Velan Valuation

Q: What is the Fair Price of 946 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

946 (€7.4) is trading below our estimate of [[fair value]] (€209.08)

Is 946 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 946 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 946 (€7.4) is trading below our estimate of fair value (€209.08)

Significantly Below Fair Value: 946 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 946?

Key metric: As 946 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 946. This is calculated by dividing 946's market cap by their current revenue.
What is 946's PS Ratio?
PS Ratio	0.5x
Sales	US$374.99m
Market Cap	US$173.27m

946 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	0.4x
Enterprise Value/EBITDA	5.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 946's PS Ratio compare to its peers?

The above table shows the PS ratio for 946 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	0.3x
GSC1 Gesco	0.3x	10.1%	€147.3m
SKB Koenig & Bauer	0.2x	4.8%	€204.6m
MXHN MAX Automation	0.6x	5.4%	€223.5m
HDD Heidelberger Druckmaschinen	0.1x	4.3%	€275.1m
946 Velan	0.5x	n/a	€242.8m

Price-To-Sales vs Peers: 946 is expensive based on its Price-To-Sales Ratio (0.5x) compared to the peer average (0.3x).

Price to Sales Ratio vs Industry

How does 946's PS Ratio compare vs other companies in the DE Machinery Industry?

4 Companies	Price / Sales	Estimated Growth	Market Cap
HDD Heidelberger Druckmaschinen	0.1x	4.3%	US$290.49m
SF3 STS Group	0.08x	4.2%	US$24.38m
GRF Greiffenberger	0.06x	n/a	US$4.30m
SCM SCHUMAG	0.04x	n/a	US$1.90m

No more companies available in this PS range

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 946 is good value based on its Price-To-Sales Ratio (0.5x) compared to the German Machinery industry average (0.5x).

Price to Sales Ratio vs Fair Ratio

What is 946'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.

946 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.5x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 946's Price-To-Sales 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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