Zealand Pharma Valuation

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

ZEAL (DKK715.5) is trading above our estimate of [[fair value]] (DKK219.16)

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

Valuation Score

1/6

Valuation Score 1/6

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

Below Fair Value: ZEAL (DKK715.5) is trading above our estimate of fair value (DKK219.16)

Significantly Below Fair Value: ZEAL is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Book ratio for ZEAL. This is calculated by dividing ZEAL's market cap by their current book value.
What is ZEAL's PB Ratio?
PB Ratio	5.7x
Book	DKK 8.88b
Market Cap	DKK 50.55b

ZEAL 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	542.9x
Enterprise Value/EBITDA	-37.7x
PEG Ratio	n/a

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for ZEAL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	3.4x
GMAB Genmab	3x	23.7%	DKK 94.8b
BAVA Bavarian Nordic	1.4x	2.6%	DKK 14.9b
BIOPOR BioPorto	7.7x	-27.8%	DKK 666.0m
HLUN B H. Lundbeck	1.7x	7.4%	DKK 39.4b
ZEAL Zealand Pharma	5.7x	64.2%	DKK 50.5b

Price-To-Book vs Peers: ZEAL is expensive based on its Price-To-Book Ratio (5.7x) compared to the peer average (3.4x).

Price to Book Ratio vs Industry

How does ZEAL's PB Ratio compare vs other companies in the European Biotechs Industry?

18 Companies	Price / Book	Estimated Growth	Market Cap

18 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: ZEAL is expensive based on its Price-To-Book Ratio (5.7x) compared to the European Biotechs industry average (2.3x).

Price to Book Ratio vs Fair Ratio

What is ZEAL'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.

ZEAL PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	5.7x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate ZEAL'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 ZEAL 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 715.50	DKK 1,012.18 +41.5%	9.6%	DKK 1,100.00	DKK 750.00	n/a	11
Dec ’25	DKK 730.00	DKK 1,015.00 +39.0%	10.4%	DKK 1,100.00	DKK 815.00	n/a	11
Nov ’25	DKK 839.50	DKK 1,007.89 +20.1%	11.7%	DKK 1,106.00	DKK 800.00	n/a	9
Oct ’25	DKK 810.00	DKK 1,022.29 +26.2%	10.3%	DKK 1,106.00	DKK 800.00	n/a	7
Sep ’25	DKK 886.50	DKK 1,015.14 +14.5%	10.0%	DKK 1,106.00	DKK 800.00	n/a	7
Aug ’25	DKK 913.00	DKK 989.86 +8.4%	9.6%	DKK 1,100.00	DKK 800.00	n/a	7
Jul ’25	DKK 912.50	DKK 918.00 +0.6%	12.2%	DKK 1,100.00	DKK 800.00	n/a	6
Jun ’25	DKK 639.50	DKK 785.57 +22.8%	8.9%	DKK 840.00	DKK 625.00	n/a	7
May ’25	DKK 630.00	DKK 782.00 +24.1%	10.0%	DKK 840.00	DKK 600.00	n/a	7
Apr ’25	DKK 681.50	DKK 754.29 +10.7%	14.4%	DKK 840.00	DKK 570.00	n/a	7
Mar ’25	DKK 649.00	DKK 598.67 -7.8%	26.1%	DKK 800.00	DKK 382.00	n/a	6
Feb ’25	DKK 470.40	DKK 423.33 -10.0%	11.2%	DKK 485.00	DKK 355.00	n/a	6
Jan ’25	DKK 373.20	DKK 379.00 +1.6%	11.7%	DKK 430.00	DKK 295.00	n/a	6
Dec ’24	DKK 330.20	DKK 365.33 +10.6%	9.3%	DKK 400.00	DKK 295.00	DKK 730.00	6
Nov ’24	DKK 299.00	DKK 343.83 +15.0%	9.3%	DKK 380.00	DKK 295.00	DKK 839.50	6
Oct ’24	DKK 305.80	DKK 343.83 +12.4%	9.3%	DKK 380.00	DKK 295.00	DKK 810.00	6
Sep ’24	DKK 258.20	DKK 314.50 +21.8%	12.5%	DKK 380.00	DKK 270.00	DKK 886.50	6
Aug ’24	DKK 237.20	DKK 295.17 +24.4%	11.4%	DKK 340.00	DKK 235.00	DKK 913.00	6
Jul ’24	DKK 244.60	DKK 295.17 +20.7%	11.4%	DKK 340.00	DKK 235.00	DKK 912.50	6
Jun ’24	DKK 264.60	DKK 295.17 +11.6%	11.4%	DKK 340.00	DKK 235.00	DKK 639.50	6
May ’24	DKK 225.00	DKK 291.83 +29.7%	11.3%	DKK 340.00	DKK 235.00	DKK 630.00	6
Apr ’24	DKK 214.80	DKK 294.20 +37.0%	11.3%	DKK 333.00	DKK 235.00	DKK 681.50	5
Mar ’24	DKK 217.20	DKK 257.33 +18.5%	5.3%	DKK 275.00	DKK 235.00	DKK 649.00	6
Feb ’24	DKK 204.80	DKK 251.67 +22.9%	5.9%	DKK 275.00	DKK 234.00	DKK 470.40	6
Jan ’24	DKK 201.40	DKK 241.50 +19.9%	8.9%	DKK 275.00	DKK 205.00	DKK 373.20	6
Dec ’23	DKK 203.00	DKK 235.83 +16.2%	11.2%	DKK 275.00	DKK 200.00	DKK 330.20	6

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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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/30 02:21
End of Day Share Price	2024/12/30 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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

Zealand Pharma A/S is covered by 23 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Kerry Holford	Berenberg
Laura Hindley	Berenberg
Charlie Haywood	BofA Global Research