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Northern Data AG (NDTAF) fair value: what the stock is really worth

We calculate from audited financials what Northern Data AG is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Technology · US · ISIN DE000A0SMU87

ND Northern Data AG logo Thin data Sep 13, 2026

Northern Data AG

NDTAF · US

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value $23.13 · Strongly undervalued (+150%)
!Quality 6/100
!Weak Growth (revenue 5y +37.3 %/yr)
!Moderate debt · negative free cash flow
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

$105.60 $6.38 Fair Value $23.13 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range $6.38 – $105.60 · fair‑value band $13.04 – $31.42 · the $9.25 price screens below the $23.13 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

Northern Data AG develops and operates high-performance computing (HPC) and artificial intelligence (AI) solutions in Europe and North America. The company operates through Taiga Cloud and Ardent Data Centers segment.

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Northern Data AG develops and operates high-performance computing (HPC) and artificial intelligence (AI) solutions in Europe and North America. The company operates through Taiga Cloud and Ardent Data Centers segment. It offers computing services; hosting and colocation services; computing power for generative AI purposes and cloud computing and graphics processing units (GPU) hardware related services. The company also provides data centers and managed infrastructure optimized for AI and HPC needs; and procures, installs, and manages server hardware. In addition, it offers infrastructure as a service and platform as a service. The company was formerly known as Northern Bitcoin AG and changed its name to Northern Data AG in January 2020. Northern Data AG was founded in 2008 and is headquartered in Frankfurt am Main, Germany. As of June 17, 2026, Northern Data AG operates as a subsidiary of Rumble Inc.

Stock analysis

Northern Data AG (NDTAF) currently trades at $9.25, while our model-based Fair Value estimate is $23.13, implying the stock looks roughly 60.0% undervalued today.

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Valuation

Bull case: the Dividend Discount group reads highest at a median of $18.92 per share, and 2 of the 3 models we run sit above the $9.25 price.

Bear case: the Asset-Based group reads lowest at $4.61, and 1 of the 3 models stay below the price. Evidence for this calculation is low.

Scenario range: $13.04 (bear) to $31.42 (bull), the price of $9.25 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 6/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Northern Data AG reported revenue of €80.0M in FY2025 versus €190M in FY2021, a compound −19.4%/yr. Reported net income was −€390M in FY2025.

Key figures

Market cap $594M · P/S ratio 7.51 · EPS (TTM) $−8.73 · Return on equity −75.3% · Return on assets (EBIT) −16.6% · Operating margin −143% · Revenue (TTM) $80.0M · Revenue growth (YoY) +72.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 72% below its 52-week high and 45% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at 66% fair-value upside, at 150%, NDTAF screens cheaper than that median.

Fair Value models

Bear $13.04 Fair Value $23.13 Bull $31.42
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Gordon GGM $11.50 $20.71 $28.52 64
DDM Multi-Stage $11.50 $18.92 $22.13 63
NCAV (Graham) $3.44 $4.61 $6.89 54
All 3 models by family
Dividend Discount
Gordon GGM $11.50 $20.71 $28.52 64
DDM Multi-Stage $11.50 $18.92 $22.13 63
Asset-Based
NCAV (Graham) $3.44 $4.61 $6.89 54

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Quality Score breakdown

Overall quality 6/100

Of which business quality 11 · Market factors (momentum, volatility) 14

Profitability 0
Margins and returns on capital today
Quality Growth 9
Are margins and returns improving?
Cashflow 12
Earnings quality: real cash, not paper profit
Fin. Strength 23
Balance sheet, leverage, solvency risk
Investment 21
Disciplined investing over empire-building
Low Volatility 30
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 24/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−34.0%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−25.5%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+37.3%
Revenue growth 11 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+87.1%
Profit margin (trend) ⓘ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.
−186.1% (2020) → −571.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Compare Northern Data AG with another stock

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Peer Groupⓘ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.Information Technology Services · 479 stocks

Beats the industry median on 4/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 6 · Bottom 25%
Fair Value upside +151% · Top 25%
Profitability
Return on assets −12% · Bottom 25%
Net margin (TTM) 0% · Bottom 25%
Operating margin (TTM) −143% · Bottom 25%
Growth and dividend
Revenue growth 73% · Top 25%
Dividend yield (TTM) 15.8% · Top 25%
Balance sheet
Debt / equity 1.39× · Highest 25%

Valuation Multiplesvs Information Technology Services median · lower = cheaper

P/B 1.36× · Cheaper than median
P/S (TTM) 7.51× · Priciest 25%

Context: sector, industry, market

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 Information Technology Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
International Business Machines Corporation IBM $243.29 $175.76 −28%
Accenture plc ACN $183.90 $305.06 +66%
Tata Consultancy Services Limited TCS ₹2,201 ₹2,993 +36%
Infosys Limited INFY ₹1,038 ₹1,692 +63%
HCL Technologies Limited HCLTECH ₹1,206 ₹2,006 +66%
Fiserv, Inc FI C$5.13 C$11.19 +118%
Wipro Limited WIT $1.69 $3.34 +98%
Fidelity National Information Services, Inc FIS $38.14 $32.47 −15%
Cognizant Technology Solutions Corporation CTSH $60.00 $132.01 +120%
Capgemini SE CAP €102.90 €222.79 +117%

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Cite: Fair Value Calculator (2026). "Northern Data AG Fair Value". https://www.fairvalue-calculator.com/stock/NDTAF

Frequently asked questions

Is Northern Data AG (NDTAF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $23.13 versus a price of $9.25, about +150% upside (undervalued).
What is the fair value of NDTAF?
Our model-based fair value for Northern Data AG is $23.13 (as of Sep 13, 2026), built from audited fundamentals. The current price: $9.25.
What is the quality score of NDTAF?
Northern Data AG has a Quality Score of 6/100. 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 Northern Data AG (NDTAF)?
Our model-based price target is the fair value of $23.13 (as of Sep 13, 2026) from 3 valuation models. Cautious scenario $13.04, optimistic scenario $31.42. It is a calculation from audited fundamentals, not an analyst target.
What is the Northern Data AG stock forecast for 2026?
Our models put fair value at $23.13, about +150% upside versus a price of $9.25 (undervalued). Cautious scenario $13.04, optimistic scenario $31.42. The calculation is refreshed regularly with new filings.
What is the revenue of Northern Data AG (NDTAF)?
Northern Data AG reported trailing-twelve-month revenue of about $80.0M (latest available figure, as of Sep 13, 2026).
What is the intrinsic value of Northern Data AG (NDTAF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Northern Data AG it is $23.13 per share (as of Sep 13, 2026), against a price of $9.25. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Northern Data AG stock overvalued or undervalued in 2026?
As of Sep 13, 2026, NDTAF trades below its calculated fair value: price $9.25, fair value $23.13, a gap of about +150% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NDTAF?
No. The price is what the market pays today ($9.25); the fair value is what the company's own numbers justify ($23.13). For Northern Data AG the two are $13.88 per share apart. That gap is exactly why we show both numbers side by side.
How much is Northern Data AG worth?
The market values Northern Data AG at about $594M (market capitalisation, as of Sep 13, 2026). Per share that is $9.25; our models calculate a fair value of $23.13 per share.
What do the bullish and bearish scenarios say about NDTAF?
Our models span a range for Northern Data AG: cautious scenario $13.04, base $23.13, optimistic $31.42 per share (as of Sep 13, 2026, price $9.25). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Northern Data AG (NDTAF)?
Balance-sheet figures for Northern Data AG (as of Sep 13, 2026): return on equity −75.3%, debt of 1.39 per unit of equity. They feed the Quality Score of 6/100, which measures business quality independently of the share price.
How far is NDTAF from its 52-week high?
Northern Data AG trades at $9.25, about 72% below its 52-week high of $32.55 and 45% above the low of $6.38 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $23.13 is for.
Which stocks are comparable to Northern Data AG?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Northern Data AG stock attractive at the current price?
The data as of Sep 13, 2026: price $9.25, calculated fair value $23.13 (+150%), Quality Score 6/100, from 3 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NDTAF calculated?
We run Northern Data AG through 3 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $23.13, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. Northern Data AG currently trades 150 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with Northern Data AG right now?
The large discount to fair value meets weak quality (6/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($13.04). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($13.04 to $31.42) leaves room in how you read the outcome.

Key figures of Northern Data AG

How large is the market capitalisation of Northern Data AG (NDTAF)?
The market capitalisation of Northern Data AG is $594M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Northern Data AG (NDTAF)?
The price-to-sales ratio of Northern Data AG is 7.51 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Northern Data AG (NDTAF)?
Earnings per share at Northern Data AG are $−8.73. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Northern Data AG (NDTAF)?
The return on equity (ROE) of Northern Data AG is −75.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Northern Data AG (NDTAF)?
On an EBIT basis the return on assets of Northern Data AG is −16.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Northern Data AG (NDTAF)?
The operating margin of Northern Data AG is −143% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Northern Data AG (NDTAF)?
Revenue at Northern Data AG is growing +72.5% versus a year earlier (3y avg −25.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Northern Data AG (NDTAF) generate?
The free cash flow of Northern Data AG is −$101M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Northern Data AG (NDTAF) carry?
The net debt of Northern Data AG is $688M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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