Alvotech

DB:Z45 Stock Report

Market Cap: €3.8b

Alvotech Valuation

Is Z45 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • 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 Z45 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€67.04
Fair Value
81.9% undervalued intrinsic discount
5
Number of Analysts

Below Fair Value: Z45 (€12.15) is trading below our estimate of fair value (€67.04)

Significantly Below Fair Value: Z45 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for Z45?

Key metric: As Z45 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for Z45. This is calculated by dividing Z45's market cap by their current revenue.
What is Z45's PS Ratio?
PS Ratio10.1x
SalesUS$393.92m
Market CapUS$3.95b

Price to Sales Ratio vs Peers

How does Z45's PS Ratio compare to its peers?

The above table shows the PS ratio for Z45 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average10.3x
BIO3 Biotest
1.5x3.6%€1.3b
FYB Formycon
17.6x24.6%€1.1b
2INV 2invest
8.7xn/a€67.3m
HPHA Heidelberg Pharma
13.4x16.6%€113.3m
Z45 Alvotech
10.1x34.6%€4.0b

Price-To-Sales vs Peers: Z45 is good value based on its Price-To-Sales Ratio (10.1x) compared to the peer average (10.3x).

Price to Sales Ratio vs Industry

How does Z45's PS Ratio compare vs other companies in the DE Biotechs Industry?

5 CompaniesPrice / SalesEstimated GrowthMarket Cap
CNW co.don
0.7xn/aUS$6.97m
V9Z Aceragen
0.4xn/aUS$3.12m
PA8 Paion
0.2x30.2%US$2.78m
V9Z Aceragen
0.3x-161.8%US$2.18m
Z45 10.1xIndustry Avg. 8.1xNo. of Companies5PS0612182430+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: Z45 is expensive based on its Price-To-Sales Ratio (10.1x) compared to the European Biotechs industry average (8x).

Price to Sales Ratio vs Fair Ratio

What is Z45'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.

Z45 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio10.1x
Fair PS Ratio9.7x

Price-To-Sales vs Fair Ratio: Z45 is expensive based on its Price-To-Sales Ratio (10.1x) compared to the estimated Fair Price-To-Sales Ratio (9.7x).

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 Z45 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€12.15
€16.58
+36.5%
42.0%€26.68€5.72n/a5
Jan ’26€11.65
€16.58
+42.3%
42.0%€26.68€5.72n/a5
Dec ’25€10.40
€16.58
+59.4%
42.0%€26.68€5.72n/a5
Nov ’25€11.50
€16.12
+40.2%
42.0%€25.94€5.56n/a5
Oct ’25€10.60
€15.19
+43.3%
40.4%€25.26€5.41n/a6
Sep ’25€9.60
€15.19
+58.2%
40.4%€25.26€5.41n/a6
Aug ’25€10.70
€15.52
+45.0%
40.4%€25.81€5.53n/a6
Jul ’25€10.80
€15.67
+45.1%
44.8%€26.07€5.59n/a6
Jun ’25€11.45
€15.52
+35.5%
44.8%€25.81€5.53n/a6
May ’25€12.80
€15.43
+20.6%
44.5%€26.19€5.61n/a6
Apr ’25€11.10
€15.22
+37.1%
44.5%€25.83€5.54n/a6
Mar ’25€13.80
€13.52
-2.0%
51.6%€25.82€5.53n/a6
Feb ’25€14.00
€11.39
-18.7%
44.6%€20.31€5.54n/a6
Jan ’25€9.74
€10.37
+6.5%
45.8%€20.44€5.57€11.656
Dec ’24€8.34
€10.62
+27.4%
45.5%€20.77€5.67€10.406
Nov ’24€8.22
€10.62
+29.2%
45.5%€20.77€5.67€11.506
Oct ’24€8.20
€9.78
+19.3%
54.1%€20.66€4.70€10.606
Sep ’24€8.90
€10.03
+12.6%
57.8%€20.42€4.64€9.605
Aug ’24€8.54
€9.94
+16.4%
57.8%€20.24€4.60€10.705
Jul ’24€6.08
€9.94
+63.4%
57.8%€20.24€4.60€10.805
Jun ’24€7.54
€10.82
+43.6%
52.5%€20.53€4.67€11.455
May ’24n/a
€11.64
0%
44.0%€20.00€4.55€12.805
Apr ’24€11.50
€12.64
+9.9%
45.2%€20.45€4.65€11.105
Mar ’24€12.55
€12.07
-3.8%
51.2%€20.74€4.71€13.805
Feb ’24€10.55
€12.07
+14.4%
51.2%€20.74€4.71€14.005
Jan ’24€8.88
€12.30
+38.5%
51.2%€21.13€4.80€9.745
Analyst Price Target
Consensus Narrative from 5 Analysts
€15.96
Fair Value
23.9% undervalued intrinsic discount
5
Number of Analysts

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/08 09:20
End of Day Share Price 2025/01/08 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Alvotech is covered by 8 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Balaji PrasadBarclays
Balaji PrasadBarclays
Peter VerdultCitigroup Inc