Communication Services · Publishing · XETRA · Germany
€6.12+0.66%
Market cap €80MNext earnings 2025-07-15Updated Oct 22, 2026
Our verdict
Close to our fair value
Price
€6.12
Model fair valueConfidence: good
€6.42
Model range
€2.34 to €9.16
Fair value €6.42
Price €6.12
5 models fit Bastei Lübbe AG and they partly agree: 3 of 5 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Bronze51
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionBastei Lübbe AG (BST.DE)
Fair value (5 models)
€6.42
ACCE price target
€6.65
Rating
Fairly valued
Horizon
12 months
Fair value published on 22 Oct 2026, 14:04 CEST.
ACCE price target published on 23 Oct 2026, 01:53 CEST.
Rating published on 22 Oct 2026, 14:04 CEST.
Price used: €6.12 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
4.7% below
+4.9% to fair value
ACCE score
51
out of 100
P/E
13.0x
forward 9.6x
1-year return
-31.1%
Dividend yield
4.06%
Bastei Lübbe AG in four questions
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Overview
ACCE thesis
Bastei Lübbe is a German trade publisher whose fiction and non-fiction lists, including its Bastei Entertainment and Lübbe imprints, feed both print and digital e-book channels. Its edge is a deep catalogue of genre titles and a self-publishing platform that lets it add authors without rising editorial cost, which helps explain the 47.0% gross margin. Revenue is growing 7.0% a year, and the stock trades at 12.9 times trailing earnings and 9.6 times forward earnings, a gap that implies the market expects earnings to rise. The thin 3.3% operating margin and 9.3% return on equity mean the upside depends on operating leverage actually showing up in the numbers, which is the main thing to test. At an 80M EUR market cap with no index membership, the name is small and under-followed enough that a deeper look at the margin trajectory is worth the time.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Earnings declining despite revenue growth
Revenue grew 7.0% year over year, yet earnings fell 10.1%, so profit is not keeping pace with sales. Operating margin of 3.3% leaves little room for further squeeze.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Revenue grew 7.0% year over year, ahead of the 5.0% average annual growth over the past five years.
The stock trades at a forward P/E of 10.7x, well below the sector median of 16.5x.
The stock trades 4.7% below the model fair value of €6.42, and the dividend yield is 4.1%.
Why it could disappoint
Free cash flow over the last twelve months was only EUR 9M, a thin cushion for a company earning a 5.2% net margin.
Return on equity of 9.3% is modest, and the diluted share count rose 1.0% last fiscal year.
The price implies only 1.9% yearly cash flow growth over five years, while the DCF uses a 5.1% risk-free rate.
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Valuation
INVESTOR
Where BST.DE's valuation models land
Price
€6.12
Model fair value
€6.42
Model range
€2.34 to €9.16
Fair value €6.42
Price €6.12
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
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