Tessenderlo Group (TESB) Fair Value & Analysis

Basic Materials · BE · Market cap €1.3B

Below-average quality, screening 39% undervalued on our models.

What matters now

• The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain.
• The price is below even our cautious bear case (€22.16). The market is more pessimistic than our downside scenario.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range €18.13 – €34.66 · fair‑value band €22.16 – €37.88 · the €21.55 price screens below the €30.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

Tessenderlo Group (TESB) currently trades at €21.55, while our model-based Fair Value estimate is €30.02, implying the stock looks roughly 39.3% undervalued today. The Quality Score stands at 41/100 (below-average quality), in the Basic Materials 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, Tessenderlo Group generated revenue of €2.8B at a net margin of -2.9%. Revenue grew 1.4% year over year. It earns a return on equity of -4.4%. Net debt stands at €41.3M. Fundamentals as of Aug 6, 2026

Our scenario range runs from €22.16 (bear case) to €37.88 (bull case); at €21.55, the current price sits below 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 25% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -13% fair-value upside, at 39%, TESB 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.

Widest divergence: Asset-Based (€19.19) versus Dividend Discount (€8.07). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Tessenderlo Group NV, together with its subsidiaries, engages in the agriculture, valorizing bio-residuals, machinery, mechanical engineering, electronics, energy, and industrial solution businesses worldwide. It operates through five segments: Agro, Bio-Valorization, Industrial Solutions, Machines & Technologies, and T-Power.

Full company description

Tessenderlo Group NV, together with its subsidiaries, engages in the agriculture, valorizing bio-residuals, machinery, mechanical engineering, electronics, energy, and industrial solution businesses worldwide. It operates through five segments: Agro, Bio-Valorization, Industrial Solutions, Machines & Technologies, and T-Power. The Agro segment engages in the production, marketing, and trading of crop nutrients, including liquid crop and potassium sulfate fertilizers, and organic soil improvers, and organic and non-organic crop protection products. This segment offers its specialty fertilizers under Thio-Sul, KTS, K-Row 23, CaTs, GranuPotasse, SoluKem, SoluPotasse, and MAJOR 90 brands. The Bio-Valorization segment produces, sells, and trades in gelatins and collagen peptides, and proteins and fats. The Industrial Solutions segment includes preassembled piping kits, project consultancy services, engineering support for ventilation solutions, sewage and rainwater solutions, and siphonic roof drainage systems; coagulants and other chemicals for the treatment of wastewater, and the purification of drinking water; and production and sale of industrial chemicals, such as bleach, sulfuric acid, sodium hydroxide, various grades of hydrochloric acid, and calcium chloride, as well as sulfur chemicals. The Machines & Technologies segment engages in the design, development, production, sale, support, and service of weaving machines, upgrade kits and spare parts, and training course; engineered casting solutions; customized controllers; and precision parts. The T-Power segment produces electricity through a combined cycle gas turbine of 425 MW capacity. It serves agriculture, food, pharma, mining, construction, infrastructure, health and nutrition, chemical, textile, pet food, aqua feed, animal feed, bioenergy, biodiesel, oleo-chemistry, sanitary, machinery, engineering, and consumer goods. The company was founded in 1919 and is headquartered in Brussels, Belgium.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tessenderlo Group reported revenue of €2.8B in FY2025 versus €2.1B in FY2021, a compound +7.3%/yr. Reported net income was −€81.1M in FY2025.

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Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

• FMC shares surge after Tessenderlo agrees to acquire 20% stake (FMC) Yahoo Finance · Jul 1, 2026
• FMC Lands $400M Minority Investment From Tessenderlo Group Yahoo Finance · Jul 1, 2026
• FMC Corporation Reaches Agreement for $400 Million Minority Equity Investment from Tessenderlo Group Yahoo Finance · Jul 1, 2026
• Will Darling’s Collagen Joint Venture With Tessenderlo Recast Darling Ingredients' (DAR) Narrative? Yahoo Finance · Dec 16, 2025

Peer Group

Agricultural Inputs · 179 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 Agricultural Inputs 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.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

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.