Deep Value: cash covers more than 100% of the stock price

This company holds roughly $987M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Mbb Se

MBB.DE

Conglomerates · Industrials

Also trades as: 0J7X.L

Price

€184.60

-2.40 (-1.28%)

Market Cap

€665.2M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 12, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

−9.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 5.9M (2021) → 5.3M (2025)

MBB SE is a German holding company that owns and operates a collection of mid-sized industrial and technology businesses. Its subsidiaries work in areas like engineering, automation, and technical services, selling mainly to industrial customers across Europe. The company is headquartered in Berlin and focuses on acquiring family-owned German businesses that need a long-term owner.

MBB makes money through the revenues of its subsidiary companies, which sell products and services directly to their customers — not through subscriptions or software licenses. It operates primarily in Germany and the broader European market, with a market cap of around €600 million. Its competitive edge comes from a disciplined acquisition strategy targeting stable, cash-generating businesses at reasonable prices, similar to a small-scale version of Berkshire Hathaway. The key risk is that growth depends heavily on finding and integrating new acquisitions at attractive valuations, which becomes harder as competition for quality mid-market businesses in Germany increases.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-8.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+43.6% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$1M/ year

0.1% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

75.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~6 years

$855M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$855M cash & investments at current burn rate

Revenue declining

Mbb Se's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

17.8%

Thin — 17.8% gross margin

Operating Margin

7.0%

Modest — 7.0% operating margin

ROCE

2.3%

Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+2.2%

Nearly flat sales (+2.2% YoY)

EPS YoY

+43.1%

Earnings growing fast (+43.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

519%

Turns 519% of profit into real cash

FCF Margin

17.5%

Converts sales into free cash efficiently (17.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.05

Conservative — low debt load (0.05)

Interest Cover

32.44x

Comfortably covers interest (32.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

18.5x

Fair value — P/E 18.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.5

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

0.63%

Small dividend — 0.63% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+55.2%

Dividend growing fast (55.2% YoY)

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