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Net-Digital AG (VRL) Fair Value & Analysis

Technology · DE · Market cap €31.9M

ND Net-Digital AG VRL · XETRA
Price€17.35
Fair Value€20.30
Upside+17.0%
Quality52/100
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Mixed Growth
Thin margins · 0.0% net margin
Low debt · generates free cash flow
Mixed vs. peers (4/10)
Narrow moat 30/100
Evidence: High Range €11.59 – €42.04 Share as image

Fair value as of: Jul 19, 2026

From 24 valuation models · updated 22 days ago

Share price +24.8% over the past month.

A solid business, screening 17% undervalued on our models.

What matters now

  • The model range is unusually wide (€11.59 to €42.04). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Our model range runs from €11.59 (bear) to €42.04 (bull), base €20.30. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 52/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

€19.20 €2.48 Fair Value €20.30 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range €2.48 – €19.20 · fair‑value band €11.59 – €42.04 · the €17.35 price screens below the €20.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Net-Digital AG (VRL) currently trades at €17.35, while our model-based Fair Value estimate is €20.30, implying the stock looks roughly 17.0% undervalued today. The Quality Score stands at 52/100 (solid quality), in the Technology 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.

Trailing-twelve-month revenue stands at €9.2K. Revenue grew 38.5% year over year. The balance sheet holds a net cash position of €2.7M. The stock trades on a trailing P/E of 11.1. Fundamentals as of Jul 19, 2026

Our scenario range runs from €11.59 (bear case) to €42.04 (bull case); at €17.35, the current price sits within 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 23% below its 52-week high and 210% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -27% fair-value upside, at 17%, VRL 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
Growth DCF €6.20 €9.23 €13.97 80
Residual Income €9.69 €16.32 €303.93 76
Rev-Margin DCF €14.68 €27.23 €53.30 74
All 24 models by family
DCF Models
FCF DCF €6.53 €8.65 €14.83 38
Owner Earnings €19.08 €36.27 €66.26 31
5Y Revenue Exit €13.31 €24.00 €46.50 39
5Y EBITDA Exit €14.10 €25.58 €48.15 41
5Y P/E Exit €17.44 €40.50 €72.41 38
10Y Revenue Exit €10.26 €24.48 €34.62 36
10Y EBITDA Exit €11.24 €25.93 €52.31 37
10Y P/E Exit €13.33 €32.06 €63.80 35
Earnings-Based
Graham-Dodd €9.13 €63.65 €89.32 54
Lynch FV €32.88 €46.98 €61.07 50
PEG = 1.0 €32.88 €46.98 €61.07 46
EPV €10.40 €11.49 €12.38 59
Multiples
P/E Multiple €22.15 €29.53 €36.91 63
P/S Multiple €15.85 €21.13 €26.42 58
P/B Multiple €6.79 €9.05 €11.32 55
EV/EBIT €23.07 €30.34 €37.61 53
EV/EBITDA €18.23 €23.89 €29.55 54
EV/Revenue €15.97 €22.27 €28.57 43
Asset-Based
NCAV (Graham) €1.13 €1.52 €2.26 50
Growth DCF
Growth DCF €6.20 €9.23 €13.97 80
Rev-Margin DCF €14.68 €27.23 €53.30 74
Economic Profit
Residual Income €9.69 €16.32 €303.93 76
ROIC Compounder €11.29 €13.62 €16.02 72
Growth Earnings
Growth-Adj P/E €43.65 €62.36 €81.06 68

Widest divergence: Growth Earnings (€62.36) versus Asset-Based (€1.52). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €9.2K
Revenue growth (YoY) +38.5%
Return on equity -1,816%
Free cash flow €953K FY2025
P/E ratio 11.1
EPS (TTM) €-0.4700
More key figures
Net cash €2.7M FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 59 · Market factors (momentum, volatility) 30

Profitability 82
Margins and returns on capital today
Quality Growth 80
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 5
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 46
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.

About the company

Net-Digital AG provides global payment, mobile payment, communication, television enabling, content distribution, and artificial intelligence solutions in Germany. The company was formerly known as Black Pearl Digital AG. Net-Digital AG was incorporated in 2016 and is based in Düsseldorf, Germany.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Net-Digital AG reported revenue of €37.8M in FY2025 versus €8.3M in FY2021, a compound +46.1%/yr. Reported net income was €2.9M in FY2025.

Growth Quality 67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€37.8M
Latest YoY
+244.6%
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.
+52.2%
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.
+335.6%
Avg. growth/yr (8Y) 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.
+373.3%
Revenue +46.1%/yr
FY21 €8.3M
FY22 €10.7M
FY23 €9.8M
FY24 €11.0M
FY25 €37.8M
Net income
FY21 −€438K
FY22 −€397K
FY23 −€1.1M
FY24 −€2.0M
FY25 €2.9M

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Cite: Fair Value Calculator (2026). "Net-Digital AG Fair Value". https://www.fairvalue-calculator.com/stock/VRL

Peer Group

Software - Application · 709 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 52 · Below median
Fair Value upside +17% · Top 25%
Return on assets -6% · Bottom 25%
Net margin (TTM) 0% · Below median
Operating margin (TTM) 0% · Below median
Revenue growth 39% · Top 25%

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 11.1× · Cheaper than 75% of peers
P/B 7.61× · Pricier than 75% of peers
P/FCF 38.7× · 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.

VALUE 56 · sector 0
FUTURE 100 · sector 38
PAST 0 · sector 13
HEALTH 100 · sector 98
DIVIDEND 0 · sector 28

Insider activity: 30/100

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 Software - Application stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
SAP SE SAPS C$12.69 C$16.26 +28%
Shopify Inc SHOP C$173.23 C$20.54 -88%
Uber Technologies, Inc UBER $72.67 $51.11 -30%
Salesforce, Inc CRM $170.77 $182.10 +7%
ServiceNow, Inc NOW $107.71 $33.12 -69%
Cadence Design Systems, Inc CDNS $384.17 $80.41 -79%
Snowflake Inc SNOW $271.87 $34.04 -87%
Adobe Inc ADBE $230.61 $379.48 +65%
Automatic Data Processing, Inc ADP $241.92 $177.51 -27%
Intuit Inc INTU $291.09 $258.69 -11%

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Frequently asked questions

Is Net-Digital AG (VRL) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of €20.30 versus a price of €17.35, about +17% (undervalued).
What is the fair value of VRL?
Our model-based fair value for Net-Digital AG is €20.30 (as of Jul 19, 2026), built from audited fundamentals. The current price is €17.35.
What is the quality score of VRL?
Net-Digital AG has a Quality Score of 52/100. 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 Net-Digital AG (VRL)?
Net-Digital AG reported trailing-twelve-month revenue of about €9.2K (latest available figure, as of Jul 19, 2026).
What is the net profit margin of VRL?
The net profit margin of Net-Digital AG is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

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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