5 models fit WashTec AG and they disagree: 1 of 5 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionWashTec AG (WSU.DE)
Fair value (5 models)
€35.28
ACCE price target
€36.00
Rating
Fairly valued
Horizon
12 months
Fair value published on 22 Oct 2026, 13:04 CEST.
ACCE price target published on 23 Oct 2026, 01:53 CEST.
Rating published on 22 Oct 2026, 13:04 CEST.
Price used: €33.80 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
4.2% below
+4.4% to fair value
ACCE score
58
out of 100
P/E
14.7x
forward 11.8x
1-year return
-17.2%
Dividend yield
7.42%
WashTec AG in four questions
Plain answers, details below
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Overview
ACCE thesis
WashTec makes car wash systems, from tunnel washes and drive-through installations to the chemicals and service contracts that run them, with a large installed base across Europe and North America. Its moat is recurring: once a tunnel is installed, operators buy consumables, spare parts and maintenance for years, and that service revenue gives the business steadier cash flow than the capital equipment sales alone would suggest. Revenue grew 10.4% and the company is priced at 14.5 times trailing earnings and 11.6 times forward, so the market is paying a modest multiple for a business with a 50.2% return on equity and a 9.7% operating margin, though the gap between gross and operating margin (31.2% versus 9.7%) is wide enough that the next question is where the cost base is heading. The return on equity looks unusually high for a company of this size, which makes the balance sheet and leverage worth checking before anything else. With no index membership and a market cap of roughly 442M EUR, this is a small, under-followed name where a deeper look at order intake, service revenue mix and margin trajectory would tell us whether the discount is earned.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Thin free cash flow
FCF of $39M against a EUR 448M market cap is a modest cash yield, and debt/equity of 0.85 leaves less room to absorb a cyclical downturn in machinery orders.
moderate
Operating margin modest
A 9.7% operating margin and 6.0% net margin sit well below the 31.2% gross margin, so most of the gross profit is consumed by operating costs.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 10.4% year over year, ahead of the 5.7% average annual growth over the last five years.
Return on equity is 50.2% and return on invested capital is 16.6%, both high for an industrial company.
The stock trades at 12.5x forward earnings against a sector median of 22.9x, and the dividend yield is 7.5%.
Why it could disappoint
The 6.0% net margin is thin, and free cash flow over the last twelve months was only EUR 39M.
Model fair value of €35.28 sits 4.2% above the share price, and the price implies only 2.5% yearly cash flow growth.
Debt to equity of 0.85 leaves the balance sheet more leveraged than the strong return on equity alone suggests.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 3, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where WSU.DE's valuation models land
Price
€33.80
Model fair value
€35.28
Model range
€17.69 to €52.43
Fair value €35.28
Price €33.80
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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