Tradegate AG (T2G) Fair Value & Analysis
Financial Services · DE · Market cap €2.0B
Strengths
Risks
Fair value as of: Aug 20, 2026
From 11 valuation models · updated yesterday
Share price −2.4% over the past month.
A strong business, but screening 67% overvalued on our models.
What matters now
- A high-quality business (quality 82/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The model range is unusually wide (€20.50 to €102.07). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
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 €79.61 – €115.02 · fair‑value band €20.50 – €102.07 · the €83.00 price screens above the €27.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.
Analysis
Tradegate AG (T2G) currently trades at €83.00, while our model-based Fair Value estimate is €27.34, implying the stock looks roughly 67.1% overvalued today. The Quality Score stands at 82/100 (high quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Tradegate AG generated revenue of €189M at a net margin of 27.2%. Revenue grew 36.5% year over year. It earns a return on equity of 35.8%. The stock trades on a trailing P/E of 39.5. Fundamentals as of Aug 20, 2026
Our scenario range runs from €20.50 (bear case) to €102.07 (bull case); at €83.00, 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 9% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -19% fair-value upside, at -67%, T2G screens richer 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.
All 11 models by family
Widest divergence: DCF Models (€53.77) versus Asset-Based (€4.24). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 73 · Market factors (momentum, volatility) 54
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
Tradegate AG Wertpapierhandelsbank provides various financial services in Germany. The company operates as a market specialist on the Tradegate Exchange and the Frankfurt Stock Exchange; order book manager on the Berlin Stock Exchange; and market maker on the EuroTLX (Italy).
Full company description
Tradegate AG Wertpapierhandelsbank provides various financial services in Germany. The company operates as a market specialist on the Tradegate Exchange and the Frankfurt Stock Exchange; order book manager on the Berlin Stock Exchange; and market maker on the EuroTLX (Italy). It also issues mini-futures certificates for liquid shares; and offers lending services, as well as operates tradegate.direct, a trading platform. The company was founded in 1986 and is headquartered in Berlin, Germany. Tradegate AG Wertpapierhandelsbank is a subsidiary of Berliner Effektengesellschaft AG.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Tradegate AG reported revenue of €190M in FY2025 versus €249M in FY2021, a compound −6.5%/yr. Reported net income was €51.3M in FY2025, compounding −16.2%/yr from FY2021.
T2G screens 67% overvalued. Compare with Mirae Asset Securities Co →
Peer Group
Capital Markets · 435 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.
Valuation Multiples vs Capital Markets median · lower = cheaper
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.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Mirae Asset Securities Co 006800 | 38,050 KRW | 18,009 KRW | -53% |
| Meritz Financial Group 138040 | 118,600 KRW | 52,717 KRW | -56% |
| Korea Investment Holdings 071050 | 200,500 KRW | 189,335 KRW | -6% |
| NH Investment & Securities Co 005940 | 28,550 KRW | 22,396 KRW | -22% |
| Samsung Securities Co 016360 | 93,100 KRW | 75,573 KRW | -19% |
| Kiwoom Securities Co 039490 | 299,000 KRW | 214,812 KRW | -28% |
| SSI Securities Corporation SSI | 19,400 VND | 17,375 VND | -10% |
| Bolsas y Mercados Argentinos S.A BYMA | 313.75 ARS | 294.30 ARS | -6% |
| Daishin Securities Co 003540 | 26,950 KRW | 48,790 KRW | +81% |
| SK Securities Co 001515 | 4,285 KRW | 1,395 KRW | -67% |
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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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