Inspire Medical Systems, Inc.

DB:2DR Stock Report

Market Cap: €4.9b

Inspire Medical Systems Valuation

Is 2DR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • 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 2DR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2DR (€162.75) is trading below our estimate of fair value (€237.25)

Significantly Below Fair Value: 2DR is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2DR?

Key metric: As 2DR is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2DR. This is calculated by dividing 2DR's market cap by their current revenue.
What is 2DR's PS Ratio?
PS Ratio6.8x
SalesUS$755.59m
Market CapUS$5.18b

Price to Sales Ratio vs Peers

How does 2DR's PS Ratio compare to its peers?

The above table shows the PS ratio for 2DR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2x
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
SHL Siemens Healthineers
2.5x5.8%€56.0b
2DR Inspire Medical Systems
6.8x16.1%€5.2b

Price-To-Sales vs Peers: 2DR is expensive based on its Price-To-Sales Ratio (6.8x) compared to the peer average (2x).

Price to Sales Ratio vs Industry

How does 2DR'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
2DR 6.8xIndustry Avg. 3.4xNo. of Companies4PS01.63.24.86.48+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 2DR is expensive based on its Price-To-Sales Ratio (6.8x) compared to the European Medical Equipment industry average (3.4x).

Price to Sales Ratio vs Fair Ratio

What is 2DR'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.

2DR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio6.8x
Fair PS Ratio8x

Price-To-Sales vs Fair Ratio: 2DR is good value based on its Price-To-Sales Ratio (6.8x) compared to the estimated Fair Price-To-Sales Ratio (8x).

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 2DR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€162.75
€223.71
+37.5%
10.3%€254.29€185.53n/a15
Nov ’25€175.30
€212.79
+21.4%
12.6%€248.00€156.15n/a15
Oct ’25€185.15
€203.87
+10.1%
13.7%€242.49€152.68n/a15
Sep ’25€161.90
€204.45
+26.3%
15.0%€247.02€152.79n/a15
Aug ’25€127.00
€207.45
+63.3%
17.0%€256.84€144.13n/a15
Jul ’25€123.45
€227.94
+84.6%
14.8%€261.86€158.98n/a15
Jun ’25€140.90
€232.53
+65.0%
11.7%€264.31€173.42n/a15
May ’25€225.90
€238.22
+5.5%
10.9%€267.53€175.54n/a16
Apr ’25€200.00
€229.75
+14.9%
11.2%€256.37€171.22n/a14
Mar ’25€165.00
€233.00
+41.2%
11.6%€259.92€173.59n/a13
Feb ’25€194.00
€211.88
+9.2%
11.3%€244.12€166.74n/a12
Jan ’25€182.00
€200.78
+10.3%
13.3%€240.86€163.60n/a11
Dec ’24€131.00
€198.84
+51.8%
14.0%€233.98€140.39n/a11
Nov ’24€139.00
€262.52
+88.9%
25.9%€341.75€150.94€175.3011
Oct ’24€188.00
€325.45
+73.1%
4.8%€353.55€299.59€185.1510
Sep ’24€206.00
€328.20
+59.3%
5.8%€372.80€303.77€161.9011
Aug ’24€260.00
€312.16
+20.1%
8.8%€352.66€267.84€127.0011
Jul ’24€294.00
€301.09
+2.4%
9.2%€364.82€277.08€123.4510
Jun ’24€272.00
€291.09
+7.0%
5.5%€334.80€279.00€140.9010
May ’24€240.00
€275.87
+14.9%
3.4%€298.68€262.48€225.9010
Apr ’24€220.00
€280.64
+27.6%
3.8%€304.43€267.53€200.009
Mar ’24€241.30
€284.45
+17.9%
4.0%€308.02€270.69€165.008
Feb ’24€232.10
€267.81
+15.4%
6.9%€289.77€229.98€194.008
Jan ’24€235.10
€267.26
+13.7%
7.5%€290.07€235.45€182.009
Dec ’23€232.20
€273.40
+17.7%
7.8%€310.28€249.24€131.008
Nov ’23€198.75
€281.33
+41.6%
10.2%€325.15€243.86€139.008

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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