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CEWE Stiftung & Co. KGaA (CWC) Fair Value & Analysis

Consumer Cyclical · DE · Market cap €632M · ISIN DE0005403901

What is CEWE Stiftung & Co. KGaA really worth?

CS CEWE Stiftung & Co. KGaA CWC · XETRA
Price€109.40
Fair Value€157.28
Upside+43.8%
Quality66/100

A solid business, trading 30% below our fair value of €157.28.

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Strengths

Healthy Growth (revenue 5y +3.5 %/yr)
Low debt · generates free cash flow
Ranks above peers (10/15)

Risks

!Thin margins · 6.5% net margin
!Moderate moat 48/100
!Weak on future: 9 out of 100

For context

·2.74% dividend yield
Evidence: High Range €106.44 – €220.92

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 22 days ago

Share price +13.1% over the past month.

What runs behind every stock

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

What matters now

  • Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (€106.44 to €220.92) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€116.32 €63.43 Fair Value €157.28 Jul 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 €63.43 – €116.32 · fair‑value band €106.44 – €220.92 · the €109.40 price screens below the €157.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

CEWE Stiftung & Co. KGaA (CWC) currently trades at €109.40, while our model-based Fair Value estimate is €157.28, implying the stock looks roughly 30.4% undervalued today. The Quality Score stands at 66/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Multiples group reads highest at a median of €174.56 per share, and 17 of the 25 models we run sit above the €109.40 price. Bear case: the Dividend Discount group reads lowest at €32.17, and 8 of the 25 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, CEWE Stiftung & Co. KGaA generated revenue of €885M at a net margin of 6.5%. Revenue grew 7.6% year over year. It earns a return on equity of 13.2%. The balance sheet holds a net cash position of €108M. Fundamentals as of Aug 13, 2026

Our scenario range runs from €106.44 (bear case) to €220.92 (bull case); at €109.40, the current price sits within 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 near its 52-week high and 23% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −11% fair-value upside, at 44%, CWC screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €3.66 per share, which is 2.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

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 best evidence €79.24 €100.67 €127.76 82
Growth DCF €80.05 €99.28 €122.38 80
Owner Earnings €86.38 €110.49 €140.95 78
All 25 models by family
DCF Models
FCF DCF best evidence €79.24 €100.67 €127.76 82
Owner Earnings €86.38 €110.49 €140.95 78
5Y Revenue Exit €104.52 €154.01 €215.93 73
5Y EBITDA Exit €143.52 €224.28 €316.13 75
5Y P/E Exit €118.08 €178.45 €239.60 71
10Y Revenue Exit €90.56 €130.15 €180.73 67
10Y EBITDA Exit €115.57 €173.84 €248.21 68
10Y P/E Exit €100.96 €145.35 €196.67 64
Earnings-Based
Graham-Dodd €58.01 €148.47 €193.21 65
PEG = 1.0 €27.77 €39.67 €51.57 57
EPV €95.01 €104.97 €113.27 74
Dividend Discount
Gordon GGM €22.34 €38.34 €55.43 67
DDM Multi-Stage €22.34 €32.17 €41.36 67
Multiples
P/E Multiple €140.76 €187.68 €234.60 63
P/S Multiple €108.77 €145.02 €181.28 58
P/B Multiple €108.77 €145.02 €181.28 55
EV/EBIT €204.79 €265.73 €326.66 66
EV/EBITDA €212.08 €275.44 €338.81 67
EV/Revenue €128.78 €174.56 €220.34 54
Asset-Based
NCAV (Graham) €33.33 €44.66 €66.66 54
Growth DCF
Growth DCF €80.05 €99.28 €122.38 80
Rev-Margin DCF €104.52 €154.11 €208.03 73
Economic Profit
Residual Income €59.28 €67.77 €113.89 74
ROIC Compounder €97.83 €112.30 €127.41 72
Growth Earnings
Growth-Adj P/E €108.84 €155.49 €202.14 67

Widest divergence: Multiples (€174.56) versus Dividend Discount (€32.17). Highest evidence: FCF DCF (82).

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Key figures & financial health

P/E ratio 13.6
P/S ratio 0.91 P/E × margin
EPS (TTM) €8.07 price ÷ EPS = P/E 13.6
Dividend yield 2.7% payout 37.2%
Net margin 6.7% FY2025
Return on equity 13.2% TTM
More key figures
Profitability
Return on assets (EBIT) 13.2% avg 5y
Operating margin 3.0% TTM
Growth
Revenue (TTM) €885M TTM
Revenue growth (YoY) +7.6% 3y avg +5.7%
EPS growth (YoY) +31.2%
Balance sheet & cash flow
Free cash flow €43.3M FY2025
Net cash €108M FY2025

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 66 · Market factors (momentum, volatility) 69

Profitability 64
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 45
Earnings quality: real cash, not paper profit
Fin. Strength 92
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 54
Price trend over the last 3–12 months (market factor)
52W Momentum 76
Distance to the 52-week high (market factor)
Net Issuance 94
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

CEWE Stiftung & Co. KGaA operates as a photo service and online printing provider in Germany and internationally. The company operates in three segments, Photofinishing; Commercial Online Printing; and Retail.

Full company description

CEWE Stiftung & Co. KGaA operates as a photo service and online printing provider in Germany and internationally. The company operates in three segments, Photofinishing; Commercial Online Printing; and Retail. It offers CEWE PHOTOBOOK, photo prints, posters and wall art, calendars, greeting cards, and photo gifts; and merchandising products and other corporate printed materials to businesses, agencies, and advertising service providers under the SAXOPRINT, viaprinto, and LASERLINE brands. The company also provides personalized photo products under the CEWE, Cheerz, DeinDesign, Pixum, and WhiteWall brands. In addition, it operates retail outlets and online shops that offers photo hardware, such as cameras, lenses, and photo accessories. CEWE Stiftung & Co. KGaA was founded in 1912 and is headquartered in Oldenburg, Germany.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CEWE Stiftung & Co. KGaA reported revenue of €865M in FY2025 versus €693M in FY2021, a compound +5.7%/yr. Reported net income was €58.0M in FY2025, compounding +4.4%/yr from FY2021.

Growth Quality 65/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€865M
Latest YoY
+3.8%
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.
+5.7%
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.
+3.5%
Avg. revenue growth/yr (23Y) 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.
+3.0%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+7.4% (4.7 + 2.7)
Revenue +5.7%/yr
FY21 €693M
FY22 €733M
FY23 €780M
FY24 €833M
FY25 €865M
Net income +4.4%/yr
FY21 €48.9M
FY22 €51.1M
FY23 €57.3M
FY24 €60.1M
FY25 €58.0M
Character of growth · EPS growth decomposed (2014-2025) +10.2 % p.a.
Revenue per share +4.7 %

of which total revenue +4.5 % · buybacks/dilution +0.2 %

EBIT margin +5.7 %
Tax rate +0.3 %
Residual (interest, one-offs) −0.8 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "CEWE Stiftung & Co. KGaA Fair Value". https://www.fairvalue-calculator.com/stock/CWC

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Personal Services · 39 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 66 · Above median
Fair Value upside +44% · Top 25%
Return on equity (TTM) 13% · Above median
Return on assets 10% · Top 25%
Net margin (TTM) 7% · Above median
Operating margin (TTM) 3% · Bottom 25%
Revenue growth 2% · Below median
Dividend yield (TTM) 2.7% · Below median

Valuation Multiples vs Personal Services median · lower = cheaper

P/E (TTM) 13.6× · Cheaper than median
P/B 1.62× · Pricier than median
P/S (TTM) 0.83× · Cheaper than median
P/FCF 17.0× · Pricier than 75% of peers
EV/EBITDA 4.0× · Cheaper than median
PEG 1.30× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE92 · sector 17
FUTURE9 · sector 21
PAST52 · sector 34
HEALTH100 · sector 91
DIVIDEND55 · sector 64

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

Stock Price Fair Value vs Fair Value
Rollins, Inc ROL $35.94 $21.11 −41%
Service Corporation SCI $81.43 $38.27 −53%
Frontdoor, Inc FTDR $82.59 $73.81 −11%
H&R Block, Inc HRB $52.67 $78.30 +49%
Bright Horizons Family Solutions Inc BFAM $70.29 $62.41 −11%
Fu Shou Yuan International Group 1448 HK$2.64 HK$4.22 +60%
Lungyen Life Service Corporation 5530 51.20 TWD 31.33 TWD −39%
Carriage Services, Inc CSV $34.26 $27.81 −19%
Musti Group MUSTI €15.10 €14.08 −7%
Propel Funeral Partners Limited PFP A$3.28 A$3.25 −1%

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Frequently asked questions

Is CEWE Stiftung & Co. KGaA (CWC) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of €157.28 versus a price of €109.40, about +44% upside (undervalued).
What is the fair value of CWC?
Our model-based fair value for CEWE Stiftung & Co. KGaA is €157.28 (as of Aug 13, 2026), built from audited fundamentals. The current price: €109.40.
What is the quality score of CWC?
CEWE Stiftung & Co. KGaA 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 revenue of CEWE Stiftung & Co. KGaA (CWC)?
CEWE Stiftung & Co. KGaA reported trailing-twelve-month revenue of about €885M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of CWC?
The net profit margin of CEWE Stiftung & Co. KGaA is about 6.5%, meaning it keeps roughly 6.5% of revenue as net income. Based on the latest reported figures.
Does CEWE Stiftung & Co. KGaA pay a dividend?
CEWE Stiftung & Co. KGaA currently shows a dividend yield of about 2.74% relative to its recent price (as of Aug 13, 2026).
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