Expectations clearly exceeded - Book-to-bill ratio: 1.17
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) preliminary annual figures clearly exceed market expectations and the company's own guidance. Revenue rose to around €580 million (+20.8%; guidance +10%). EBIT reached €47 million, implying a margin of 8%. Adjusted for a positive special effect (see below), this results in an EBIT margin at the previous year's level (6.7%). The adjusted EBIT margin is roughly in line with our expectations, but in absolute terms, our EBIT expectations were clearly exceeded. The higher revenue base and slightly higher margin expectations have led us to raise our estimates. We remain rather conservative with 10% revenue growth ahead of the presentation of the final 2025 annual report (on April 9, 2026), as the book-to-bill ratio (1.17) suggests a higher growth rate and the business environment remains positive. Based on our estimates (P/E ratio 2026e: 35), FQT shares are a hold at current price levels.
After updating our DCF and Peer Group analysis, our fair value has risen significantly to € 72.64.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.