Tilray Brands, Inc.

SWX:2HQ Stock Report

Market Cap: CHF 1.0b

Tilray Brands Valuation

Is 2HQ 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 2HQ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2HQ (CHF46.28) is trading above our estimate of fair value (CHF28.59)

Significantly Below Fair Value: 2HQ is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2HQ?

Key metric: As 2HQ is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2HQ. This is calculated by dividing 2HQ's market cap by their current revenue.
What is 2HQ's PS Ratio?
PS Ratio1.4x
SalesUS$812.04m
Market CapUS$1.18b

Price to Sales Ratio vs Peers

How does 2HQ's PS Ratio compare to its peers?

The above table shows the PS ratio for 2HQ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average9.8x
COPN Cosmo Pharmaceuticals
5.8x14.2%CHF 1.0b
DESN Dottikon ES Holding
9.5x14.5%CHF 3.2b
NWRN Newron Pharmaceuticals
21.9x45.2%CHF 136.2m
SDZ Sandoz Group
1.9x5.7%CHF 17.5b
2HQ Tilray Brands
1.4x7.9%CHF 1.2b

Price-To-Sales vs Peers: 2HQ is good value based on its Price-To-Sales Ratio (1.4x) compared to the peer average (9.6x).

Price to Sales Ratio vs Industry

How does 2HQ's PS Ratio compare vs other companies in the European Pharmaceuticals Industry?

24 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.3.1x3.7%
2HQ Tilray Brands
 1.4x7.9%US$1.18b
2HQ 1.4xIndustry Avg. 3.1xNo. of Companies33PS0612182430+
24 CompaniesEstimated GrowthMarket Cap
Industry Avg.3.1x11.9%
2HQ Tilray Brands
 1.4x72.0%US$1.18b
No more companies

Price-To-Sales vs Industry: 2HQ is good value based on its Price-To-Sales Ratio (1.4x) compared to the European Pharmaceuticals industry average (3.1x).

Price to Sales Ratio vs Fair Ratio

What is 2HQ'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.

2HQ PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.4x
Fair PS Ratio1.8x

Price-To-Sales vs Fair Ratio: 2HQ is good value based on its Price-To-Sales Ratio (1.4x) compared to the estimated Fair Price-To-Sales Ratio (1.8x).

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 2HQ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCHF 46.28
CHF 1.95
-95.8%
26.6%CHF 3.55CHF 1.55n/a13
Nov ’25CHF 46.28
CHF 1.90
-95.9%
26.2%CHF 3.43CHF 1.50n/a13
Oct ’25CHF 46.28
CHF 1.96
-95.8%
23.8%CHF 3.38CHF 1.61n/a14
Sep ’25CHF 46.28
CHF 2.10
-95.5%
24.7%CHF 3.54CHF 1.68n/a14
Aug ’25CHF 46.28
CHF 2.10
-95.5%
24.7%CHF 3.54CHF 1.68n/a14
Jul ’25CHF 46.28
CHF 2.13
-95.4%
22.8%CHF 3.60CHF 1.71n/a17
Jun ’25CHF 46.28
CHF 2.16
-95.3%
22.8%CHF 3.64CHF 1.73n/a17
May ’25CHF 46.28
CHF 2.16
-95.3%
22.8%CHF 3.64CHF 1.73n/a17
Apr ’25CHF 46.28
CHF 2.29
-95.1%
26.7%CHF 3.76CHF 1.77n/a16
Mar ’25CHF 46.28
CHF 2.29
-95.1%
26.7%CHF 3.76CHF 1.77n/a16
Feb ’25CHF 46.28
CHF 2.20
-95.2%
27.4%CHF 3.67CHF 1.64n/a17
Jan ’25CHF 46.28
CHF 2.30
-95.0%
24.6%CHF 3.69CHF 1.65n/a17
Dec ’24CHF 46.28
CHF 2.41
-94.8%
23.4%CHF 3.75CHF 1.68n/a17
Nov ’24CHF 46.28
CHF 2.45
-94.7%
24.1%CHF 3.80CHF 1.70CHF 46.2816
Oct ’24CHF 46.28
CHF 2.69
-94.2%
33.2%CHF 5.04CHF 1.74CHF 46.2816
Sep ’24CHF 46.28
CHF 2.47
-94.7%
35.8%CHF 4.82CHF 1.66CHF 46.2816
Aug ’24CHF 46.28
CHF 2.48
-94.6%
41.2%CHF 5.69CHF 1.66CHF 46.2816
Jul ’24CHF 46.28
CHF 2.96
-93.6%
37.5%CHF 5.81CHF 1.79CHF 46.2816
Jun ’24CHF 46.28
CHF 3.14
-93.2%
32.4%CHF 5.80CHF 2.01CHF 46.2815
May ’24CHF 46.28
CHF 3.14
-93.2%
32.4%CHF 5.80CHF 2.01CHF 46.2815
Apr ’24CHF 46.28
CHF 4.07
-91.2%
41.7%CHF 8.42CHF 2.62CHF 46.2816
Mar ’24CHF 46.28
CHF 4.07
-91.2%
41.7%CHF 8.42CHF 2.62CHF 46.2816
Feb ’24CHF 46.28
CHF 4.13
-91.1%
43.1%CHF 8.18CHF 2.54CHF 46.2815
Jan ’24CHF 46.28
CHF 4.69
-89.9%
52.2%CHF 11.82CHF 1.97CHF 46.2818
Dec ’23CHF 46.28
CHF 4.69
-89.9%
52.2%CHF 11.82CHF 1.97CHF 46.2818
Nov ’23CHF 46.28
CHF 4.86
-89.5%
54.0%CHF 12.00CHF 2.00CHF 46.2818

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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