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    Is NOS S.G.P.S (ENXTLS:NOS) A Bargain On Stronger Earnings?

    Simply Wall St·07/29/2026 08:18:51
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    NOS S.G.P.S (ENXTLS:NOS) has drawn fresh attention after reporting second quarter 2026 earnings, with net income of €77.5 million on sales of €458.3 million. Half year profit reached €139.5 million.

    See our latest analysis for NOS S.G.P.S.

    At a latest share price of €4.846, NOS S.G.P.S has seen short term share price pressure, with a 30 day share price return of down 6.63% and a 90 day share price return of down 12.61%. However, the year to date share price return of 19.80% and 1 year total shareholder return of 44.68% indicate momentum that longer term investors will be watching closely in light of the stronger profit figures.

    If these earnings have you thinking about where else growth and income stories could emerge next, it is worth scanning the market using our screener of 106 top founder-led companies

    NOS S.G.P.S has just reported stronger profit on relatively flat sales, and the share price has pulled back in the short term after a strong 1 year run. Does that combination leave the stock looking expensive or still reasonably priced today?

    Most Popular Narrative: 73% Undervalued

    The most followed narrative on NOS S.G.P.S sees fair value at about €4.85 per share, which is close to the latest close of €4.846, yet still framed as materially below an intrinsic value estimate based on future cash flows and earnings assumptions.

    Analysts expect earnings to reach €242.8 million (and earnings per share of €0.46) by about July 2029, down from €248.8 million today. However, there is a considerable amount of disagreement amongst the analysts with the most bullish expecting €289.7 million in earnings, and the most bearish expecting €218.4 million.

    Read the complete narrative.

    Want to understand why NOS S.G.P.S could screen as significantly undervalued even with earnings expected to soften and margins adjusted lower over time? The key is how this narrative blends modest revenue growth, slightly leaner profitability and a re rated future P/E into one discounted cash flow view that still lands near the current share price, while a separate DCF output points to a much higher intrinsic figure.

    Result: Fair Value of €4.85 (UNDERVALUED)

    Have a read of the narrative in full and understand what's behind the forecasts.

    However, this NOS S.G.P.S narrative depends on discount brands not eroding ARPU too far and on Audiovisuals and Cinema avoiding a prolonged weak blockbuster pipeline.

    Find out about the key risks to this NOS S.G.P.S narrative.

    Another View on NOS S.G.P.S Using Earnings Multiples

    The DCF narrative around NOS S.G.P.S points to a wide gap between intrinsic value and the current share price. Yet on a simpler earnings multiple, NOS trades on a P/E of 9.3x versus 17.9x for the broader European telecom industry and 28.4x for peers. That is a large discount. Is the market pricing in too much risk here, or are these multiples a reminder to stay cautious?

    For a closer look at how these earnings multiples stack up against peers and what that might mean for valuation risk, See what the numbers say about this price — find out in our valuation breakdown.

    ENXTLS:NOS P/E Ratio as at Jul 2026
    ENXTLS:NOS P/E Ratio as at Jul 2026

    Next Steps

    With NOS S.G.P.S drawing mixed sentiment in this article, it makes sense to review the data yourself and decide quickly where you stand. To weigh both the concerns and the potential upside in one place, take a look at the 2 key rewards and 3 important warning signs.

    Looking for more investment ideas beyond NOS S.G.P.S?

    If NOS S.G.P.S has sharpened your focus on valuations and earnings quality, consider widening your watchlist now so you do not miss other potential opportunities.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.