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There (PSM) Fair Value & Analysis

Communication Services · DE · Market cap €3.1B · ISIN DE000PSM7770

What is There really worth?

T There PSM · HA
Price€3.73
Fair Value€3.70
Upside−0.8%
Quality37/100

Below-average quality, currently priced close to our fair value of €3.70.

As of Aug 30, 2026, the fair value of There is €3.70 per share against a price of €3.73, so the fair value sits 1% 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

!Weak Growth (revenue 5y −1.9 %/yr)
!Thin margins · 0.0% net margin
!Narrow moat 36/100
!Evidence only low, so the estimate is less certain

For context

·0.71% dividend yield
Evidence: Low Range €2.38 – €5.02

Fair value as of: Aug 30, 2026

From 4 valuation models · updated 7 days ago

Fair value updated Aug 30, 2026, revised from €2.88 to €3.70 (+28.5%) since Aug 13, 2026.

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 →

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 (€2.38 to €5.02) leaves room in how you read the outcome.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Price vs Fair Value (5 years)

€16.37 €3.57 Fair Value €3.70 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range €3.57 – €16.37 · fair‑value band €2.38 – €5.02 · the €3.73 price screens above the €3.70 fair value. Dashed = 300-day average. As of Aug 30, 2026.

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Analysis

There (PSM) currently trades at €3.73, while our model-based Fair Value estimate is €3.70, implying the stock looks roughly 0.8% fairly valued today. The Quality Score stands at 37/100 (below-average quality), in the Communication Services sector. Bull case: the Multiples group reads highest at a median of €4.56 per share, and 1 of the 4 models we run sit above the €3.73 price. Bear case: the Asset-Based group reads lowest at €0.9300, and 3 of the 4 models stay below the price. Evidence for this calculation is low.

Net debt stands at €1.3B. Fundamentals as of Aug 30, 2026

Our scenario range runs from €2.38 (bear case) to €5.02 (bull case); at €3.73, 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 55% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at −6% fair-value upside, at −1%, PSM 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
5Y EBITDA Exit best evidence €1.35 €2.88 €4.90 72
EV/EBITDA €3.22 €4.56 €5.91 67
10Y EBITDA Exit €0.5700 €1.52 €2.57 65
All 4 models by family
DCF Models
5Y EBITDA Exit best evidence €1.35 €2.88 €4.90 72
10Y EBITDA Exit €0.5700 €1.52 €2.57 65
Multiples
EV/EBITDA €3.22 €4.56 €5.91 67
Asset-Based
NCAV (Graham) €0.6900 €0.9300 €1.38 54

Widest divergence: Multiples (€4.56) versus Asset-Based (€0.9300). Highest evidence: 5Y EBITDA Exit (72).

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Key figures & financial health

Dividend yield 0.7%
Net margin −4.6% FY2025
Return on assets (EBIT) 2.5% avg 5y
Free cash flow €23.0M FY2025
Net debt €1.3B FY2025 · ≈ 58.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 37/100

Of which business quality 36 · Market factors (momentum, volatility) 26

Profitability 20
Margins and returns on capital today
Quality Growth 17
Are margins and returns improving?
Cashflow 39
Earnings quality: real cash, not paper profit
Fin. Strength 27
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 64
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 PSM.HA.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

There reported revenue of €3.7B in FY2025 versus €4.5B in FY2021, a compound −4.9%/yr. Reported net income was −€169M in FY2025.

Growth Quality 12/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€3.7B
Latest YoY
−6.2%
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.
−1.9%
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.
−1.2%
EBIT 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.
10.2% (2020) → −0.4% (2025)
Value creation/yr ⓘ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
Revenue −4.9%/yr
FY21 €4.5B
FY22 €4.2B
FY23 €3.9B
FY24 €3.9B
FY25 €3.7B
Net income
FY21 €456M
FY22 €5.0M
FY23 −€124M
FY24 €51.0M
FY25 −€169M

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

Peer Group

Broadcasting · 63 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 37 · Bottom 25%
Fair Value upside +1% · Below median
Return on assets 0% · Below median
Net margin (TTM) 0% · Below median
Operating margin (TTM) 0% · Below median
Revenue growth 0% · Above median
Dividend yield (TTM) 0.7% · Bottom 25%
Debt / equity 1.07× · Higher than 75% of peers

Valuation Multiples vs Broadcasting median · lower = cheaper

P/B 3.13× · Pricier than 75% of peers
P/FCF 156.8× · Pricier than 75% of peers
EV/EBITDA 7.6× · Cheaper than median

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 Broadcasting stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).

Stock Price Fair Value vs Fair Value
Nexstar Media Group NXST $177.84 $151.97 −15%
PT Elang Mahkota Teknologi Tbk, through its subsidiaries, EMTK 500.00 IDR 1,094 IDR +119%
MFE-Mediaforeurope N.V MFEB €3.62 €5.38 +49%
Jiangsu Broadcasting Cable Information Network Corporation 600959 ¥3.10 ¥1.14 −63%
Sun TV Network Limited SUNTV ₹487.90 ₹586.58 +20%
MBC Group 4072 20.41 SAR 19.24 SAR −6%
Métropole Télévision S.A MMT €12.04 €15.96 +33%
Beijing Gehua Catv Network Co 600037 ¥7.07 ¥3.63 −49%
PT Surya Citra Media Tbk, SCMA 216.00 IDR 198.19 IDR −8%
Zee Entertainment Enterprises Limited ZEEL ₹104.65 ₹48.34 −54%

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Frequently asked questions

Is There (PSM) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of €3.70 versus a price of €3.73, about −1% upside (fairly valued).
What is the fair value of PSM?
Our model-based fair value for There is €3.70 (as of Aug 30, 2026), built from audited fundamentals. The current price: €3.73.
What is the quality score of PSM?
There has a Quality Score of 37/100. 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 (PSM)?
Our model-based price target is the fair value of €3.70 (as of Aug 30, 2026) from 4 valuation models. Cautious scenario €2.38, optimistic scenario €5.02. 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 €3.70, about −1% upside versus a price of €3.73 (fairly valued). Cautious scenario €2.38, optimistic scenario €5.02. The calculation is refreshed regularly with new filings.
What is the net profit margin of PSM?
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 0.71% relative to its recent price (as of Aug 30, 2026).
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