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TKH Group (TWEKA) Fair Value & Analysis

Technology · NL · Market cap €1.7B

TG TKH Group TWEKA · AS
Price€45.00
Fair Value€30.66
Upside-31.9%
Quality60/100
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Healthy Growth
Thin margins · 5.4% net margin
Moderate debt · generates free cash flow
3.13% dividend yield
Ranks above peers (12/15)
Narrow moat 43/100
Evidence: High Range €19.01 – €43.67 Share as image

Fair value as of: Jul 13, 2026

From 25 valuation models · updated 28 days ago

Fair value updated Jul 13, 2026, revised from €30.62 to €30.66 (+0.1%) since Jun 24, 2026. Share price +6.7% over the past month.

A solid business, but screening 32% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (€43.67). The favourable scenario is already priced in.
  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (€19.01 to €43.67) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€48.13 €26.97 Fair Value €30.66 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

60‑month range €26.97 – €48.13 · fair‑value band €19.01 – €43.67 · the €45.00 price screens above the €30.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

TKH Group (TWEKA) currently trades at €45.00, while our model-based Fair Value estimate is €30.66, implying the stock looks roughly 31.9% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Technology 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, TKH Group generated revenue of €1.8B at a net margin of 5.4%. Revenue grew 6.8% year over year. It earns a return on equity of 10.6%. Net debt stands at €550M. Fundamentals as of Jul 13, 2026

Our scenario range runs from €19.01 (bear case) to €43.67 (bull case); at €45.00, the current price sits above 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 7% below its 52-week high and 43% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -61% fair-value upside, at -32%, TWEKA 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.

Model BearBaseBull Evidence
Highest evidence
Growth DCF €18.52 €27.22 €37.54 80
Residual Income €19.04 €20.85 €25.67 76
Rev-Margin DCF €16.10 €28.34 €41.57 74
All 25 models by family
DCF Models
FCF DCF €18.07 €27.66 €39.57 38
Owner Earnings €23.32 €34.76 €48.97 31
5Y Revenue Exit €16.10 €27.96 €42.45 39
5Y EBITDA Exit €31.29 €55.01 €81.59 41
5Y P/E Exit €20.28 €35.41 €50.44 38
10Y Revenue Exit €16.06 €26.17 €38.51 36
10Y EBITDA Exit €25.36 €42.89 €64.59 37
10Y P/E Exit €19.06 €30.78 €43.84 35
Earnings-Based
Graham-Dodd €16.09 €38.36 €49.46 54
PEG = 1.0 €6.69 €9.56 €12.43 46
EPV €9.90 €12.50 €14.66 59
Dividend Discount
Gordon GGM €11.67 €18.48 €25.31 70
DDM Multi-Stage €11.67 €16.40 €20.91 61
Multiples
P/E Multiple €35.49 €47.32 €59.15 63
P/S Multiple €30.17 €40.22 €50.28 58
P/B Multiple €30.17 €40.22 €50.28 55
EV/EBIT €28.67 €41.27 €53.87 53
EV/EBITDA €47.90 €66.92 €85.93 54
EV/Revenue €16.35 €27.27 €38.19 43
Asset-Based
NCAV (Graham) €11.28 €15.12 €22.56 50
Growth DCF
Growth DCF €18.52 €27.22 €37.54 80
Rev-Margin DCF €16.10 €28.34 €41.57 74
Economic Profit
Residual Income €19.04 €20.85 €25.67 76
ROIC Compounder €9.90 €12.50 €14.66 72
Growth Earnings
Growth-Adj P/E €27.07 €38.67 €50.27 68

Widest divergence: Multiples (€40.22) versus Earnings-Based (€12.50). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €1.8B
Revenue growth (YoY) +6.8%
Net margin 5.4%
Return on equity 10.6%
Free cash flow €122M FY2025
P/E ratio 18.1
More key figures
Operating margin 8.6%
EPS (TTM) €2.37
Dividend yield 3.1%
EPS growth (YoY) +63.5%
Net debt €550M FY2025

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 57 · Market factors (momentum, volatility) 65

Profitability 39
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 58
Earnings quality: real cash, not paper profit
Fin. Strength 48
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 73
Distance to the 52-week high (market factor)
Net Issuance 88
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.

About the company

TKH Group N.V. engages un the automation and electrification business. in the Netherlands, rest of Europe, Asia, North America, and internationally.

Full company description

TKH Group N.V. engages un the automation and electrification business. in the Netherlands, rest of Europe, Asia, North America, and internationally. The Smart Vision Systems segment provides 2D and 3D machine vision technology systems used to enhance quality inspection, operation, and object monitoring; and security vision systems that enable customers to manage and control the urban environment, as well as enhances efficiency, safety, and security in various markets, such as infrastructure, parking, and building security. The Smart Manufacturing Systems segment offers systems engineering and assembly, control and analysis software, and connectivity and vision technologies to car and truck tire production, and factory automation industries; and care solutions, including medicine distribution machines. The Smart Connectivity Systems segment develops connectivity systems for on-shore and off-shore energy distribution; fiber optic connectivity systems for data and communication networks; and specialized cable systems for various industrial automation applications, such as the industrial, marine and offshore, and medical sectors, as well as provides contactless energy and data distribution comprising hardware components and intelligent software for airfield ground lighting systems. The company was formerly known as NV Twentsche Kabel Holding and changed its name to TKH Group N.V. in 2005. TKH Group N.V. was founded in 1930 and is based in Haaksbergen, the Netherlands.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TKH Group reported revenue of €1.8B in FY2025 versus €1.5B in FY2021, a compound +3.7%/yr. Reported net income was €94.4M in FY2025, compounding −0.2%/yr from FY2021.

Growth Quality 67/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€1.8B
Latest YoY
+2.8%
Avg. growth/yr (3Y)
−1.0%
Avg. growth/yr (5Y)
+6.4%
Avg. growth/yr (23Y)
+6.8%
Revenue +3.7%/yr
FY21 €1.5B
FY22 €1.8B
FY23 €1.8B
FY24 €1.7B
FY25 €1.8B
Net income −0.2%/yr
FY21 €95.2M
FY22 €137M
FY23 €166M
FY24 €99.6M
FY25 €94.4M

TWEKA screens 32% overvalued. Compare with Cisco Systems, Inc →

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Cite: Fair Value Calculator (2026). "TKH Group Fair Value". https://www.fairvalue-calculator.com/stock/TWEKA

Peer Group

Communication Equipment · 290 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.

Quality Score 60 · Above median
Fair Value upside −32% · Above median
Return on equity (TTM) 11% · Above median
Return on assets 3% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 9% · Above median
Revenue growth 7% · Above median
Dividend yield (TTM) 3.1% · Top 25%
Debt / equity 0.54× · Higher than 75% of peers

Valuation Multiples vs Communication Equipment median · lower = cheaper

P/E (TTM) 18.1× · Cheaper than 75% of peers
P/B 2.19× · Pricier than median
P/S (TTM) 1.12× · Cheaper than median
P/FCF 16.1× · Pricier than median
EV/EBITDA 12.9× · Cheaper than median
PEG 0.85× · Cheaper than median

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 · sector 0
FUTURE 34 · sector 30
PAST 42 · sector 15
HEALTH 73 · sector 98
DIVIDEND 63 · sector 24

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.

None of the checked exposures detected

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

Similar stocks

10 more Communication Equipment stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
Cisco Systems, Inc CSCO $119.25 $43.05 -64%
Zhongji Innolight Co 300308 ¥1,094 ¥171.09 -84%
Foxconn Industrial Internet Co 601138 ¥56.50 ¥28.65 -49%
Eoptolink Technology Inc 300502 ¥482.88 ¥155.05 -68%
Nokia Oyj NOK $11.25 $2.67 -76%
Motorola Solutions, Inc MSI $413.31 $190.43 -54%
Suzhou TFC Optical Communication Co 300394 ¥244.13 ¥32.04 -87%
Telefonaktiebolaget LM Ericsson (publ), ERIC $11.72 $15.96 +36%
Accton Technology Corporation 2345 2,090 TWD 846.28 TWD -60%
ZTE Corporation 000063 ¥40.00 ¥15.75 -61%

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Frequently asked questions

Is TKH Group (TWEKA) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of €30.66 versus a price of €45.00, about −32% (overvalued).
What is the fair value of TWEKA?
Our model-based fair value for TKH Group is €30.66 (as of Jul 13, 2026), built from audited fundamentals. The current price is €45.00.
What is the quality score of TWEKA?
TKH Group has a Quality Score of 60/100. 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 revenue of TKH Group (TWEKA)?
TKH Group reported trailing-twelve-month revenue of about €1.8B (latest available figure, as of Jul 13, 2026).
What is the net profit margin of TWEKA?
The net profit margin of TKH Group is about 5.4%, meaning it keeps roughly 5.4% of revenue as net income. Based on the latest reported figures.
Does TKH Group pay a dividend?
TKH Group currently shows a dividend yield of about 2.91% relative to its recent price (as of Jul 13, 2026).

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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