PDF Solutions, Inc.

DB:PD9 Stock Report

Market Cap: €1.1b

PDF Solutions Valuation

Is PD9 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 PD9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PD9 (€27.8) is trading below our estimate of fair value (€35.1)

Significantly Below Fair Value: PD9 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PD9?

Key metric: As PD9 is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for PD9. This is calculated by dividing PD9's market cap by their current revenue.
What is PD9's PS Ratio?
PS Ratio6.8x
SalesUS$170.51m
Market CapUS$1.16b

Price to Sales Ratio vs Peers

How does PD9's PS Ratio compare to its peers?

The above table shows the PS ratio for PD9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.6x
SMHN SÜSS MicroTec
2.4x10.7%€971.1m
AIXA AIXTRON
2.5x6.0%€1.6b
WAF Siltronic
1.1x9.2%€1.5b
S92 SMA Solar Technology
0.2x0.8%€441.4m
PD9 PDF Solutions
6.8x20.1%€1.2b

Price-To-Sales vs Peers: PD9 is expensive based on its Price-To-Sales Ratio (6.8x) compared to the peer average (1.6x).

Price to Sales Ratio vs Industry

How does PD9's PS Ratio compare vs other companies in the DE Semiconductor Industry?

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
S92 SMA Solar Technology
0.2x0.8%US$464.66m
D0Q Sondrel (Holdings)
0.2xn/aUS$2.02m
No more companies available in this PS range
PD9 6.8xIndustry Avg. 1.8xNo. of Companies2PS012345+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: PD9 is expensive based on its Price-To-Sales Ratio (6.8x) compared to the European Semiconductor industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

What is PD9'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.

PD9 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio6.8x
Fair PS Ratio4.5x

Price-To-Sales vs Fair Ratio: PD9 is expensive based on its Price-To-Sales Ratio (6.8x) compared to the estimated Fair Price-To-Sales Ratio (4.5x).

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 PD9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€27.80
€39.42
+41.8%
4.2%€41.99€37.32n/a4
Nov ’25€26.20
€38.46
+46.8%
4.5%€40.49€35.99n/a4
Oct ’25€27.80
€38.46
+38.4%
4.5%€40.49€35.99n/a4
Sep ’25€28.40
€38.46
+35.4%
4.5%€40.49€35.99n/a4
Aug ’25€32.40
€39.36
+21.5%
4.5%€41.43€36.83n/a4
Jul ’25€33.20
€39.36
+18.6%
4.5%€41.43€36.83n/a4
Jun ’25€33.00
€39.36
+19.3%
4.5%€41.43€36.83n/a4
May ’25€28.80
€38.60
+34.0%
5.4%€41.11€36.54n/a4
Apr ’25€30.60
€38.60
+26.1%
5.4%€41.11€36.54n/a4
Mar ’25€31.40
€38.99
+24.2%
5.4%€41.53€36.91n/a4
Feb ’25€28.80
€42.20
+46.5%
6.7%€46.89€39.39n/a4
Jan ’25€29.40
€42.20
+43.5%
6.7%€46.89€39.39n/a4
Dec ’24€27.40
€42.20
+54.0%
6.7%€46.89€39.39n/a4
Nov ’24€24.80
€42.58
+71.7%
6.7%€47.31€39.74€26.204
Oct ’24€30.60
€43.05
+40.7%
5.6%€46.29€40.73€27.804
Sep ’24€33.20
€43.05
+29.7%
5.6%€46.29€40.73€28.404
Aug ’24€41.20
€41.32
+0.3%
6.2%€45.54€38.70€32.404
Jul ’24€41.60
€41.32
-0.7%
6.2%€45.54€38.70€33.204
Jun ’24€39.40
€41.32
+4.9%
6.2%€45.54€38.70€33.004
May ’24€32.80
€40.39
+23.1%
11.0%€47.11€35.33€28.804
Apr ’24€38.20
€40.39
+5.7%
11.0%€47.11€35.33€30.604
Mar ’24€35.00
€37.75
+7.9%
5.8%€41.14€35.07€31.404
Feb ’24€29.60
€35.72
+20.7%
11.6%€42.48€31.86€28.804
Jan ’24€26.40
€35.72
+35.3%
11.6%€42.48€31.86€29.404
Dec ’23€29.60
€35.72
+20.7%
11.6%€42.48€31.86€27.404
Nov ’23€24.20
€36.75
+51.9%
13.7%€44.61€31.43€24.804

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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