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IceCure Medical Valuation

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

ICCM (₪4.25) is trading below our estimate of [[fair value]] (₪67.4)

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

Below Fair Value: ICCM (₪4.25) is trading below our estimate of fair value (₪67.4)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for ICCM. This is calculated by dividing ICCM's market cap by their current revenue.
What is ICCM's PS Ratio?
PS Ratio	17.4x
Sales	US$3.05m
Market Cap	US$53.06m

ICCM 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	11x
Enterprise Value/EBITDA	-2.1x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for ICCM 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	6.8x
BWAY BrainsWay	4.9x	17.0%	₪695.1m
PULS Pulsenmore	18.2x	n/a	₪147.6m
SOFW SofWave Medical	3x	n/a	₪621.4m
BIOV Bio-View	0.9x	n/a	₪32.3m
ICCM IceCure Medical	17.4x	47.5%	₪194.1m

Price-To-Sales vs Peers: ICCM is expensive based on its Price-To-Sales Ratio (17.4x) compared to the peer average (11.4x).

Price to Sales Ratio vs Industry

How does ICCM's PS Ratio compare vs other companies in the Asian Medical Equipment Industry?

32 Companies	Price / Sales	Estimated Growth	Market Cap

32 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: ICCM is expensive based on its Price-To-Sales Ratio (17.4x) compared to the Asian Medical Equipment industry average (3.7x)

Price to Sales Ratio vs Fair Ratio

What is ICCM'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.

ICCM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	17.4x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate ICCM's Price-To-Sales 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?

Analyst Forecast: Insufficient data to show price forecast.