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SMARTBROKER HOLDING AG (SB1.DE) Stock Fundamental Analysis

FRA:SB1 - Deutsche Boerse Ag - DE000A2GS609 - Common Stock - Currency: EUR

11.55  -0.15 (-1.28%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to SB1. SB1 was compared to 18 industry peers in the Interactive Media & Services industry. The financial health of SB1 is average, but there are quite some concerns on its profitability. SB1 is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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1

1. Profitability

1.1 Basic Checks

SB1 had negative earnings in the past year.
In the past year SB1 had a positive cash flow from operations.
In multiple years SB1 reported negative net income over the last 5 years.
Of the past 5 years SB1 4 years had a positive operating cash flow.
SB1.DE Yearly Net Income VS EBIT VS OCF VS FCFSB1.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5M -5M 10M -10M -15M

1.2 Ratios

SB1 has a worse Return On Assets (-9.78%) than 77.78% of its industry peers.
Looking at the Return On Equity, with a value of -12.94%, SB1 is doing worse than 61.11% of the companies in the same industry.
Industry RankSector Rank
ROA -9.78%
ROE -12.94%
ROIC N/A
ROA(3y)-7.87%
ROA(5y)-2.28%
ROE(3y)-11.74%
ROE(5y)-3.3%
ROIC(3y)N/A
ROIC(5y)N/A
SB1.DE Yearly ROA, ROE, ROICSB1.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 -20 40 60 80

1.3 Margins

The Gross Margin of SB1 (57.67%) is worse than 61.11% of its industry peers.
In the last couple of years the Gross Margin of SB1 has declined.
SB1 does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 57.67%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y1.31%
GM growth 5Y-8.85%
SB1.DE Yearly Profit, Operating, Gross MarginsSB1.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 40 60 80

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6

2. Health

2.1 Basic Checks

SB1 does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for SB1 remains at a similar level compared to 1 year ago.
Compared to 5 years ago, SB1 has more shares outstanding
Compared to 1 year ago, SB1 has an improved debt to assets ratio.
SB1.DE Yearly Shares OutstandingSB1.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 5M 10M 15M
SB1.DE Yearly Total Debt VS Total AssetsSB1.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M

2.2 Solvency

SB1 has an Altman-Z score of 8.89. This indicates that SB1 is financially healthy and has little risk of bankruptcy at the moment.
SB1 has a Altman-Z score of 8.89. This is comparable to the rest of the industry: SB1 outperforms 50.00% of its industry peers.
SB1 has a Debt/Equity ratio of 0.17. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of SB1 (0.17) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.17
Debt/FCF N/A
Altman-Z 8.89
ROIC/WACCN/A
WACC6.8%
SB1.DE Yearly LT Debt VS Equity VS FCFSB1.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20M 40M

2.3 Liquidity

SB1 has a Current Ratio of 6.83. This indicates that SB1 is financially healthy and has no problem in meeting its short term obligations.
SB1 has a Current ratio of 6.83. This is amongst the best in the industry. SB1 outperforms 100.00% of its industry peers.
A Quick Ratio of 6.83 indicates that SB1 has no problem at all paying its short term obligations.
SB1 has a Quick ratio of 6.83. This is amongst the best in the industry. SB1 outperforms 100.00% of its industry peers.
Industry RankSector Rank
Current Ratio 6.83
Quick Ratio 6.83
SB1.DE Yearly Current Assets VS Current LiabilitesSB1.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M

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5

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 50.97% over the past year.
The Revenue has been growing slightly by 0.31% in the past year.
SB1 shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 43.05% yearly.
EPS 1Y (TTM)50.97%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-13.36%
Revenue 1Y (TTM)0.31%
Revenue growth 3Y18.16%
Revenue growth 5Y43.05%
Sales Q2Q%8.89%

3.2 Future

SB1 is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -4.89% yearly.
Based on estimates for the next years, SB1 will show a quite strong growth in Revenue. The Revenue will grow by 10.92% on average per year.
EPS Next Y57.14%
EPS Next 2Y-52.99%
EPS Next 3Y-4.89%
EPS Next 5YN/A
Revenue Next Year6.06%
Revenue Next 2Y6.48%
Revenue Next 3Y10.26%
Revenue Next 5Y10.92%

3.3 Evolution

The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
SB1.DE Yearly Revenue VS EstimatesSB1.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 20M 40M 60M 80M 100M
SB1.DE Yearly EPS VS EstimatesSB1.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 0.2 -0.2 -0.4 -0.6

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0

4. Valuation

4.1 Price/Earnings Ratio

SB1 reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for SB1. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
SB1.DE Price Earnings VS Forward Price EarningsSB1.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 -20

4.2 Price Multiples

66.67% of the companies in the same industry are cheaper than SB1, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 69.71
SB1.DE Per share dataSB1.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 2

4.3 Compensation for Growth

A cheap valuation may be justified as SB1's earnings are expected to decrease with -4.89% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-52.99%
EPS Next 3Y-4.89%

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0

5. Dividend

5.1 Amount

SB1 does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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SMARTBROKER HOLDING AG

FRA:SB1 (7/22/2025, 7:00:00 PM)

11.55

-0.15 (-1.28%)

Chartmill FA Rating
GICS SectorCommunication Services
GICS IndustryGroupMedia & Entertainment
GICS IndustryInteractive Media & Services
Earnings (Last)03-13 2025-03-13/amc
Earnings (Next)09-11 2025-09-11
Inst Owners3.89%
Inst Owner ChangeN/A
Ins Owners55%
Ins Owner ChangeN/A
Market Cap193.81M
Analysts86.67
Price Target13.77 (19.22%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)3.52%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 3.99
P/FCF N/A
P/OCF 150.47
P/B 3.99
P/tB 15.13
EV/EBITDA 69.71
EPS(TTM)-0.39
EYN/A
EPS(NY)-0.72
Fwd EYN/A
FCF(TTM)-0.48
FCFYN/A
OCF(TTM)0.08
OCFY0.66%
SpS2.9
BVpS2.9
TBVpS0.76
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -9.78%
ROE -12.94%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 57.67%
FCFM N/A
ROA(3y)-7.87%
ROA(5y)-2.28%
ROE(3y)-11.74%
ROE(5y)-3.3%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y1.31%
GM growth 5Y-8.85%
F-Score6
Asset Turnover0.76
Health
Industry RankSector Rank
Debt/Equity 0.17
Debt/FCF N/A
Debt/EBITDA 3.12
Cap/Depr 96.76%
Cap/Sales 19.06%
Interest Coverage N/A
Cash Conversion 48.64%
Profit Quality N/A
Current Ratio 6.83
Quick Ratio 6.83
Altman-Z 8.89
F-Score6
WACC6.8%
ROIC/WACCN/A
Cap/Depr(3y)205.36%
Cap/Depr(5y)N/A
Cap/Sales(3y)29.97%
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)50.97%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-13.36%
EPS Next Y57.14%
EPS Next 2Y-52.99%
EPS Next 3Y-4.89%
EPS Next 5YN/A
Revenue 1Y (TTM)0.31%
Revenue growth 3Y18.16%
Revenue growth 5Y43.05%
Sales Q2Q%8.89%
Revenue Next Year6.06%
Revenue Next 2Y6.48%
Revenue Next 3Y10.26%
Revenue Next 5Y10.92%
EBIT growth 1Y39.32%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year271.29%
EBIT Next 3Y41.4%
EBIT Next 5YN/A
FCF growth 1Y9.42%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-93.08%
OCF growth 3Y-45.6%
OCF growth 5YN/A