🧠 Background
The idea for this article came from the current Saturday episode of Alles auf Aktien (AAA) with Frank Fischer as a guest. He heads Shareholder Value Management AG and is responsible for the Frankfurt UCITS ETF Modern Value, among other things. In the episode, he presented his Modern Value Investing approach with a focus on profitable, high-growth companies that are still reasonably valued.
I found four stocks from this episode particularly exciting: $NOW (-1,12%) , $A1OS (-0,98%) , $MCE (-2,23%) and $APP (-1,21%) . I took a closer look at these stocks and compiled the latest cash flow figures, market capitalization and a brief assessment for you.
📊 Company overview
ServiceNow (NOW) - Enterprise Software, USA
Operating cash flow (TTM): approx. USD 4.7 billion
Free cash flow: approx. USD 3.85 billion
Market capitalization: around USD 201 bn
Assessment: Cloud platform for digital workflows. Impressive cash flow, established market position, but ambitious valuation
All for One Group (A1OS) - IT consulting, Germany
Operating cash flow: EUR 46.6m
Free cash flow: approx. EUR 42m
Market capitalization: approx. USD 280m
Assessment: Small IT service provider with focus on SAP projects. Solid cash flows, but heavily dependent on the DACH market
CHAPTERS Group (CHG) - investment company, Germany
Operating cash flow: approx. EUR 11.5m
Free cash flow: approx. EUR 7.8m
Market capitalization: approx. USD 1.1 bn
Assessment: Active investor in SMEs and services. Young listed model with high valuation level, but exciting approach
AppLovin (APP) - AdTech, USA
Operating cash flow (TTM): approx. USD 2.5 bn
Free cash flow (Q1 2025): USD 826 million
Market capitalization: approx. USD 120 billion
Assessment: Profitable provider in the mobile ad ecosystem. Very strong cash flow, aggressive growth. Somewhat overheated, but strategically focused
🚀 My takeaways
1. the selection reflects the Modern Value approach well. Cash flow strong, technology driven, but no classic hype stocks.
2. AppLovin and ServiceNow have global scale. The German stocks look like targeted small or mid cap building blocks with defensive substance
3. in terms of valuation, you have to take a closer look at AppLovin and CHAPTERS. High growth, but also a lot of expectation priced in.
❓ Question for the community
Do you already know any of these companies in detail? Do you have ServiceNow, AppLovin, All for One or CHAPTERS in your portfolio or have you already analyzed them? How do you currently rate the risk/return ratio of these stocks?
Source
Inspiration: All about stocks Saturday episode with Frank Fischer
Data status: July 2025 (via stockanalysis, Yahoo Finance, Morningstar, company websites)
