Lindblad Expeditions Holdings Valuation

Is LI4 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

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 LI4 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: LI4 (€11.8) is trading above our estimate of fair value (€7.12)

Significantly Below Fair Value: LI4 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for LI4?

Key metric: As LI4 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for LI4. This is calculated by dividing LI4's market cap by their current revenue.
What is LI4's PS Ratio?
PS Ratio	1.2x
Sales	US$621.48m
Market Cap	US$720.86m

LI4 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	2x
Enterprise Value/EBITDA	19.1x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does LI4's PS Ratio compare to its peers?

The above table shows the PS ratio for LI4 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	1x
IFA LS Invest	2.3x	n/a	€291.1m
HTG HomeToGo	1.3x	13.6%	€254.7m
TUI1 TUI	0.2x	3.8%	€3.8b
CDZ0 MHP Hotel	0.4x	11.8%	€51.8m
LI4 Lindblad Expeditions Holdings	1.2x	8.6%	€720.9m

Price-To-Sales vs Peers: LI4 is expensive based on its Price-To-Sales Ratio (1.2x) compared to the peer average (1x).

Price to Sales Ratio vs Industry

How does LI4's PS Ratio compare vs other companies in the DE Hospitality Industry?

2 Companies	Price / Sales	Estimated Growth	Market Cap
MS1 Marley Spoon Group	0.1x	10.0%	US$18.96m
9UX Hostmore	0.0006x	n/a	US$138.43k

No more companies available in this PS range

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: LI4 is expensive based on its Price-To-Sales Ratio (1.2x) compared to the European Hospitality industry average (1x).

Price to Sales Ratio vs Fair Ratio

What is LI4'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.

LI4 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.2x
Fair PS Ratio	1x

Price-To-Sales vs Fair Ratio: LI4 is expensive based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (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 LI4 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	€11.80	€14.65 +24.1%	14.1%	€17.01	€11.34	n/a	4
Nov ’25	€8.50	€12.02 +41.4%	18.0%	€14.51	€9.07	n/a	4
Oct ’25	€8.15	€12.02 +47.5%	18.0%	€14.51	€9.07	n/a	4
Sep ’25	€9.05	€11.62 +28.3%	21.1%	€14.30	€8.04	n/a	4
Aug ’25	€7.80	€11.89 +52.4%	21.1%	€14.63	€8.23	n/a	4
Jul ’25	€8.50	€11.69 +37.5%	20.0%	€14.96	€8.42	n/a	4
Jun ’25	€6.90	€11.69 +69.4%	20.0%	€14.96	€8.42	n/a	4
May ’25	€6.65	€11.69 +75.8%	20.0%	€14.96	€8.42	n/a	4
Apr ’25	€8.50	€12.93 +52.1%	13.4%	€14.78	€10.16	n/a	4
Mar ’25	€8.40	€12.95 +54.2%	13.4%	€14.80	€10.18	n/a	4
Feb ’25	€8.40	€13.02 +55.1%	15.2%	€15.54	€10.05	n/a	4
Jan ’25	€9.85	€12.64 +28.3%	11.9%	€13.79	€10.11	n/a	4
Dec ’24	€7.05	€12.40 +75.9%	13.5%	€14.04	€10.29	n/a	4
Nov ’24	€5.45	€14.70 +169.6%	23.5%	€18.76	€10.32	€8.50	3
Oct ’24	€6.75	€14.70 +117.7%	23.5%	€18.76	€10.32	€8.15	3
Sep ’24	€8.15	€14.68 +80.2%	23.4%	€18.36	€10.10	€9.05	3
Aug ’24	€10.50	€13.91 +32.5%	30.3%	€18.14	€8.16	€7.80	3
Jul ’24	€9.55	€13.96 +46.2%	30.3%	€18.62	€8.38	€8.50	3
Jun ’24	€8.75	€13.80 +57.7%	26.9%	€18.71	€8.42	€6.90	4
May ’24	€10.10	€12.31 +21.9%	20.2%	€14.87	€8.36	€6.65	4
Apr ’24	€8.50	€12.31 +44.9%	20.2%	€14.87	€8.36	€8.50	4
Mar ’24	€8.30	€13.60 +63.8%	14.2%	€15.01	€10.32	€8.40	4
Feb ’24	€10.80	€14.24 +31.8%	15.4%	€16.41	€10.62	€8.40	4
Jan ’24	€6.80	€14.24 +109.4%	15.4%	€16.41	€10.62	€9.85	4
Dec ’23	€8.50	€14.24 +67.5%	15.4%	€16.41	€10.62	€7.05	4
Nov ’23	€8.35	€15.22 +82.3%	4.7%	€16.23	€14.20	€5.45	4

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