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There (SRT) fair value: what the stock is really worth
We calculate from audited financials what There 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.
- Fair value above price? No
- Good quality? Yes
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Thin data
Sep 13, 2026
There
SRT · HAWeakest SetupStrongly overvalued and low quality.
!Fair value €19.37 · Strongly overvalued (−89%)
!Quality 50/100
!Weak Growth (revenue 5y +8.7 %/yr)
!Thin margins · 4.4% net margin (FY2025)
✓Moderate debt · generates free cash flow
·0.28% dividend yield
!Moderate moat 49/100
!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
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 €144.97 – €811.06 · fair‑value band €10.48 – €30.50 · the €182.60 price screens above the €19.37 fair value. Dashed = 300-day average. As of Sep 13, 2026.
Company profile
There is no Profile data available for SRT.HA.
Stock analysis
There (SRT) currently trades at €182.60, while our model-based Fair Value estimate is €19.37, implying the stock looks roughly 842.5% overvalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of €22.50 per share, and 0 of the 23 models we run sit above the €182.60 price.
Bear case: the Earnings-Based group reads lowest at €4.96, and 23 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: €10.48 (bear) to €30.50 (bull), the price of €182.60 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 50/100 (solid quality), in the Healthcare sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
There reported revenue of €3.5B in FY2025 versus €3.4B in FY2021, a compound +0.6%/yr. Reported net income was €155M in FY2025, compounding −16.5%/yr from FY2021.
Key figures
Market cap €36.4B · Dividend yield 0.3% · Net margin 4.4% · Return on assets (EBIT) 9.7% · Free cash flow €395M · Net debt €3.5B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 25% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −44% fair-value upside, at −89%, SRT screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (€4.96 to €56.16). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear €10.48
Fair Value €19.37
Bull €30.50
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
FCF DCF
€9.14
€21.43
€40.10
76
Residual Income
€10.61
€10.89
€10.87
76
Growth DCF
€9.54
€20.46
€36.05
75
All 24 models by family
DCF Models
FCF DCF
€9.14
€21.43
€40.10
76
Owner Earnings
n/a
n/a
€4.73
73
5Y Revenue Exit
€10.66
€25.48
€44.38
69
5Y EBITDA Exit
€24.69
€51.63
€83.14
73
5Y P/E Exit
€1.98
€9.30
€16.82
66
10Y Revenue Exit
€9.11
€22.50
€40.42
63
10Y EBITDA Exit
€18.83
€40.62
€69.92
65
10Y P/E Exit
€4.37
€11.28
€19.45
61
Earnings-Based
Graham-Dodd
€5.28
€16.15
€21.44
65
Lynch FV
€3.47
€4.96
€6.45
61
PEG = 1.0
€3.47
€4.96
€6.45
57
EPV
€8.22
€11.79
€14.92
71
Multiples
P/E Multiple
€12.81
€17.08
€21.35
63
P/S Multiple
€9.90
€13.20
€16.50
58
P/B Multiple
€9.90
€13.20
€16.50
55
EV/EBIT
€23.12
€35.25
€47.37
65
EV/EBITDA
€38.81
€56.16
€73.52
67
EV/Revenue
€12.71
€23.84
€34.96
52
Asset-Based
NCAV (Graham)
€6.78
€9.09
€13.56
54
Growth DCF
Growth DCF
€9.54
€20.46
€36.05
75
Rev-Margin DCF
€10.66
€25.45
€42.35
70
Economic Profit
Residual Income
€10.61
€10.89
€10.87
76
ROIC Compounder
€8.22
€11.79
€16.43
71
Growth Earnings
Growth-Adj P/E
€10.48
€14.97
€19.46
67
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Set up alert →Quality Score breakdown
Overall quality
50/100
Of which business quality 48 · Market factors (momentum, volatility) 47
Profitability
27
Margins and returns on capital today
Quality Growth
63
Are margins and returns improving?
Cashflow
64
Earnings quality: real cash, not paper profit
Fin. Strength
24
Balance sheet, leverage, solvency risk
Investment
43
Disciplined investing over empire-building
Low Volatility
49
Calm price path (market factor)
Momentum
42
Price trend over the last 3–12 months (market factor)
52W Momentum
53
Distance to the 52-week high (market factor)
Net Issuance
80
Share count: buybacks or dilution?
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.
40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+4.7%
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.
−5.4%
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.
+8.7%
Revenue growth 7 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.
+12.3%
’18
’19
’20
’21
’22
’23
’24
’25
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.
−5.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.1%
Dividend (yield on the price)0.3%
Profit margin 2020 to 2025 ⓘ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.22% → 16%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
SRT screens 843% overvalued. Compare with Intuitive Surgical, Inc →
Compare There with another stock
Price, fair value, quality and upside side by side.
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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.Medical Instruments & Supplies · 202 stocks
Beats the industry median on 1/11 measures
Overall it trails its industry peers.
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
Context: sector, industry, market
- Is the Health Care sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: German Stocks
- Valuation of the Germany 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 Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Intuitive Surgical, Inc ISRG | $369.15 | $350.02 | −5% |
| EssilorLuxottica Société anonyme EL | €146.40 | €161.04 | +10% |
| Medline Inc MDLN | $32.53 | $11.80 | −64% |
| Becton, Dickinson and Company BDX | $177.85 | $100.46 | −44% |
| Alcon Inc ALC | $66.03 | $39.78 | −40% |
| ResMed Inc RMD | A$30.31 | A$33.34 | +10% |
| West Pharmaceutical Services, Inc WST | $346.23 | $137.28 | −60% |
| Sartorius Stedim Biotech S.A DIM | €186.90 | €48.88 | −74% |
| Straumann Holding STMN | CHF 94.10 | CHF 45.50 | −52% |
| Sartorius Aktiengesellschaft SRT3 | €232.90 | €42.05 | −82% |
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Frequently asked questions
Is There (SRT) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of €19.37 versus a price of €182.60, about −89% upside (overvalued).
What is the fair value of SRT?
Our model-based fair value for There is €19.37 (as of Sep 13, 2026), built from audited fundamentals. The current price: €182.60.
What is the quality score of SRT?
There has a Quality Score of 50/100. 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 (SRT)?
Our model-based price target is the fair value of €19.37 (as of Sep 13, 2026) from 24 valuation models. Cautious scenario €10.48, optimistic scenario €30.50. 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 €19.37, about −89% upside versus a price of €182.60 (overvalued). Cautious scenario €10.48, optimistic scenario €30.50. The calculation is refreshed regularly with new filings.
Does There pay a dividend?
There currently shows a dividend yield of about 0.28% relative to its recent price (as of Sep 13, 2026).
What growth is priced into There (SRT)?
For today's price to be fair in a discounted-cash-flow model, There would have to grow free cash flow by +20.9 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.7 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of SRT use?
Our models discount There at 9.0 %: a base by market capitalisation (large), country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For There that is +20.9 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has There (SRT) delivered so far?
Over the past 5 years revenue at There grew +8.7 % a year. The price currently implies +20.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of There (SRT) growing?
The median revenue growth in the sector is +3.2 % a year. That is the yardstick for the growth priced into There (+20.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of There (SRT)?
The free-cash-flow yield on the price is 3.13 %: that much free cash flow There produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of There (SRT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For There it is €19.37 per share (as of Sep 13, 2026), against a price of €182.60. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is There stock overvalued or undervalued in 2026?
As of Sep 13, 2026, SRT trades above its calculated fair value: price €182.60, fair value €19.37, a gap of about −89% (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 SRT?
No. The price is what the market pays today (€182.60); the fair value is what the company's own numbers justify (€19.37). For There the two are €163.23 per share apart. That gap is exactly why we show both numbers side by side.
How much is There worth?
The market values There at about €36.4B (market capitalisation, as of Sep 13, 2026). Per share that is €182.60; our models calculate a fair value of €19.37 per share.
What do the bullish and bearish scenarios say about SRT?
Our models span a range for There: cautious scenario €10.48, base €19.37, optimistic €30.50 per share (as of Sep 13, 2026, price €182.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of SRT?
The PEG ratio of There is 0.72 (P/E divided by earnings growth, as of Sep 13, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of There (SRT)?
Balance-sheet figures for There (as of Sep 13, 2026): debt of 1.18 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is SRT from its 52-week high?
There trades at €182.60, about 10% below its 52-week high of €203.12 and 25% above the low of €145.97 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of €19.37 is for.
Which stocks are comparable to There?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Medline Inc, Becton, Dickinson and Company, 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 There stock attractive at the current price?
The data as of Sep 13, 2026: price €182.60, calculated fair value €19.37 (−89%), Quality Score 50/100, from 24 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 SRT calculated?
We run There through 24 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 €19.37, 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. There 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 should I pay attention to with There right now?
The price sits above even our optimistic bull case (€30.50). The favourable scenario is already priced in. The model range is unusually wide (€10.48 to €30.50). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 (50/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of There
How large is the market capitalisation of There (SRT)?
The market capitalisation of There is €36.4B. 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 dividend yield of There (SRT)?
The dividend yield of There is 0.3%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of There (SRT)?
The net margin of There is 4.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of There (SRT)?
On an EBIT basis the return on assets of There is 9.7% (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.
How much net debt does There (SRT) carry?
The net debt of There is €3.5B (fiscal year 2025, ≈ 8.9 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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