Gas Plus stock: fair value
GSP.MIThe fair value of Gas Plus under our model is $25.34, the price is 70% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Significantly undervaluedIn our model the price counts as cheap below $18.10 and expensive above $42.23 (uncertainty high, based on the price swings of the past year).
The two parts of the fair value come to $43.73 (cash-flow model) and $6.94 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 8.9%. At 9.9% the fair value would be $21.74, at 7.9% it would be $30.60.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (11.1).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 3.5%. Discounted at 8.9% (government bond yield 3.5% plus beta 0.8 times a risk premium of 6.7%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $43.73 per share: free cash flow for the next ten years, each year discounted to today at 8.9%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 8.9%) |
|---|---|---|---|---|
| 2026 | $71.97M | extrapolated at 24.3% | 0.9186 | $66.11M |
| 2027 | $84.96M | extrapolated at 18.1% | 0.8438 | $71.69M |
| 2028 | $96.58M | extrapolated at 13.7% | 0.7751 | $74.86M |
| 2029 | $106.85M | extrapolated at 10.6% | 0.7120 | $76.08M |
| 2030 | $115.93M | extrapolated at 8.5% | 0.6541 | $75.83M |
| 2031 | $124.05M | extrapolated at 7.0% | 0.6008 | $74.53M |
| 2032 | $131.43M | extrapolated at 5.9% | 0.5519 | $72.54M |
| 2033 | $138.29M | extrapolated at 5.2% | 0.5070 | $70.11M |
| 2034 | $144.8M | extrapolated at 4.7% | 0.4657 | $67.43M |
| 2035 | $151.1M | extrapolated at 4.4% | 0.4278 | $64.64M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $713.81M |
| Terminal value: cash flow 2035 × (1 + 3.5%) / (8.9% − 3.5%) | $2.92B |
| Present value of terminal value (× 0.4278) | $1.25B |
| Equity value (sum plus present value of terminal value) | $1.96B |
| Shares (diluted) | 44.91M |
| Value per share (equity value divided by shares) | $43.73 |
| Earnings per share, last twelve months | $0.63 |
| × 11.1 (industry P/E) | $6.94 |
| Fair value (average of both parts) | $25.34 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = €0.9024)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 30 Apr 2024)
- Valuation signal Undervalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.