Ocugen, Inc.

DB:2H51 Stock Report

Market Cap: €270.4m

Ocugen Valuation

Is 2H51 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 2H51 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2H51 (€0.95) is trading below our estimate of fair value (€52.88)

Significantly Below Fair Value: 2H51 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2H51?

Key metric: As 2H51 barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for 2H51. This is calculated by dividing 2H51's market cap by their current book value.
What is 2H51's PB Ratio?
PB Ratio7x
BookUS$40.63m
Market CapUS$286.11m

Price to Book Ratio vs Peers

How does 2H51's PB Ratio compare to its peers?

The above table shows the PB ratio for 2H51 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average1.9x
2INV 2invest
1xn/a€64.4m
HPHA Heidelberg Pharma
3.1x-33.0%€111.9m
FYB Formycon
1.5x32.4%€882.0m
BIO3 Biotest
2x29.3%€1.3b
2H51 Ocugen
7x47.9%€286.1m

Price-To-Book vs Peers: 2H51 is expensive based on its Price-To-Book Ratio (7x) compared to the peer average (1.9x).

Price to Book Ratio vs Industry

How does 2H51'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
2H51 7.0xIndustry Avg. 2.4xNo. of Companies3PB00.61.21.82.43+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: 2H51 is expensive based on its Price-To-Book Ratio (7x) compared to the European Biotechs industry average (2.4x).

Price to Book Ratio vs Fair Ratio

What is 2H51'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.

2H51 PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio7x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate 2H51'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 2H51 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.95
€5.93
+526.2%
23.7%€7.59€3.80n/a4
Nov ’25€0.85
€5.78
+580.0%
23.7%€7.40€3.70n/a4
Oct ’25€0.87
€6.41
+638.2%
11.7%€7.33€5.50n/a3
Sep ’25€1.16
€6.41
+453.2%
11.7%€7.33€5.50n/a3
Aug ’25€1.25
€6.26
+402.3%
18.7%€7.51€4.69n/a3
Jul ’25€1.44
€6.26
+334.3%
18.7%€7.51€4.69n/a3
Jun ’25€1.55
€6.26
+303.0%
18.7%€7.51€4.69n/a3
May ’25€1.22
€6.26
+412.6%
18.7%€7.51€4.69n/a3
Apr ’25€1.53
€5.91
+285.5%
26.8%€7.47€3.74n/a3
Mar ’25€0.87
€5.91
+579.5%
26.8%€7.47€3.74n/a3
Feb ’25€0.49
€4.91
+910.9%
23.4%€6.45€3.68n/a3
Jan ’25€0.54
€3.66
+579.6%
30.6%€4.58€1.83n/a4
Dec ’24€0.35
€3.66
+959.5%
30.6%€4.58€1.83n/a4
Nov ’24€0.34
€3.66
+978.2%
30.6%€4.58€1.83€0.854
Oct ’24€0.38
€3.66
+863.1%
30.6%€4.58€1.83€0.874
Sep ’24€0.40
€3.66
+815.7%
30.6%€4.58€1.83€1.164
Aug ’24€0.55
€4.17
+657.1%
39.0%€7.27€2.27€1.256
Jul ’24€0.45
€4.17
+824.5%
39.0%€7.27€2.27€1.446
Jun ’24€0.42
€4.17
+882.3%
39.0%€7.27€2.27€1.556
May ’24€0.64
€4.53
+613.2%
33.1%€7.50€2.81€1.226
Apr ’24€0.76
€4.53
+499.1%
33.1%€7.50€2.81€1.536
Mar ’24€0.94
€4.53
+384.8%
33.1%€7.50€2.81€0.876
Feb ’24€1.12
€5.33
+373.6%
26.3%€7.99€3.50€0.496
Jan ’24€1.14
€5.33
+368.0%
26.3%€7.99€3.50€0.546
Dec ’23€1.45
€5.33
+267.9%
26.3%€7.99€3.50€0.356
Nov ’23€1.74
€5.95
+243.0%
29.1%€8.16€3.57€0.346

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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