Xencor, Inc.

DB:XE9 Stock Report

Market Cap: €1.6b

Xencor Valuation

Is XE9 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • 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 XE9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: XE9 (€21.4) is trading above our estimate of fair value (€17.71)

Significantly Below Fair Value: XE9 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for XE9?

Key metric: As XE9 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for XE9. This is calculated by dividing XE9's market cap by their current revenue.
What is XE9's PS Ratio?
PS Ratio19x
SalesUS$85.16m
Market CapUS$1.64b

Price to Sales Ratio vs Peers

How does XE9's PS Ratio compare to its peers?

The above table shows the PS ratio for XE9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average9.4x
BIO3 Biotest
1.4x-4.1%€1.4b
MOR MorphoSys
10.2xn/a€2.6b
FYB Formycon
13.5x32.5%€818.4m
HPHA Heidelberg Pharma
12.5x16.6%€106.3m
XE9 Xencor
19x29.2%€1.6b

Price-To-Sales vs Peers: XE9 is expensive based on its Price-To-Sales Ratio (19x) compared to the peer average (9.4x).

Price to Sales Ratio vs Industry

How does XE9's PS Ratio compare vs other companies in the DE Biotechs Industry?

7 CompaniesPrice / SalesEstimated GrowthMarket Cap
BIO3 Biotest
1.4x-4.1%US$1.44b
CNW co.don
0.7xn/aUS$6.97m
V9Z Aceragen
0.4xn/aUS$3.12m
PA8 Paion
0.2x30.2%US$2.78m
XE9 19.0xIndustry Avg. 7.8xNo. of Companies7PS0612182430+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: XE9 is expensive based on its Price-To-Sales Ratio (19x) compared to the European Biotechs industry average (7.9x).

Price to Sales Ratio vs Fair Ratio

What is XE9'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.

XE9 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio19x
Fair PS Ratio1.3x

Price-To-Sales vs Fair Ratio: XE9 is expensive based on its Price-To-Sales Ratio (19x) compared to the estimated Fair Price-To-Sales Ratio (1.3x).

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 XE9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€21.40
€31.14
+45.5%
24.3%€46.93€18.77n/a11
Nov ’25€19.00
€30.26
+59.3%
24.5%€45.73€18.29n/a11
Oct ’25€17.60
€29.36
+66.8%
24.2%€44.74€17.89n/a11
Sep ’25€15.30
€29.26
+91.3%
23.9%€44.83€18.83n/a11
Aug ’25€18.60
€31.01
+66.7%
22.6%€46.18€19.39n/a12
Jul ’25€17.70
€31.50
+78.0%
21.9%€46.55€19.55n/a12
Jun ’25€21.60
€33.34
+54.3%
26.5%€53.84€20.42n/a12
May ’25€19.30
€33.72
+74.7%
26.5%€54.58€20.70n/a12
Apr ’25€20.60
€34.45
+67.2%
29.5%€53.52€20.30n/a12
Mar ’25€21.00
€34.45
+64.1%
29.5%€53.52€20.30n/a12
Feb ’25€17.00
€34.25
+101.5%
23.3%€51.59€20.27n/a11
Jan ’25€19.00
€34.78
+83.1%
26.4%€53.75€20.04n/a11
Dec ’24€16.40
€37.17
+126.6%
26.5%€55.22€20.59n/a14
Nov ’24€16.40
€41.21
+151.3%
20.5%€55.81€25.54€19.0014
Oct ’24€19.00
€41.21
+116.9%
20.5%€55.81€25.54€17.6014
Sep ’24€20.00
€40.42
+102.1%
19.8%€54.03€24.72€15.3014
Aug ’24€21.60
€39.36
+82.2%
20.2%€53.04€24.27€18.6014
Jul ’24€22.80
€41.26
+80.9%
19.4%€55.05€25.19€17.7014
Jun ’24€25.20
€41.26
+63.7%
19.4%€55.05€25.19€21.6014
May ’24€24.00
€41.03
+71.0%
18.5%€53.54€24.50€19.3014
Apr ’24€24.80
€43.41
+75.1%
18.3%€55.93€25.59€20.6015
Mar ’24€30.00
€43.41
+44.7%
18.3%€55.93€25.59€21.0015
Feb ’24€29.80
€41.98
+40.9%
19.8%€54.39€24.89€17.0015
Jan ’24€23.80
€43.79
+84.0%
19.3%€55.57€28.25€19.0014
Dec ’23€28.40
€46.37
+63.3%
19.2%€58.57€29.78€16.4014
Nov ’23€28.60
€48.35
+69.1%
18.4%€60.79€30.91€16.4014

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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