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Mutuionline (MOL) Fair Value & Analysis

Financial Services · IT · Market cap €1.5B · ISIN IT0004195308

What is Mutuionline really worth?

M Mutuionline MOL · MI
Price€35.35
Fair Value€9.98
Upside−71.8%
Quality61/100

A solid business, but trading 254% above our fair value of €9.98.

As of Sep 3, 2026, the fair value of Mutuionline is €9.98 per share against a price of €35.35, so the fair value sits 72% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Moderate debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +21.4 %/yr)
!Thin margins · 5.3% net margin
!Trails peers (5/14)
!Moderate moat 49/100
!Weak on dividend: 8 out of 100

For context

·0.42% dividend yield
Evidence: High Range €7.49 – €12.48

Fair value as of: Sep 3, 2026

From 13 valuation models · updated 3 days ago

Share price −9.8% 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 above even our optimistic bull case (€12.48). The favourable scenario is already priced in.
  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
  • 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 (5 years)

€51.75 €19.19 Fair Value €9.98 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range €19.19 – €51.75 · fair‑value band €7.49 – €12.48 · the €35.35 price screens above the €9.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

Mutuionline (MOL) currently trades at €35.35, while our model-based Fair Value estimate is €9.98, implying the stock looks roughly 254.2% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Financial Services sector. Bull case: the Growth DCF group reads highest at a median of €50.25 per share, and 4 of the 13 models we run sit above the €35.35 price. Bear case: the Dividend Discount group reads lowest at €1.54, and 9 of the 13 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Mutuionline generated revenue of €747M at a net margin of 5.3%. Revenue grew 37.6% year over year. It earns a return on equity of 12.7%. Net debt stands at €363M. Fundamentals as of Sep 3, 2026

Our scenario range runs from €7.49 (bear case) to €12.48 (bull case); at €35.35, 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 29% below its 52-week high and 22% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −48% fair-value upside, at −72%, MOL 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 €0.6003 per share, which is 6.0 % 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
Residual Income €7.08 €7.47 €8.09 76
Growth DCF €29.65 €56.53 €104.05 75
Owner Earnings €23.40 €57.55 €120.93 70
All 13 models by family
DCF Models
Owner Earnings €23.40 €57.55 €120.93 70
5Y P/E Exit €9.50 €20.53 €33.61 68
10Y P/E Exit €16.82 €31.16 €53.08 61
Earnings-Based
Graham-Dodd €5.22 €36.42 €51.11 63
Lynch FV €11.49 €16.42 €21.35 61
Dividend Discount
Gordon GGM €0.9400 €1.69 €2.32 68
DDM Multi-Stage €0.9400 €1.54 €1.80 67
Multiples
P/E Multiple €7.49 €9.98 €12.48 63
P/B Multiple €9.38 €12.51 €15.64 55
Asset-Based
NCAV (Graham) €4.47 €5.99 €8.94 54
Growth DCF
Growth DCF €29.65 €56.53 €104.05 75
Rev-Margin DCF €22.37 €50.25 €92.54 69
Economic Profit
Residual Income €7.08 €7.47 €8.09 76

Widest divergence: Growth DCF (€50.25) versus Dividend Discount (€1.54). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 34.3
P/S ratio 1.43 P/E × margin
EPS (TTM) €1.03 price ÷ EPS = P/E 34.3
Dividend yield 0.4% payout 14.6%
Net margin 4.2% FY2025
Return on equity 12.7% TTM
More key figures
Profitability
Return on assets (EBIT) 8.0% avg 5y
Operating margin 17.2% TTM
Growth
Revenue (TTM) €747M TTM
Revenue growth (YoY) +37.6% 3y avg +30.1%
EPS growth (YoY) +4.1%
Balance sheet & cash flow
Free cash flow €114M FY2025
Net debt €363M FY2025 · ≈ 3.2 yrs of FCF

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 61 · Market factors (momentum, volatility) 38

Profitability 46
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 84
Earnings quality: real cash, not paper profit
Fin. Strength 48
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 48
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 71
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

Moltiply Group S.p.A. operates as a holding company in the financial services industry in Italy, Germany, and internationally. It operates through Moltiply BPO&Tech (BPO) and Mavriq (Broking) divisions. The Mavriq Division operates in the online comparison and intermediation of utility contracts, insurance products, bank products, and e-commerce offers.

Full company description

Moltiply Group S.p.A. operates as a holding company in the financial services industry in Italy, Germany, and internationally. It operates through Moltiply BPO&Tech (BPO) and Mavriq (Broking) divisions. The Mavriq Division operates in the online comparison and intermediation of utility contracts, insurance products, bank products, and e-commerce offers. This segment also provides Mavriq Telco & Energy, an online comparison and intermediation of electricity, gas and telco contracts; Mavriq Insurance, an online comparison and intermediation of insurance products; Mavriq Banking, an online comparison and intermediation of credit and other banking products; and Mavriq Shopping, a comparison shopping website and consumer review services. The Moltiply BPO&Tech Division provides business process outsourcing and IT platforms for the financial, insurance, and leasing/rental sectors; and offers a set of proprietary information technology solutions to client companies in its business areas. This segment is involved in Moltiply Banking which provides BPO services and IT solutions for loan origination and servicing, para-notary services, property valuation services, and comprehensive solutions including operational services and IT platforms to investment and asset management firms; Moltiply Lease that provides BPO and IT core solutions for leasing and long-term rental operators; and Moltiply Insurance which provides claims management and settlement outsourcing services. The company was formerly known as Gruppo MutuiOnline S.p.A. and changed its name to Moltiply Group S.p.A. in May 2024. Moltiply Group S.p.A. was founded in 2000 and is headquartered in Milan, Italy.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Mutuionline reported revenue of €685M in FY2025 versus €313M in FY2021, a compound +21.6%/yr. Reported net income was €28.6M in FY2025, compounding +15.0%/yr from FY2021.

Growth Quality 95/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€685M
Latest YoY
+47.7%
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.
+30.1%
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.
+21.4%
Avg. revenue growth/yr (21Y) 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.
+23.1%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−5.7% · in EUR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−6.1%
Dividend yield0.4%
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 −6.1% vs 10Y 3.3%, flattening
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.24.3% (2020) → 15.1% (2025) · falling
Worst earnings drop84% (2012) · in EUR
Revenue +21.6%/yr
FY21 €313M
FY22 €311M
FY23 €404M
FY24 €464M
FY25 €685M
Net income +15.0%/yr
FY21 €16.3M
FY22 €46.9M
FY23 €34.7M
FY24 €41.7M
FY25 €28.6M
Character of growth · EPS growth decomposed (2012-2023) +21.9 % p.a.
Revenue per share +22.6 %

of which total revenue +23.1 % · buybacks/dilution −0.4 %

EBIT margin +2.4 %
Tax rate −3.0 %
Residual (interest, one-offs) +0.2 %

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).

MOL screens 254% overvalued. Compare with Visa Inc →

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Cite: Fair Value Calculator (2026). "Mutuionline Fair Value". https://www.fairvalue-calculator.com/stock/MOL.MI

Peer Group

Credit Services · 325 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 61 · Above median
Fair Value upside −72% · Bottom 25%
Return on equity (TTM) 13% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 5% · Bottom 25%
Operating margin (TTM) 17% · Below median
Revenue growth 38% · Top 25%
Dividend yield (TTM) 0.4% · Bottom 25%
Debt / equity 1.37× · Higher than median

Valuation Multiples vs Credit Services median · lower = cheaper

P/E (TTM) 34.3× · Pricier than 75% of peers
P/B 5.07× · Pricier than 75% of peers
P/S (TTM) 2.26× · Cheaper than median
P/FCF 14.8× · Pricier than 75% of peers
EV/EBITDA 15.8× · Pricier than median

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
VALUE0 · sector 34
FUTURE100 · sector 40
PAST51 · sector 31
HEALTH32 · sector 59
DIVIDEND8 · sector 55

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

Similar stocks

10 more Credit Services stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
Visa Inc V $379.66 $198.27 −48%
Mastercard Incorporated MA $591.73 $221.87 −63%
American Express Company AXP $326.16 $206.40 −37%
Capital One Financial Corporation COF $215.67 $117.51 −46%
Bajaj Finance Limited BAJFINANCE ₹1,093 ₹397.70 −64%
PayPal Holdings PYPL $61.47 $77.12 +25%
Shriram Finance Limited SHRIRAMFIN ₹1,134 ₹553.82 −51%
Synchrony Financial, SYF $78.05 $137.28 +76%
SoFi Technologies, Inc SOFI $18.06 $5.02 −72%
Cholamandalam Investment and Finance Company CHOLAFIN ₹1,866 ₹796.47 −57%

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Frequently asked questions

Is Mutuionline (MOL) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of €9.98 versus a price of €35.35, about −72% upside (overvalued).
What is the fair value of MOL?
Our model-based fair value for Mutuionline is €9.98 (as of Sep 3, 2026), built from audited fundamentals. The current price: €35.35.
What is the quality score of MOL?
Mutuionline 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 price target for Mutuionline (MOL)?
Our model-based price target is the fair value of €9.98 (as of Sep 3, 2026) from 13 valuation models. Cautious scenario €7.49, optimistic scenario €12.48. It is a calculation from audited fundamentals, not an analyst target.
What is the Mutuionline stock forecast for 2026?
Our models put fair value at €9.98, about −72% upside versus a price of €35.35 (overvalued). Cautious scenario €7.49, optimistic scenario €12.48. The calculation is refreshed regularly with new filings.
What is the revenue of Mutuionline (MOL)?
Mutuionline reported trailing-twelve-month revenue of about €747M (latest available figure, as of Sep 3, 2026).
What is the net profit margin of MOL?
The net profit margin of Mutuionline is about 5.3%, meaning it keeps roughly 5.3% of revenue as net income. Based on the latest reported figures.
Does Mutuionline pay a dividend?
Mutuionline currently shows a dividend yield of about 0.42% relative to its recent price (as of Sep 3, 2026).
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