Almirall, S.A.

DB:E2Z Stock Report

Market Cap: €1.8b

Almirall Valuation

Is E2Z undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • 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 E2Z when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: E2Z (€8.46) is trading below our estimate of fair value (€41.78)

Significantly Below Fair Value: E2Z is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for E2Z?

Key metric: As E2Z is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for E2Z. This is calculated by dividing E2Z's market cap by their current revenue.
What is E2Z's PS Ratio?
PS Ratio1.9x
Sales€953.49m
Market Cap€1.82b

Price to Sales Ratio vs Peers

How does E2Z's PS Ratio compare to its peers?

The above table shows the PS ratio for E2Z vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.1x
DMP Dermapharm Holding
1.6x3.8%€1.8b
PSG PharmaSGP Holding
2.8x7.0%€302.2m
BAYN Bayer
0.4x1.1%€20.1b
2FJ0 Pierrel
3.4xn/a€92.8m
E2Z Almirall
1.9x9.8%€1.8b

Price-To-Sales vs Peers: E2Z is good value based on its Price-To-Sales Ratio (1.9x) compared to the peer average (2.1x).

Price to Sales Ratio vs Industry

How does E2Z's PS Ratio compare vs other companies in the European Pharmaceuticals Industry?

22 CompaniesPrice / SalesEstimated GrowthMarket Cap
E2Z 1.9xIndustry Avg. 3.4xNo. of Companies31PS0612182430+
22 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: E2Z is good value based on its Price-To-Sales Ratio (1.9x) compared to the European Pharmaceuticals industry average (3.4x).

Price to Sales Ratio vs Fair Ratio

What is E2Z'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.

E2Z PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.9x
Fair PS Ratio2.7x

Price-To-Sales vs Fair Ratio: E2Z is good value based on its Price-To-Sales Ratio (1.9x) compared to the estimated Fair Price-To-Sales Ratio (2.7x).

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 E2Z forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€8.46
€11.79
+39.4%
14.1%€16.00€10.00n/a10
Nov ’25€8.95
€11.79
+31.7%
14.1%€16.00€10.00n/a10
Oct ’25€8.73
€11.64
+33.4%
13.7%€16.00€10.00n/a11
Sep ’25€8.72
€11.64
+33.5%
13.7%€16.00€10.00n/a11
Aug ’25€9.24
€11.64
+25.9%
13.7%€16.00€10.00n/a11
Jul ’25€9.48
€11.46
+21.0%
14.9%€16.00€9.50n/a11
Jun ’25€9.64
€11.28
+17.0%
16.5%€16.00€8.80n/a11
May ’25€8.35
€11.21
+34.3%
16.9%€16.00€8.80n/a11
Apr ’25€8.09
€11.28
+39.5%
16.8%€16.00€8.80n/a11
Mar ’25€7.87
€11.28
+43.4%
16.8%€16.00€8.80n/a11
Feb ’25€8.66
€11.31
+30.6%
16.6%€16.00€8.80n/a11
Jan ’25€8.39
€11.39
+35.8%
16.0%€16.00€8.80n/a11
Dec ’24€8.38
€11.39
+35.9%
16.0%€16.00€8.80n/a11
Nov ’24€8.49
€11.54
+36.0%
16.2%€16.00€8.80€8.9511
Oct ’24€9.40
€11.61
+23.6%
16.4%€16.00€8.80€8.7311
Sep ’24€9.24
€11.40
+23.5%
16.2%€16.00€8.80€8.7212
Aug ’24€8.67
€11.40
+31.5%
16.2%€16.00€8.80€9.2412
Jul ’24€7.49
€11.47
+53.1%
15.5%€16.00€8.80€9.4812
Jun ’24€8.22
€11.67
+42.1%
14.5%€16.00€10.00€9.6412
May ’24€9.21
€11.67
+26.7%
14.5%€16.00€10.00€8.3512
Apr ’24€8.43
€11.64
+38.0%
14.3%€16.00€10.00€8.0912
Mar ’24€9.03
€11.64
+28.9%
14.3%€16.00€10.00€7.8712
Feb ’24€9.19
€11.93
+29.8%
16.0%€16.00€10.00€8.6612
Jan ’24€8.96
€12.86
+43.6%
16.3%€18.00€10.00€8.3912
Dec ’23€9.26
€12.86
+38.9%
16.3%€18.00€10.00€8.3812
Nov ’23€9.39
€13.53
+44.1%
14.6%€18.00€10.00€8.4912

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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