FRoSTA Aktiengesellschaft

NLM.F · Consumer Defensive · Packaged Foods · Valued as of 2026-11-05 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

640.66M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

609.39M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

477.21M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

575.76M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

838.22M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.69×

the ratio the screener ranks by

Margin of Safety

-45.6%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 640.66M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)517.45M USD
+②Net Cash Today123.21M USD
+③Growth Value0 USD
=Value640.66M USD

EPV of the Operations (NOPAT over WACC)

517.45M USD

Net cash today

+123.21M USD

Growth Value

0 USD

Value

640.66M USD

①EPV (Earnings Power Value)

517.45M USD

②Net Cash Today

123.21M USD

③Growth Value

0 USD

Market value

Market Cap838.22M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-30.8%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 609.39M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE369.14M USD
+②Equity at Year 15, Today240.25M USD
=Value609.39M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

369.14M USD

②Equity at Year 15, Today

240.25M USD

Market value

Market Cap838.22M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-37.5%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 477.21M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF306.50M USD
+②Invested Capital at Year 15, Today47.50M USD
+③Net Cash Today123.21M USD
=Value477.21M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

306.50M USD

②Invested Capital at Year 15, Today

47.50M USD

③Net Cash Today

123.21M USD

Market value

Market Cap838.22M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-75.6%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 8.32%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.65×Market Risk Premium 6.00%= 8.38%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 17.43M USDPretax Income 60.96M USD= 28.58%

The tax the interest saves.

Interest Expense =EBIT 62.00M USD−Pretax Income 60.96M USD= 1.03M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 1.03M USDTotal Debt 14.26M USD×(1 − Tax Rate for WACC 28.58%)= 5.18%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 14.26M USDMarket Cap + Total Debt 838.22M USD + 14.26M USD= 1.67%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 98.33%×Cost of Equity 8.38%+Debt Weight 1.67%×Cost of Debt 5.18%= 8.32%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2025-12-31.

Total Assets 588.07M USD − Total Liabilities 256.14M USD = Book Value Today 331.93M USD

Total Debt 14.26M USD − Cash and Short-Term Investments 137.47M USD = Net Debt Today -123.21M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 10.0%at most 5%passes6,807,619 / 6,806,699
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets2.1%at least -10.0%passes(55.77M USD − 43.54M USD) ÷ 588.07M USD
Price to bookMarket Cap ÷ Book Value Today2.53×at most 3×passes838.22M USD ÷ 331.93M USD
Operating marginOperating Income ÷ Revenue8.0%above 10.0%does not pass64.10M USD ÷ 801.43M USD
Revenue growthRevenue ÷ Revenue a Year Before − 120.6%above 10.0%passes801.43M USD / 664.63M USD
Net cash(Cash − Total Debt) ÷ Market Cap14.7%above -30%passes(137.47M USD − 14.26M USD) ÷ 838.22M USD
Operating efficiencyOperating Income ÷ Gross Profit16.2%above 25.0%does not pass64.10M USD ÷ 396.00M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

109.61 EUR

Enterprise value

673.25M EUR

the provider's own figure

EV / EBITDA

9.05×

Price / book

2.64×

the provider's book

Price / earnings

19.91×

Return on equity

13.8%

the provider's figure, not this page's

Profit margin

5.2%

Revenue growth

11.7%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

617.96M708.50M664.63M801.43M

Gross profit

247.82M297.55M320.51M396.00M

Operating income

34.16M52.39M62.22M64.10M

EBITDA

operating income before depreciation and amortisation

58.58M76.61M85.47M86.01M

Pretax income

36.19M52.68M63.17M60.96M

Net income

25.94M37.72M43.72M43.54M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

25.82M37.83M44.18M44.00M

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

408.47M480.11M479.79M588.07M

Total liabilities

189.44M222.87M207.86M256.14M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

219.04M257.24M271.92M331.93M

Total debt

45.37M23.09M16.72M14.26M

Cash and equivalents

1.18M74.32M115.35M137.47M

Net PP&E

fixed assets after depreciation

119.63M124.91M111.66M129.52M

Working capital

current assets less current liabilities

163.50M220.47M246.63M298.66M
Cash flow (USD)2022202320242025

Operating cash flow

-2.23M131.04M76.12M55.77M

Capital expenditure

paid out, so below zero

-22.55M-21.67M-13.78M-26.64M

Depreciation and amortisation

21.69M22.69M21.26M24.01M

Free cash flow

operating cash flow plus capital expenditure

-24.78M109.37M62.34M29.13M