Tessenderlo (TESB) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Tessenderlo €30.02, price €20.55, upside +46.1%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range €18.13 – €34.66 · fair‑value band €22.16 – €37.88 · the €20.55 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 Sep 23, 2026.
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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.
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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.
Stock analysis
Tessenderlo (TESB) currently trades at €20.55, while our model-based Fair Value estimate is €30.02, implying the stock looks roughly 31.5% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of €19.19 per share, and 3 of the 15 models we run sit above the €20.55 price.
Bear case: the Dividend Discount group reads lowest at €8.07, and 12 of the 15 models stay below the price. Evidence for this calculation is medium.
Scenario range: €22.16 (bear) to €37.88 (bull), the price of €20.55 sits below 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 41/100 (below-average quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Tessenderlo 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.
Key figures
Market cap €1.2B · P/S ratio 0.46 · EPS (TTM) €−1.34 · Dividend yield 0.7% · Net margin −2.9% · Return on equity −4.4% · Return on assets (EBIT) 6.0% · Operating margin 0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at 46%, TESB screens cheaper than that median.
Fair Value models
Bear €22.16Fair Value €30.02Bull €37.88
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.
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.52/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+4.4%
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.
+2.2%
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.
+9.7%
Start year 2020 (pandemic). Over 10 years: +5.7% a year
Revenue growth 25 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.
+1.7%
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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.
10.1% (2020) → 2.4% (2025)
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
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+8.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +6.1% a year for the price.
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.Agricultural Inputs · 179 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside+46% · Top 25%
Profitability
Return on assets1% · Below median
Net margin (TTM)−3% · Bottom 25%
Operating margin (TTM)1% · Below median
Growth and dividend
Revenue growth1% · Below median
Dividend yield (TTM)0.7% · Bottom 25%
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Agricultural Inputs median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Tessenderlo Fair Value". https://www.fairvalue-calculator.com/stock/TESB
Frequently asked questions
Is Tessenderlo (TESB) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €30.02 versus a price of €20.55, about +46% upside (undervalued).
What is the fair value of TESB?
Our model-based fair value for Tessenderlo is €30.02 (as of Sep 23, 2026), built from audited fundamentals. The current price: €20.55.
What is the quality score of TESB?
Tessenderlo has a Quality Score of 41/100. 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 Tessenderlo (TESB)?
Our model-based price target is the fair value of €30.02 (as of Sep 23, 2026) from 15 valuation models. Cautious scenario €22.16, optimistic scenario €37.88. It is a calculation from audited fundamentals, not an analyst target.
What is the Tessenderlo stock forecast for 2026?
Our models put fair value at €30.02, about +46% upside versus a price of €20.55 (undervalued). Cautious scenario €22.16, optimistic scenario €37.88. The calculation is refreshed regularly with new filings.
What is the revenue of Tessenderlo (TESB)?
Tessenderlo reported trailing-twelve-month revenue of about €2.8B (latest available figure, as of Sep 23, 2026).
Does Tessenderlo pay a dividend?
Tessenderlo currently shows a dividend yield of about 0.72% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Tessenderlo (TESB)?
For today's price to be fair in a discounted-cash-flow model, Tessenderlo would have to grow free cash flow by +8.5 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.7 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of TESB use?
Our models discount Tessenderlo at 10.7 %: a base by market capitalisation (small), damped by beta 0.65, country premium for Belgium. 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 Tessenderlo that is +8.5 % per year a year over ten years, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Tessenderlo (TESB) delivered so far?
Over the past 5 years revenue at Tessenderlo grew +9.7 % a year. The price currently implies +8.5 % 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 Tessenderlo (TESB) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Tessenderlo (+8.5 % 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 Tessenderlo (TESB)?
The free-cash-flow yield on the price is 5.96 %: that much free cash flow Tessenderlo produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tessenderlo (TESB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tessenderlo it is €30.02 per share (as of Sep 23, 2026), against a price of €20.55. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Tessenderlo stock overvalued or undervalued in 2026?
As of Sep 23, 2026, TESB trades below its calculated fair value: price €20.55, fair value €30.02, a gap of about +46% (undervalued). 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 TESB?
No. The price is what the market pays today (€20.55); the fair value is what the company's own numbers justify (€30.02). For Tessenderlo the two are €9.47 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tessenderlo worth?
The market values Tessenderlo at about €1.2B (market capitalisation, as of Sep 23, 2026). Per share that is €20.55; our models calculate a fair value of €30.02 per share.
What do the bullish and bearish scenarios say about TESB?
Our models span a range for Tessenderlo: cautious scenario €22.16, base €30.02, optimistic €37.88 per share (as of Sep 23, 2026, price €20.55). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of TESB?
The PEG ratio of Tessenderlo is 0.68 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Tessenderlo (TESB)?
Balance-sheet figures for Tessenderlo (as of Sep 23, 2026): return on equity −4.4%, debt of 0.04 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is TESB from its 52-week high?
Tessenderlo trades at €20.55, about 28% below its 52-week high of €28.56 and 6% above the low of €19.34 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of €30.02 is for.
Which stocks are comparable to Tessenderlo?
From the same area (Basic Materials) we also value Corteva, Inc, Nutrien Ltd, Qinghai Salt Lake Industry Co, CF Industries 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 Tessenderlo stock attractive at the current price?
The data as of Sep 23, 2026: price €20.55, calculated fair value €30.02 (+46%), Quality Score 41/100, from 15 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 TESB calculated?
We run Tessenderlo through 15 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 €30.02, 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 14.1 % above its aggregate fair value. Tessenderlo currently trades 46 % below its own fair value, and the market average says nothing about that. 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 Tessenderlo (TESB)?
The closing price on Sep 23, 2026 was €20.55. Our model-based fair value is €30.02, about +46% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tessenderlo right 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.
Where does the earnings growth of Tessenderlo (TESB) come from?
Earnings per share at Tessenderlo grew −5.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.6 %, EBIT margin −10.5 %, tax rate +1.0 %, residual (interest, one-offs) +2.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Tessenderlo
How large is the market capitalisation of Tessenderlo (TESB)?
The market capitalisation of Tessenderlo is €1.2B. 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 Tessenderlo (TESB)?
The price-to-sales ratio of Tessenderlo is 0.46 (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 Tessenderlo (TESB)?
Earnings per share at Tessenderlo are €−1.34. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tessenderlo (TESB)?
The dividend yield of Tessenderlo is 0.7%. 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 Tessenderlo (TESB)?
The net margin of Tessenderlo is −2.9% (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 return on equity of Tessenderlo (TESB)?
The return on equity (ROE) of Tessenderlo is −4.4% (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 Tessenderlo (TESB)?
On an EBIT basis the return on assets of Tessenderlo is 6.0% (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 Tessenderlo (TESB)?
The operating margin of Tessenderlo is 0.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tessenderlo (TESB)?
Revenue at Tessenderlo is growing +1.4% versus a year earlier (3y avg +2.2%). 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 Tessenderlo (TESB)?
Earnings per share at Tessenderlo are growing −23.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Tessenderlo (TESB) carry?
The net debt of Tessenderlo is €41.3M (fiscal year 2025, ≈ 0.6 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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