Apyx Medical Corporation

DB:BOV Stock Report

Market Cap: €51.8m

Apyx Medical Valuation

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

Below Fair Value: BOV (€1.33) is trading below our estimate of fair value (€1.54)

Significantly Below Fair Value: BOV is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for BOV. This is calculated by dividing BOV's market cap by their current revenue.
What is BOV's PS Ratio?
PS Ratio1.1x
SalesUS$48.54m
Market CapUS$54.40m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for BOV vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2x
AAQ1 aap Implantate
1.9xn/a€22.4m
PUS PULSION Medical Systems
3.8xn/a€134.4m
GME Geratherm Medical
1.1x1.9%€16.5m
SBS Stratec
1.3x7.7%€336.7m
BOV Apyx Medical
1.1x7.7%€54.4m

Price-To-Sales vs Peers: BOV is good value based on its Price-To-Sales Ratio (1.1x) compared to the peer average (2x).

Price to Sales Ratio vs Industry

How does BOV'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$839.34m
PHH2 Paul Hartmann
0.3xn/aUS$779.09m
U4W0 Quotient
0.07xn/aUS$2.78m
MF6 MagForce
0.3xn/aUS$404.27k
No more companies available in this PS range
BOV 1.1xIndustry Avg. 3.7xNo. of Companies4PS01.63.24.86.48+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BOV is good value based on its Price-To-Sales Ratio (1.1x) compared to the European Medical Equipment industry average (3.4x).

Price to Sales Ratio vs Fair Ratio

What is BOV'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.

BOV PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.1x
Fair PS Ratio0.9x

Price-To-Sales vs Fair Ratio: BOV is expensive based on its Price-To-Sales Ratio (1.1x) compared to the estimated Fair Price-To-Sales Ratio (0.9x).

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 BOV forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.33
€2.64
+98.8%
30.0%€3.73€1.87n/a3
Nov ’25€1.03
€3.16
+206.7%
50.8%€5.42€1.81n/a3
Oct ’25€1.05
€3.16
+200.9%
50.8%€5.42€1.81n/a3
Sep ’25€1.16
€2.86
+146.7%
53.5%€5.50€1.83n/a4
Aug ’25€1.20
€3.36
+180.2%
69.9%€7.42€1.85n/a4
Jul ’25€1.20
€3.36
+180.2%
69.9%€7.42€1.85n/a4
Jun ’25€1.42
€3.36
+136.7%
69.9%€7.42€1.85n/a4
May ’25€1.25
€3.34
+167.1%
69.9%€7.37€1.84n/a4
Apr ’25€1.21
€3.34
+175.9%
69.9%€7.37€1.84n/a4
Mar ’25€1.89
€4.29
+126.9%
66.2%€8.27€1.84n/a3
Feb ’25€2.02
€4.29
+112.3%
66.2%€8.27€1.84n/a3
Jan ’25€2.36
€4.45
+88.8%
56.4%€8.44€1.88n/a4
Dec ’24€2.10
€4.45
+112.1%
56.4%€8.44€1.88n/a4
Nov ’24€2.16
€7.45
+245.0%
26.3%€9.46€4.26€1.034
Oct ’24€2.96
€7.19
+143.0%
26.3%€9.14€4.11€1.054
Sep ’24€4.24
€7.19
+69.7%
26.3%€9.14€4.11€1.164
Aug ’24€5.00
€6.90
+38.1%
29.4%€8.91€3.56€1.204
Jul ’24€5.75
€7.00
+21.8%
34.2%€9.14€3.65€1.203
Jun ’24€5.85
€7.33
+25.3%
25.0%€9.16€5.50€1.422
May ’24€3.00
€5.47
+82.3%
49.1%€9.12€2.73€1.253
Apr ’24€2.42
€5.68
+134.9%
49.1%€9.47€2.84€1.213
Mar ’24€2.92
€5.68
+94.7%
49.1%€9.47€2.84€1.893
Feb ’24€2.60
€5.68
+118.6%
49.1%€9.47€2.84€2.023
Jan ’24€2.04
€5.68
+178.6%
49.1%€9.47€2.84€2.363
Dec ’23€1.75
€7.52
+329.8%
43.0%€9.81€2.94€2.103
Nov ’23€5.00
€14.68
+193.7%
16.2%€17.92€11.95€2.164

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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