BioArctic AB (publ)

DB:B9A Stock Report

Market Cap: €1.6b

BioArctic Valuation

Is B9A 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 B9A when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: B9A (€18.86) is trading below our estimate of fair value (€31.48)

Significantly Below Fair Value: B9A is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for B9A?

Key metric: As B9A barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for B9A. This is calculated by dividing B9A's market cap by their current book value.
What is B9A's PB Ratio?
PB Ratio20.5x
BookSEK 918.63m
Market CapSEK 18.81b

Price to Book Ratio vs Peers

How does B9A's PB Ratio compare to its peers?

The above table shows the PB ratio for B9A vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average1.9x
BIO3 Biotest
1.9x29.3%€1.3b
FYB Formycon
1.6x30.6%€905.8m
HPHA Heidelberg Pharma
3x-33.0%€105.8m
2INV 2invest
1.1xn/a€67.3m
B9A BioArctic
20.5x62.5%€18.8b

Price-To-Book vs Peers: B9A is expensive based on its Price-To-Book Ratio (20.5x) compared to the peer average (1.9x).

Price to Book Ratio vs Industry

How does B9A'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
B9A 20.5xIndustry Avg. 2.4xNo. of Companies3PB00.61.21.82.43+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: B9A is expensive based on its Price-To-Book Ratio (20.5x) compared to the European Biotechs industry average (2.4x).

Price to Book Ratio vs Fair Ratio

What is B9A'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.

B9A PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio20.5x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate B9A'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 B9A forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€18.86
€28.16
+49.3%
6.5%€30.61€25.54n/a5
Dec ’25€17.00
€27.91
+64.2%
6.5%€30.33€25.31n/a5
Nov ’25€12.26
€25.61
+108.9%
8.5%€29.80€23.66n/a5
Oct ’25€13.90
€25.66
+84.6%
8.8%€30.02€23.84n/a5
Sep ’25€15.10
€25.66
+69.9%
8.8%€30.02€23.84n/a5
Aug ’25€13.69
€28.87
+110.9%
8.1%€31.75€24.89n/a5
Jul ’25€20.12
€31.65
+57.3%
11.8%€38.70€27.95n/a5
Jun ’25€19.52
€31.65
+62.1%
11.8%€38.70€27.95n/a5
May ’25€16.43
€32.66
+98.8%
12.2%€40.13€28.98n/a5
Apr ’25€18.34
€32.66
+78.1%
12.2%€40.13€28.98n/a5
Mar ’25€19.27
€32.48
+68.5%
12.2%€40.02€28.90n/a5
Feb ’25€19.15
€33.32
+74.0%
8.8%€38.95€30.28n/a5
Jan ’25€24.84
€32.70
+31.6%
11.1%€39.84€27.63n/a6
Dec ’24€20.30
€32.34
+59.3%
11.9%€39.08€27.10€17.005
Nov ’24€19.00
€33.95
+78.7%
8.8%€38.97€30.83€12.265
Oct ’24€24.54
€33.95
+38.3%
8.8%€38.97€30.83€13.905
Sep ’24€26.24
€33.95
+29.4%
8.8%€38.97€30.83€15.105
Aug ’24€25.88
€33.95
+31.2%
8.8%€38.97€30.83€13.695
Jul ’24€23.38
€34.05
+45.6%
10.6%€39.63€30.67€20.125
Jun ’24€27.92
€34.05
+22.0%
10.6%€39.63€30.67€19.525
May ’24€22.82
€34.97
+53.2%
10.6%€40.70€31.50€16.435
Apr ’24€22.06
€35.88
+62.7%
9.9%€41.35€32.00€18.345
Mar ’24€26.28
€35.88
+36.5%
9.9%€41.35€32.00€19.275
Feb ’24€27.28
€32.87
+20.5%
22.5%€41.11€19.66€19.155
Jan ’24€24.74
€32.86
+32.8%
23.3%€42.43€20.29€24.845
Dec ’23€25.92
€32.86
+26.8%
23.3%€42.43€20.29€20.305

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/23 09:07
End of Day Share Price 2024/12/20 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

BioArctic AB (publ) is covered by 7 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kristofer Liljeberg-SvenssonCarnegie Investment Bank AB
Patrik LingDNB Markets
Rajan SharmaGoldman Sachs