES is €200.59 (as of Aug 30, 2026), built from audited fundamentals. The current price: €178.00.
What is the quality score of MBB?
MBB INDUSTRIES has a Quality Score of 72/100. 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 MBB INDUSTRIES (MBB)?
Our model-based price target is the fair value of €200.59 (as of Aug 30, 2026) from 13 valuation models. Cautious scenario €150.44, optimistic scenario €250.74. It is a calculation from audited fundamentals, not an analyst target.
What is the MBB INDUSTRIES stock forecast for 2026?
Our models put fair value at €200.59, about +13% upside versus a price of €178.00 (undervalued). Cautious scenario €150.44, optimistic scenario €250.74. The calculation is refreshed regularly with new filings.
What is the revenue of MBB INDUSTRIES (MBB)?
MBB INDUSTRIES reported trailing-twelve-month revenue of about €1.2B (latest available figure, as of Aug 30, 2026).
What is the net profit margin of MBB?
The net profit margin of MBB INDUSTRIES is about 4.5%, meaning it keeps roughly 4.5% of revenue as net income. Based on the latest reported figures.
Does MBB INDUSTRIES pay a dividend?
MBB INDUSTRIES currently shows a dividend yield of about 0.68% relative to its recent price (as of Aug 30, 2026).
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