Circio Holding Valuation

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

CRNA (NOK0.74) is trading below our estimate of [[fair value]] (NOK33.39)

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: CRNA (NOK0.74) is trading below our estimate of fair value (NOK33.39)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for CRNA. This is calculated by dividing CRNA's market cap by their current earnings.
What is CRNA's PE Ratio?
PE Ratio	3.3x
Earnings	NOK 9.50m
Market Cap	NOK 30.64m

CRNA 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	510.6x
Enterprise Value/EBITDA	-1.2x
PEG Ratio	0.05x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for CRNA 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	56.1x
AZT ArcticZymes Technologies	144.6x	73.8%	NOK 673.1m
532041 Hindustan Bio Sciences	39.3x	n/a	₹102.9m
NSB NeuroScientific Biopharmaceuticals	16.5x	n/a	AU$5.4m
NAVA Navamedic	24x	29.6%	NOK 485.7m
CRNA Circio Holding	3.3x	61.2%	NOK 30.6m

Price-To-Earnings vs Peers: CRNA is good value based on its Price-To-Earnings Ratio (3.3x) compared to the peer average (56.1x).

Price to Earnings Ratio vs Industry

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

5 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	27.0x	12.2%
CRNA Circio Holding	3.3x	61.2%	US$2.77m

5 Companies		Estimated Growth	Market Cap
Industry Avg.	27.0x	12.2%
CRNA Circio Holding	3.3x	61.2%	US$2.77m

No more companies

Price-To-Earnings vs Industry: CRNA is good value based on its Price-To-Earnings Ratio (3.3x) compared to the European Biotechs industry average (27x).

Price to Earnings Ratio vs Fair Ratio

What is CRNA'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.

CRNA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	3.3x
Fair PE Ratio	19.4x

Price-To-Earnings vs Fair Ratio: CRNA is good value based on its Price-To-Earnings Ratio (3.3x) compared to the estimated Fair Price-To-Earnings Ratio (19.4x).

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 CRNA 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 0.74	NOK 2.00 +170.3%	50.0%	NOK 3.00	NOK 1.00	n/a	2
Nov ’25	NOK 1.16	NOK 2.00 +73.2%	50.0%	NOK 3.00	NOK 1.00	n/a	2
Oct ’25	NOK 0.70	NOK 2.00 +184.1%	50.0%	NOK 3.00	NOK 1.00	n/a	2
Sep ’25	NOK 1.30	NOK 3.00 +130.8%	66.7%	NOK 5.00	NOK 1.00	n/a	2
Aug ’25	NOK 2.33	NOK 3.00 +28.8%	66.7%	NOK 5.00	NOK 1.00	n/a	2
Jul ’25	NOK 2.46	NOK 12.00 +387.8%	91.7%	NOK 23.00	NOK 1.00	n/a	2
Jun ’25	NOK 3.06	NOK 12.00 +292.2%	91.7%	NOK 23.00	NOK 1.00	n/a	2
May ’25	NOK 2.50	NOK 48.00 +1,820.0%	107.7%	NOK 120.00	NOK 1.00	n/a	3
Apr ’25	NOK 6.00	NOK 48.00 +700.0%	107.7%	NOK 120.00	NOK 1.00	n/a	3
Mar ’25	NOK 6.40	NOK 70.50 +1,001.6%	70.2%	NOK 120.00	NOK 21.00	n/a	2
Feb ’25	NOK 6.78	NOK 70.50 +940.0%	70.2%	NOK 120.00	NOK 21.00	n/a	2
Jan ’25	NOK 7.20	NOK 57.00 +691.7%	78.4%	NOK 120.00	NOK 21.00	n/a	3
Dec ’24	NOK 6.75	NOK 57.00 +744.4%	78.4%	NOK 120.00	NOK 21.00	n/a	3
Nov ’24	NOK 6.23	NOK 57.00 +815.1%	78.4%	NOK 120.00	NOK 21.00	NOK 1.16	3
Oct ’24	NOK 10.80	NOK 75.00 +594.4%	60.0%	NOK 120.00	NOK 30.00	NOK 0.70	2
Sep ’24	NOK 15.30	NOK 75.00 +390.2%	60.0%	NOK 120.00	NOK 30.00	NOK 1.30	2
Aug ’24	NOK 17.40	NOK 75.00 +331.0%	60.0%	NOK 120.00	NOK 30.00	NOK 2.33	2
Jul ’24	NOK 17.10	NOK 75.00 +338.6%	60.0%	NOK 120.00	NOK 30.00	NOK 2.46	2
Jun ’24	NOK 14.07	NOK 99.00 +603.6%	21.2%	NOK 120.00	NOK 78.00	NOK 3.06	2
May ’24	NOK 18.30	NOK 99.00 +441.0%	21.2%	NOK 120.00	NOK 78.00	NOK 2.50	2
Apr ’24	NOK 21.81	NOK 99.00 +353.9%	21.2%	NOK 120.00	NOK 78.00	NOK 6.00	2
Mar ’24	NOK 24.30	NOK 99.00 +307.4%	21.2%	NOK 120.00	NOK 78.00	NOK 6.40	2
Feb ’24	NOK 29.70	NOK 99.00 +233.3%	21.2%	NOK 120.00	NOK 78.00	NOK 6.78	2
Jan ’24	NOK 32.88	NOK 99.00 +201.1%	21.2%	NOK 120.00	NOK 78.00	NOK 7.20	2
Dec ’23	NOK 35.40	NOK 99.00 +179.7%	21.2%	NOK 120.00	NOK 78.00	NOK 6.75	2
Nov ’23	NOK 33.00	NOK 99.00 +200.0%	21.2%	NOK 120.00	NOK 78.00	NOK 6.23	2

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.