Delcath Systems, Inc.

BST:DV3R Stock Report

Market Cap: €320.3m

Delcath Systems Valuation

Is DV3R 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 DV3R when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DV3R (€10.1) is trading below our estimate of fair value (€198.82)

Significantly Below Fair Value: DV3R is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DV3R?

Key metric: As DV3R is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for DV3R. This is calculated by dividing DV3R's market cap by their current revenue.
What is DV3R's PS Ratio?
PS Ratio15x
SalesUS$22.64m
Market CapUS$335.56m

Price to Sales Ratio vs Peers

How does DV3R's PS Ratio compare to its peers?

The above table shows the PS ratio for DV3R vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.1x
SBS Stratec
1.3x7.7%€334.9m
EUZ Eckert & Ziegler
3.2x6.3%€897.2m
PUS PULSION Medical Systems
3.8xn/a€134.4m
DRW3 Drägerwerk KGaA
0.2x4.2%€792.0m
DV3R Delcath Systems
15x41.6%€335.6m

Price-To-Sales vs Peers: DV3R is expensive based on its Price-To-Sales Ratio (15x) compared to the peer average (2.1x).

Price to Sales Ratio vs Industry

How does DV3R's PS Ratio compare vs other companies in the DE Medical Equipment Industry?

4 CompaniesPrice / SalesEstimated GrowthMarket Cap
DRW3 Drägerwerk KGaA
0.2x4.2%US$830.14m
PHH2 Paul Hartmann
0.3xn/aUS$781.42m
U4W0 Quotient
0.07xn/aUS$2.78m
MF6 MagForce
0.3xn/aUS$404.27k
No more companies available in this PS range
DV3R 15.0xIndustry Avg. 3.7xNo. of Companies4PS01.63.24.86.48+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: DV3R is expensive based on its Price-To-Sales Ratio (15x) compared to the European Medical Equipment industry average (3.7x).

Price to Sales Ratio vs Fair Ratio

What is DV3R'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.

DV3R PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio15x
Fair PS Ratio12.2x

Price-To-Sales vs Fair Ratio: DV3R is expensive based on its Price-To-Sales Ratio (15x) compared to the estimated Fair Price-To-Sales Ratio (12.2x).

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 DV3R forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.10
€20.09
+98.9%
10.0%€23.55€16.95n/a6
Nov ’25€9.55
€19.70
+106.3%
10.0%€23.09€16.62n/a6
Oct ’25€7.90
€19.07
+141.4%
10.0%€22.35€16.09n/a6
Sep ’25€9.75
€19.07
+95.6%
10.0%€22.35€16.09n/a6
Aug ’25€7.85
€19.29
+145.8%
14.2%€23.34€14.94n/a6
Jul ’25€7.65
€19.29
+152.2%
14.2%€23.34€14.94n/a6
Jun ’25€6.10
€19.48
+219.4%
13.8%€22.98€14.70n/a5
May ’25€4.86
€18.24
+275.4%
11.5%€20.32€14.78n/a4
Apr ’25€4.46
€18.24
+309.0%
11.5%€20.32€14.78n/a4
Mar ’25€3.82
€17.71
+363.6%
12.4%€20.24€14.72n/a4
Feb ’25€4.38
€17.71
+304.3%
12.4%€20.24€14.72n/a4
Jan ’25€3.72
€17.60
+373.2%
12.4%€20.12€14.63n/a4
Dec ’24€2.50
€16.55
+561.9%
18.3%€20.22€11.95n/a5
Nov ’24€2.90
€17.58
+506.1%
17.0%€20.57€12.15€9.555
Oct ’24€3.84
€17.58
+357.7%
17.0%€20.57€12.15€7.905
Sep ’24€4.12
€16.74
+306.2%
16.4%€20.23€11.95€9.755
Aug ’24€3.94
€14.59
+270.2%
25.2%€19.57€8.89€7.855
Jul ’24€5.20
€15.24
+193.1%
25.2%€20.45€9.29€7.655
Jun ’24€6.85
€15.24
+122.5%
25.2%€20.45€9.29€6.105
May ’24€4.98
€15.12
+203.6%
25.2%€20.28€9.22€4.865
Apr ’24€5.35
€15.12
+182.6%
25.2%€20.28€9.22€4.465
Mar ’24€4.50
€16.12
+258.3%
19.4%€20.39€12.05€3.825
Feb ’24€3.34
€16.12
+382.8%
19.4%€20.39€12.05€4.385
Jan ’24€3.00
€16.86
+461.8%
19.4%€21.31€12.59€3.725
Dec ’23€2.68
€16.86
+528.9%
19.4%€21.31€12.59€2.505
Nov ’23€2.76
€18.05
+554.0%
13.0%€21.35€14.56€2.905

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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