SynBiotic Valuation

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

Below Fair Value: SBX (€5.98) is trading below our estimate of fair value (€48.4)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for SBX. This is calculated by dividing SBX's market cap by their current revenue.
What is SBX's PS Ratio?
PS Ratio	7.8x
Sales	€3.86m
Market Cap	€29.93m

SBX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	8.2x
Enterprise Value/EBITDA	-4.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for SBX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	10.9x
B8FK Biofrontera	0.8x	n/a	€17.0m
HIGH Cantourage Group	27.5x	38.8%	€53.9m
APPH Apontis Pharma	2x	17.1%	€81.8m
0RX Redx Pharma	13.3x	-37.6%	€65.0m
SBX SynBiotic	7.8x	39.7%	€29.9m

Price-To-Sales vs Peers: SBX is good value based on its Price-To-Sales Ratio (7.8x) compared to the peer average (10.9x).

Price to Sales Ratio vs Industry

How does SBX's PS Ratio compare vs other companies in the European Pharmaceuticals Industry?

23 Companies	Price / Sales	Estimated Growth	Market Cap

23 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: SBX is expensive based on its Price-To-Sales Ratio (7.8x) compared to the European Pharmaceuticals industry average (3.1x).

Price to Sales Ratio vs Fair Ratio

What is SBX'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.

SBX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	7.8x
Fair PS Ratio	4.2x

Price-To-Sales vs Fair Ratio: SBX is expensive based on its Price-To-Sales Ratio (7.8x) compared to the estimated Fair Price-To-Sales Ratio (4.2x).

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 SBX forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	n/a	€12.45 0%	0.4%	€12.50	€12.40	n/a	2
Nov ’25	€6.38	€12.45 +95.1%	0.4%	€12.50	€12.40	n/a	2
Oct ’25	€6.10	€12.45 +104.1%	0.4%	€12.50	€12.40	n/a	2
May ’24	€6.02	€46.00 +664.1%	63.0%	€75.00	€17.00	€9.50	2
Apr ’24	€7.87	€57.50 +630.6%	30.4%	€75.00	€40.00	€12.15	2
Mar ’24	€10.68	€57.50 +438.4%	30.4%	€75.00	€40.00	€9.62	2
Feb ’24	€11.44	€57.50 +402.6%	30.4%	€75.00	€40.00	€4.06	2
Jan ’24	€10.32	€57.50 +457.2%	30.4%	€75.00	€40.00	n/a	2
Dec ’23	€13.98	€57.50 +311.3%	30.4%	€75.00	€40.00	€3.11	2
Nov ’23	€15.66	€57.50 +267.2%	30.4%	€75.00	€40.00	n/a	2

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.

Discover undervalued companies

Amneal Pharmaceuticals

US$2.6b

Develops, manufactures, markets, and distributes generics, injectables, biosimilars, and specialty branded pharmaceutical products worldwide.

2DT

US$7.60

-2.6%

86.3%

Perrigo

US$3.7b

Provides over-the-counter health and wellness solutions to enhance individual well-being in the United States, Europe, and internationally.

PIG

US$25.29

3.1%

-7.7%

Almirall

€1.8b

A biopharmaceutical company, engages in the purchase, manufacture, storage, and sale of skin-health medicines in Europe, the Middle East, the United States, Asia, and Africa.

E2Z

€8.35

-4.5%

-2.3%