Mips Valuation

Q: What is the Fair Price of 0RNQ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

0RNQ (SEK470.4) is trading above our estimate of [[fair value]] (SEK443.92)

Is 0RNQ 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-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 0RNQ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow

Simply Wall St

SEK 443.92

Fair Value

6.0% overvalued

Number of Analysts

Below Fair Value: 0RNQ (SEK470.4) is trading above our estimate of fair value (SEK443.92)

Significantly Below Fair Value: 0RNQ is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0RNQ?

Key metric: As 0RNQ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0RNQ. This is calculated by dividing 0RNQ's market cap by their current earnings.
What is 0RNQ's PE Ratio?
PE Ratio	119.7x
Earnings	SEK 104.00m
Market Cap	SEK 12.45b

0RNQ 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	28.3x
Enterprise Value/EBITDA	77x
PEG Ratio	2.5x

Price to Earnings Ratio vs Peers

How does 0RNQ's PE Ratio compare to its peers?

The above table shows the PE ratio for 0RNQ 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	20x
GAW Games Workshop Group	28.8x	4.2%	UK£4.3b
CCT Character Group	10.4x	n/a	UK£51.3m
DOCS Dr. Martens	23.1x	40.5%	UK£677.9m
COA Coats Group	17.8x	15.5%	UK£1.4b
0RNQ Mips	119.7x	48.7%	SEK 12.5b

Price-To-Earnings vs Peers: 0RNQ is expensive based on its Price-To-Earnings Ratio (119.7x) compared to the peer average (20x).

Price to Earnings Ratio vs Industry

How does 0RNQ's PE Ratio compare vs other companies in the European Leisure Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: 0RNQ is expensive based on its Price-To-Earnings Ratio (119.7x) compared to the Global Leisure industry average (18.3x).

Price to Earnings Ratio vs Fair Ratio

What is 0RNQ'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.

0RNQ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	119.7x
Fair PE Ratio	39.4x

Price-To-Earnings vs Fair Ratio: 0RNQ is expensive based on its Price-To-Earnings Ratio (119.7x) compared to the estimated Fair Price-To-Earnings Ratio (39.4x).

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 0RNQ 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	SEK 470.40	SEK 617.00 +31.2%	10.4%	SEK 680.00	SEK 500.00	n/a	5
Jan ’26	SEK 470.40	SEK 617.00 +31.2%	10.4%	SEK 680.00	SEK 500.00	n/a	5
Dec ’25	SEK 480.02	SEK 617.00 +28.5%	10.4%	SEK 680.00	SEK 500.00	n/a	5
Nov ’25	SEK 521.00	SEK 611.00 +17.3%	10.9%	SEK 680.00	SEK 500.00	n/a	5
Oct ’25	SEK 539.00	SEK 589.00 +9.3%	9.4%	SEK 650.00	SEK 500.00	n/a	5
Sep ’25	SEK 583.50	SEK 554.00 -5.1%	21.5%	SEK 650.00	SEK 325.00	n/a	5
Aug ’25	SEK 541.50	SEK 554.00 +2.3%	21.5%	SEK 650.00	SEK 325.00	n/a	5
Jul ’25	SEK 416.20	SEK 402.00 -3.4%	18.0%	SEK 520.00	SEK 325.00	n/a	5
Jun ’25	SEK 427.00	SEK 375.00 -12.2%	12.1%	SEK 435.00	SEK 325.00	n/a	5
May ’25	SEK 374.60	SEK 375.00 +0.1%	12.1%	SEK 435.00	SEK 325.00	n/a	5
Apr ’25	SEK 339.41	SEK 370.00 +9.0%	10.1%	SEK 420.00	SEK 325.00	n/a	5
Mar ’25	SEK 308.32	SEK 370.00 +20.0%	10.1%	SEK 420.00	SEK 325.00	n/a	5
Feb ’25	SEK 346.91	SEK 361.00 +4.1%	6.9%	SEK 400.00	SEK 330.00	n/a	5
Jan ’25	SEK 365.48	SEK 392.00 +7.3%	13.2%	SEK 480.00	SEK 330.00	SEK 470.40	5
Dec ’24	SEK 310.38	SEK 392.00 +26.3%	13.2%	SEK 480.00	SEK 330.00	SEK 480.02	5
Nov ’24	SEK 268.62	SEK 452.00 +68.3%	13.0%	SEK 530.00	SEK 360.00	SEK 521.00	5
Oct ’24	SEK 370.80	SEK 507.60 +36.9%	7.6%	SEK 573.00	SEK 475.00	SEK 539.00	5
Sep ’24	SEK 404.08	SEK 515.00 +27.5%	10.0%	SEK 610.00	SEK 475.00	SEK 583.50	5
Aug ’24	SEK 480.38	SEK 525.00 +9.3%	9.1%	SEK 610.00	SEK 480.00	SEK 541.50	5
Jul ’24	SEK 534.08	SEK 497.00 -6.9%	22.1%	SEK 610.00	SEK 295.00	SEK 416.20	5
Jun ’24	SEK 555.06	SEK 503.00 -9.4%	22.7%	SEK 610.00	SEK 295.00	SEK 427.00	5
May ’24	SEK 551.08	SEK 493.00 -10.5%	23.1%	SEK 610.00	SEK 295.00	SEK 374.60	5
Apr ’24	SEK 519.70	SEK 471.00 -9.4%	20.9%	SEK 600.00	SEK 295.00	SEK 339.41	5
Mar ’24	SEK 467.56	SEK 471.00 +0.7%	20.9%	SEK 600.00	SEK 295.00	SEK 308.32	5
Feb ’24	SEK 405.69	SEK 379.00 -6.6%	24.2%	SEK 500.00	SEK 290.00	SEK 346.91	5
Jan ’24	SEK 431.15	SEK 337.40 -21.7%	8.4%	SEK 385.00	SEK 310.00	SEK 365.48	5

Analyst Price Target

Consensus Narrative from 5 Analysts

SEK 617.53

Fair Value

23.8% undervalued

Number of Analysts

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	2025/01/08 12:56
End of Day Share Price	2025/01/08 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

Mips AB (publ) is covered by 8 analysts. 5 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
Daniel Thorsson	ABG Sundal Collier
Karl Vikström	Berenberg
Emanuel Jansson	Danske Bank