Liquidia Corporation

MUN:LT4 Stock Report

Market Cap: €899.7m

Liquidia Valuation

Is LT4 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 LT4 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: LT4 (€10.49) is trading below our estimate of fair value (€58.42)

Significantly Below Fair Value: LT4 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for LT4?

Key metric: As LT4 barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for LT4. This is calculated by dividing LT4's market cap by their current book value.
What is LT4's PB Ratio?
PB Ratio8.5x
BookUS$110.52m
Market CapUS$939.47m

Price to Book Ratio vs Peers

How does LT4's PB Ratio compare to its peers?

The above table shows the PB ratio for LT4 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average7.8x
DMP Dermapharm Holding
3.5x17.0%€2.0b
PSG PharmaSGP Holding
7.7x13.6%€283.0m
2FJ0 Pierrel
3.6xn/a€92.8m
0RX Redx Pharma
16.6x-22.3%€65.0m
LT4 Liquidia
8.5x60.6%€939.5m

Price-To-Book vs Peers: LT4 is expensive based on its Price-To-Book Ratio (8.5x) compared to the peer average (7.8x).

Price to Book Ratio vs Industry

How does LT4's PB Ratio compare vs other companies in the European Pharmaceuticals Industry?

8 CompaniesPrice / BookEstimated GrowthMarket Cap
LT4 8.5xIndustry Avg. 2.2xNo. of Companies14PB01.63.24.86.48+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: LT4 is expensive based on its Price-To-Book Ratio (8.5x) compared to the European Pharmaceuticals industry average (2.2x).

Price to Book Ratio vs Fair Ratio

What is LT4'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.

LT4 PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio8.5x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate LT4'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 LT4 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€10.49
€24.25
+131.1%
19.1%€29.71€16.29n/a10
Dec ’25n/a
€24.10
0%
18.2%€29.36€16.10n/a9
Nov ’25€10.13
€23.27
+129.7%
17.8%€27.56€15.61n/a9
Oct ’25n/a
€21.78
0%
17.7%€26.32€15.43n/a7
Sep ’25€8.57
€21.57
+151.9%
17.7%€26.07€15.28n/a7
Aug ’25n/a
€25.52
0%
11.6%€29.52€21.22n/a6
Jul ’25n/a
€22.19
0%
37.8%€29.41€2.76n/a7
Jun ’25n/a
€22.19
0%
37.8%€29.41€2.76n/a7
May ’25€11.48
€23.45
+104.3%
36.8%€29.85€2.80n/a7
Apr ’25€14.10
€21.91
+55.4%
38.8%€29.39€2.76n/a7
Mar ’25n/a
€19.54
0%
42.9%€27.73€2.77n/a7
Feb ’25€10.92
€19.19
+75.7%
44.2%€27.60€2.76n/a7
Jan ’25€10.90
€16.62
+52.5%
46.4%€27.27€2.73n/a7
Dec ’24n/a
€13.13
0%
34.1%€16.88€2.81n/a7
Nov ’24n/a
€13.27
0%
34.1%€17.06€2.84€10.137
Oct ’24n/a
€13.05
0%
34.1%€16.78€2.80n/a7
Sep ’24n/a
€12.79
0%
34.1%€16.44€2.74€8.577
Aug ’24n/a
€12.70
0%
34.1%€16.33€2.72n/a7
Jul ’24n/a
€13.09
0%
35.4%€18.33€2.75n/a7
Jun ’24n/a
€13.03
0%
35.4%€18.24€2.74n/a7
May ’24n/a
€13.04
0%
35.4%€18.26€2.74€11.487
Apr ’24n/a
€13.33
0%
35.4%€18.66€2.80€14.107
Mar ’24n/a
€13.12
0%
35.0%€18.74€2.81n/a7
Feb ’24n/a
€13.05
0%
39.3%€19.85€2.98€10.927
Jan ’24n/a
€13.05
0%
39.3%€19.85€2.98€10.907
Dec ’23n/a
€13.05
0%
39.3%€19.85€2.98n/a7

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 Analysis2024/12/23 12:38
End of Day Share Price 2024/12/17 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

Liquidia Corporation is covered by 15 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Gregory HarrisonBofA Global Research
Jason Matthew GerberryBofA Global Research
Julian HarrisonBTIG