Liquidia Corporation

BST:LT4 Stock Report

Market Cap: €865.6m

Liquidia Valuation

Is LT4 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-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of LT4 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: LT4 (€9.7) is trading below our estimate of fair value (€56.27)

Significantly Below Fair Value: LT4 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for LT4?

Key metric: As LT4 barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for LT4. This is calculated by dividing LT4's market cap by their current book value.
What is LT4's PB Ratio?
PB Ratio8.2x
BookUS$110.52m
Market CapUS$901.38m

Price to Book Ratio vs Peers

How does LT4's PB Ratio compare to its peers?

The above table shows the PB ratio for LT4 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average8.1x
DMP Dermapharm Holding
3.5x18.1%€2.0b
PSG PharmaSGP Holding
8.6x13.9%€280.6m
2FJ0 Pierrel
3.6xn/a€92.8m
0RX Redx Pharma
16.6x-22.3%€65.0m
LT4 Liquidia
8.2x59.6%€901.4m

Price-To-Book vs Peers: LT4 is expensive based on its Price-To-Book Ratio (8.2x) compared to the peer average (8.1x).

Price to Book Ratio vs Industry

How does LT4's PB Ratio compare vs other companies in the European Pharmaceuticals Industry?

11 CompaniesPrice / BookEstimated GrowthMarket Cap
LT4 8.2xIndustry Avg. 2.4xNo. of Companies17PB0246810+
11 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: LT4 is expensive based on its Price-To-Book Ratio (8.2x) compared to the European Pharmaceuticals industry average (2.4x).

Price to Book Ratio vs Fair Ratio

What is LT4's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

LT4 PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio8.2x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate LT4's Price-To-Book 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 LT4 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
€24.10
0%
18.2%€29.36€16.10n/a9
Nov ’25n/a
€23.27
0%
17.8%€27.56€15.61n/a9
Oct ’25n/a
€21.78
0%
17.7%€26.32€15.43n/a7
Sep ’25n/a
€21.57
0%
17.7%€26.07€15.28n/a7
Aug ’25n/a
€25.52
0%
11.6%€29.52€21.22n/a6
Jul ’25n/a
€22.19
0%
37.8%€29.41€2.76n/a7
Jun ’25n/a
€22.19
0%
37.8%€29.41€2.76n/a7
May ’25€11.01
€23.45
+113.0%
36.8%€29.85€2.80n/a7
Apr ’25€14.10
€21.91
+55.4%
38.8%€29.39€2.76n/a7
Mar ’25n/a
€19.54
0%
42.9%€27.73€2.77n/a7
Feb ’25€11.36
€19.19
+68.9%
44.2%€27.60€2.76n/a7
Jan ’25n/a
€16.62
0%
46.4%€27.27€2.73n/a7
Dec ’24n/a
€13.13
0%
34.1%€16.88€2.81n/a7
Nov ’24n/a
€13.27
0%
34.1%€17.06€2.84n/a7
Oct ’24n/a
€13.05
0%
34.1%€16.78€2.80n/a7
Sep ’24n/a
€12.79
0%
34.1%€16.44€2.74n/a7
Aug ’24n/a
€12.70
0%
34.1%€16.33€2.72n/a7
Jul ’24€7.60
€13.09
+72.3%
35.4%€18.33€2.75n/a7
Jun ’24n/a
€13.03
0%
35.4%€18.24€2.74n/a7
May ’24n/a
€13.04
0%
35.4%€18.26€2.74€11.017
Apr ’24n/a
€13.33
0%
35.4%€18.66€2.80€14.107
Mar ’24n/a
€13.12
0%
35.0%€18.74€2.81n/a7
Feb ’24n/a
€13.05
0%
39.3%€19.85€2.98€11.367
Jan ’24n/a
€13.05
0%
39.3%€19.85€2.98n/a7
Dec ’23n/a
€13.05
0%
39.3%€19.85€2.98n/a7
Nov ’23n/a
€13.36
0%
38.1%€20.11€3.02n/a7

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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