Mister Spex SE
XETRA:MRX

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Mister Spex SE Logo
Mister Spex SE
XETRA:MRX
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Price: 1.995 EUR 5.28%
Market Cap: 68m EUR
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Intrinsic Value

MRX's intrinsic value estimate is unreliable because it is based only on its multiples and doesn't use a DCF valuation.

The intrinsic value of one MRX stock under the Base Case scenario is 3.229 EUR. Compared to the current market price of 1.995 EUR, Mister Spex SE is Undervalued by 38%.

The Intrinsic Value is calculated as the average of DCF and Relative values:

MRX Intrinsic Value
3.229 EUR
Undervaluation 38%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
Mister Spex SE

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Backtest Conclusion
Very Attractive
Current Valuation
+45%
Avg Valuation
-12%
Worst Valuation
-49%
Best Valuation
+45%

Stock is trading at its lowest valuation over the past 5 years.

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Fundamental Analysis

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Financials
Annual
Quarterly
TTM
Annual
Quarterly
TTM

Balance Sheet Decomposition
Mister Spex SE

Current Assets 154.7m
Cash & Short-Term Investments 4.5m
Receivables 99.9m
Other Current Assets 50.3m
Non-Current Assets 111.7m
Long-Term Investments 3.6m
PP&E 82.8m
Intangibles 25.3m
Current Liabilities 56.1m
Accounts Payable 20m
Other Current Liabilities 36m
Non-Current Liabilities 70.6m
Long-Term Debt 64.6m
Other Non-Current Liabilities 6m
Efficiency

Earnings Waterfall
Mister Spex SE

Revenue
225.1m EUR
Cost of Revenue
-108.1m EUR
Gross Profit
116.9m EUR
Operating Expenses
-165.7m EUR
Operating Income
-48.8m EUR
Other Expenses
148k EUR
Net Income
-48.6m EUR

Free Cash Flow Analysis
Mister Spex SE

Last Value
3-Years Average
FCF Margin
Conversion Rate
Earnings Calls

Mister Spex experienced a 2% year-on-year revenue growth in Q1 2024, with Germany outperforming at 5%. The company achieved a significant improvement in free cash flow, reducing it to minus EUR 5 million from minus EUR 16 million in Q1 2023. While prescription glasses dipped by 1%, sunglasses saw substantial growth due to favorable weather. Looking ahead, the company anticipates revenue recovery driven by improved performance in April and May. The strategic focus remains on expanding the product assortment, optimizing retail operations, and maintaining cost efficiency. Despite a 1.6% drop in gross margins, Mister Spex reduced personnel costs by 0.7% and marketing expenses by 1.7%.

What is Earnings Call?
Fundamental Scores

MRX Profitability Score
Profitability Due Diligence

Mister Spex SE's profitability score is 23/100. The higher the profitability score, the more profitable the company is.

Positive Gross Profit
Positive Revenue Growth Forecast
Positive 1-Year Revenue Growth
Negative Operating Income
23/100
Profitability
Score

Mister Spex SE's profitability score is 23/100. The higher the profitability score, the more profitable the company is.

MRX Solvency Score
Solvency Due Diligence

Mister Spex SE's solvency score is 33/100. The higher the solvency score, the more solvent the company is.

Short-Term Solvency
Low D/E
Long-Term Solvency
Positive Net Debt
33/100
Solvency
Score

Mister Spex SE's solvency score is 33/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

MRX Price Targets Summary
Mister Spex SE

Wall Street analysts forecast MRX stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for MRX is 5.738 EUR with a low forecast of 2.323 EUR and a high forecast of 7.35 EUR.

Lowest
Price Target
2.323 EUR
16% Upside
Average
Price Target
5.738 EUR
188% Upside
Highest
Price Target
7.35 EUR
268% Upside
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Dividends

Mister Spex SE
does not pay dividends
Shareholder Yield

Current shareholder yield for MRX is .

Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?

Shareholder Yield
Dividend Yield
No dividends
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Debt Paydown Yield
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Profile

Mister Spex SE Logo
Mister Spex SE

Country

Germany

Industry

Retail

Market Cap

64.6m EUR

Dividend Yield

0%

Description

Mister Spex SE operates an online shopping portal that sells eyewear and glasses. The company is headquartered in Berlin, Berlin. The company went IPO on 2021-07-02. The company also sells ski goggles for skiing, running, beach volleyball, golf, outdoor and water sports. The brands promoted by the Company include Ray-Ban, Mexx, Boss Orange, Gucci, Tommy Hilfiger, Tom Ford, Marc O’Polo, Titanflex, Prada, Oakley, Ralph Lauren, Lacoste, D&G, ck Calvin Klein, Police, BOSS, Escada, Marc Jacobs, Ryan Belluni and Prada, among others. In addition, through the contact lens distributor Lensit.

Contact

BERLIN
Berlin
Greifswalder Strasse 156
+493032500050.0
www.misterspex.de

IPO

2021-07-02

Employees

824

Officers

Chief Human Resource Officer & Member of Management Board
Ms. Maren Kroll
Interim CEO, CFO & Chairman of Management Board
Mr. Stephan Schulz-Gohritz
Chief Operating Officer
Andreas Kretschmer
Head of Investor Relations
Irina Zhurba
C.C.O.
Mr. Francesco Liut

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Discover More
What is the Intrinsic Value of one MRX stock?

The intrinsic value of one MRX stock under the Base Case scenario is 3.229 EUR.

Is MRX stock undervalued or overvalued?

Compared to the current market price of 1.995 EUR, Mister Spex SE is Undervalued by 38%.

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