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German holding company that acquires and permanently holds niche vertical-market software businesses, modeled on Constellation Software.
German holding company that acquires and permanently holds niche vertical-market software businesses, modeled on Constellation Software.
In one line: A German mini Constellation Software.
Moat: narrow (switching costs, scale). Portfolio of sticky, niche vertical-software businesses with high customer switching costs, but success depends on ongoing acquisition discipline.
Headquarters: Berlin, Germany · Founded: 2020
Size CHAPTERS (CHG.DE) is a Germany Information Technology company (Packaged Software) with a market value of $1.30B, the 130th largest of 205 Germany companies the cockpit tracks. Shares closed at €45.65 on 6 Nov 2026.
Performance Over six months the shares gained 48.2%, against -4.0% for the median peer and +2.6% for the Germany market (cap-weighted) — 5th highest of 18 in its peer set.
Growth Revenue grew 63.3% over the last twelve months (peer median +10.7%); the operating margin is -21.3% (peer median 5.7%).
Valuation It trades at 294.5× forward earnings against a peer median of 16.3× (most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 44% a year for seven years (Req g). Recent delivered growth is +179%, so the hurdle is -135 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.0 points below its cost of capital (5.8% WACC).
Next results Next results expected around 27 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €215M | €181M | €111M | €70.8M | €42.1M |
| Revenue growth | — | +63% | +56% | +68% | — |
| Gross profit | -€5.09M | -€12.2M | €12.4M | €8.38M | €6.84M |
| EBITDA | €16.4M | -€2.40M | €8.06M | €6.36M | €3.73M |
| Net income | -€34.7M | -€29.6M | -€11.5M | -€4.08M | -€5.89M |
| Free cash flow | €6.92M | €7.02M | €6.24M | €5.55M | €4.21M |
| Capital expenditure | €3.08M | €3.33M | €4.50M | €3.56M | €2.02M |
| Total debt | n/a | €248M | €73.6M | €69.3M | €25.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| CHAPTERS CHG.DE | $1.30B | +48% | +63% | -21% | 294.5× | 43.9% |
| Constellation Software CSU.TO | $53.3B | +37% | +17% | 16% | 19.7× | 11.2% |
| Vitec Software VIT-B.ST | $1.22B | +18% | +6% | 21% | 24.0× | 3.8% |
| Nemetschek NEM.DE | $8.39B | +10% | +13% | 26% | 29.9× | 11.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CHG.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.6% | -3.8% | 2nd highest of 21 |
| 6-month return | +48.2% | -4.0% | 5th highest of 18 |
| Distance from 52-week high | -8.1% | -33.4% | highest of 21 |
| Revenue growth (TTM) | +63.3% | +10.7% | 2nd highest of 21 |
| Operating margin | -21.3% | 5.7% | 5th lowest of 21 |
| Forward P/E | 294.5× | 16.3× | most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 43.9% | 14.3% | most demanding of 13 |
| Growth delivered (Del g) | +178.6% | +16.8% | highest of 13 |
| Hurdle (Req g minus delivered) | -134.7 pp | -0.5 pp | least demanding of 13 |
| ROIC minus cost of capital | -12.0 pp | -5.1 pp | 8th lowest of 21 |
| EV / EBITDA | 84.4× | 12.4× | most expensive of 10 |
| Net debt / EBITDA | 9.1× | -1.2× | most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CHAPTERS CHG.DE | Germany | $1.30B | +48% | +63% | -21% | 294.5× | 43.9% | +178.6% |
| Richinfo Technology 300634.SZ | China | $1.30B | -15% | -11% | 10% | 31.2× | 20.8% | +19.9% |
| Genimous Technology 000676.SZ | China | $1.30B | -7% | +3% | 6% | n/a | 14.1% | -17.5% |
| Bandwidth BAND | United States | $1.31B | -19% | +15% | -1% | 19.6× | 19.3% | +17.0% |
| Opera Limited Sponsored ADR OPRA | United States | $1.31B | -21% | +23% | 16% | 11.9× | 4.5% | +30.1% |
| Shenzhen HQVT Technology 1392.HK | Hong Kong | $1.28B | n/a | +28% | 5% | n/a | n/a | n/a |
| Corsair Gaming CRSR | United States | $1.28B | +63% | +3% | 3% | 16.1× | 24.3% | -2.9% |
| NSD 9759.T | Japan | $1.32B | +12% | +10% | 16% | 16.6× | -10.9% | +12.2% |
| Fengzhushou 301382.SZ | China | $1.28B | -32% | +28% | 8% | n/a | n/a | n/a |
| Amagi Media Labs AMAGI.NS | India | $1.32B | +30% | +30% | 3% | 60.2× | n/a | n/a |
| Transwarp Technology (Shanghai) 6727.HK | Hong Kong | $1.33B | n/a | +32% | -50% | n/a | n/a | n/a |
| SHIFT UP 462870.KS | South Korea | $1.33B | -4% | -12% | 56% | 13.3× | -12.9% | +59.7% |
| WeRide 0800.HK | Hong Kong | $1.33B | -47% | +109% | -221% | n/a | n/a | n/a |
| Digital Turbine APPS | United States | $1.26B | +200% | +19% | 10% | 14.7× | 33.1% | +12.5% |
| Mech-Mind Robotics Technologies 9615.HK | Hong Kong | $1.34B | n/a | +45% | -41% | n/a | n/a | n/a |
| NCR Voyix VYX | United States | $1.35B | +17% | -5% | 7% | 9.9× | n/a | n/a |
| Hangzhou DPTech Technology 300768.SZ | China | $1.35B | -19% | -3% | 5% | 42.3× | 34.9% | +6.5% |
| Datang Telecom Technology 600198.SS | China | $1.25B | -24% | -11% | -30% | n/a | n/a | n/a |
| Infomart 2492.T | Japan | $1.24B | +70% | +11% | 19% | 65.9× | 14.5% | +16.5% |
| Ibotta IBTA | United States | $1.37B | +19% | +2% | -3% | n/a | -1.1% | +17.6% |
| PagerDuty PD | United States | $1.23B | +115% | +2% | 7% | 11.1× | 12.8% | +18.2% |