Mentice AB (publ)

DB:MN2 Stock Report

Market Cap: €48.7m

Mentice Valuation

Is MN2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • 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 MN2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MN2 (€1.77) is trading below our estimate of fair value (€3.78)

Significantly Below Fair Value: MN2 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MN2?

Key metric: As MN2 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for MN2. This is calculated by dividing MN2's market cap by their current revenue.
What is MN2's PS Ratio?
PS Ratio2x
SalesSEK 276.06m
Market CapSEK 559.96m

Price to Sales Ratio vs Peers

How does MN2's PS Ratio compare to its peers?

The above table shows the PS ratio for MN2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.1x
M3V MeVis Medical Solutions
2.6xn/a€45.9m
AJ91 DocCheck
0.8xn/a€42.1m
COP CompuGroup Medical SE KGaA
0.6x1.4%€726.9m
NXU Nexus
4.5x9.8%€1.2b
MN2 Mentice
2x20.1%€560.0m

Price-To-Sales vs Peers: MN2 is good value based on its Price-To-Sales Ratio (2x) compared to the peer average (2.1x).

Price to Sales Ratio vs Industry

How does MN2's PS Ratio compare vs other companies in the European Healthcare Services Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
MN2 2.0xIndustry Avg. 2.2xNo. of Companies10PS02.44.87.29.612+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: MN2 is good value based on its Price-To-Sales Ratio (2x) compared to the European Healthcare Services industry average (2.2x).

Price to Sales Ratio vs Fair Ratio

What is MN2'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.

MN2 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2x
Fair PS Ratio3.7x

Price-To-Sales vs Fair Ratio: MN2 is good value based on its Price-To-Sales Ratio (2x) compared to the estimated Fair Price-To-Sales Ratio (3.7x).

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 MN2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.77
€3.68
+107.9%
30.9%€5.17€2.41n/a3
Nov ’25€2.39
€4.08
+70.7%
23.8%€5.39€3.08n/a3
Oct ’25€2.41
€4.08
+69.3%
23.8%€5.39€3.08n/a3
Sep ’25€2.24
€4.08
+82.2%
23.8%€5.39€3.08n/a3
Aug ’25€2.90
€4.08
+40.7%
23.8%€5.39€3.08n/a3
Jul ’25€2.55
€3.85
+51.1%
25.7%€5.22€2.91n/a3
Jun ’25€2.36
€3.85
+63.2%
25.7%€5.22€2.91n/a3
May ’25€2.99
€4.82
+61.3%
14.0%€5.66€4.01n/a3
Apr ’25€2.85
€4.82
+69.2%
14.0%€5.66€4.01n/a3
Mar ’25€3.19
€5.41
+69.7%
9.0%€5.80€4.73n/a3
Feb ’25€4.26
€5.67
+33.1%
5.1%€5.87€5.26n/a3
Jan ’25€4.32
€5.69
+31.6%
8.8%€6.31€5.08n/a3
Dec ’24€3.42
€5.69
+66.2%
8.8%€6.31€5.08n/a3
Nov ’24€2.94
€5.69
+93.4%
8.8%€6.31€5.08€2.393
Oct ’24€2.89
€5.81
+101.1%
7.7%€6.45€5.45€2.413
Sep ’24€2.98
€5.81
+95.0%
7.7%€6.45€5.45€2.243
Aug ’24€3.73
€5.81
+55.8%
7.7%€6.45€5.45€2.903
Jul ’24€3.12
€5.85
+87.6%
9.6%€6.59€5.22€2.553
Jun ’24€3.74
€5.85
+56.5%
9.6%€6.59€5.22€2.363
May ’24€3.70
€5.85
+58.2%
9.6%€6.59€5.22€2.993
Apr ’24€3.22
€5.72
+77.5%
13.0%€6.64€4.81€2.853
Mar ’24€4.13
€5.94
+43.8%
13.3%€6.69€4.85€3.193
Feb ’24€3.41
€6.04
+77.1%
20.7%€7.49€4.43€4.263
Jan ’24€3.61
€7.31
+102.5%
6.0%€7.75€6.87€4.322
Dec ’23€3.77
€7.31
+93.9%
6.0%€7.75€6.87€3.422
Nov ’23€3.69
€7.31
+98.1%
6.0%€7.75€6.87€2.942

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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