ImmunityBio Valuation

Q: What is the Fair Price of 26CA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

26CA (€3.44) is trading below our estimate of [[fair value]] (€56.94)

Is 26CA 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 26CA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 26CA (€3.44) is trading below our estimate of fair value (€56.94)

Significantly Below Fair Value: 26CA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 26CA?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 26CA. This is calculated by dividing 26CA's market cap by their current preferred multiple.
What is 26CA's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	US$2.74b

26CA 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	2690.6x
Enterprise Value/EBITDA	-10.3x
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does 26CA's PB Ratio compare to its peers?

The above table shows the PB ratio for 26CA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	2.4x
BIO3 Biotest	2x	-67.2%	€1.3b
FYB Formycon	1.6x	30.5%	€937.6m
HPHA Heidelberg Pharma	2.7x	-31.2%	€112.3m
DMP Dermapharm Holding	3.4x	20.0%	€1.9b
26CA ImmunityBio	n/a	45.4%	€2.7b

Price-To-Book vs Peers: 26CA has negative equity and a Price-To-Book Ratio (-3.9x) compared to the peer average (2.4x).

Price to Earnings Ratio vs Industry

How does 26CA's PE Ratio compare vs other companies in the DE Biotechs Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	35.4%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	35.4%
	n/a	n/a	n/a

No more companies

Price-To-Book vs Industry: 26CA has negative equity and a Price-To-Book Ratio (-3.9x) compared to the European Biotechs industry average (2.6x).

Price to Book Ratio vs Fair Ratio

What is 26CA'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.

26CA PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	-3.9x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate 26CA'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 26CA 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	€3.44	€5.78 +68.0%	25.5%	€7.26	€4.31	n/a	2
Sep ’25	€3.53	€5.78 +63.7%	25.5%	€7.26	€4.31	n/a	2
Aug ’25	€4.37	€6.93 +58.6%	20.0%	€8.32	€5.54	n/a	2
Jul ’25	€5.83	€6.93 +19.0%	20.0%	€8.32	€5.54	n/a	2
Jun ’25	€5.89	€6.93 +17.6%	20.0%	€8.32	€5.54	n/a	2
May ’25	€7.40	€7.00 -5.4%	20.0%	€8.39	€5.60	n/a	2
Feb ’25	€3.28	€4.15 +26.4%	11.1%	€4.61	€3.69	n/a	2
Jan ’25	€4.58	€4.15 -9.5%	11.1%	€4.61	€3.69	n/a	2
Dec ’24	€3.38	€4.15 +22.7%	11.1%	€4.61	€3.69	n/a	2
Nov ’24	€3.02	€4.15 +37.3%	11.1%	€4.61	€3.69	n/a	2
Oct ’24	€1.59	€4.15 +160.8%	11.1%	€4.61	€3.69	n/a	2
Sep ’24	€1.39	€4.15 +198.3%	11.1%	€4.61	€3.69	€3.53	2
Aug ’24	€1.82	€4.15 +127.8%	11.1%	€4.61	€3.69	€4.37	2
Jul ’24	€2.50	€4.15 +65.9%	11.1%	€4.61	€3.69	€5.83	2
Jun ’24	€2.70	€4.15 +53.6%	11.1%	€4.61	€3.69	€5.89	2
May ’24	€2.50	€8.49 +239.7%	11.1%	€9.44	€7.55	€7.40	2
Apr ’24	€1.62	€8.49 +425.8%	11.1%	€9.44	€7.55	€4.80	2
Mar ’24	€2.08	€8.25 +296.5%	11.1%	€9.16	€7.33	€4.28	2
Feb ’24	€3.57	€8.25 +131.0%	11.1%	€9.16	€7.33	€3.28	2
Jan ’24	€4.54	€8.69 +91.5%	11.1%	€9.66	€7.73	€4.58	2
Dec ’23	€5.22	€8.69 +66.5%	11.1%	€9.66	€7.73	€3.38	2
Nov ’23	€5.48	€8.83 +61.2%	11.1%	€9.81	€7.85	€3.02	2
Oct ’23	€5.04	€8.83 +75.2%	11.1%	€9.81	€7.85	€1.59	2
Sep ’23	€4.09	€8.83 +116.0%	11.1%	€9.81	€7.85	€1.39	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.