Book-to-bill ratio at 1.3 – H1 figures confirm price trend
Note regarding MiFID II: This research report has been prepared by order of the issuer based on a contractual agreement and is being compensated for by the issuer. The research report has simultaneously been made publicly available to all interested persons. Hence, the receipt of this research report is to be regarded as a permitted insignificant non-monetary benefit according to § 64 para 7 sentence 2 No. 1 and 2 of the German Securities Trading Act (WpHG).Frequentis AG's (ISIN ATFREQUENT09, General Standard, FQT GY) half-year figures show dynamic growth in revenue (€ 236.8 million; +14.8%) and order intake (€ 309 million; +35.6%) and imply an acceleration of growth in 2026. The confirmed 2025 targets (including at least 10% revenue growth) should now also be easily achievable. Growth is being driven by both segments (ATM: +13.8%; PST: +17.6%). The strongest regional growth in percentage terms was recorded in the Americas region (+51.6%), which now accounts for 23% of revenue. Frequentis’ share has more than doubled since the beginning of the year, which is likely due not only to the good operating performance but also to a revaluation of the business model by the capital market.
After updating our DCF and Peer Group analysis, our fair value has risen significantly to € 53.94. At the current price of € 61.40 (August 18, 2025), our investment rating reads ‘Hold’.
Frequentis AG is an Austria-based supplier of communications and information systems, diversifying its activities into two business segments: ATM (Air Traffic Management) business segment, which includes ATM Civil, including Information Management, and Defense business fields, and PST (Public Safety & Transport) business segment, which includes Public Safety, Public Transport and Maritime business fields. As of December 31, 2010, the Company had seven wholly owned subsidiaries in the area of Sales & Operations, four wholly owned subsidiaries and one majority owned subsidiary, as well as one affiliate, APUS Software GmbH, in the area of Software, and two wholly owned, one majority owned, one minority owned, as well as one affiliate, 3T Communications AG, in the area of Services. The Company's subsidiaries are located in the United States, the United Kingdom, Canada, Australia, Germany, Singapore, Slovak Republic, Romania, and the Czech Republic.
Since 2007, BankM AG (Frankfurt am Main, Germany) is the partner of small and medium-sized enterprises and specializing in capital market financing with its experienced, interdisciplinary team. SME customers benefit from individual service and rapid access to selected investors that fit their needs. BankM's services include capital market advisory, arranging IPOs and capital increases for equity financing, debt advisory and debt capital mediation, designated sponsoring and research as well as M&A, hereby specializing in the identification of suitable strategic partners in China.
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