Telix Pharmaceuticals Limited

ASX:TLX Stock Report

Market Cap: AU$7.6b

Telix Pharmaceuticals Valuation

Is TLX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TLX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TLX (A$22.78) is trading below our estimate of fair value (A$44.46)

Significantly Below Fair Value: TLX is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TLX?

Key metric: As TLX is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TLX. This is calculated by dividing TLX's market cap by their current revenue.
What is TLX's PS Ratio?
PS Ratio11.8x
SalesAU$645.68m
Market CapAU$7.62b

Price to Sales Ratio vs Peers

How does TLX's PS Ratio compare to its peers?

The above table shows the PS ratio for TLX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average25.9x
RAC Race Oncology
61.7x34.8%AU$247.2m
CUV Clinuvel Pharmaceuticals
7.7x21.4%AU$677.8m
CSL CSL
5.8x6.5%AU$131.9b
OCC Orthocell
28.3xn/aAU$150.6m
TLX Telix Pharmaceuticals
11.8x21.5%AU$7.6b

Price-To-Sales vs Peers: TLX is good value based on its Price-To-Sales Ratio (11.8x) compared to the peer average (25.9x).

Price to Sales Ratio vs Industry

How does TLX's PS Ratio compare vs other companies in the AU Biotechs Industry?

8 CompaniesPrice / SalesEstimated GrowthMarket Cap
ARX Aroa Biosurgery
3.5x20.1%US$140.28m
IMC Immuron
3.7x59.7%US$11.69m
ATH Alterity Therapeutics
4x25.0%US$10.30m
BNO Bionomics
2.4x-5.3%US$9.52m
TLX 11.8xIndustry Avg. 9.9xNo. of Companies8PS01632486480+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TLX is expensive based on its Price-To-Sales Ratio (11.8x) compared to the Australian Biotechs industry average (9.9x).

Price to Sales Ratio vs Fair Ratio

What is TLX's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TLX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio11.8x
Fair PS Ratio9.9x

Price-To-Sales vs Fair Ratio: TLX is expensive based on its Price-To-Sales Ratio (11.8x) compared to the estimated Fair Price-To-Sales Ratio (9.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TLX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$22.78
AU$25.62
+12.4%
20.8%AU$33.40AU$17.00n/a9
Nov ’25AU$21.45
AU$25.45
+18.6%
20.2%AU$33.40AU$17.00n/a9
Oct ’25AU$20.97
AU$25.05
+19.5%
20.8%AU$33.10AU$17.00n/a9
Sep ’25AU$18.61
AU$24.74
+32.9%
19.6%AU$32.30AU$17.00n/a9
Aug ’25AU$19.35
AU$24.72
+27.8%
18.6%AU$31.90AU$17.00n/a9
Jul ’25AU$18.09
AU$18.89
+4.4%
19.3%AU$26.00AU$13.90n/a7
Jun ’25AU$18.15
AU$17.47
-3.7%
22.5%AU$26.00AU$13.90n/a7
May ’25AU$14.67
AU$15.29
+4.2%
11.8%AU$19.30AU$13.52n/a7
Apr ’25AU$12.89
AU$14.88
+15.4%
12.1%AU$18.50AU$12.60n/a7
Mar ’25AU$11.93
AU$14.40
+20.7%
13.9%AU$18.50AU$12.43n/a7
Feb ’25AU$11.39
AU$13.47
+18.2%
10.4%AU$16.00AU$11.45n/a7
Jan ’25AU$10.08
AU$13.53
+34.3%
10.9%AU$16.00AU$11.45n/a7
Dec ’24AU$9.91
AU$13.37
+34.9%
8.1%AU$14.80AU$11.45n/a6
Nov ’24AU$8.98
AU$12.21
+35.9%
24.6%AU$14.80AU$5.26AU$21.457
Oct ’24AU$11.40
AU$12.38
+8.6%
24.4%AU$15.00AU$5.26AU$20.977
Sep ’24AU$10.80
AU$12.38
+14.6%
24.4%AU$15.00AU$5.26AU$18.617
Aug ’24AU$11.45
AU$12.20
+6.6%
24.2%AU$14.50AU$5.26AU$19.357
Jul ’24AU$11.22
AU$11.86
+5.7%
25.6%AU$14.50AU$5.26AU$18.097
Jun ’24AU$11.66
AU$10.99
-5.7%
28.2%AU$14.20AU$5.26AU$18.157
May ’24AU$10.46
AU$10.49
+0.3%
29.3%AU$14.20AU$5.26AU$14.676
Apr ’24AU$6.90
AU$9.68
+40.3%
18.2%AU$13.00AU$7.90AU$12.895
Mar ’24AU$6.77
AU$9.59
+41.6%
18.9%AU$13.00AU$7.90AU$11.935
Feb ’24AU$6.83
AU$9.32
+36.5%
20.1%AU$13.00AU$7.90AU$11.395
Jan ’24AU$7.27
AU$9.12
+25.4%
17.9%AU$12.30AU$7.90AU$10.085
Dec ’23AU$7.40
AU$9.12
+23.2%
17.9%AU$12.30AU$7.90AU$9.915
Nov ’23AU$7.00
AU$9.51
+35.9%
23.7%AU$13.50AU$7.37AU$8.986

Analyst Forecast: Target price is less than 20% higher than the current share price.

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