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Data-driven stock valuation

Tiscali S.p.A. (TSL) fair value: what the stock is really worth

We calculate from audited financials what Tiscali S.p.A. 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, free.

  1. Compare price with fair valuebelow fair value = cheap, above = expensive
  2. Check the quality50 and up solid, 75 and up strong
  3. Watch it or check another stockalert when fair value or trend changes

Communication Services · IT · Market cap €37.1M · ISIN IT0005496473

At a glance

TS Tiscali S.p.A. TSL · MI
Price€0.0884
Fair Value€0.2254
Upside+155.0%
Quality16/100

Below-average quality, trading 61% below our fair value of €0.2254.

As of Sep 7, 2026, the fair value of Tiscali S.p.A. is €0.2254 per share against a price of €0.0884, so the fair value sits 155% above the price. A model estimate from reported figures, not an analyst target.

!Mixed Growth (revenue 5y +8.8 %/yr)
!Thin margins · 0.0% net margin
Negative equity (buybacks among others) · generates free cash flow
!Trails peers (3/9)
!Narrow moat 40/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range €0.1461 to €0.3046

Fair value as of: Sep 7, 2026

From 5 valuation models · updated yesterday

Share price +20.8% over the past month.

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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The large discount to fair value meets weak quality (16/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (€0.1461). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (€0.1461 to €0.3046) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€2.17 €0.0626 Fair Value €0.2254 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 7, 2026.

How to read this chart

60‑month range €0.0626 – €2.17 · fair‑value band €0.1461 – €0.3046 · the €0.0884 price screens below the €0.2254 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 7, 2026.

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Analysis

Tiscali S.p.A. (TSL) currently trades at €0.0884, while our model-based Fair Value estimate is €0.2254, implying the stock looks roughly 60.8% undervalued today. The Quality Score stands at 16/100 (below-average quality), in the Communication Services sector. Bull case: the Multiples group reads highest at a median of €0.6800 per share, and 3 of the 3 models we run sit above the €0.0884 price. Bear case: the DCF Models group reads lowest at €0.2000, and 0 of the 3 models stay below the price. Evidence for this calculation is low.

Trailing-twelve-month revenue stands at €217M. Revenue declined 4.8% year over year. Net debt stands at €82.7M. Fundamentals as of Sep 7, 2026

Scenario range: €0.1461 (bear) to €0.3046 (bull), the price of €0.0884 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 44% below its 52-week high and 46% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 29% fair-value upside, at 155%, TSL screens cheaper than that median.

Fair Value models

Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →

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
Highest evidence
5Y EBITDA Exit best evidence €0.2100 €0.3900 €0.6300 73
5Y Revenue Exit n/a n/a €0.0100 69
10Y EBITDA Exit €0.1000 €0.2000 €0.3000 67
All 5 models by family
DCF Models
5Y Revenue Exit n/a n/a €0.0100 69
5Y EBITDA Exit best evidence €0.2100 €0.3900 €0.6300 73
10Y EBITDA Exit €0.1000 €0.2000 €0.3000 67
Multiples
EV/EBITDA €0.5000 €0.6800 €0.8600 67
EV/Revenue n/a n/a €0.0200 50

Widest divergence: Multiples (€0.6800) versus DCF Models (€0.2000). Highest evidence: 5Y EBITDA Exit (73).

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Key figures & financial health

P/S ratio 0.17 TTM
EPS (TTM) €−0.2200
Net margin −26.7% FY2024
Return on equity −921% TTM
Return on assets (EBIT) −12.8% avg 5y
Revenue (TTM) €217M TTM
More key figures
Growth
Revenue growth (YoY) −4.8% 3y avg +14.6%
Balance sheet & cash flow
Free cash flow €1.4M FY2024
Net debt €82.7M FY2024 · ≈ 59.5 yrs of FCF

Figures from reported company fundamentals · as of Sep 7, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 16/100

Of which business quality 19 · Market factors (momentum, volatility) 34

Profitability 38
Margins and returns on capital today
Quality Growth 23
Are margins and returns improving?
Cashflow 39
Earnings quality: real cash, not paper profit
Fin. Strength 2
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 35
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Tessellis S.p.A. provides telecommunication services. It offers Internet access, fixed and mobile telephony services and value-added services to private individuals and companies. The company is based in Cagliari, Italy.

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

Revenue & earnings trend

FY2020 – FY2024 · reported fiscal years

Tiscali S.p.A. reported revenue of €217M in FY2024 versus €144M in FY2020, a compound +10.8%/yr. Reported net income was −€58.0M in FY2024.

Growth Quality 30/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2024)
€217M
Latest YoY
−6.2%
Avg. revenue growth/yr (3Y) 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.
+14.6%
Avg. revenue growth/yr (5Y) 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.
+8.8%
Avg. revenue growth/yr (21Y) 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.
−6.6%
EBIT 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.
−13.0% (2019) → −22.1% (2024)
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2024 is a loss year, no rate is defined from a loss
not computed
Revenue +10.8%/yr
FY20 €144M
FY21 €144M
FY22 €100M
FY23 €231M
FY24 €217M
Net income
FY20 −€22.2M
FY21 −€20.6M
FY22 −€34.7M
FY23 −€62.4M
FY24 −€58.0M

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Cite: Fair Value Calculator (2026). "Tiscali S.p.A. Fair Value". https://www.fairvalue-calculator.com/stock/TSL

Peer Group

Telecom Services · 252 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
Quality Score 16 · Bottom 25%
Fair Value upside +200% · Top 25%
Profitability
Return on assets −10% · Bottom 25%
Net margin (TTM) 0% · Below median
Operating margin (TTM) 0% · Bottom 25%
Growth and dividend
Revenue growth −5% · Bottom 25%

Valuation Multiples vs Telecom Services median · lower = cheaper

P/S (TTM) 0.20× · Cheapest 25%
P/FCF 31.0× · Priciest 25%

What the price implies (reverse DCF)

The inverse question: what free-cash-flow growth must Tiscali S.p.A. deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.

Implied FCF growth, 10 years+39.7 % per year
Achieved revenue growth, 5 years+8.8 % p.a.
Sector median revenue growth+1.8 %
FCF yield on price5.23 %
Discount rate (WACC) in the models16.0 %

The price demands an acceleration versus past growth: a high bar the company still has to clear. Ranking of the largest stocks →

Context: sector, industry, market

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 28
FUTURE0 · sector 15
PAST0 · sector 28
HEALTH100 · sector 89
DIVIDEND0 · sector 75

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

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 Telecom Services stocks, each showing price versus our Fair Value estimate (as of Sep 7, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥96.11 ¥109.88 +14%
T-Mobile US, Inc TMUS $181.52 $172.67 −5%
Verizon Communications Inc VZ $50.14 $64.43 +29%
AT&T Inc T $26.01 $43.97 +69%
Bharti Airtel Limited BHARTIARTL ₹1,935 ₹941.48 −51%
Comcast Corporation CMCSA $26.49 $95.42 +260%
China Telecom Corporation 601728 ¥6.43 ¥8.36 +30%
América Móvil, S.A. AMX $23.00 $39.79 +73%
Singapore Telecommunications Limited Z77 4.53 SGD 3.03 SGD −33%
Swisscom AG SCMN CHF 627.50 CHF 463.92 −26%

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Frequently asked questions

Is Tiscali S.p.A. (TSL) overvalued or undervalued?
As of Sep 7, 2026, our model estimates a fair value of €0.2254 versus a price of €0.0884, about +155% upside (undervalued).
What is the fair value of TSL?
Our model-based fair value for Tiscali S.p.A. is €0.2254 (as of Sep 7, 2026), built from audited fundamentals. The current price: €0.0884.
What is the quality score of TSL?
Tiscali S.p.A. has a Quality Score of 16/100. 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 Tiscali S.p.A. (TSL)?
Our model-based price target is the fair value of €0.2254 (as of Sep 7, 2026) from 5 valuation models. Cautious scenario €0.1461, optimistic scenario €0.3046. It is a calculation from audited fundamentals, not an analyst target.
What is the Tiscali S.p.A. stock forecast for 2026?
Our models put fair value at €0.2254, about +155% upside versus a price of €0.0884 (undervalued). Cautious scenario €0.1461, optimistic scenario €0.3046. The calculation is refreshed regularly with new filings.
What is the revenue of Tiscali S.p.A. (TSL)?
Tiscali S.p.A. reported trailing-twelve-month revenue of about €217M (latest available figure, as of Sep 7, 2026).
What is the net profit margin of TSL?
The net profit margin of Tiscali S.p.A. is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.
What growth is priced into Tiscali S.p.A. (TSL)?
For today's price to be fair in a discounted-cash-flow model, Tiscali S.p.A. would have to grow free cash flow by +39.7 % per year for ten years (discount rate 16.0 %, then 2 % perpetual growth). Over the last 5 years revenue grew +8.8 % per year. As of Sep 7, 2026.
What discount rate (WACC) does the fair value of TSL use?
Our models discount Tiscali S.p.A. at 16.0 %: a base by market capitalisation (micro), damped by beta 1.28, country premium for Italy. The same rate applies in all 26 models.
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