Scholar Rock Holding Corporation

DB:2QK Stock Report

Market Cap: €2.7b

Scholar Rock Holding Valuation

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

Below Fair Value: 2QK (€25.2) is trading below our estimate of fair value (€92.6)

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

Key Valuation Metric

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

Key metric: As 2QK 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 2QK. This is calculated by dividing 2QK's market cap by their current book value.
What is 2QK's PB Ratio?
PB Ratio35.4x
BookUS$79.20m
Market CapUS$2.80b

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for 2QK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average12.6x
BIO3 Biotest
2x29.3%€1.4b
FYB Formycon
1.4x31.5%€827.2m
VSC 4SC
44xn/a€48.2m
HPHA Heidelberg Pharma
2.9x-33.0%€103.9m
2QK Scholar Rock Holding
35.4x48.8%€2.8b

Price-To-Book vs Peers: 2QK is expensive based on its Price-To-Book Ratio (35.4x) compared to the peer average (12.6x).

Price to Book Ratio vs Industry

How does 2QK'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
2QK 35.4xIndustry Avg. 2.4xNo. of Companies3PB00.61.21.82.43+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: 2QK is expensive based on its Price-To-Book Ratio (35.4x) compared to the European Biotechs industry average (2.4x).

Price to Book Ratio vs Fair Ratio

What is 2QK'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.

2QK PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio35.4x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate 2QK'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 2QK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€25.20
€37.65
+49.4%
11.6%€47.21€31.16n/a8
Nov ’25€25.80
€34.33
+33.1%
15.9%€45.93€27.56n/a8
Oct ’25€6.90
€24.29
+252.1%
17.4%€30.45€17.91n/a8
Sep ’25€8.10
€24.61
+203.9%
18.2%€31.14€18.32n/a8
Aug ’25€8.10
€24.67
+204.6%
16.7%€28.86€18.62n/a8
Jul ’25€7.45
€24.67
+231.2%
16.7%€28.86€18.62n/a8
Jun ’25€8.40
€24.17
+187.8%
16.0%€27.62€18.42n/a8
May ’25€13.60
€24.38
+79.3%
16.0%€27.86€18.57n/a8
Apr ’25€14.90
€24.25
+62.7%
16.0%€27.71€18.47n/a8
Mar ’25€14.00
€23.89
+70.6%
16.5%€27.87€18.58n/a7
Feb ’25€12.90
€23.89
+85.2%
16.5%€27.87€18.58n/a7
Jan ’25€18.30
€23.89
+30.5%
16.5%€27.87€18.58n/a7
Dec ’24€11.50
€22.68
+97.2%
17.4%€28.01€18.68n/a7
Nov ’24€11.60
€22.66
+95.3%
16.5%€28.32€18.88€25.807
Oct ’24€6.80
€20.04
+194.7%
31.8%€27.32€6.38€6.907
Sep ’24€5.65
€20.04
+254.6%
31.8%€27.32€6.38€8.107
Aug ’24€6.35
€19.90
+213.5%
30.2%€26.97€7.19€8.107
Jul ’24€6.50
€21.28
+227.3%
29.5%€29.42€9.19€7.457
Jun ’24€5.40
€21.28
+294.0%
29.5%€29.42€9.19€8.407
May ’24€5.80
€21.22
+265.9%
29.5%€29.34€9.17€13.607
Apr ’24€6.95
€21.35
+207.3%
32.1%€30.15€9.42€14.906
Mar ’24€8.00
€21.03
+162.8%
31.2%€29.81€9.32€14.007
Feb ’24€11.00
€21.03
+91.2%
31.2%€29.81€9.32€12.907
Jan ’24€7.45
€21.86
+193.5%
31.2%€31.00€9.69€18.307
Dec ’23€7.45
€21.86
+193.5%
31.2%€31.00€9.69€11.507
Nov ’23€9.25
€27.32
+195.4%
39.7%€43.98€10.23€11.607

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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