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There (MBG) Fair Value & Analysis

Consumer Cyclical · DE · Market cap €79.4B · ISIN DE0007100000

What is There really worth?

T There MBG · HA
Price€47.18
Fair Value€44.01
Upside−6.7%
Quality56/100

A solid business, currently priced close to our fair value of €44.01.

As of Sep 6, 2026, the fair value of There is €44.01 per share against a price of €47.18, so the fair value sits 7% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Moderate debt · generates free cash flow
Wide moat 67/100

Risks

!Weak Growth (revenue 5y −3.0 %/yr)
!Thin margins · 0.0% net margin

For context

·7.21% dividend yield
Evidence: High Range €35.52 – €64.89

Fair value as of: Sep 6, 2026

From 20 valuation models · updated today

Fair value updated Sep 6, 2026, revised from €40.08 to €44.01 (+9.8%) since Aug 13, 2026.

What runs behind every stock

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

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (€35.52 to €64.89) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€60.94 €37.35 Fair Value €44.01 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 6, 2026.

How to read this chart

60‑month range €37.35 – €60.94 · fair‑value band €35.52 – €64.89 · the €47.18 price screens above the €44.01 fair value. Dashed = 300-day average. As of Sep 6, 2026.

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Analysis

There (MBG) currently trades at €47.18, while our model-based Fair Value estimate is €44.01, implying the stock looks roughly 7.2% fairly valued today. The Quality Score stands at 56/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Multiples group reads highest at a median of €51.91 per share, and 6 of the 19 models we run sit above the €47.18 price. Bear case: the Growth DCF group reads lowest at €23.17, and 13 of the 19 models stay below the price. Evidence for this calculation is high.

Net debt stands at €68.0B. Fundamentals as of Sep 6, 2026

Our scenario range runs from €35.52 (bear case) to €64.89 (bull case); at €47.18, 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 18% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −17% fair-value upside, at −7%, MBG 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.

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
FCF DCF €24.43 €43.16 €77.84 77
Growth DCF €26.65 €44.83 €75.92 76
Residual Income €43.08 €44.01 €43.40 76
All 20 models by family
DCF Models
FCF DCF €24.43 €43.16 €77.84 77
Owner Earnings €8.81 73
5Y Revenue Exit €9.94 €22.06 €39.60 69
5Y EBITDA Exit €29.11 €55.25 €89.87 73
5Y P/E Exit €21.61 €42.26 €66.97 69
10Y Revenue Exit €14.57 €24.12 €34.05 66
10Y EBITDA Exit €26.90 €44.64 €63.56 68
10Y P/E Exit €22.34 €36.61 €50.12 64
Earnings-Based
Graham-Dodd €20.76 €25.38 €28.55 67
Multiples
P/E Multiple €50.38 €67.18 €83.97 63
P/S Multiple €38.93 €51.91 €64.89 58
P/B Multiple €38.93 €51.91 €64.89 55
EV/EBIT €15.78 €28.80 €41.81 63
EV/EBITDA €41.37 €62.92 €84.47 66
EV/Revenue €3.05 €14.33 €25.61 48
Asset-Based
NCAV (Graham) €27.70 €37.11 €55.39 54
Growth DCF
Growth DCF €26.65 €44.83 €75.92 76
Rev-Margin DCF €9.94 €23.17 €39.74 69
Economic Profit
Residual Income €43.08 €44.01 €43.40 76
Growth Earnings
Growth-Adj P/E €35.52 €50.74 €65.96 67

Widest divergence: Multiples (€51.91) versus Growth DCF (€23.17). Highest evidence: FCF DCF (77).

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Key figures & financial health

Dividend yield 7.2%
Net margin 3.9% FY2025
Return on assets (EBIT) 5.2% avg 5y
Free cash flow €8.3B FY2025
Net debt €68.0B FY2025 · ≈ 8.2 yrs of FCF

Figures from reported company fundamentals · as of Sep 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 51 · Market factors (momentum, volatility) 41

Profitability 27
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 93
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

There is no Profile data available for DAI.HA.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

There reported revenue of €132B in FY2025 versus €134B in FY2021, a compound −0.3%/yr. Reported net income was €5.1B in FY2025, compounding −31.2%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€132B
Latest YoY
−9.2%
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.
−4.1%
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.
−3.0%
Avg. revenue growth/yr (7Y) 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.
−3.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+16.8% · in EUR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+9.6%
Dividend yield7.2%
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.4.0% (2020) → 3.7% (2025) · steady
Worst earnings drop60% (2025) · in EUR
⚠ Revenue per share shrinking 1.9%/yr over ~5Y (margins intact) Structural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Revenue −0.3%/yr
FY21 €134B
FY22 €150B
FY23 €152B
FY24 €146B
FY25 €132B
Net income −31.2%/yr
FY21 €23.0B
FY22 €14.5B
FY23 €14.3B
FY24 €10.2B
FY25 €5.1B

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Cite: Fair Value Calculator (2026). "There Fair Value". https://www.fairvalue-calculator.com/stock/MBG.HA

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

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 There (MBG) overvalued or undervalued?
As of Sep 6, 2026, our model estimates a fair value of €44.01 versus a price of €47.18, about −7% upside (fairly valued).
What is the fair value of MBG?
Our model-based fair value for There is €44.01 (as of Sep 6, 2026), built from audited fundamentals. The current price: €47.18.
What is the quality score of MBG?
There has a Quality Score of 56/100. 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 (MBG)?
Our model-based price target is the fair value of €44.01 (as of Sep 6, 2026) from 20 valuation models. Cautious scenario €35.52, optimistic scenario €64.89. 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 €44.01, about −7% upside versus a price of €47.18 (fairly valued). Cautious scenario €35.52, optimistic scenario €64.89. The calculation is refreshed regularly with new filings.
What is the net profit margin of MBG?
The net profit margin of There is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.
Does There pay a dividend?
There currently shows a dividend yield of about 7.21% relative to its recent price (as of Sep 6, 2026).
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