ArcticZymes Technologies Valuation

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

AZT (NOK13.38) is trading below our estimate of [[fair value]] (NOK37.17)

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

Below Fair Value: AZT (NOK13.38) is trading below our estimate of fair value (NOK37.17)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for AZT. This is calculated by dividing AZT's market cap by their current earnings.
What is AZT's PE Ratio?
PE Ratio	147.7x
Earnings	NOK 4.63m
Market Cap	NOK 683.34m

AZT 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	4.1x
Enterprise Value/EBITDA	599.4x
PEG Ratio	2x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for AZT 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	35.2x
CRNA Circio Holding	2.6x	61.2%	NOK 24.5m
VISTN Vistin Pharma	17.3x	n/a	NOK 1.1b
PHO Photocure	99.5x	94.2%	NOK 1.4b
NAVA Navamedic	21.4x	29.6%	NOK 420.4m
AZT ArcticZymes Technologies	147.7x	73.8%	NOK 683.3m

Price-To-Earnings vs Peers: AZT is expensive based on its Price-To-Earnings Ratio (147.7x) compared to the peer average (35.2x).

Price to Earnings Ratio vs Industry

How does AZT's PE Ratio compare vs other companies in the European Biotechs Industry?

5 Companies	Price / Earnings	Estimated Growth	Market Cap

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: AZT is expensive based on its Price-To-Earnings Ratio (147.7x) compared to the European Biotechs industry average (26.8x).

Price to Earnings Ratio vs Fair Ratio

What is AZT'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.

AZT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	147.7x
Fair PE Ratio	26.5x

Price-To-Earnings vs Fair Ratio: AZT is expensive based on its Price-To-Earnings Ratio (147.7x) compared to the estimated Fair Price-To-Earnings Ratio (26.5x).

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 AZT 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	NOK 13.38	NOK 16.00 +19.6%	6.3%	NOK 17.00	NOK 15.00	n/a	2
Oct ’25	NOK 17.00	NOK 24.50 +44.1%	6.1%	NOK 26.00	NOK 23.00	n/a	2
Sep ’25	NOK 18.98	NOK 24.50 +29.1%	6.1%	NOK 26.00	NOK 23.00	n/a	2
Aug ’25	NOK 25.95	NOK 27.50 +6.0%	9.1%	NOK 30.00	NOK 25.00	n/a	2
Jul ’25	NOK 25.05	NOK 27.50 +9.8%	9.1%	NOK 30.00	NOK 25.00	n/a	2
Jun ’25	NOK 25.60	NOK 27.50 +7.4%	9.1%	NOK 30.00	NOK 25.00	n/a	2

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