Xenon Pharmaceuticals Inc.

DB:XP0 Stock Report

Market Cap: €3.1b

Xenon Pharmaceuticals Valuation

Is XP0 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • 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 XP0 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: XP0 (€41) is trading above our estimate of fair value (€37.45)

Significantly Below Fair Value: XP0 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for XP0?

Key metric: As XP0 is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for XP0. This is calculated by dividing XP0's market cap by their current book value.
What is XP0's PB Ratio?
PB Ratio4.1x
BookUS$797.81m
Market CapUS$3.29b

Price to Book Ratio vs Peers

How does XP0's PB Ratio compare to its peers?

The above table shows the PB ratio for XP0 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average13.1x
BIO3 Biotest
2x29.3%€1.3b
VSC 4SC
45.8xn/a€50.2m
FYB Formycon
1.5x32.4%€882.8m
HPHA Heidelberg Pharma
3.1x-33.0%€110.9m
XP0 Xenon Pharmaceuticals
4.1x12.7%€3.3b

Price-To-Book vs Peers: XP0 is good value based on its Price-To-Book Ratio (4.1x) compared to the peer average (13.1x).

Price to Book Ratio vs Industry

How does XP0'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
XP0 4.1xIndustry Avg. 2.4xNo. of Companies3PB00.61.21.82.43+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: XP0 is expensive based on its Price-To-Book Ratio (4.1x) compared to the European Biotechs industry average (2.4x).

Price to Book Ratio vs Fair Ratio

What is XP0'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.

XP0 PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio4.1x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate XP0'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 XP0 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€41.00
€54.55
+33.1%
9.2%€62.01€43.88n/a16
Nov ’25€37.60
€52.38
+39.3%
8.9%€59.46€44.82n/a15
Oct ’25€35.20
€52.20
+48.3%
8.5%€58.72€44.27n/a14
Sep ’25€36.40
€52.89
+45.3%
8.4%€59.11€44.56n/a13
Aug ’25€40.00
€54.02
+35.0%
7.9%€59.73€45.95n/a14
Jul ’25€36.20
€54.02
+49.2%
7.9%€59.73€45.95n/a14
Jun ’25€35.80
€54.29
+51.6%
7.7%€60.18€46.30n/a15
May ’25€39.80
€52.47
+31.8%
9.3%€59.37€41.10n/a17
Apr ’25€39.60
€52.47
+32.5%
9.3%€59.37€41.10n/a17
Mar ’25€43.80
€52.95
+20.9%
9.3%€59.98€41.53n/a17
Feb ’25€42.40
€49.83
+17.5%
11.3%€57.70€41.21n/a16
Jan ’25€41.80
€48.86
+16.9%
11.2%€57.39€41.00n/a15
Dec ’24€33.40
€47.74
+42.9%
9.2%€55.13€41.35n/a14
Nov ’24€29.20
€48.63
+66.5%
8.3%€56.27€43.14€37.6014
Oct ’24€33.40
€49.35
+47.8%
8.5%€56.65€43.43€35.2015
Sep ’24€35.80
€47.60
+33.0%
8.5%€54.65€41.90€36.4015
Aug ’24€33.40
€47.54
+42.3%
8.1%€54.64€41.89€40.0015
Jul ’24€35.40
€47.54
+34.3%
8.1%€54.64€41.89€36.2015
Jun ’24€36.00
€47.54
+32.1%
8.1%€54.64€41.89€35.8015
May ’24€35.80
€46.58
+30.1%
9.7%€54.45€39.93€39.8015
Apr ’24€32.60
€47.82
+46.7%
9.2%€56.71€41.58€39.6015
Mar ’24€37.20
€46.36
+24.6%
9.1%€55.19€40.48€43.8015
Feb ’24€35.80
€46.36
+29.5%
9.1%€55.19€40.48€42.4015
Jan ’24€36.60
€46.92
+28.2%
9.0%€56.16€41.18€41.8015
Dec ’23€35.20
€47.84
+35.9%
7.7%€58.07€42.58€33.4014
Nov ’23€37.00
€51.04
+38.0%
7.9%€60.88€43.63€29.2013

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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