Seeing Machines Valuation

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

Below Fair Value: SEE (£0.04) is trading below our estimate of fair value (£0.29)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for SEE. This is calculated by dividing SEE's market cap by their current revenue.
What is SEE's PS Ratio?
PS Ratio	2.8x
Sales	US$67.63m
Market Cap	US$181.99m

SEE 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	-8.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for SEE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	3.9x
SPSY Spectra Systems	4.7x	12.2%	UK£119.1m
SDI SDI Group	0.9x	7.9%	UK£60.6m
0W1I Vectron Systems	2.8x	12.8%	€108.9m
BIG Big Technologies	7.3x	0.5%	UK£407.6m
SEE Seeing Machines	2.8x	21.4%	UK£142.9m

Price-To-Sales vs Peers: SEE is good value based on its Price-To-Sales Ratio (2.8x) compared to the peer average (3.9x).

Price to Sales Ratio vs Industry

How does SEE's PS Ratio compare vs other companies in the GB Electronic Industry?

6 Companies	Price / Sales	Estimated Growth	Market Cap
MIDW Midwich Group	0.2x	3.2%	US$368.77m
NAR Northamber	0.1x	n/a	US$9.78m
HDT Holders Technology	0.2x	n/a	US$2.71m
TWD Trackwise Designs	0.1x	n/a	US$1.14m

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: SEE is expensive based on its Price-To-Sales Ratio (2.8x) compared to the UK Electronic industry average (1.4x).

Price to Sales Ratio vs Fair Ratio

What is SEE'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.

SEE PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.8x
Fair PS Ratio	2.8x

Price-To-Sales vs Fair Ratio: SEE is expensive based on its Price-To-Sales Ratio (2.8x) compared to the estimated Fair Price-To-Sales Ratio (2.8x).

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 SEE 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	UK£0.035	UK£0.091 +157.0%	23.9%	UK£0.11	UK£0.069	n/a	2
Dec ’25	UK£0.032	UK£0.092 +183.4%	24.0%	UK£0.11	UK£0.07	n/a	2
Nov ’25	UK£0.039	UK£0.092 +134.8%	24.0%	UK£0.11	UK£0.07	n/a	2
Oct ’25	UK£0.047	UK£0.11 +129.1%	16.1%	UK£0.13	UK£0.091	n/a	3
Sep ’25	UK£0.052	UK£0.11 +105.4%	15.9%	UK£0.13	UK£0.09	n/a	3
Aug ’25	UK£0.046	UK£0.11 +128.3%	16.8%	UK£0.13	UK£0.088	n/a	3
Jul ’25	UK£0.044	UK£0.12 +167.4%	10.4%	UK£0.13	UK£0.10	n/a	3
Jun ’25	UK£0.048	UK£0.12 +155.5%	16.1%	UK£0.15	UK£0.10	n/a	3
May ’25	UK£0.044	UK£0.12 +179.6%	16.5%	UK£0.15	UK£0.10	n/a	3
Apr ’25	UK£0.049	UK£0.12 +150.9%	16.8%	UK£0.15	UK£0.10	n/a	3
Mar ’25	UK£0.049	UK£0.12 +152.5%	16.8%	UK£0.15	UK£0.10	n/a	3
Feb ’25	UK£0.054	UK£0.12 +125.7%	16.0%	UK£0.15	UK£0.10	n/a	3
Jan ’25	UK£0.054	UK£0.12 +131.1%	16.6%	UK£0.15	UK£0.10	n/a	3
Dec ’24	UK£0.055	UK£0.12 +125.0%	16.8%	UK£0.15	UK£0.10	UK£0.032	3
Nov ’24	UK£0.052	UK£0.12 +141.4%	17.0%	UK£0.15	UK£0.10	UK£0.039	3
Oct ’24	UK£0.054	UK£0.11 +105.8%	11.1%	UK£0.12	UK£0.10	UK£0.047	2
Sep ’24	UK£0.059	UK£0.15 +152.0%	36.7%	UK£0.24	UK£0.096	UK£0.052	4
Aug ’24	UK£0.054	UK£0.15 +176.0%	34.9%	UK£0.23	UK£0.10	UK£0.046	4
Jul ’24	UK£0.054	UK£0.15 +176.9%	31.8%	UK£0.24	UK£0.099	UK£0.044	5
Jun ’24	UK£0.057	UK£0.15 +161.5%	32.2%	UK£0.24	UK£0.097	UK£0.048	5
May ’24	UK£0.059	UK£0.16 +165.7%	30.9%	UK£0.23	UK£0.099	UK£0.044	4
Apr ’24	UK£0.057	UK£0.16 +172.7%	30.9%	UK£0.23	UK£0.099	UK£0.049	4
Mar ’24	UK£0.074	UK£0.16 +120.7%	31.0%	UK£0.24	UK£0.099	UK£0.049	4
Feb ’24	UK£0.069	UK£0.17 +142.0%	30.6%	UK£0.24	UK£0.10	UK£0.054	4
Jan ’24	UK£0.061	UK£0.17 +172.3%	31.4%	UK£0.25	UK£0.10	UK£0.054	4
Dec ’23	UK£0.064	UK£0.17 +160.8%	31.4%	UK£0.25	UK£0.10	UK£0.055	4

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.