Immunic, Inc.

DB:10VA Stock Report

Market Cap: €105.6m

Immunic Valuation

Is 10VA 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-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 10VA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 10VA (€1.17) is trading below our estimate of fair value (€923.29)

Significantly Below Fair Value: 10VA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 10VA?

Key metric: As 10VA is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for 10VA. This is calculated by dividing 10VA's market cap by their current book value.
What is 10VA's PB Ratio?
PB Ratio2.7x
BookUS$41.22m
Market CapUS$111.70m

Price to Book Ratio vs Peers

How does 10VA's PB Ratio compare to its peers?

The above table shows the PB ratio for 10VA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average12.8x
HPHA Heidelberg Pharma
3.1x-33.0%€111.9m
2INV 2invest
1xn/a€64.4m
VSC 4SC
46xn/a€50.2m
MDG1 Medigene
0.8x11.0%€16.7m
10VA Immunic
2.7x68.0%€111.7m

Price-To-Book vs Peers: 10VA is good value based on its Price-To-Book Ratio (2.7x) compared to the peer average (12.8x).

Price to Book Ratio vs Industry

How does 10VA's PB Ratio compare vs other companies in the DE Biotechs Industry?

3 CompaniesPrice / BookEstimated GrowthMarket Cap
V9Z Aceragen
0.1xn/aUS$3.12m
V9Z Aceragen
0.1xn/aUS$2.18m
O7P NeuBase Therapeutics
0.1xn/aUS$1.39m
No more companies available in this PB range
10VA 2.7xIndustry Avg. 2.4xNo. of Companies3PB00.61.21.82.43+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: 10VA is expensive based on its Price-To-Book Ratio (2.7x) compared to the European Biotechs industry average (2.4x).

Price to Book Ratio vs Fair Ratio

What is 10VA'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.

10VA PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio2.7x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate 10VA'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 10VA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€1.17
€12.20
+943.1%
56.8%€26.73€4.77n/a7
Nov ’25€1.15
€12.20
+960.6%
58.4%€25.77€4.60n/a6
Oct ’25€1.51
€11.48
+658.7%
61.5%€25.21€4.50n/a6
Sep ’25€1.37
€10.64
+678.3%
70.0%€25.03€4.47n/a5
Aug ’25€1.30
€12.34
+849.1%
65.1%€25.83€4.61n/a4
Jul ’25€1.03
€10.59
+931.5%
75.2%€25.79€3.68n/a5
Jun ’25€1.11
€10.59
+853.5%
75.2%€25.79€3.68n/a5
May ’25€1.13
€10.61
+839.8%
75.2%€25.83€3.69n/a5
Apr ’25€1.20
€10.97
+817.5%
81.1%€25.87€3.70n/a4
Mar ’25€1.33
€10.97
+727.6%
81.1%€25.87€3.70n/a4
Feb ’25€1.09
€12.97
+1,095.0%
65.7%€26.40€4.72n/a4
Jan ’25€1.38
€12.97
+837.5%
65.7%€26.40€4.72n/a4
Dec ’24€1.07
€12.97
+1,107.3%
65.7%€26.40€4.72n/a4
Nov ’24€1.01
€12.97
+1,185.1%
65.7%€26.40€4.72€1.154
Oct ’24€1.33
€12.14
+813.0%
71.3%€25.66€4.58€1.514
Sep ’24€1.52
€12.14
+700.4%
71.3%€25.66€4.58€1.374
Aug ’24€2.15
€12.14
+463.7%
71.3%€25.66€4.58€1.304
Jul ’24€2.35
€12.14
+415.8%
71.3%€25.66€4.58€1.034
Jun ’24€1.53
€12.14
+695.7%
71.3%€25.66€4.58€1.114
May ’24€1.48
€12.14
+720.4%
71.3%€25.66€4.58€1.134
Apr ’24€1.30
€14.91
+1,047.5%
62.5%€26.42€4.72€1.205
Mar ’24€1.84
€14.91
+711.4%
62.5%€26.42€4.72€1.335
Feb ’24€2.24
€19.16
+755.6%
64.8%€35.88€4.60€1.096
Jan ’24€1.28
€21.46
+1,582.5%
62.0%€39.54€5.07€1.386
Dec ’23€1.28
€21.46
+1,580.6%
62.0%€39.54€5.07€1.076
Nov ’23€1.99
€21.46
+978.4%
62.0%€39.54€5.07€1.016

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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