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There (WDP) Fair Value & Analysis

Communication Services · DE · Market cap €246B · ISIN US2546871060

What is There really worth?

T There WDP · HA
Price€90.69
Fair Value€53.26
Upside−41.3%
Quality66/100

A solid business, but trading 70% above our fair value of €53.26.

As of Aug 13, 2026, the fair value of There is €53.26 per share against a price of €90.69, so the fair value sits 41% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Healthy Growth (revenue 5y +7.6 %/yr)
Low debt · generates free cash flow

Risks

!Thin margins · 0.0% net margin
!Moderate moat 60/100
Evidence: High Range €35.91 – €79.87

Fair value as of: Aug 13, 2026

From 23 valuation models · updated 23 days ago

What runs behind every stock

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

What matters now

  • The price sits above even our optimistic bull case (€79.87). The favourable scenario is already priced in.
  • Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (€35.91 to €79.87) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€153.50 €72.96 Fair Value €53.26 May 2021 Sep 2026

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

How to read this chart

60‑month range €72.96 – €153.50 · fair‑value band €35.91 – €79.87 · the €90.69 price screens above the €53.26 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

There (WDP) currently trades at €90.69, while our model-based Fair Value estimate is €53.26, implying the stock looks roughly 70.3% overvalued today. The Quality Score stands at 66/100 (solid quality), in the Communication Services sector. Bull case: the Growth Earnings group reads highest at a median of €84.04 per share, and 1 of the 23 models we run sit above the €90.69 price. Bear case: the Asset-Based group reads lowest at €27.16, and 22 of the 23 models stay below the price. Evidence for this calculation is high.

Net debt stands at €36.3B. Fundamentals as of Aug 13, 2026

Our scenario range runs from €35.91 (bear case) to €79.87 (bull case); at €90.69, 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 13% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at −51% fair-value upside, at −41%, WDP screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF €31.80 €53.97 €88.03 78
Growth DCF €33.05 €53.45 €83.28 77
Owner Earnings €30.23 €51.58 €84.39 75
All 23 models by family
DCF Models
FCF DCF €31.80 €53.97 €88.03 78
Owner Earnings €30.23 €51.58 €84.39 75
5Y Revenue Exit €32.55 €57.38 €88.41 71
5Y EBITDA Exit €40.57 €71.91 €107.52 74
5Y P/E Exit €47.45 €84.39 €121.99 70
10Y Revenue Exit €30.47 €53.15 €82.17 65
10Y EBITDA Exit €37.06 €63.30 €96.67 67
10Y P/E Exit €41.50 €72.01 €107.64 63
Earnings-Based
Graham-Dodd €31.12 €81.63 €106.54 65
PEG = 1.0 €15.60 €22.29 €28.98 57
EPV €29.39 €36.51 €42.83 71
Multiples
P/E Multiple €75.52 €100.69 €125.86 63
P/S Multiple €58.36 €77.81 €97.26 58
P/B Multiple €58.36 €77.81 €97.26 55
EV/EBIT €50.32 €70.73 €91.15 65
EV/EBITDA €52.69 €73.90 €95.11 67
EV/Revenue €35.52 €55.42 €75.32 53
Asset-Based
NCAV (Graham) €20.27 €27.16 €40.54 54
Growth DCF
Growth DCF €33.05 €53.45 €83.28 77
Rev-Margin DCF €32.55 €57.59 €85.10 72
Economic Profit
Residual Income €37.45 €44.01 €87.44 72
ROIC Compounder €29.39 €36.51 €44.97 72
Growth Earnings
Growth-Adj P/E €58.83 €84.04 €109.25 67

Widest divergence: Growth Earnings (€84.04) versus Asset-Based (€27.16). Highest evidence: FCF DCF (78).

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Key figures & financial health

Net margin 13.1% FY2025
Return on assets (EBIT) 4.5% avg 5y
Free cash flow €10.1B FY2025
Net debt €36.3B FY2025 · ≈ 3.6 yrs of FCF

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

Quality Score breakdown

Overall quality 66/100

Of which business quality 62 · Market factors (momentum, volatility) 47

Profitability 43
Margins and returns on capital today
Quality Growth 64
Are margins and returns improving?
Cashflow 55
Earnings quality: real cash, not paper profit
Fin. Strength 63
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 86
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

There is no Profile data available for WDP.HA.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

There reported revenue of $94.4B in FY2025 versus $67.4B in FY2021, a compound +8.8%/yr. Reported net income was $12.4B in FY2025, compounding +57.9%/yr from FY2021.

Growth Quality 75/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€94.4B
Latest YoY
+3.4%
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.
+4.5%
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.
+7.6%
Avg. revenue growth/yr (6Y) 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.
+3.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
≈ +27.5% (approximate, leans on 2025) · in EUR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+27.5%
Dividend yield0.0%
Operating margin (EBIT) 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.5.8% (2020) → 14.6% (2025) · rising
Worst earnings drop64% (2021) · in EUR
⚠ Rate leans on 2025: that final year sits 292% above its own trend (e.g. a one-off disposal gain) and could not be adjusted
Revenue +8.8%/yr
FY21 $67.4B
FY22 $82.7B
FY23 $88.9B
FY24 $91.4B
FY25 $94.4B
Net income +57.9%/yr
FY21 $2.0B
FY22 $3.1B
FY23 $2.4B
FY24 $5.0B
FY25 $12.4B

WDP screens 70% overvalued. Compare with Netflix, Inc →

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

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 Entertainment stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Netflix, Inc NFLX $81.72 $49.35 −40%
The Walt Disney Company DIS $103.50 $80.62 −22%
Warner Bros. Discovery, Inc WBD $27.65 $9.03 −67%
Live Nation Entertainment, Inc LYV $182.02 $59.97 −67%
Universal Music Group UMG €14.73 €14.78 +0%
TKO Group TKO $189.42 $47.75 −75%
Formula One Group FWONK $102.02 $35.21 −65%
Fox Corporation FOXA $68.42 $206.81 +202%
News Corporation NWS A$46.55 A$20.41 −56%
Warner Music Group WMG $24.79 $12.10 −51%

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Frequently asked questions

Is There (WDP) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of €53.26 versus a price of €90.69, about −41% upside (overvalued).
What is the fair value of WDP?
Our model-based fair value for There is €53.26 (as of Aug 13, 2026), built from audited fundamentals. The current price: €90.69.
What is the quality score of WDP?
There has a Quality Score of 66/100. 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 There (WDP)?
Our model-based price target is the fair value of €53.26 (as of Aug 13, 2026) from 23 valuation models. Cautious scenario €35.91, optimistic scenario €79.87. It is a calculation from audited fundamentals, not an analyst target.
What is the There stock forecast for 2026?
Our models put fair value at €53.26, about −41% upside versus a price of €90.69 (overvalued). Cautious scenario €35.91, optimistic scenario €79.87. The calculation is refreshed regularly with new filings.
What is the net profit margin of WDP?
The net profit margin of There is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.
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