Ultimovacs ASA

OB:ULTI Stock Report

Market Cap: NOK 85.5m

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 Ratio0.4x
BookNOK 191.01m
Market CapNOK 85.50m

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.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average3x
EXTX EXACT Therapeutics
6.4xn/aNOK 111.0m
PCIB PCI Biotech Holding
1.6xn/aNOK 52.2m
ABS Arctic Bioscience
0.2x-12.8%NOK 50.7m
NANOV Nordic Nanovector
3.6xn/aNOK 231.8m
ULTI Ultimovacs
0.4x25.5%NOK 85.5m

Price-To-Book vs Peers: ULTI is good value based on its Price-To-Book Ratio (0.4x) compared to the peer average (2.7x).

Price to Book Ratio vs Industry

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

17 CompaniesPrice / BookEstimated GrowthMarket Cap
ULTI 0.4xIndustry Avg. 2.5xNo. of Companies22PB01.63.24.86.48+
17 CompaniesEstimated GrowthMarket Cap
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 (2.5x).

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 Ratio0.4x
Fair PB Ration/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.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 2.49
NOK 6.17
+148.2%
44.1%NOK 9.00NOK 2.50n/a3
Dec ’25NOK 1.98
NOK 5.75
+190.1%
56.5%NOK 9.00NOK 2.50n/a2
Nov ’25NOK 1.75
NOK 5.75
+228.6%
56.5%NOK 9.00NOK 2.50n/a2
Oct ’25NOK 1.70
NOK 5.75
+237.4%
56.5%NOK 9.00NOK 2.50n/a2
Sep ’25NOK 2.74
NOK 5.75
+109.9%
56.5%NOK 9.00NOK 2.50n/a2
Aug ’25NOK 8.64
NOK 6.50
-24.8%
38.5%NOK 9.00NOK 4.00n/a2
Jul ’25NOK 7.99
NOK 6.50
-18.6%
38.5%NOK 9.00NOK 4.00n/a2
Jun ’25NOK 9.00
NOK 6.50
-27.8%
38.5%NOK 9.00NOK 4.00n/a2
May ’25NOK 6.98
NOK 6.50
-6.9%
38.5%NOK 9.00NOK 4.00n/a2
Apr ’25NOK 7.97
NOK 6.50
-18.4%
38.5%NOK 9.00NOK 4.00n/a2
Mar ’25NOK 135.20
NOK 177.50
+31.3%
12.7%NOK 200.00NOK 155.00n/a2
Feb ’25NOK 138.40
NOK 169.50
+22.5%
18.0%NOK 200.00NOK 139.00n/a2
Jan ’25NOK 122.80
NOK 169.50
+38.0%
18.0%NOK 200.00NOK 139.00NOK 2.332
Dec ’24NOK 107.60
NOK 169.50
+57.5%
18.0%NOK 200.00NOK 139.00NOK 1.982
Nov ’24NOK 99.80
NOK 163.50
+63.8%
22.3%NOK 200.00NOK 127.00NOK 1.752
Oct ’24NOK 101.20
NOK 163.50
+61.6%
22.3%NOK 200.00NOK 127.00NOK 1.702
Sep ’24NOK 71.60
NOK 163.50
+128.4%
22.3%NOK 200.00NOK 127.00NOK 2.742
Aug ’24NOK 75.10
NOK 164.50
+119.0%
21.6%NOK 200.00NOK 129.00NOK 8.642
Jul ’24NOK 77.20
NOK 164.50
+113.1%
21.6%NOK 200.00NOK 129.00NOK 7.992
Jun ’24NOK 122.20
NOK 164.50
+34.6%
21.6%NOK 200.00NOK 129.00NOK 9.002
May ’24NOK 127.00
NOK 165.50
+30.3%
20.8%NOK 200.00NOK 131.00NOK 6.982
Apr ’24NOK 114.40
NOK 165.50
+44.7%
20.8%NOK 200.00NOK 131.00NOK 7.972
Mar ’24NOK 114.40
NOK 165.50
+44.7%
20.8%NOK 200.00NOK 131.00NOK 135.202
Feb ’24NOK 119.80
NOK 165.00
+37.7%
21.2%NOK 200.00NOK 130.00NOK 138.402
Jan ’24NOK 110.00
NOK 165.00
+50.0%
21.2%NOK 200.00NOK 130.00NOK 122.802

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/06 22:08
End of Day Share Price 2025/01/06 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Ultimovacs ASA is covered by 3 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Geir HolomDNB Markets
Christian BinderRedeye