S

Substrate Artificial Inteligence SA
MAD:SAI

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Substrate Artificial Inteligence SA
MAD:SAI
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Price: 0.0484 EUR 2.76% Market Closed
Market Cap: €23.3m

P/S

1.2
Current
73%
Cheaper
vs 3-y average of 4.6

Price to Sales (P/S) ratio shows how much investors pay for each dollar of a company`s sales. It`s calculated by dividing the company`s market value by its total revenue.

P/S
1.2
=
Market Cap
€28.9m
/
Revenue
€18.7m

Price to Sales (P/S) ratio shows how much investors pay for each dollar of a company`s sales. It`s calculated by dividing the company`s market value by its total revenue.

P/S
1.2
=
Market Cap
€28.9m
/
Revenue
€18.7m

Valuation Scenarios

Substrate Artificial Inteligence SA is trading below its 3-year average

If P/S returns to its 3-Year Average (4.6), the stock would be worth €0.18 (271% upside from current price).

Statistics
Positive Scenarios
4/4
Maximum Downside
No Downside Scenarios
Maximum Upside
+523%
Average Upside
269%
Scenario P/S Value Implied Price Upside/Downside
Current Multiple 1.2 €0.05
0%
3-Year Average 4.6 €0.18
+271%
5-Year Average 4.6 €0.18
+271%
Industry Average 7.8 €0.3
+523%
Country Average 1.4 €0.05
+11%

Forward P/S
Today’s price vs future revenue

Today's Market Cap Revenue Forward P/S
€28.9m
/
Jul 2025
€18.7m
=
1.2
Current
€28.9m
/
Dec 2025
€18.5m
=
1.6
Forward
€28.9m
/
Dec 2026
€22.7m
=
1.3
Forward
€28.9m
/
Dec 2027
€22.3m
=
1.3
Forward

Forward P/S shows whether today’s P/S still looks high or low once future revenue are taken into account.

Peer Comparison

All Multiples
P/S
P/E
All Countries
Close
P/S Multiple
Revenue Growth P/S to Growth
ES
S
Substrate Artificial Inteligence SA
MAD:SAI
Average P/S: 63.2
1.2
8%
0.2
US
G
GE Vernova LLC
NYSE:GEV
Not Available
15%
N/A
UK
E
Eight Capital Partners PLC
F:ECS
Not Available N/A N/A
US
C
China Industrial Group Inc
OTC:CIND
351.6
N/A N/A
NL
N
Nepi Rockcastle NV
JSE:NRP
5.6
-3%
N/A
US
F
Fintech Ecosystem Development Corp
NASDAQ:FEXD
Not Available N/A N/A
US
C
CoreWeave Inc
NASDAQ:CRWV
Not Available
88%
N/A
CH
G
Galderma Group AG
SIX:GALD
Not Available
18%
N/A
US
Coupang Inc
F:788
1.1
12%
0.1
US
Symbotic Inc
NASDAQ:SYM
14.4
26%
0.6
ZA
V
Vukile Property Fund Ltd
JSE:VKE
5.6
-24%
N/A
P/E Multiple
Earnings Growth PEG
ES
S
Substrate Artificial Inteligence SA
MAD:SAI
Average P/E: 7 041.8
3.1
N/A N/A
US
G
GE Vernova LLC
NYSE:GEV
Not Available
19%
N/A
UK
E
Eight Capital Partners PLC
F:ECS
Not Available N/A N/A
US
C
China Industrial Group Inc
OTC:CIND
4 020.7
N/A N/A
NL
N
Nepi Rockcastle NV
JSE:NRP
10.4
1%
10.4
US
F
Fintech Ecosystem Development Corp
NASDAQ:FEXD
38 034.1
N/A N/A
US
C
CoreWeave Inc
NASDAQ:CRWV
Not Available N/A N/A
CH
G
Galderma Group AG
SIX:GALD
Not Available
47%
N/A
US
Coupang Inc
F:788
175.7
96%
1.8
US
Symbotic Inc
NASDAQ:SYM
Negative Multiple: -3 171.8 N/A N/A
ZA
V
Vukile Property Fund Ltd
JSE:VKE
6.8
-5%
N/A

Market Distribution

In line with most companies in Spain
Percentile
48th
Based on 675 companies
48th percentile
1.2
Low
0.1 — 0.6
Typical Range
0.6 — 2.6
High
2.6 —
Distribution Statistics
Spain
Min 0.1
30th Percentile 0.6
Median 1.4
70th Percentile 2.6
Max 697.2

Substrate Artificial Inteligence SA
Glance View

Market Cap
23.3m EUR
Industry
N/A

Substrate Artificial Inteligence SA operates as an artificial intelligence software company. The company is headquartered in Madrid, Madrid and currently employs 54 full-time employees. The company went IPO on 2022-05-17. The firm's activities include Computer programming, The design of structures and the content and the writing of the computer code necessary to create and implement: Programs for systems, Computer applications, Databases, Web pages (including patches and updates). The firm works towards client's customized software requirements. Furthermore The Company provides preparation of investment reports and financial analyses or other forms of general, non-customized recommendations relating to transactions in financial instruments, and financial mediation services, including the channeling of such transactions, taking all the necessary steps with the authorities, entities, financial intermediaries and notaries that must intervene, including the control and follow-up of the actions.

SAI Intrinsic Value
0.0775 EUR
Undervaluation 38%
Intrinsic Value
Price €0.0484
S
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