KalVista Pharmaceuticals, Inc.

DB:4XC1 Stock Report

Market Cap: €479.7m

KalVista Pharmaceuticals Valuation

Is 4XC1 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 4XC1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 4XC1 (€8.65) is trading below our estimate of fair value (€247.31)

Significantly Below Fair Value: 4XC1 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 4XC1?

Key metric: As 4XC1 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 4XC1. This is calculated by dividing 4XC1's market cap by their current book value.
What is 4XC1's PB Ratio?
PB Ratio2.9x
BookUS$172.80m
Market CapUS$499.54m

Price to Book Ratio vs Peers

How does 4XC1's PB Ratio compare to its peers?

The above table shows the PB ratio for 4XC1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average1.8x
FYB Formycon
1.5x31.5%€827.2m
BIO3 Biotest
2x29.3%€1.4b
HPHA Heidelberg Pharma
2.8x-33.0%€103.9m
2INV 2invest
1xn/a€63.8m
4XC1 KalVista Pharmaceuticals
2.9x61.3%€499.5m

Price-To-Book vs Peers: 4XC1 is expensive based on its Price-To-Book Ratio (2.9x) compared to the peer average (1.9x).

Price to Book Ratio vs Industry

How does 4XC1'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
4XC1 2.9xIndustry Avg. 2.4xNo. of Companies3PB00.61.21.82.43+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: 4XC1 is expensive based on its Price-To-Book Ratio (2.9x) compared to the European Biotechs industry average (2.4x).

Price to Book Ratio vs Fair Ratio

What is 4XC1'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.

4XC1 PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio2.9x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate 4XC1'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 4XC1 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€8.65
€26.82
+210.0%
27.1%€35.86€16.55n/a6
Nov ’25€9.40
€27.02
+187.4%
24.8%€34.93€17.91n/a6
Oct ’25€10.20
€27.02
+164.9%
24.8%€34.93€17.91n/a6
Sep ’25€11.70
€26.80
+129.0%
26.8%€35.79€18.35n/a5
Aug ’25€13.30
€26.80
+101.5%
26.8%€35.79€18.35n/a5
Jul ’25€10.90
€27.47
+152.0%
27.3%€35.95€18.44n/a5
Jun ’25€10.10
€27.47
+172.0%
27.3%€35.95€18.44n/a5
May ’25€10.00
€28.62
+186.2%
23.8%€36.48€18.71n/a5
Apr ’25€10.00
€29.12
+191.2%
18.9%€35.94€22.12n/a5
Mar ’25€12.50
€29.12
+133.0%
18.9%€35.94€22.12n/a5
Feb ’25€14.60
€19.44
+33.1%
15.6%€24.29€14.95n/a5
Jan ’25€10.90
€19.44
+78.3%
15.6%€24.29€14.95n/a5
Dec ’24€7.65
€19.44
+154.1%
15.6%€24.29€14.95n/a5
Nov ’24€8.15
€19.32
+137.0%
14.4%€24.30€14.96€9.406
Oct ’24€9.05
€19.32
+113.4%
14.4%€24.30€14.96€10.206
Sep ’24€9.90
€18.78
+89.7%
14.4%€23.63€14.54€11.706
Aug ’24€9.05
€18.78
+107.5%
14.4%€23.63€14.54€13.306
Jul ’24€8.20
€18.17
+121.6%
17.6%€22.56€13.16€10.906
Jun ’24€9.10
€18.17
+99.7%
17.6%€22.56€13.16€10.106
May ’24€7.65
€18.17
+137.5%
17.6%€22.56€13.16€10.006
Apr ’24€6.80
€18.17
+167.4%
17.6%€22.56€13.16€10.006
Mar ’24€6.97
€18.68
+168.1%
21.9%€25.01€12.97€12.506
Feb ’24€7.18
€20.54
+186.2%
26.2%€28.22€13.17€14.606
Jan ’24€6.29
€20.54
+226.4%
26.2%€28.22€13.17€10.906
Dec ’23€4.97
€22.28
+348.5%
26.2%€30.62€14.29€7.656
Nov ’23€5.06
€22.28
+340.2%
26.2%€30.62€14.29€8.156

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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