Ultimovacs Valuation

Is ULTI 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-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: Insufficient data to calculate ULTI's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate ULTI's fair value for valuation analysis.

Key Valuation Metric

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

Key metric: As ULTI is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for ULTI. This is calculated by dividing ULTI's market cap by their current book value.
What is ULTI's PB Ratio?
PB Ratio	0.4x
Book	NOK 191.01m
Market Cap	NOK 74.32m

ULTI 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	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does ULTI's PB Ratio compare to its peers?

The above table shows the PB ratio for ULTI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	4x
ABS Arctic Bioscience	0.2x	-12.8%	NOK 50.7m
PCIB PCI Biotech Holding	1.5x	n/a	NOK 49.4m
EXTX EXACT Therapeutics	10.5x	n/a	NOK 182.9m
NANOV Nordic Nanovector	3.6x	n/a	NOK 231.8m
ULTI Ultimovacs	0.4x	25.5%	NOK 74.3m

Price-To-Book vs Peers: ULTI is good value based on its Price-To-Book Ratio (0.4x) compared to the peer average (4.1x).

Price to Book Ratio vs Industry

How does ULTI's PB Ratio compare vs other companies in the European Biotechs Industry?

16 Companies	Price / Book	Estimated Growth	Market Cap
Industry Avg.	2.4x	13.3%
ULTI Ultimovacs	0.4x	25.5%	US$6.71m

16 Companies		Estimated Growth	Market Cap
Industry Avg.	2.4x	13.3%
ULTI Ultimovacs	0.4x	25.5%	US$6.71m

No more companies

Price-To-Book vs Industry: ULTI is good value based on its Price-To-Book Ratio (0.4x) compared to the European Biotechs industry average (2.4x).

Price to Book Ratio vs Fair Ratio

What is ULTI's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ULTI PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	0.4x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate ULTI's Price-To-Book 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?

The above table shows the analyst ULTI 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 2.16	NOK 5.75 +166.2%	56.5%	NOK 9.00	NOK 2.50	n/a	2
Nov ’25	NOK 1.75	NOK 5.75 +228.6%	56.5%	NOK 9.00	NOK 2.50	n/a	2
Oct ’25	NOK 1.70	NOK 5.75 +237.4%	56.5%	NOK 9.00	NOK 2.50	n/a	2
Sep ’25	NOK 2.74	NOK 5.75 +109.9%	56.5%	NOK 9.00	NOK 2.50	n/a	2
Aug ’25	NOK 8.64	NOK 6.50 -24.8%	38.5%	NOK 9.00	NOK 4.00	n/a	2
Jul ’25	NOK 7.99	NOK 6.50 -18.6%	38.5%	NOK 9.00	NOK 4.00	n/a	2
Jun ’25	NOK 9.00	NOK 6.50 -27.8%	38.5%	NOK 9.00	NOK 4.00	n/a	2
May ’25	NOK 6.98	NOK 6.50 -6.9%	38.5%	NOK 9.00	NOK 4.00	n/a	2
Apr ’25	NOK 7.97	NOK 6.50 -18.4%	38.5%	NOK 9.00	NOK 4.00	n/a	2
Mar ’25	NOK 135.20	NOK 177.50 +31.3%	12.7%	NOK 200.00	NOK 155.00	n/a	2
Feb ’25	NOK 138.40	NOK 169.50 +22.5%	18.0%	NOK 200.00	NOK 139.00	n/a	2
Jan ’25	NOK 122.80	NOK 169.50 +38.0%	18.0%	NOK 200.00	NOK 139.00	n/a	2
Dec ’24	NOK 107.60	NOK 169.50 +57.5%	18.0%	NOK 200.00	NOK 139.00	n/a	2
Nov ’24	NOK 99.80	NOK 163.50 +63.8%	22.3%	NOK 200.00	NOK 127.00	NOK 1.75	2
Oct ’24	NOK 101.20	NOK 163.50 +61.6%	22.3%	NOK 200.00	NOK 127.00	NOK 1.70	2
Sep ’24	NOK 71.60	NOK 163.50 +128.4%	22.3%	NOK 200.00	NOK 127.00	NOK 2.74	2
Aug ’24	NOK 75.10	NOK 164.50 +119.0%	21.6%	NOK 200.00	NOK 129.00	NOK 8.64	2
Jul ’24	NOK 77.20	NOK 164.50 +113.1%	21.6%	NOK 200.00	NOK 129.00	NOK 7.99	2
Jun ’24	NOK 122.20	NOK 164.50 +34.6%	21.6%	NOK 200.00	NOK 129.00	NOK 9.00	2
May ’24	NOK 127.00	NOK 165.50 +30.3%	20.8%	NOK 200.00	NOK 131.00	NOK 6.98	2
Apr ’24	NOK 114.40	NOK 165.50 +44.7%	20.8%	NOK 200.00	NOK 131.00	NOK 7.97	2
Mar ’24	NOK 114.40	NOK 165.50 +44.7%	20.8%	NOK 200.00	NOK 131.00	NOK 135.20	2
Feb ’24	NOK 119.80	NOK 165.00 +37.7%	21.2%	NOK 200.00	NOK 130.00	NOK 138.40	2
Jan ’24	NOK 110.00	NOK 165.00 +50.0%	21.2%	NOK 200.00	NOK 130.00	NOK 122.80	2
Dec ’23	NOK 106.60	NOK 165.00 +54.8%	21.2%	NOK 200.00	NOK 130.00	NOK 107.60	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.