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Beta Systems Software Aktiengesellschaft (SPT6) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of Beta Systems Software Aktiengesellschaft €9.48, price €25.20, upside -62.4%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Technology · DE · ISIN DE000A0NK3W4

BS Thin data Oct 2, 2026

Beta Systems Software Aktiengesellschaft

SPT6 · F

Stretched ValuationStrong overvaluation with only moderate quality.

Highly profitable · 101.0% net margin (TTM)
Quality 51/100
Mixed Growth (revenue 5y +8.5 %/yr in EUR)
Fair value €9.48 · Strongly overvalued (−62.4%)
Trails peers (3/10)
Thin data
⚠ Dilution
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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

€73.87 €11.98 Fair Value €9.48 Oct 2020 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.

How to read this chart

60‑month range €11.98 – €73.87 · fair‑value band €6.93 – €12.03 · the €25.20 price screens above the €9.48 fair value. Dashed = 300-day average. As of Oct 2, 2026.

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Company profile

Beta Systems Software is a publicly owned investment manager. The firm provides its services to Institutional and private investors. The firm invests in the listed companies of the German-speaking areas. The firm employs long-term investment approach. Beta Systems Softwareis based in Heidelberg, Germany.

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Beta Systems Software is a publicly owned investment manager. The firm provides its services to Institutional and private investors. The firm invests in the listed companies of the German-speaking areas. The firm employs long-term investment approach. Beta Systems Softwareis based in Heidelberg, Germany. Beta Systems Software operates as a subsidiary of Deutsche Balaton AG.

Stock analysis

Beta Systems Software Aktiengesellschaft (SPT6) currently trades at €25.20, while our model-based Fair Value estimate is €9.48, 62.4% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of €10.63 per share, and 0 of the 5 models we run sit above the €25.20 price.

Bear case: the Asset-Based group reads lowest at €3.34, and 5 of the 5 models stay below the price. Evidence for this calculation is low.

Scenario range: €6.93 (bear) to €12.03 (bull), the price of €25.20 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 51/100 (solid quality), in the Technology sector.

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

Beta Systems Software Aktiengesellschaft reported revenue of €29.1M in FY2025 versus €19.4M in FY2020, a compound +8.5%/yr. Reported net income was −€58.5M in FY2025.

Key figures

Market cap €158M · P/S ratio 2.43 · EPS (TTM) €−7.47 · Net margin 101% · Return on equity −9.0% · Return on assets (EBIT) 10.2% · Operating margin 22.4% · Revenue (TTM) €65.2M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 9% below its 52-week high and 64% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −23% fair-value upside, at −62%, SPT6 screens richer than that median.

Fair Value models

Bear €6.93 Fair Value €9.48 Bull €12.03
Price €25.20 · Upside -62.4%
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. 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. 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
EPV €7.78 €8.55 €9.18 70
ROIC Compounder €7.78 €8.73 €9.59 68
EV/EBIT €10.35 €13.36 €16.36 63
All 5 models by family
Earnings-Based
EPV €7.78 €8.55 €9.18 70
Multiples
EV/EBIT €10.35 €13.36 €16.36 63
EV/Revenue €7.84 €10.63 €13.41 52
Asset-Based
NCAV (Graham) €2.49 €3.34 €4.98 51
Economic Profit
ROIC Compounder €7.78 €8.73 €9.59 68

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Quality Score breakdown

Overall quality 51/100

Of which business quality 46 · Market factors (momentum, volatility) 72

Profitability 9
Margins and returns on capital today
Quality Growth 75
Are margins and returns improving?
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 66
Price trend over the last 3–12 months (market factor)
52W Momentum 85
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. 46/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+8.5%
Start year 2020 (pandemic). Over 10 years: +6.4% a year
Revenue growth 12 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.
+2.7%
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.
18.0% (2014) → 358.5% (2019)
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

SPT6 screens overvalued: fair value 62% below the price. Compare with Microsoft 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.Software - Infrastructure · 353 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 51 · Below median
Fair Value upside −62.4% · Bottom 25%
Profitability
Return on assets −4.6% · Bottom 25%
Net margin (TTM) 101.0% · Top 25%
Operating margin (TTM) 22.4% · Top 25%
Growth and dividend
Revenue growth 19.8% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiplesvs Software - Infrastructure median · lower = cheaper

P/B 5.69× · Priciest 25%
P/S (TTM) 2.73× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 23
FUTURE (revenue growth)99 · sector 57
PAST (return on equity)0 · sector 22
HEALTH (low debt)0 · sector 98
DIVIDEND (yield)0 · sector 28

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

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 Software - Infrastructure stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Microsoft Corporation MSFT $512.90 $564.19 +10%
Palantir Technologies Inc PLTR $187.05 $42.16 −77%
Oracle Corporation ORCL $137.30 $112.26 −18%
CrowdStrike Holdings CRWD $264.75 $37.31 −86%
Fortinet, Inc FTNT $180.95 $164.68 −9%
Synopsys, Inc SNPS $434.94 $249.20 −43%
CoreWeave, Inc CRWV $87.12 $58.32 −33%
Block, Inc XYZ $74.04 $76.95 +4%
NetApp, Inc NTAP $204.41 $157.26 −23%
Okta, Inc OKTA $211.49 $142.12 −33%

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Beta Systems Software Aktiengesellschaft · Fair Value
€9.48 −62%Fair Value
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Cite: Fair Value Calculator (2026). "Beta Systems Software Aktiengesellschaft Fair Value". https://www.fairvalue-calculator.com/stock/SPT6

Frequently asked questions

Is Beta Systems Software Aktiengesellschaft (SPT6) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of €9.48 versus a price of €25.20, about −62% upside (overvalued).
What is the fair value of SPT6?
Our model-based fair value for Beta Systems Software Aktiengesellschaft is €9.48 (as of Oct 2, 2026), built from audited fundamentals. The current price: €25.20.
What is the quality score of SPT6?
Beta Systems Software Aktiengesellschaft has a Quality Score of 51/100. 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 Beta Systems Software Aktiengesellschaft (SPT6)?
Our model-based price target is the fair value of €9.48 (as of Oct 2, 2026) from 5 valuation models. Cautious scenario €6.93, optimistic scenario €12.03. It is a calculation from audited fundamentals, not an analyst target.
What is the Beta Systems Software Aktiengesellschaft stock forecast for 2026?
Our models put fair value at €9.48, about −62% upside versus a price of €25.20 (overvalued). Cautious scenario €6.93, optimistic scenario €12.03. The calculation is refreshed regularly with new filings.
What is the revenue of Beta Systems Software Aktiengesellschaft (SPT6)?
Beta Systems Software Aktiengesellschaft reported trailing-twelve-month revenue of about €65.2M (latest available figure, as of Oct 2, 2026).
What is the intrinsic value of Beta Systems Software Aktiengesellschaft (SPT6)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Beta Systems Software Aktiengesellschaft it is €9.48 per share (as of Oct 2, 2026), against a price of €25.20. It is the blended result of 5 valuation models (cash flow, earnings, asset, dividend).
Is Beta Systems Software Aktiengesellschaft stock overvalued or undervalued in 2026?
As of Oct 2, 2026, SPT6 trades above its calculated fair value: price €25.20, fair value €9.48, a gap of about −62% (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 SPT6?
No. The price is what the market pays today (€25.20); the fair value is what the company's own numbers justify (€9.48). For Beta Systems Software Aktiengesellschaft the two are €15.72 per share apart. That gap is exactly why we show both numbers side by side.
How much is Beta Systems Software Aktiengesellschaft worth?
The market values Beta Systems Software Aktiengesellschaft at about €158M (market capitalisation, as of Oct 2, 2026). Per share that is €25.20; our models calculate a fair value of €9.48 per share.
What do the bullish and bearish scenarios say about SPT6?
Our models span a range for Beta Systems Software Aktiengesellschaft: cautious scenario €6.93, base €9.48, optimistic €12.03 per share (as of Oct 2, 2026, price €25.20). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Beta Systems Software Aktiengesellschaft (SPT6)?
Balance-sheet figures for Beta Systems Software Aktiengesellschaft (as of Oct 2, 2026): return on equity −9.0%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is SPT6 from its 52-week high?
Beta Systems Software Aktiengesellschaft trades at €25.20, about 9% below its 52-week high of €27.80 and 64% above the low of €15.37 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of €9.48 is for.
Which stocks are comparable to Beta Systems Software Aktiengesellschaft?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, CrowdStrike Holdings, 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 Beta Systems Software Aktiengesellschaft stock attractive at the current price?
The data as of Oct 2, 2026: price €25.20, calculated fair value €9.48 (−62%), Quality Score 51/100, from 5 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 SPT6 calculated?
We run Beta Systems Software Aktiengesellschaft through 5 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 €9.48, 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 15.0 % above its aggregate fair value. Beta Systems Software Aktiengesellschaft 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 Beta Systems Software Aktiengesellschaft (SPT6)?
The closing price on Oct 1, 2026 was €25.20. Our model-based fair value is €9.48, about −62% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Beta Systems Software Aktiengesellschaft right now?
The price sits above even our optimistic bull case (€12.03). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Beta Systems Software Aktiengesellschaft

How large is the market capitalisation of Beta Systems Software Aktiengesellschaft (SPT6)?
The market capitalisation of Beta Systems Software Aktiengesellschaft is €158M. 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 Beta Systems Software Aktiengesellschaft (SPT6)?
The price-to-sales ratio of Beta Systems Software Aktiengesellschaft is 2.43 (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 Beta Systems Software Aktiengesellschaft (SPT6)?
Earnings per share at Beta Systems Software Aktiengesellschaft are €−7.47. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Beta Systems Software Aktiengesellschaft (SPT6)?
The net margin of Beta Systems Software Aktiengesellschaft is 101% (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 Beta Systems Software Aktiengesellschaft (SPT6)?
The return on equity (ROE) of Beta Systems Software Aktiengesellschaft is −9.0% (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 Beta Systems Software Aktiengesellschaft (SPT6)?
On an EBIT basis the return on assets of Beta Systems Software Aktiengesellschaft is 10.2% (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 Beta Systems Software Aktiengesellschaft (SPT6)?
The operating margin of Beta Systems Software Aktiengesellschaft is 22.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Beta Systems Software Aktiengesellschaft (SPT6)?
Revenue at Beta Systems Software Aktiengesellschaft is growing +19.8% versus a year earlier (3y avg +146%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Beta Systems Software Aktiengesellschaft (SPT6)?
Earnings per share at Beta Systems Software Aktiengesellschaft are growing −44.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Beta Systems Software Aktiengesellschaft (SPT6) carry?
The net debt of Beta Systems Software Aktiengesellschaft is €5.4M (fiscal year 2023). 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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