AP Alternative Portfolio Valuation

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

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: Insufficient data to calculate APN's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate APN's fair value for valuation analysis.

Key Valuation Metric

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

Key metric: As APN is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for APN. This is calculated by dividing APN's market cap by their current book value.
What is APN's PB Ratio?
PB Ratio	0.7x
Book	US$43.46m
Market Cap	US$28.48m

APN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	-50.7x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does APN's PB Ratio compare to its peers?

The above table shows the PB ratio for APN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	0.9x
QCAP Q Capital	1x	n/a	CHF 23.0m
ALPN Alpine Select	0.9x	n/a	CHF 64.5m
GAM GAM Holding	0.5x	n/a	CHF 17.9m
SQL Matador Partners Group	1x	n/a	CHF 60.2m
APN AP Alternative Portfolio	0.7x	n/a	CHF 25.1m

Price-To-Book vs Peers: APN is good value based on its Price-To-Book Ratio (0.7x) compared to the peer average (0.9x).

Price to Book Ratio vs Industry

How does APN's PB Ratio compare vs other companies in the CH Capital Markets Industry?

1 Company	Price / Book	Estimated Growth	Market Cap
CSGN Credit Suisse Group	0.06x	-64.8%	US$3.54b

No more companies available in this PB range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: APN is good value based on its Price-To-Book Ratio (0.7x) compared to the European Capital Markets industry average (1.1x).

Price to Book Ratio vs Fair Ratio

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

APN PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	0.7x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate APN's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

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