Immunocore Holdings plc

DB:6YG Stock Report

Market Cap: €1.4b

Immunocore Holdings Valuation

Is 6YG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 6YG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 6YG (€28.6) is trading below our estimate of fair value (€199.22)

Significantly Below Fair Value: 6YG is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 6YG?

Key metric: As 6YG is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 6YG. This is calculated by dividing 6YG's market cap by their current revenue.
What is 6YG's PS Ratio?
PS Ratio5x
SalesUS$296.31m
Market CapUS$1.49b

Price to Sales Ratio vs Peers

How does 6YG's PS Ratio compare to its peers?

The above table shows the PS ratio for 6YG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average9.8x
BIO3 Biotest
1.5x3.6%€1.4b
FYB Formycon
15.7x24.6%€953.5m
2INV 2invest
8.7xn/a€67.3m
HPHA Heidelberg Pharma
13.1x16.6%€111.4m
6YG Immunocore Holdings
5x16.7%€1.5b

Price-To-Sales vs Peers: 6YG is good value based on its Price-To-Sales Ratio (5x) compared to the peer average (9.8x).

Price to Sales Ratio vs Industry

How does 6YG's PS Ratio compare vs other companies in the DE Biotechs Industry?

5 CompaniesPrice / SalesEstimated GrowthMarket Cap
CNW co.don
0.7xn/aUS$6.97m
V9Z Aceragen
0.4xn/aUS$3.12m
PA8 Paion
0.2x30.2%US$2.78m
V9Z Aceragen
0.3x-161.8%US$2.18m
6YG 5.0xIndustry Avg. 8.0xNo. of Companies5PS0612182430+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 6YG is good value based on its Price-To-Sales Ratio (5x) compared to the European Biotechs industry average (8.3x).

Price to Sales Ratio vs Fair Ratio

What is 6YG's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

6YG PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5x
Fair PS Ratio2.8x

Price-To-Sales vs Fair Ratio: 6YG is expensive based on its Price-To-Sales Ratio (5x) compared to the estimated Fair Price-To-Sales Ratio (2.8x).

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 6YG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€28.60
€60.16
+110.4%
34.1%€93.62€22.41n/a14
Dec ’25€29.80
€62.80
+110.7%
29.5%€92.89€22.23n/a14
Nov ’25€28.60
€69.62
+143.4%
22.9%€91.97€22.15n/a14
Oct ’25€27.80
€74.49
+168.0%
11.5%€90.87€61.65n/a15
Sep ’25€32.20
€74.91
+132.6%
11.2%€89.85€60.96n/a16
Aug ’25€36.40
€78.70
+116.2%
9.7%€92.97€61.00n/a16
Jul ’25€33.60
€78.54
+133.8%
8.7%€92.01€64.75n/a16
Jun ’25€44.80
€79.71
+77.9%
8.4%€92.19€64.67n/a16
May ’25€55.50
€78.35
+41.2%
9.9%€86.64€58.33n/a17
Apr ’25€59.00
€77.97
+32.2%
9.5%€85.23€58.27n/a16
Mar ’25€62.00
€77.18
+24.5%
11.0%€85.05€56.08n/a16
Feb ’25€69.50
€75.74
+9.0%
11.6%€87.75€56.32n/a17
Jan ’25€61.00
€75.56
+23.9%
11.9%€86.73€55.66€27.4017
Dec ’24€48.20
€75.51
+56.7%
11.9%€86.55€55.54€29.8017
Nov ’24€41.80
€76.17
+82.2%
8.5%€84.99€60.49€28.6016
Oct ’24€49.00
€75.10
+53.3%
8.8%€83.40€60.88€27.8015
Sep ’24€53.00
€74.93
+41.4%
9.0%€83.98€61.30€32.2014
Aug ’24€60.50
€73.51
+21.5%
9.7%€84.26€59.78€36.4013
Jul ’24€54.50
€75.10
+37.8%
8.3%€85.33€67.27€33.6012
Jun ’24€51.00
€73.29
+43.7%
9.6%€84.52€59.61€44.8013
May ’24€52.50
€73.32
+39.7%
10.4%€87.15€59.04€55.5013
Apr ’24€45.20
€74.17
+64.1%
10.6%€86.95€58.91€59.0013
Mar ’24€50.50
€75.10
+48.7%
9.5%€86.27€61.73€62.0010
Feb ’24€56.50
€74.38
+31.6%
11.2%€86.70€60.54€69.5010
Jan ’24€53.00
€73.51
+38.7%
10.3%€86.29€60.01€61.0010

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/06 07:27
End of Day Share Price 2025/01/06 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Immunocore Holdings plc is covered by 22 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jack AllenBaird
Peter LawsonBarclays
Olga SmolentsevaBryan Garnier & Co