Axonics, Inc.

DB:0I3 Stock Report

Market Cap: €3.4b

Axonics Valuation

Is 0I3 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 0I3 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0I3 (€63.5) is trading below our estimate of fair value (€204.16)

Significantly Below Fair Value: 0I3 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0I3?

Key metric: As 0I3 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 0I3. This is calculated by dividing 0I3's market cap by their current revenue.
What is 0I3's PS Ratio?
PS Ratio8.4x
SalesUS$431.90m
Market CapUS$3.60b

Price to Sales Ratio vs Peers

How does 0I3's PS Ratio compare to its peers?

The above table shows the PS ratio for 0I3 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.8x
AFX Carl Zeiss Meditec
2.5x7.9%€5.2b
EUZ Eckert & Ziegler
2.9x6.0%€802.1m
DRW3 Drägerwerk KGaA
0.2x4.2%€792.8m
SBS Stratec
1.4x7.7%€353.7m
0I3 Axonics
8.4x16.5%€3.6b

Price-To-Sales vs Peers: 0I3 is expensive based on its Price-To-Sales Ratio (8.4x) compared to the peer average (1.8x).

Price to Sales Ratio vs Industry

How does 0I3'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$834.66m
PHH2 Paul Hartmann
0.3xn/aUS$751.55m
U4W0 Quotient
0.07xn/aUS$2.78m
MF6 MagForce
0.3xn/aUS$404.27k
No more companies available in this PS range
0I3 8.4xIndustry Avg. 3.4xNo. of Companies4PS01.63.24.86.48+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 0I3 is expensive based on its Price-To-Sales Ratio (8.4x) compared to the European Medical Equipment industry average (3.5x).

Price to Sales Ratio vs Fair Ratio

What is 0I3'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.

0I3 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio8.4x
Fair PS Ratio6.3x

Price-To-Sales vs Fair Ratio: 0I3 is expensive based on its Price-To-Sales Ratio (8.4x) compared to the estimated Fair Price-To-Sales Ratio (6.3x).

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 0I3 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€63.50
€67.34
+6.0%
1.9%€70.64€66.87n/a8
Nov ’25€64.00
€64.69
+1.1%
1.9%€67.86€64.24n/a8
Oct ’25€59.00
€64.69
+9.6%
1.9%€67.86€64.24n/a8
Sep ’25€59.00
€64.69
+9.6%
1.9%€67.86€64.24n/a8
Aug ’25€60.00
€65.94
+9.9%
2.3%€68.80€65.13n/a9
Jul ’25€59.00
€66.93
+13.4%
2.2%€69.92€66.19n/a10
Jun ’25€58.50
€66.93
+14.4%
2.2%€69.92€66.19n/a10
May ’25€62.00
€67.26
+8.5%
2.2%€70.26€66.51n/a10
Apr ’25€63.00
€65.98
+4.7%
2.2%€68.93€65.25n/a10
Mar ’25€62.00
€65.98
+6.4%
2.2%€68.93€65.25n/a10
Feb ’25n/a
€65.98
0%
2.2%€68.93€65.25n/a10
Jan ’25€57.00
€63.76
+11.9%
8.8%€71.80€49.99n/a13
Dec ’24€50.50
€65.05
+28.8%
8.2%€70.87€51.97n/a13
Nov ’24€47.80
€65.05
+36.1%
8.2%€70.87€51.97€64.0013
Oct ’24€53.00
€69.62
+31.4%
7.3%€78.15€55.82€59.0012
Sep ’24€52.00
€67.61
+30.0%
7.2%€76.20€54.43€59.0013
Aug ’24€48.60
€67.61
+39.1%
7.2%€76.20€54.43€60.0013
Jul ’24€45.40
€71.71
+57.9%
11.2%€84.21€51.46€59.0011
Jun ’24€44.60
€71.71
+60.8%
11.2%€84.21€51.46€58.5011
May ’24€50.50
€72.19
+42.9%
10.0%€82.34€59.47€62.0010
Apr ’24€49.20
€74.66
+51.8%
9.9%€83.65€60.41€63.009
Mar ’24€56.00
€75.75
+35.3%
9.4%€83.66€60.42€62.008
Feb ’24€55.50
€75.75
+36.5%
9.4%€83.66€60.42n/a8
Jan ’24€58.00
€79.82
+37.6%
6.4%€86.65€70.64€57.008
Dec ’23€64.50
€86.81
+34.6%
6.5%€93.14€75.93€50.508
Nov ’23€72.50
€86.81
+19.7%
6.5%€93.14€75.93€47.808

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

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