Kinaxis Inc.

TSX:KXS Stock Report

Market Cap: CA$4.7b

Kinaxis Valuation

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

Below Fair Value: KXS (CA$168.57) is trading below our estimate of fair value (CA$287.78)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for KXS. This is calculated by dividing KXS's market cap by their current revenue.
What is KXS's PS Ratio?
PS Ratio7.2x
SalesUS$471.17m
Market CapUS$3.38b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for KXS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average7.8x
LSPD Lightspeed Commerce
2.6x16.2%CA$3.7b
TOI Topicus.com
5.4x13.7%CA$9.7b
DCBO Docebo
6.9x14.1%CA$2.0b
DSG Descartes Systems Group
16.1x10.5%CA$13.6b
KXS Kinaxis
7.2x12.9%CA$4.7b

Price-To-Sales vs Peers: KXS is good value based on its Price-To-Sales Ratio (7.2x) compared to the peer average (7.8x).

Price to Sales Ratio vs Industry

How does KXS's PS Ratio compare vs other companies in the CA Software Industry?

27 CompaniesPrice / SalesEstimated GrowthMarket Cap
QUIS Quisitive Technology Solutions
0.6x6.2%US$70.44m
BTCW Bitcoin Well
0.5xn/aUS$26.51m
PLUR Plurilock Security
0.4xn/aUS$20.12m
NOW NowVertical Group
0.4x6.2%US$17.65m
KXS 7.2xIndustry Avg. 3.6xNo. of Companies27PS02.85.68.411.214+
27 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: KXS is expensive based on its Price-To-Sales Ratio (7.2x) compared to the Canadian Software industry average (3.7x).

Price to Sales Ratio vs Fair Ratio

What is KXS'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.

KXS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio7.2x
Fair PS Ratio6.1x

Price-To-Sales vs Fair Ratio: KXS is expensive based on its Price-To-Sales Ratio (7.2x) compared to the estimated Fair Price-To-Sales Ratio (6.1x).

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 KXS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$168.57
CA$193.98
+15.1%
8.7%CA$225.74CA$156.59n/a12
Nov ’25CA$166.00
CA$193.74
+16.7%
8.7%CA$225.35CA$156.31n/a12
Oct ’25CA$158.77
CA$189.67
+19.5%
10.6%CA$223.32CA$148.00n/a12
Sep ’25CA$147.32
CA$189.01
+28.3%
10.8%CA$225.44CA$147.93n/a12
Aug ’25CA$154.55
CA$191.64
+24.0%
10.2%CA$225.45CA$152.30n/a12
Jul ’25CA$157.76
CA$194.65
+23.4%
10.9%CA$224.70CA$153.24n/a12
Jun ’25CA$146.45
CA$195.74
+33.7%
9.6%CA$224.33CA$152.81n/a12
May ’25CA$152.49
CA$196.88
+29.1%
9.5%CA$224.26CA$154.10n/a11
Apr ’25CA$153.37
CA$195.04
+27.2%
9.9%CA$224.77CA$151.85n/a11
Mar ’25CA$149.07
CA$195.04
+30.8%
9.9%CA$224.77CA$151.85n/a11
Feb ’25CA$164.21
CA$215.04
+31.0%
8.4%CA$249.73CA$185.04n/a11
Jan ’25CA$148.71
CA$216.15
+45.4%
7.7%CA$247.79CA$189.97n/a11
Dec ’24CA$154.65
CA$216.15
+39.8%
7.7%CA$247.79CA$189.97n/a11
Nov ’24CA$134.53
CA$223.04
+65.8%
8.0%CA$250.62CA$189.79CA$166.0011
Oct ’24CA$153.18
CA$224.40
+46.5%
6.7%CA$252.75CA$201.67CA$158.7711
Sep ’24CA$165.67
CA$224.40
+35.4%
6.7%CA$252.75CA$201.67CA$147.3211
Aug ’24CA$177.01
CA$220.81
+24.7%
6.5%CA$251.05CA$198.18CA$154.5510
Jul ’24CA$189.30
CA$221.08
+16.8%
6.5%CA$250.86CA$198.45CA$157.7610
Jun ’24CA$181.07
CA$218.09
+20.4%
6.3%CA$246.17CA$200.26CA$146.4511
May ’24CA$188.02
CA$218.17
+16.0%
7.0%CA$250.24CA$198.92CA$152.4911
Apr ’24CA$185.56
CA$218.32
+17.7%
6.8%CA$249.68CA$199.61CA$153.3711
Mar ’24CA$159.02
CA$213.27
+34.1%
9.1%CA$254.10CA$184.91CA$149.0711
Feb ’24CA$156.15
CA$210.24
+34.6%
8.9%CA$249.41CA$182.74CA$164.2111
Jan ’24CA$151.91
CA$213.34
+40.4%
8.8%CA$250.74CA$185.91CA$148.7111
Dec ’23CA$156.25
CA$211.51
+35.4%
9.2%CA$249.56CA$185.03CA$154.6511
Nov ’23CA$149.70
CA$216.46
+44.6%
9.0%CA$248.14CA$188.30CA$134.5311

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

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