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Spectrum Pharmaceuticals Valuation

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

NTR (€0.93) is trading below our estimate of [[fair value]] (€5.91)

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

Below Fair Value: NTR (€0.93) is trading below our estimate of fair value (€5.91)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for NTR. This is calculated by dividing NTR's market cap by their current revenue.
What is NTR's PS Ratio?
PS Ratio	8.2x
Sales	US$25.73m
Market Cap	US$209.89m

NTR key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	7.2x
Enterprise Value/EBITDA	-2.9x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for NTR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	9.2x
HPHA Heidelberg Pharma	11.9x	16.6%	€101.1m
2INV 2invest	8.2x	n/a	€62.7m
MDG1 Medigene	3.2x	16.1%	€23.7m
FYB Formycon	13.5x	33.4%	€821.0m
NTR Spectrum Pharmaceuticals	8.2x	35.5%	€209.9m

Price-To-Sales vs Peers: NTR is good value based on its Price-To-Sales Ratio (8.2x) compared to the peer average (10.7x).

Price to Sales Ratio vs Industry

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

6 Companies	Price / Sales	Estimated Growth	Market Cap
CNW co.don	0.7x	n/a	US$6.97m
V9Z Aceragen	0.4x	n/a	US$3.12m
PA8 Paion	0.2x	30.2%	US$2.78m
V9Z Aceragen	0.3x	-161.8%	US$2.18m

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: NTR is good value based on its Price-To-Sales Ratio (8.2x) compared to the European Biotechs industry average (9.4x)

Price to Sales Ratio vs Fair Ratio

What is NTR'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.

NTR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	8.2x
Fair PS Ratio	12.8x

Price-To-Sales vs Fair Ratio: NTR is good value based on its Price-To-Sales Ratio (8.2x) compared to the estimated Fair Price-To-Sales Ratio (12.8x).

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 NTR forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Nov ’25	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Oct ’25	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Sep ’25	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Aug ’25	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Jul ’25	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Jun ’25	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
May ’25	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Apr ’25	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Mar ’25	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Feb ’25	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Jan ’25	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Dec ’24	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Nov ’24	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Oct ’24	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Sep ’24	n/a	€1.16 0%	13.5%	€1.38	€1.05	n/a	3
Aug ’24	€0.93	€1.16 +25.5%	13.5%	€1.38	€1.05	n/a	3
Jul ’24	€0.89	€1.16 +30.9%	13.5%	€1.38	€1.05	n/a	3
Jun ’24	€1.00	€1.16 +15.9%	13.5%	€1.38	€1.05	n/a	3
May ’24	€0.83	€1.70 +106.0%	61.0%	€3.17	€0.91	n/a	3
Apr ’24	€0.68	€2.45 +261.1%	55.2%	€3.71	€0.69	n/a	5
Mar ’24	€0.73	€2.45 +237.9%	55.2%	€3.71	€0.69	n/a	5
Feb ’24	€0.69	€2.85 +313.3%	35.9%	€3.68	€0.92	n/a	5
Jan ’24	€0.31	€3.00 +871.2%	35.9%	€3.87	€0.97	n/a	5
Dec ’23	€0.44	€3.00 +587.2%	35.9%	€3.87	€0.97	n/a	5
Nov ’23	€0.46	€3.71 +707.6%	40.6%	€6.19	€1.55	n/a	5

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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