Starbreeze AB (publ)

DB:2ST Stock Report

Market Cap: €25.2m

Starbreeze Valuation

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

Below Fair Value: 2ST (€0.01) is trading below our estimate of fair value (€0.1)

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

Key Valuation Metric

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

Key metric: As 2ST is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2ST. This is calculated by dividing 2ST's market cap by their current revenue.
What is 2ST's PS Ratio?
PS Ratio1.3x
SalesSEK 208.72m
Market CapSEK 289.98m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for 2ST vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4x
8WP Beyond Frames Entertainment
0.8x10.7%€17.3m
LOU DEAG Deutsche Entertainment
0.3xn/a€103.2m
PAL Pantaflix
2x20.9%€32.2m
RTV Your Family Entertainment
12.8x18.8%€36.7m
2ST Starbreeze
1.3x14.8%€290.0m

Price-To-Sales vs Peers: 2ST is good value based on its Price-To-Sales Ratio (1.3x) compared to the peer average (4x).

Price to Sales Ratio vs Industry

How does 2ST's PS Ratio compare vs other companies in the European Entertainment Industry?

36 CompaniesPrice / SalesEstimated GrowthMarket Cap
2ST 1.3xIndustry Avg. 1.4xNo. of Companies36PS01.63.24.86.48+
36 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 2ST is good value based on its Price-To-Sales Ratio (1.3x) compared to the European Entertainment industry average (1.4x).

Price to Sales Ratio vs Fair Ratio

What is 2ST'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.

2ST PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.3x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 2ST's Price-To-Sales Fair Ratio for valuation analysis.

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 2ST forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.0076
€0.026
+241.6%
26.7%€0.033€0.019n/a2
Nov ’25€0.015
€0.044
+190.9%
40.0%€0.062€0.027n/a2
Oct ’25€0.016
€0.044
+173.0%
40.0%€0.062€0.027n/a2
Sep ’25€0.016
€0.044
+178.0%
40.0%€0.061€0.026n/a2
Aug ’25€0.022
€0.043
+94.1%
40.0%€0.06€0.026n/a2
Jul ’25€0.022
€0.043
+92.3%
40.0%€0.06€0.026n/a2
Jun ’25€0.019
€0.043
+127.9%
40.0%€0.06€0.026n/a2
May ’25€0.017
€0.047
+174.6%
33.3%€0.062€0.031n/a2
Apr ’25€0.006
€0.047
+678.1%
33.3%€0.062€0.031n/a2
Mar ’25€0.014
€0.047
+240.8%
33.3%€0.062€0.031n/a2
Feb ’25€0.02
€0.076
+281.1%
37.1%€0.10€0.048n/a2
Jan ’25€0.027
€0.076
+185.5%
37.1%€0.10€0.048n/a2
Dec ’24€0.032
€0.076
+136.0%
37.1%€0.10€0.048n/a2
Nov ’24€0.016
€0.087
+437.2%
17.1%€0.10€0.072€0.0152
Oct ’24€0.066
€0.10
+56.6%
6.1%€0.11€0.096€0.0162
Sep ’24€0.077
€0.10
+33.7%
6.1%€0.11€0.096€0.0162
Aug ’24€0.082
€0.10
+27.3%
6.1%€0.11€0.098€0.0222
Jul ’24€0.058
€0.13
+124.8%
24.6%€0.16€0.099€0.0222
Jun ’24€0.078
€0.13
+68.5%
24.6%€0.16€0.099€0.0192

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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