Embla Medical hf Valuation

Q: What is the Fair Price of EMBLA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

EMBLA (DKK35.9) is trading below our estimate of [[fair value]] (DKK41.06)

Is EMBLA 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-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of EMBLA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: EMBLA (DKK35.9) is trading below our estimate of fair value (DKK41.06)

Significantly Below Fair Value: EMBLA is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

Key metric: As EMBLA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for EMBLA. This is calculated by dividing EMBLA's market cap by their current earnings.
What is EMBLA's PE Ratio?
PE Ratio	31.1x
Earnings	US$69.07m
Market Cap	US$2.13b

EMBLA key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.1x
Enterprise Value/EBITDA	20.6x
PEG Ratio	1.8x

Price to Earnings Ratio vs Peers

How does EMBLA's PE Ratio compare to its peers?

The above table shows the PE ratio for EMBLA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	60.6x
AMBU B Ambu	129.8x	28.1%	DKK 30.5b
DEMANT Demant	22.8x	12.4%	DKK 57.7b
NUVA NuVasive	73.3x	46.2%	US$2.1b
CNMD CONMED	16.6x	13.8%	US$2.2b
EMBLA Embla Medical hf	31.3x	16.9%	DKK 15.3b

Price-To-Earnings vs Peers: EMBLA is good value based on its Price-To-Earnings Ratio (31.3x) compared to the peer average (56.4x).

Price to Earnings Ratio vs Industry

How does EMBLA's PE Ratio compare vs other companies in the European Medical Equipment Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: EMBLA is expensive based on its Price-To-Earnings Ratio (31.3x) compared to the European Medical Equipment industry average (29.7x).

Price to Earnings Ratio vs Fair Ratio

What is EMBLA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EMBLA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	31.1x
Fair PE Ratio	30x

Price-To-Earnings vs Fair Ratio: EMBLA is expensive based on its Price-To-Earnings Ratio (31.3x) compared to the estimated Fair Price-To-Earnings Ratio (30x).

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 EMBLA forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	DKK 35.90	DKK 38.08 +6.1%	7.3%	DKK 41.00	DKK 33.00	n/a	5
Nov ’25	DKK 34.90	DKK 37.58 +7.7%	7.0%	DKK 41.00	DKK 33.00	n/a	5
Oct ’25	DKK 32.00	DKK 35.86 +12.1%	6.4%	DKK 39.00	DKK 33.00	n/a	5
Sep ’25	DKK 29.50	DKK 35.82 +21.4%	6.4%	DKK 39.00	DKK 33.00	n/a	5
Aug ’25	DKK 32.40	DKK 35.06 +8.2%	6.5%	DKK 39.00	DKK 33.00	n/a	5
Jul ’25	DKK 29.60	DKK 34.72 +17.3%	7.2%	DKK 39.00	DKK 32.00	n/a	5
Jun ’25	DKK 28.30	DKK 34.52 +22.0%	8.0%	DKK 39.00	DKK 31.00	n/a	5
May ’25	DKK 29.90	DKK 34.52 +15.5%	8.0%	DKK 39.00	DKK 31.00	n/a	5
Apr ’25	DKK 33.50	DKK 34.16 +2.0%	8.2%	DKK 39.00	DKK 31.00	n/a	5
Mar ’25	DKK 31.70	DKK 34.16 +7.8%	8.2%	DKK 39.00	DKK 31.00	n/a	5
Feb ’25	DKK 30.00	DKK 33.96 +13.2%	8.5%	DKK 39.00	DKK 31.00	n/a	5
Jan ’25	DKK 27.45	DKK 34.00 +23.9%	8.3%	DKK 39.00	DKK 31.00	n/a	5
Dec ’24	DKK 28.60	DKK 34.00 +18.9%	8.3%	DKK 39.00	DKK 31.00	n/a	5
Nov ’24	DKK 25.80	DKK 34.14 +32.3%	8.0%	DKK 39.00	DKK 31.00	DKK 34.90	5
Oct ’24	DKK 28.50	DKK 37.10 +30.2%	6.3%	DKK 39.00	DKK 32.70	DKK 32.00	5
Sep ’24	DKK 30.10	DKK 37.10 +23.3%	6.3%	DKK 39.00	DKK 32.70	DKK 29.50	5
Aug ’24	DKK 31.50	DKK 37.10 +17.8%	6.3%	DKK 39.00	DKK 32.70	DKK 32.40	5
Jul ’24	DKK 32.15	DKK 37.10 +15.4%	6.3%	DKK 39.00	DKK 32.70	DKK 29.60	5
Jun ’24	DKK 31.00	DKK 36.93 +19.1%	7.0%	DKK 39.00	DKK 32.70	DKK 28.30	4
May ’24	DKK 32.15	DKK 37.25 +15.9%	5.5%	DKK 39.00	DKK 34.00	DKK 29.90	4
Apr ’24	DKK 31.00	DKK 37.25 +20.2%	5.5%	DKK 39.00	DKK 34.00	DKK 33.50	4
Mar ’24	DKK 33.60	DKK 37.50 +11.6%	5.5%	DKK 39.00	DKK 34.00	DKK 31.70	4
Feb ’24	DKK 32.50	DKK 37.75 +16.2%	4.3%	DKK 39.00	DKK 35.00	DKK 30.00	4
Jan ’24	DKK 33.55	DKK 36.45 +8.6%	5.1%	DKK 39.00	DKK 33.80	DKK 27.45	4
Dec ’23	DKK 32.60	DKK 36.45 +11.8%	5.1%	DKK 39.00	DKK 33.80	DKK 28.60	4
Nov ’23	DKK 34.10	DKK 36.45 +6.9%	5.1%	DKK 39.00	DKK 33.80	DKK 25.80	4

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