AC Immune SA

DB:IMR Stock Report

Market Cap: €318.4m

AC Immune Valuation

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

Below Fair Value: IMR (€3.15) is trading below our estimate of fair value (€67.74)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for IMR. This is calculated by dividing IMR's market cap by their current revenue.
What is IMR's PS Ratio?
PS Ratio7.2x
SalesCHF 40.97m
Market CapCHF 296.72m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for IMR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average9.4x
2INV 2invest
8.3xn/a€62.7m
FYB Formycon
14.5x33.4%€857.2m
HPHA Heidelberg Pharma
13.1x16.6%€105.8m
BIO3 Biotest
1.5x3.6%€1.3b
IMR AC Immune
7.2x32.0%€336.4m

Price-To-Sales vs Peers: IMR is good value based on its Price-To-Sales Ratio (7.2x) compared to the peer average (9x).

Price to Sales Ratio vs Industry

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

7 CompaniesPrice / SalesEstimated GrowthMarket Cap
BIO3 Biotest
1.5x3.6%US$1.43b
CNW co.don
0.7xn/aUS$6.97m
V9Z Aceragen
0.4xn/aUS$3.12m
PA8 Paion
0.2x30.2%US$2.78m
IMR 7.2xIndustry Avg. 8.0xNo. of Companies7PS0612182430+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: IMR is good value based on its Price-To-Sales Ratio (7.2x) compared to the European Biotechs industry average (7.9x).

Price to Sales Ratio vs Fair Ratio

What is IMR'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.

IMR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio7.2x
Fair PS Ratio2.5x

Price-To-Sales vs Fair Ratio: IMR is expensive based on its Price-To-Sales Ratio (7.2x) compared to the estimated Fair Price-To-Sales Ratio (2.5x).

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 IMR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€3.15
€9.64
+206.6%
33.5%€15.18€7.26n/a4
Nov ’25€2.81
€9.28
+230.1%
32.2%€14.40€7.21n/a4
Oct ’25€3.31
€9.27
+180.0%
32.2%€14.38€7.20n/a4
Sep ’25€2.83
€9.41
+232.7%
33.0%€14.75€7.23n/a4
Aug ’25€3.55
€9.50
+168.1%
32.9%€14.88€7.37n/a4
Jul ’25€3.67
€9.61
+161.9%
32.8%€15.03€7.44n/a4
Jun ’25€4.33
€9.50
+119.3%
32.7%€14.84€7.38n/a4
May ’25€2.32
€9.72
+319.0%
36.6%€14.57€6.12n/a3
Apr ’25€2.76
€9.57
+247.4%
39.3%€14.69€5.76n/a3
Mar ’25€3.62
€9.67
+167.5%
38.4%€14.73€5.94n/a3
Feb ’25€2.87
€9.67
+237.0%
38.4%€14.73€5.94n/a3
Jan ’25€4.30
€9.74
+126.5%
41.7%€15.20€5.48n/a3
Dec ’24€2.96
€9.65
+225.9%
40.6%€14.95€5.61n/a3
Nov ’24€2.72
€9.39
+245.3%
40.7%€14.56€5.44€2.813
Oct ’24€2.69
€9.39
+249.1%
40.7%€14.56€5.44€3.313
Sep ’24€3.16
€9.39
+197.7%
40.7%€14.56€5.44€2.833
Aug ’24€2.69
€9.56
+255.4%
41.6%€14.93€5.41€3.553
Jul ’24€2.60
€9.82
+278.6%
35.4%€14.66€6.63€3.673
Jun ’24€2.13
€9.78
+359.1%
35.4%€14.59€6.60€4.333
May ’24€1.69
€9.78
+480.0%
35.4%€14.59€6.60€2.323
Apr ’24€2.18
€10.02
+360.5%
36.2%€15.02€6.57€2.763
Mar ’24€2.12
€10.04
+373.2%
36.9%€15.17€6.56€3.623
Feb ’24€2.23
€9.91
+345.6%
36.9%€14.98€6.48€2.873
Jan ’24€1.69
€10.33
+511.3%
35.2%€15.25€6.59€4.303
Dec ’23€2.37
€10.05
+323.8%
38.8%€15.22€5.80€2.963
Nov ’23€3.07
€10.36
+237.9%
41.9%€16.19€5.78€2.723

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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