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FRoSTA Aktiengesellschaft, (NLM) Fair Value & Analysis

Consumer Defensive · DE · Market cap €694M

FA FRoSTA Aktiengesellschaft, NLM · F
Price€103.50
Fair Value€108.11
Upside+4.5%
Quality64/100
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Strengths

Healthy Growth
Low debt · generates free cash flow

Risks

!Thin margins · 5.2% net margin
!Mixed vs. peers (8/14)
!Moderate moat 48/100
Healthy Growth
Thin margins · 5.2% net margin
Low debt · generates free cash flow
2.35% dividend yield
Mixed vs. peers (8/14)
Moderate moat 48/100
Evidence: High Range €72.08 – €142.76 Share as image

Fair value as of: Aug 20, 2026

From 26 valuation models · updated yesterday

Share price −0.5% over the past month.

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

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 (€72.08 to €142.76) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€106.00 €42.27 Fair Value €108.11 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range €42.27 – €106.00 · fair‑value band €72.08 – €142.76 · the €103.50 price screens below the €108.11 fair value. Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

FRoSTA Aktiengesellschaft, (NLM) currently trades at €103.50, while our model-based Fair Value estimate is €108.11, implying the stock looks roughly 4.5% fairly valued today. The Quality Score stands at 64/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, FRoSTA Aktiengesellschaft, generated revenue of €720M at a net margin of 5.2%. Revenue grew 11.7% year over year. It earns a return on equity of 13.8%. Net debt stands at €41.4M. Fundamentals as of Aug 20, 2026

Our scenario range runs from €72.08 (bear case) to €142.76 (bull case); at €103.50, 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 3% below its 52-week high and 23% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -14% fair-value upside, at 4%, NLM screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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 €49.31 €60.79 €74.70 80
Residual Income €37.25 €42.82 €70.90 76
Rev-Margin DCF €69.87 €104.11 €141.72 74
All 26 models by family
DCF Models
FCF DCF €48.90 €61.79 €78.27 38
Owner Earnings €62.27 €80.36 €103.51 31
5Y Revenue Exit €69.87 €104.27 €147.69 39
5Y EBITDA Exit €85.04 €131.83 €185.42 41
5Y P/E Exit €73.80 €111.42 €149.86 38
10Y Revenue Exit €58.84 €86.12 €121.62 36
10Y EBITDA Exit €69.37 €103.33 €147.22 37
10Y P/E Exit €62.90 €90.58 €123.09 35
Earnings-Based
Graham-Dodd €36.98 €99.23 €129.86 54
Lynch FV €19.34 €27.63 €35.92 50
PEG = 1.0 €19.34 €27.63 €35.92 46
EPV €69.12 €76.38 €82.43 59
Dividend Discount
Gordon GGM €18.63 €33.58 €46.23 70
DDM Multi-Stage €18.63 €27.30 €35.29 61
Multiples
P/E Multiple €85.66 €114.21 €142.76 63
P/S Multiple €69.34 €92.45 €115.57 58
P/B Multiple €69.34 €92.45 €115.57 55
EV/EBIT €117.96 €151.99 €186.02 53
EV/EBITDA €123.17 €158.95 €194.72 54
EV/Revenue €88.73 €119.96 €151.19 43
Asset-Based
NCAV (Graham) €20.73 €27.78 €41.47 50
Growth DCF
Growth DCF €49.31 €60.79 €74.70 80
Rev-Margin DCF €69.87 €104.11 €141.72 74
Economic Profit
Residual Income €37.25 €42.82 €70.90 76
ROIC Compounder €71.48 €82.12 €93.11 72
Growth Earnings
Growth-Adj P/E €67.45 €96.36 €125.26 68

Widest divergence: Multiples (€114.21) versus Dividend Discount (€27.30). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €720M
Revenue growth (YoY) +11.7%
Net margin 5.2%
Return on equity 13.8%
Free cash flow €24.8M FY2025
P/E ratio 18.8
More key figures
Operating margin 6.3%
EPS (TTM) €5.50
Dividend yield 2.4%
EPS growth (YoY) -27.1%
Net debt €41.4M FY2022

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 64 · Market factors (momentum, volatility) 62

Profitability 67
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 92
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 61
Distance to the 52-week high (market factor)
Net Issuance 82
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.

About the company

FRoSTA Aktiengesellschaft, together with its subsidiaries, develops, produces, and markets frozen food products in Germany, the rest of Europe, and internationally. It operates through FRoSTA and COPACK divisions.

Full company description

FRoSTA Aktiengesellschaft, together with its subsidiaries, develops, produces, and markets frozen food products in Germany, the rest of Europe, and internationally. It operates through FRoSTA and COPACK divisions. The company offers ready meals, including paella, bami goreng, chicken fricassee, and potato chicken pan; vegetable mixes; fish specialties; herbs; fruit mixes; and soups. It sells its products under the FRoSTA, Copack, FRoSTA Foodservice, Elbtal, and TIKO brands, as well as under private labels. The company serves catering chains, wholesalers, canteens, hospitals, and other organizations. FRoSTA Aktiengesellschaft was founded in 1905 and is headquartered in Bremerhaven, Germany.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

FRoSTA Aktiengesellschaft, reported revenue of €682M in FY2025 versus €527M in FY2021, a compound +6.6%/yr. Reported net income was €37.0M in FY2025, compounding +6.6%/yr from FY2021.

Growth Quality 67/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€682M
Latest YoY
+6.8%
Avg. 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.
+5.6%
Avg. 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.
+4.3%
Avg. growth/yr (12Y) 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.
+4.8%
Revenue +6.6%/yr
FY21 €527M
FY22 €579M
FY23 €639M
FY24 €638M
FY25 €682M
Net income +6.6%/yr
FY21 €28.6M
FY22 €24.3M
FY23 €34.1M
FY24 €42.0M
FY25 €37.0M

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Cite: Fair Value Calculator (2026). "FRoSTA Aktiengesellschaft, Fair Value". https://www.fairvalue-calculator.com/stock/NLM

Peer Group

Packaged Foods · 658 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 64 · Top 25%
Fair Value upside +6% · Above median
Return on equity (TTM) 14% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 5% · Above median
Operating margin (TTM) 6% · Above median
Revenue growth 12% · Above median
Dividend yield (TTM) 2.4% · Below median
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 18.8× · Pricier than median
P/B 2.87× · Pricier than 75% of peers
P/S (TTM) 1.13× · Pricier than median
P/FCF 32.7× · Pricier than 75% of peers
EV/EBITDA 9.5× · Pricier than median

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
VALUE39 · sector 25
FUTURE59 · sector 19
PAST55 · sector 27
HEALTH98 · sector 96
DIVIDEND46 · sector 52

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 Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,507 ₹362.37 -76%
Britannia Industries Limited BRITANNIA ₹5,511 ₹1,765 -68%
Tata Consumer Products Limited TATACONSUM ₹1,062 ₹327.27 -69%
PT Indofood CBP Sukses Makmur Tbk ICBP 7,550 IDR 12,864 IDR +70%
Samyang Foods Co 003230 1,219,000 KRW 1,010,543 KRW -17%
Vietnam Dairy Products Joint Stock Company VNM 61,600 VND 52,858 VND -14%
Patanjali Foods Limited PATANJALI ₹350.95 ₹144.77 -59%
PT Mayora Indah Tbk, MYOR 1,650 IDR 2,699 IDR +64%
PT Cisarua Mountain Dairy Tbk CMRY 4,610 IDR 4,350 IDR -6%
Nongshim Co 004370 389,500 KRW 530,619 KRW +36%

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Frequently asked questions

Is FRoSTA Aktiengesellschaft, (NLM) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of €108.11 versus a price of €103.50, about +4% (fairly valued).
What is the fair value of NLM?
Our model-based fair value for FRoSTA Aktiengesellschaft, is €108.11 (as of Aug 20, 2026), built from audited fundamentals. The current price: €103.50.
What is the quality score of NLM?
FRoSTA Aktiengesellschaft, has a Quality Score of 64/100. 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 revenue of FRoSTA Aktiengesellschaft, (NLM)?
FRoSTA Aktiengesellschaft, reported trailing-twelve-month revenue of about €720M (latest available figure, as of Aug 20, 2026).
What is the net profit margin of NLM?
The net profit margin of FRoSTA Aktiengesellschaft, is about 5.2%, meaning it keeps roughly 5.2% of revenue as net income. Based on the latest reported figures.
Does FRoSTA Aktiengesellschaft, pay a dividend?
FRoSTA Aktiengesellschaft, currently shows a dividend yield of about 2.35% relative to its recent price (as of Aug 20, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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