Fennec Pharmaceuticals Inc.

TSX:FRX Stock Report

Market Cap: CA$154.2m

Fennec Pharmaceuticals Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 FRX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FRX (CA$5.68) is trading below our estimate of fair value (CA$131.19)

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

Key Valuation Metric

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

Key metric: As FRX is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for FRX. This is calculated by dividing FRX's market cap by their current revenue.
What is FRX's PS Ratio?
PS Ratio2.2x
SalesUS$49.35m
Market CapUS$109.45m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for FRX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.2x
COV Covalon Technologies
3.8xn/aCA$111.5m
TH Theratechnologies
0.7x7.9%CA$76.8m
WLLW Willow Biosciences
4xn/aCA$13.7m
IBT IBEX Technologies
4.4xn/aCA$35.3m
FRX Fennec Pharmaceuticals
2.2x27.9%CA$109.5m

Price-To-Sales vs Peers: FRX is good value based on its Price-To-Sales Ratio (2.2x) compared to the peer average (3.2x).

Price to Sales Ratio vs Industry

How does FRX's PS Ratio compare vs other companies in the CA Biotechs Industry?

4 CompaniesPrice / SalesEstimated GrowthMarket Cap
TH Theratechnologies
0.7x7.9%US$54.50m
MBX Microbix Biosystems
1.9x22.7%US$30.33m
MPH Medicure
0.4xn/aUS$6.52m
SZLS StageZero Life Sciences
1.2xn/aUS$3.59m
No more companies available in this PS range
FRX 2.2xIndustry Avg. 10.1xNo. of Companies4PS0816243240+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: FRX is good value based on its Price-To-Sales Ratio (2.2x) compared to the North American Biotechs industry average (10x).

Price to Sales Ratio vs Fair Ratio

What is FRX'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.

FRX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.2x
Fair PS Ratio2.1x

Price-To-Sales vs Fair Ratio: FRX is expensive based on its Price-To-Sales Ratio (2.2x) compared to the estimated Fair Price-To-Sales Ratio (2.1x).

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 FRX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$6.08
CA$22.33
+267.3%
22.1%CA$30.70CA$18.14n/a4
Oct ’25CA$6.56
CA$21.10
+221.6%
19.3%CA$29.94CA$17.69n/a6
Sep ’25CA$7.39
CA$21.10
+185.5%
19.3%CA$29.94CA$17.69n/a6
Aug ’25CA$8.64
CA$22.90
+165.1%
15.1%CA$29.93CA$19.05n/a6
Jul ’25CA$8.42
CA$22.90
+172.0%
15.1%CA$29.93CA$19.05n/a6
Jun ’25CA$9.23
CA$22.90
+148.1%
15.1%CA$29.93CA$19.05n/a6
May ’25CA$12.58
CA$24.85
+97.5%
11.6%CA$29.82CA$21.68n/a6
Apr ’25CA$15.10
CA$24.61
+62.9%
12.1%CA$29.80CA$21.67n/a6
Mar ’25CA$12.89
CA$21.96
+70.3%
3.0%CA$22.76CA$21.42n/a5
Feb ’25CA$13.44
CA$21.96
+63.4%
3.0%CA$22.76CA$21.42n/a5
Jan ’25CA$15.16
CA$22.25
+46.8%
4.3%CA$23.40CA$20.65n/a6
Dec ’24CA$11.83
CA$22.25
+88.1%
4.3%CA$23.40CA$20.65n/a6
Nov ’24CA$9.39
CA$21.64
+130.4%
4.3%CA$22.75CA$20.08CA$6.086
Oct ’24CA$10.12
CA$21.64
+113.8%
4.3%CA$22.75CA$20.08CA$6.566
Sep ’24CA$11.08
CA$21.64
+95.3%
4.3%CA$22.75CA$20.08CA$7.396
Aug ’24CA$11.27
CA$21.50
+90.8%
5.8%CA$23.70CA$19.75CA$8.646
Jul ’24CA$12.41
CA$21.50
+73.3%
5.8%CA$23.70CA$19.75CA$8.426
Jun ’24CA$10.72
CA$22.03
+105.5%
5.8%CA$24.27CA$20.23CA$9.236
May ’24CA$11.00
CA$22.03
+100.2%
5.8%CA$24.27CA$20.23CA$12.586
Apr ’24CA$11.00
CA$21.19
+92.6%
12.0%CA$24.34CA$16.23CA$15.106
Mar ’24CA$12.54
CA$21.19
+69.0%
12.3%CA$24.09CA$16.06CA$12.896
Feb ’24CA$13.07
CA$21.19
+62.2%
12.3%CA$24.09CA$16.06CA$13.446
Jan ’24CA$13.09
CA$21.75
+66.1%
14.0%CA$25.56CA$16.14CA$15.166
Dec ’23CA$13.37
CA$21.75
+62.7%
14.0%CA$25.56CA$16.14CA$11.836
Nov ’23CA$11.60
CA$21.58
+86.0%
20.7%CA$26.17CA$12.40CA$9.396

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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