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There (VHO) Fair Value & Analysis

Other · DE · Market cap €15.9M

T There VHO · STU
Price€7.20
Fair Value€5.73
Upside-20.4%
Quality55/100
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Strengths

Highly profitable · 25.6% net margin
Low debt
Ranks above peers (8/13)

Risks

!Trades 20% ABOVE our fair value of €5.73
!Mixed Growth
!Moderate moat 60/100
!Evidence only medium, so the estimate is less certain
Mixed Growth
Highly profitable · 25.6% net margin
Low debt
1.39% dividend yield
Ranks above peers (8/13)
Moderate moat 60/100
Evidence: Medium Range €4.30 – €7.17 Share as image

Fair value as of: Aug 20, 2026

From 13 valuation models · updated yesterday

Share price +0.7% over the past month.

A solid business, but screening 20% overvalued on our models.

What matters now

  • Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from €4.30 (bear) to €7.17 (bull), base €5.73. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 55/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

€7.80 €5.12 Fair Value €5.73 Jun 2021 Aug 2026

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 €5.12 – €7.80 · fair‑value band €4.30 – €7.17 · the €7.20 price screens above the €5.73 fair value. Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

There (VHO) currently trades at €7.20, while our model-based Fair Value estimate is €5.73, implying the stock looks roughly 20.4% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Other 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: medium).

Over the trailing twelve months, There generated revenue of €4.7M at a net margin of 25.6%. It earns a return on equity of 7.7%. The stock trades on a trailing P/E of 20.0. Fundamentals as of Aug 20, 2026

Our scenario range runs from €4.30 (bear case) to €7.17 (bull case); at €7.20, 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 8% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Other peers we cover trades at -24% fair-value upside, at -20%, VHO 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 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
ROIC Compounder €3.17 €3.44 €3.67 72
Growth-Adj P/E €16.54 €23.63 €30.72 68
P/E Multiple €7.00 €9.33 €11.66 63
All 13 models by family
Earnings-Based
Graham-Dodd €3.73 €26.03 €36.52 54
Lynch FV €13.45 €19.21 €24.97 50
PEG = 1.0 €13.45 €19.21 €24.97 46
EPV €3.17 €3.44 €3.67 59
Multiples
P/E Multiple €7.00 €9.33 €11.66 63
P/S Multiple €2.41 €3.22 €4.02 58
P/B Multiple €7.00 €9.33 €11.66 55
EV/EBIT €5.16 €6.59 €8.03 53
EV/Revenue €3.10 €4.07 €5.03 43
Asset-Based
NCAV (Graham) €3.68 €4.93 €7.35 50
Economic Profit
Residual Income €5.42 €5.52 €5.33 61
ROIC Compounder €3.17 €3.44 €3.67 72
Growth Earnings
Growth-Adj P/E €16.54 €23.63 €30.72 68

Widest divergence: Growth Earnings (€23.63) versus Economic Profit (€3.44). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) €4.7M
Net margin 25.6%
Return on equity 7.7%
P/E ratio 20.0
Operating margin 19.1%
EPS (TTM) €0.3600
More key figures
Dividend yield 1.4%
Net debt €24.0K FY2020

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 55 · Market factors (momentum, volatility) 51

Profitability 43
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 31
Distance to the 52-week high (market factor)
Net Issuance 25
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

There is no Profile data available for VHO.SG.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

There reported revenue of €4.7M in FY2025 versus €6.6M in FY2021, a compound −8.1%/yr. Reported net income was €1.2M in FY2025, compounding −17.4%/yr from FY2021.

Growth Quality 47/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€4.7M
Latest YoY
−8.7%
Avg. 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.
+16.5%
Avg. 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.
+7.3%
Avg. growth/yr (9Y) 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.
+49.1%
Revenue −8.1%/yr
FY21 €6.6M
FY22 €3.0M
FY23 €2.2M
FY24 €5.2M
FY25 €4.7M
Net income −17.4%/yr
FY21 €2.6M
FY22 €758K
FY23 €611K
FY24 €789K
FY25 €1.2M

VHO screens 20% overvalued. Compare with Federal Home Loan Mortgage Corporation →

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Cite: Fair Value Calculator (2026). "There Fair Value". https://www.fairvalue-calculator.com/stock/VHO

Peer Group

Other · 384 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 55 · Above median
Fair Value upside −20% · Below median
Return on equity (TTM) 8% · Top 25%
Return on assets 4% · Top 25%
Net margin (TTM) 26% · Top 25%
Operating margin (TTM) 19% · Top 25%
Revenue growth 0% · Top 25%
Dividend yield (TTM) 1.4% · Above median

Valuation Multiples vs Other median · lower = cheaper

P/E (TTM) 20.0× · Pricier than median
P/B 1.14× · Pricier than 75% of peers
P/S (TTM) 3.92× · Pricier than 75% of peers
EV/EBITDA 18.3× · Pricier than 75% of peers

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
VALUE6 · sector 10
FUTURE0 · sector 0
PAST31 · sector 0
HEALTH100 · sector 98
DIVIDEND28 · sector 27

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

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Frequently asked questions

Is There (VHO) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of €5.73 versus a price of €7.20, about −20% (overvalued).
What is the fair value of VHO?
Our model-based fair value for There is €5.73 (as of Aug 20, 2026), built from audited fundamentals. The current price: €7.20.
What is the quality score of VHO?
There has a Quality Score of 55/100. 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 There (VHO)?
There reported trailing-twelve-month revenue of about €4.7M (latest available figure, as of Aug 20, 2026).
What is the net profit margin of VHO?
The net profit margin of There is about 25.6%, meaning it keeps roughly 25.6% of revenue as net income. Based on the latest reported figures.
Does There pay a dividend?
There currently shows a dividend yield of about 1.39% relative to its recent price (as of Aug 20, 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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