The Discounted Cash Flow (DCF) valuation of Epsilon Net SA (EPSIL.AT) is 6.47 EUR. With the latest stock price at 12.00 EUR, the upside of Epsilon Net SA based on DCF is -46.1%.

Is EPSIL.AT a buy or a sell?

Based on the latest price of 12.00 EUR and our DCF valuation, Epsilon Net SA (EPSIL.AT) is a sell. Selling EPSIL.AT stocks now will result in a potential gain of 46.1%.

	Range	Selected
WACC / Discount Rate	7.9% - 10.6%	9.2%
Long-term Growth Rate	1.0% - 3.0%	2.0%
Fair Price	5.06 - 9.23	6.47
Upside	-57.8% - -23.1%	-46.1%

12.00 EUR

Stock Price

6.47 EUR

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

EPSIL.AT DCF Valuation: Revenue & Expenses Forecast

(EUR in millions)		Projections

	12-2023	12-2024	12-2025	12-2026	12-2027	12-2028

Revenue	93	98	110	124	143	160
% Growth	24%	5%	13%	13%	15%	12%

Cost of goods sold	(36)	(38)	(42)	(48)	(55)	(61)
% of Revenue	38%	38%	38%	38%	38%	38%

Selling, G&A expenses	(16)	(17)	(19)	(21)	(25)	(28)
% of Revenue	17%	17%	17%	17%	17%	17%

Research & Development	(16)	(17)	(19)	(21)	(25)	(28)
% of Revenue	17%	17%	17%	17%	17%	17%

Net interest & other expenses	2	2	2	3	3	3
% of Revenue	2%	2%	2%	2%	2%	2%

Tax expense	(7)	(3)	(4)	(4)	(5)	(5)
Tax rate	26%	12%	12%	12%	12%	12%

Net profit	20	25	28	32	37	41
% Margin	21%	26%	26%	26%	26%	26%