Nanjing Vazyme Biotech Valuation

Is 688105 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-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 688105 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 688105 (CN¥24.36) is trading above our estimate of fair value (CN¥0.94)

Significantly Below Fair Value: 688105 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 688105?

Key metric: As 688105 is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 688105. This is calculated by dividing 688105's market cap by their current revenue.
What is 688105's PS Ratio?
PS Ratio	6.9x
Sales	CN¥1.40b
Market Cap	CN¥9.63b

688105 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	5.6x
Enterprise Value/EBITDA	-59.9x
PEG Ratio	4.5x

Price to Sales Ratio vs Peers

How does 688105's PS Ratio compare to its peers?

The above table shows the PS ratio for 688105 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	8.1x
301047 Sino BiologicalInc	12.7x	15.6%	CN¥8.0b
002675 Yantai Dongcheng Pharmaceutical GroupLtd	3.7x	13.1%	CN¥10.6b
002038 Beijing SL Pharmaceutical	9.5x	n/a	CN¥7.4b
688739 Liaoning Chengda BiotechnologyLtd	6.4x	7.2%	CN¥11.1b
688105 Nanjing Vazyme Biotech	6.9x	23.7%	CN¥9.6b

Price-To-Sales vs Peers: 688105 is good value based on its Price-To-Sales Ratio (6.9x) compared to the peer average (8.1x).

Price to Sales Ratio vs Industry

How does 688105's PS Ratio compare vs other companies in the CN Biotechs Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap
603716 Thalys Medical Technology Group	0.9x	n/a	US$233.12m

No more companies available in this PS range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 688105 is good value based on its Price-To-Sales Ratio (6.9x) compared to the CN Biotechs industry average (7.5x).

Price to Sales Ratio vs Fair Ratio

What is 688105'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.

688105 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	6.9x
Fair PS Ratio	6.4x

Price-To-Sales vs Fair Ratio: 688105 is expensive based on its Price-To-Sales Ratio (6.9x) compared to the estimated Fair Price-To-Sales Ratio (6.4x).

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 688105 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CN¥24.36	CN¥24.65 +1.2%	9.6%	CN¥27.00	CN¥22.29	n/a	2
Dec ’24	CN¥38.45	CN¥41.41 +7.7%	14.9%	CN¥50.00	CN¥35.72	n/a	3
Nov ’24	CN¥33.34	CN¥42.31 +26.9%	13.2%	CN¥50.00	CN¥35.72	CN¥22.82	4
Oct ’24	CN¥28.85	CN¥41.46 +43.7%	17.1%	CN¥50.00	CN¥30.85	CN¥24.32	4
Sep ’24	CN¥26.84	CN¥41.46 +54.5%	17.1%	CN¥50.00	CN¥30.85	CN¥20.40	4
Aug ’24	CN¥30.82	CN¥45.00 +46.0%	9.1%	CN¥50.00	CN¥40.00	CN¥20.50	3
Jul ’24	CN¥30.49	CN¥45.00 +47.6%	9.1%	CN¥50.00	CN¥40.00	CN¥19.02	3
Jun ’24	CN¥35.82	CN¥52.21 +45.7%	24.9%	CN¥73.83	CN¥40.00	CN¥23.01	4
May ’24	CN¥37.02	CN¥69.06 +86.5%	29.4%	CN¥99.41	CN¥45.00	CN¥27.96	4
Apr ’24	CN¥40.60	CN¥74.95 +84.6%	20.3%	CN¥99.41	CN¥58.00	CN¥23.88	4
Mar ’24	n/a	CN¥80.61 0%	16.7%	CN¥99.41	CN¥68.58	CN¥24.93	3
Feb ’24	n/a	CN¥80.61 0%	16.7%	CN¥99.41	CN¥68.58	CN¥21.36	3
Jan ’24	n/a	CN¥80.61 0%	16.7%	CN¥99.41	CN¥68.58	CN¥32.02	3
Dec ’23	n/a	CN¥80.61 0%	16.7%	CN¥99.41	CN¥68.58	CN¥38.45	3
Nov ’23	n/a	CN¥90.14 0%	22.4%	CN¥118.74	CN¥68.58	CN¥33.34	4

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

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