KAP AG (IUR) Fair Value & Analysis
Industrials · DE · Market cap €15.0M · ISIN DE0006208408
What is KAP AG really worth?
Below-average quality, trading 32% below our fair value of €2.37.
Risks
Fair value as of: Sep 5, 2026
From 2 valuation models · updated today
Share price −12.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The large discount to fair value meets weak quality (35/100). That raises the risk this is a value trap rather than a bargain.
- The price is below even our cautious bear case (€2.29). The market is more pessimistic than our downside scenario.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- A fairly wide model range (€2.29 to €5.26) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.
How to read this chart
60‑month range €1.40 – €22.58 · fair‑value band €2.29 – €5.26 · the €1.61 price screens below the €2.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.
Analysis
KAP AG (IUR) currently trades at €1.61, while our model-based Fair Value estimate is €2.37, implying the stock looks roughly 32.1% undervalued today. The Quality Score stands at 35/100 (below-average quality), in the Industrials sector. How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the evidence level at low.
Over the trailing twelve months, KAP AG generated revenue of €241M at a net margin of −28.0%. Revenue declined 6.3% year over year. It earns a return on equity of −81.4%. Net debt stands at €71.3M. Fundamentals as of Sep 5, 2026
Our scenario range runs from €2.29 (bear case) to €5.26 (bull case); at €1.61, the current price sits below 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. For context, the median of 10 Industrials peers we cover trades at 11% fair-value upside, at 47%, IUR screens cheaper than that median.
Fair Value models
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.
All 2 models by family
Widest divergence: Multiples (€14.79) versus Asset-Based (€4.06). Highest evidence: EV/EBITDA (67).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 32 · Market factors (momentum, volatility) 21
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
KAP AG, provides flexible films in Germany, Rest of Europe, North/South America, Asia and Pacific, and internationally. It operates through three segments: Flexible Films, Engineered Products, and Surface Technologies.
Full company description
KAP AG, provides flexible films in Germany, Rest of Europe, North/South America, Asia and Pacific, and internationally. It operates through three segments: Flexible Films, Engineered Products, and Surface Technologies. The Flexible Films segment produce and distribute flexible films for various applications, such as solutions for technical waterproofing, high-tech screens, event flooring, outdoor laminates, and high-quality, design-oriented membranes for pool, and swimming pool construction. The Engineered Products segment develops, produces, and sells technical textiles that are used in industrial and automotive, agricultural, hoses in construction industry; air springs in road and rail transport; reinforcement of flexible pipelines in the oil and gas industry; the sealing of insulin packages in the pharmaceutical industry; bulletproof vests for the security traffic, and bulletproof vests for the security industry, as well as reinforcement elements in rubber products such as conveyor belts and brake membranes, and carrier materials for coated end products. The Surface Technologies segment provides surface treatments for metallic materials, such as aluminum, magnesium, die-casting and steel used by furniture industry, food industry, mechanical engineering, electrical engineering industry and the automotive sector. It is also involved in the development and manufacture of membranes, tarpaulins, reinforced pool liners, and high-end projection screens. The company was formerly known as KAP Beteiligungs-AG and changed its name to KAP AG in July 2018. KAP AG was incorporated in 2010 and is headquartered in Fulda, Germany.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
KAP AG reported revenue of €241M in FY2025 versus €346M in FY2021, a compound −8.6%/yr. Reported net income was −€67.5M in FY2025.
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Peer Group
Conglomerates · 375 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.
Valuation Multiples vs Conglomerates median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Conglomerates stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
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|---|---|---|---|
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| SK Inc 034730 | 553,000 KRW | 615,077 KRW | +11% |
| PT Astra International Tbk, ASII | 4,800 IDR | 9,600 IDR | +100% |
| Jardine Matheson Holdings J36 | $59.10 | $79.11 | +34% |
| Kingboard Holdings 0148 | HK$45.52 | HK$32.91 | −28% |
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