Pexip Holding ASA

DB:4W9 Stock Report

Market Cap: €379.6m

Pexip Holding Valuation

Is 4W9 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-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 4W9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 4W9 (€3.62) is trading below our estimate of fair value (€10.61)

Significantly Below Fair Value: 4W9 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 4W9?

Key metric: As 4W9 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 4W9. This is calculated by dividing 4W9's market cap by their current revenue.
What is 4W9's PS Ratio?
PS Ratio4.1x
SalesNOK 1.07b
Market CapNOK 4.38b

Price to Sales Ratio vs Peers

How does 4W9's PS Ratio compare to its peers?

The above table shows the PS ratio for 4W9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.4x
GKS GK Software
3x8.7%€468.2m
EQS EQS Group
5.5x18.6%€394.9m
PSAN PSI Software
1.3x8.9%€334.5m
GKS GK Software
3.8xn/a€654.6m
4W9 Pexip Holding
4.1x11.8%€4.4b

Price-To-Sales vs Peers: 4W9 is expensive based on its Price-To-Sales Ratio (4.1x) compared to the peer average (3.5x).

Price to Sales Ratio vs Industry

How does 4W9's PS Ratio compare vs other companies in the DE Software Industry?

7 CompaniesPrice / SalesEstimated GrowthMarket Cap
CSH CENIT
0.4x5.2%US$74.07m
CLIQ Cliq Digital
0.09x13.2%US$25.77m
LSX LS telcom
0.5x5.0%US$21.11m
IVX InVision
0.6xn/aUS$9.59m
4W9 4.1xIndustry Avg. 2.2xNo. of Companies7PS02.44.87.29.612+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 4W9 is expensive based on its Price-To-Sales Ratio (4.1x) compared to the German Software industry average (2.2x).

Price to Sales Ratio vs Fair Ratio

What is 4W9'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.

4W9 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.1x
Fair PS Ratio1.6x

Price-To-Sales vs Fair Ratio: 4W9 is expensive based on its Price-To-Sales Ratio (4.1x) compared to the estimated Fair Price-To-Sales Ratio (1.6x).

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 4W9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€3.62
€4.24
+17.2%
1.0%€4.28€4.19n/a2
Nov ’25€3.49
€3.79
+8.9%
12.4%€4.26€3.32n/a2
Oct ’25€3.19
€3.79
+19.1%
12.4%€4.26€3.32n/a2
Sep ’25€3.05
€3.02
-1.1%
12.7%€3.40€2.63n/a2
Aug ’25€2.50
€2.88
+15.2%
6.1%€3.05€2.70n/a2
Jul ’25€2.48
€2.88
+16.1%
6.1%€3.05€2.70n/a2
Mar ’25€2.31
€2.66
+15.0%
16.7%€3.11€2.22n/a2
Feb ’25€2.21
€2.66
+20.4%
16.7%€3.11€2.22n/a2
Jan ’25€2.23
€2.24
+0.5%
13.2%€2.54€1.94n/a2
Dec ’24€2.19
€2.24
+2.1%
13.2%€2.54€1.94n/a2
Nov ’24€1.58
€2.16
+36.8%
20.0%€2.59€1.73€3.492
Oct ’24€1.57
€2.16
+37.2%
20.0%€2.59€1.73€3.192
Sep ’24€1.68
€2.16
+28.6%
20.0%€2.59€1.73€3.052
Aug ’24€1.67
€1.98
+18.0%
36.4%€2.69€1.26€2.502
Jul ’24€1.64
€1.78
+8.5%
42.9%€2.54€1.02€2.482
Jun ’24€1.96
€1.78
-9.3%
42.9%€2.54€1.02€2.712
Mar ’24€1.25
€1.19
-4.7%
15.4%€1.37€1.01€2.312
Feb ’24€1.24
€1.21
-2.1%
20.0%€1.46€0.97€2.212
Jan ’24€1.21
€1.21
+0.3%
20.0%€1.46€0.97€2.232
Dec ’23€1.21
€1.21
+0.5%
20.0%€1.46€0.97€2.192
Nov ’23€0.88
€1.21
+38.1%
20.0%€1.46€0.97€1.582

Analyst Forecast: Target price is less than 20% higher than the current share price.

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