Tradegate AG (T2G) Fair Value & Analysis
Financial Services · DE · Market cap €2.0B · ISIN DE0005216907
What is Tradegate AG really worth?
A strong business, but trading 196% above our fair value of €27.34.
Strengths
Risks
For context
Fair value as of: Aug 20, 2026
From 11 valuation models · updated 15 days ago
Share price −3.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 82/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The model range is unusually wide (€20.50 to €102.07). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.
How to read this chart
60‑month range €79.61 – €115.02 · fair‑value band €20.50 – €102.07 · the €81.00 price screens above the €27.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.
Analysis
Tradegate AG (T2G) currently trades at €81.00, while our model-based Fair Value estimate is €27.34, implying the stock looks roughly 196.3% overvalued today. The Quality Score stands at 82/100 (high quality), in the Financial Services sector. Bull case: the DCF Models group reads highest at a median of €53.77 per share, and 1 of the 11 models we run sit above the €81.00 price. Bear case: the Asset-Based group reads lowest at €4.24, and 10 of the 11 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Tradegate AG generated revenue of €189M at a net margin of 27.2%. Revenue grew 36.5% year over year. It earns a return on equity of 35.8%. The stock trades on a trailing P/E of 38.6. Fundamentals as of Aug 20, 2026
Our scenario range runs from €20.50 (bear case) to €102.07 (bull case); at €81.00, 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 about 11% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −37% fair-value upside, at −66%, T2G screens richer 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 €0.4060 per share, which is 1.5 % 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.
All 11 models by family
Widest divergence: DCF Models (€53.77) versus Asset-Based (€4.24). Highest evidence: Growth DCF (69).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 73 · Market factors (momentum, volatility) 50
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
Tradegate AG Wertpapierhandelsbank provides various financial services in Germany. The company operates as a market specialist on the Tradegate Exchange and the Frankfurt Stock Exchange; order book manager on the Berlin Stock Exchange; and market maker on the EuroTLX (Italy).
Full company description
Tradegate AG Wertpapierhandelsbank provides various financial services in Germany. The company operates as a market specialist on the Tradegate Exchange and the Frankfurt Stock Exchange; order book manager on the Berlin Stock Exchange; and market maker on the EuroTLX (Italy). It also issues mini-futures certificates for liquid shares; and offers lending services, as well as operates tradegate.direct, a trading platform. The company was founded in 1986 and is headquartered in Berlin, Germany. Tradegate AG Wertpapierhandelsbank is a subsidiary of Berliner Effektengesellschaft AG.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Tradegate AG reported revenue of €190M in FY2025 versus €249M in FY2021, a compound −6.5%/yr. Reported net income was €51.3M in FY2025, compounding −16.2%/yr from FY2021.
T2G screens 196% overvalued. Compare with Morgan Stanley, a financial holding company, →
Peer Group
Capital Markets · 453 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 Capital Markets 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.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Morgan Stanley, a financial holding company, MS | $214.77 | $138.97 | −35% |
| The Goldman Sachs Group GS | $1,034 | $756.89 | −27% |
| The Charles Schwab Corporation SCHW | $110.16 | $66.17 | −40% |
| Robinhood Markets, Inc HOOD | $104.26 | $30.94 | −70% |
| Macquarie Group MQG | A$251.87 | A$75.58 | −70% |
| CITIC Securities Company 600030 | ¥27.93 | ¥17.68 | −37% |
| Guotai Haitong Securities Co 601211 | ¥17.87 | ¥18.62 | +4% |
| East Money Information Co 300059 | ¥19.42 | ¥4.77 | −75% |
| CSC Financial Co 601066 | ¥25.78 | ¥14.17 | −45% |
| Huatai Securities Co 601688 | ¥19.56 | ¥19.26 | −2% |
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