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Netfonds AG (NF4) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Netfonds AG stock €20.01, price €80.50, that is 75.1% below the price, quality 52 out of 100. Rating: strongly overvalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services DE · ISIN DE000A1MME74

NA Netfonds AG logo Some data Nov 7, 2026

Netfonds AG

NF4 · XETRA
Solid, but very expensive

Our calculation puts a fair price 75% below what the stock costs today.

Revenue last quarter +23% vs. a year ago.
Quality 52/100
Mixed Growth (revenue 5y +13.6 %/yr in EUR)
Thin margins · 0.7% net margin (TTM)
Some data
Fair value €20.01 · Strongly overvalued
Trails peers (3/13)
Narrow moat 30/100 · thin data
⚠ Thinly traded
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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

€92.50 €28.49 Fair Value €20.01 Oct 2020 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range €28.49 – €92.50 · fair‑value band €12.08 – €30.70 · the €80.50 price screens above the €20.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

Netfonds AG, together with its subsidiaries, provides advisory services for the financial and insurance sectors in Germany. The company offers traditional asset management for private clients; and portfolio management of investment funds.

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It also operates a B2B platform in the finance and insurance sectors; and as a B2B2C service provider.

In addition, the company provides billing model services comprising commission, variable service fees, service fees and commissions, fixed service fees, and fee-based consulting with credit to the client's account; customer loyalty, back office, legal certainty, customer acquisition, research, benefits, and basic knowledge services; finfire, a consultant software; and continuing education services, including online training courses, personal appointments, roadshows and trade fairs, workshops, and partner networks.

It serves investment advisors, insurance brokers, banks, and organizations. Netfonds AG was founded in 2000 and is based in Hamburg, Germany.

Stock analysis

Netfonds AG (NF4) currently trades at €80.50, while our model-based Fair Value estimate is €20.01, 75% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of €32.70 per share, and 0 of the 9 models we run sit above the €80.50 price.

Bear case: the Economic Profit group reads lowest at €6.83, and 9 of the 9 models stay below the price. Data coverage for this calculation is medium.

Scenario range: €12.08 (bear) to €30.70 (bull), the price of €80.50 sits above 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 52/100 (solid quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Netfonds AG reported revenue of €276M in FY2025 versus €204M in FY2021, a compound +7.8%/yr. Reported net income was €1.4M in FY2025, compounding −36.2%/yr from FY2021.

Key figures

Market cap €187M Micro · P/E ratio 217.6 · P/S ratio 1.04 · EPS (TTM) €0.3700 · Net margin 0.7% · Return on equity 5.4% · Return on assets (EBIT) 41.6% (5-year average) · Operating margin 0.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 30 out of 100 (low confidence).

What moves the price

The share trades about 13% below its 52-week high and 94% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −39% fair-value upside, at −75%, NF4 screens richer than that median.

Fair Value models

Bear €12.08 Fair Value €20.01 Bull €30.70
Price €80.50 · Downside -75.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.3173 per share) are deliberately not added. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = 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.
Best data coverage
Growth DCF €19.98 €38.75 €63.09 75
Owner Earnings €19.60 €40.04 €72.18 72
Residual Income €6.87 €6.83 €7.17 71
All 9 models by family
DCF Models
Owner Earnings €19.60 €40.04 €72.18 72
5Y P/E Exit €6.70 €13.15 €20.22 68
10Y P/E Exit €12.08 €20.01 €30.70 62
Earnings-Based
Graham-Dodd €4.06 €23.14 €32.17 63
Lynch FV €6.51 €9.30 €12.08 61
Multiples
P/E Multiple €5.82 €7.77 €9.71 63
Growth DCF
Growth DCF €19.98 €38.75 €63.09 75
Rev-Margin DCF €12.95 €26.65 €45.56 69
Economic Profit
Residual Income €6.87 €6.83 €7.17 71

Open the full fair value analysis →

Quality Score breakdown

Overall quality 52/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 50
How much profit the company makes from its sales and capital
Quality Growth 57
Are margins and returns getting better?
Cashflow 65
Do the profits arrive as real cash?
Financial strength 18
Debt, balance sheet and risk of trouble
Investment 66
Does it invest with discipline instead of growing at any price?
Low Volatility 55
How calm the share price moves, does not count
Price momentum 63
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 88
Distance to the 52-week high, does not count
New shares 73
Buys back shares or issues new ones?

Open the full quality analysis →

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. 84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+15.3%
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.
+16.1%
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.
+13.6%
Start year 2020 (pandemic)
Revenue growth 9 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.
+16.4%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−30.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−30.9%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘ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.−30.9% vs 7.1%, slowing
Profit margin 2019 to 2024 ⓘ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.1% → 81%
Pace: the 5-year rate starts in 2020 (pandemic)

NF4 screens overvalued: fair value 75% below the price. Compare with ORIX Corporation →

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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.Financial Conglomerates · 49 stocks

Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 52 · Below median
Fair Value upside −75.1% · Bottom 25%
Profitability
Return on equity (12 months) 5.4% · Below median
Return on assets 1.6% · Above median
Net margin (12 months) 1.0% · Bottom 25%
Operating margin (12 months) 0.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 22.9% · Above median
Dividend yield (12 months) 0.0% · Bottom 25%
Balance sheet
Debt / equity 1.38× · Highest 25%

Valuation Multiplesvs Financial Conglomerates median · lower = cheaper

P/E (12 months) 217.6× · Priciest 25%
P/B 9.29× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months) 1.04× · Cheapest 25%
Price / free cash flow (fiscal year) 21.7× · Priciest 25%
EV/EBITDA 29.9× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 39
FUTURE (revenue growth)100 · sector 71
PAST (return on equity)22 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)0 · sector 64

VALUE 0: the price sits above our fair-value range.

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

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 Financial Conglomerates stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Guosen Securities Co 002736 ¥9.03 ¥15.33 +70% vs NF4
ORIX Corporation IX $34.85 $59.05 +69% vs NF4
China Galaxy Securities Co 601881 ¥11.81 ¥12.36 +5% vs NF4
CNPC Capital Company 000617 ¥6.49 ¥6.25 −4% vs NF4
Voya Financial, Inc VOYA $99.01 $60.87 −39% vs NF4
Aditya Birla Capital Limited ABCAPITAL ₹398.80 ₹217.72 −45% vs NF4
Storebrand ASA STB kr 200.00 kr 108.73 −46% vs NF4
Bajaj Finserv Ltd BAJAJFINSV ₹1,865 ₹796.21 −57% vs NF4
Yuanta Financial Holding 2885 69.40 TWD 23.12 TWD −67% vs NF4
Freedom Holding FRHC $178.85 $23.86 −87% vs NF4

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Netfonds AG: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Netfonds AG Fair Value". https://www.fairvalue-calculator.com/stock/NF4

Frequently asked questions

Is Netfonds AG (NF4) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of €20.01 versus a price of €80.50, about 75% lower (overvalued).
What is the fair value of NF4?
Our model-based fair value for Netfonds AG is €20.01 (as of Nov 7, 2026), built from audited fundamentals. The current price: €80.50.
What is the quality score of NF4?
Netfonds AG has a Quality Score of 52/100. 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 Netfonds AG (NF4)?
Our model-based price target is the fair value of €20.01 (as of Nov 7, 2026) from 9 valuation models. Cautious scenario €12.08, optimistic scenario €30.70. It is a calculation from audited fundamentals, not an analyst target.
What is the Netfonds AG stock forecast for 2026?
Our models put fair value at €20.01, about 75% lower versus a price of €80.50 (overvalued). Cautious scenario €12.08, optimistic scenario €30.70. The calculation is refreshed regularly with new filings.
What is the revenue of Netfonds AG (NF4)?
Netfonds AG reported trailing-twelve-month revenue of about €278M (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Netfonds AG (NF4)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Netfonds AG it is €20.01 per share (as of Nov 7, 2026), against a price of €80.50. It is the blended result of 9 valuation models in 5 families (DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit).
Is Netfonds AG stock overvalued or undervalued in 2026?
As of Nov 7, 2026, NF4 trades above its calculated fair value: price €80.50, fair value €20.01, a gap of about −75% (overvalued). 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 NF4?
No. The price is what the market pays today (€80.50); the fair value is what the company's own numbers justify (€20.01). For Netfonds AG the two are €60.49 per share apart. That gap is exactly why we show both numbers side by side.
How much is Netfonds AG worth?
The market values Netfonds AG at about €187M (market capitalisation, as of Nov 7, 2026). Per share that is €80.50; our models calculate a fair value of €20.01 per share.
What do the bullish and bearish scenarios say about NF4?
Our models span a range for Netfonds AG: cautious scenario €12.08, base €20.01, optimistic €30.70 per share (as of Nov 7, 2026, price €80.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NF4?
Netfonds AG trades at a price-to-earnings ratio of 217.6 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €20.01 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 97.7 (reported for FY2025: 134.7). Other multiples: P/B 9.3, P/S 1.0, EV/EBITDA 29.9.
How solid is the balance sheet of Netfonds AG (NF4)?
Balance-sheet figures for Netfonds AG (as of Nov 7, 2026): return on equity 5.4%, debt of 1.38 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is NF4 from its 52-week high?
Netfonds AG trades at €80.50, about 13% below its 52-week high of €92.50 and 94% above the low of €41.40 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €20.01 is for.
Which stocks are comparable to Netfonds AG?
From the same area (Financial Services) we also value ORIX Corporation, Bajaj Finserv Ltd, Yuanta Financial Holding, China Galaxy Securities Co, 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 Netfonds AG stock attractive at the current price?
The data as of Nov 7, 2026: price €80.50, calculated fair value €20.01 (−75%), Quality Score 52/100, from 9 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 NF4 calculated?
We run Netfonds AG through 9 models from 5 families: DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of €20.01 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Netfonds AG itself currently trades above fair value. 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 is the share price of Netfonds AG (NF4)?
The closing price on Nov 6, 2026 was €80.50. Our model-based fair value is €20.01, about 75% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Netfonds AG right now?
The price sits above even our optimistic bull case (€30.70). The favourable scenario is already priced in. Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (€12.08 to €30.70) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Netfonds AG

How large is the market capitalisation of Netfonds AG (NF4)?
The market capitalisation of Netfonds AG is €187M. 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 Netfonds AG (NF4)?
The price-to-sales ratio of Netfonds AG is 1.04 (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 Netfonds AG (NF4)?
Earnings per share at Netfonds AG are €0.3700 (price ÷ EPS = P/E 217.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Netfonds AG (NF4)?
The net margin of Netfonds AG is 0.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Netfonds AG (NF4)?
The return on equity (ROE) of Netfonds AG is 5.4% (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 Netfonds AG (NF4)?
On an EBIT basis the return on assets of Netfonds AG is 41.6% (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 Netfonds AG (NF4)?
The operating margin of Netfonds AG is 0.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Netfonds AG (NF4)?
Revenue at Netfonds AG is growing +22.9% versus a year earlier (3y avg +16.1%). 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 Netfonds AG (NF4) generate?
The free cash flow of Netfonds AG is €13.3M (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 Netfonds AG (NF4) carry?
The net debt of Netfonds AG is €24.6M (fiscal year 2025, ≈ 1.8 yrs of FCF). 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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