Nordic Semiconductor Valuation

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

NOD (NOK93.9) is trading above our estimate of [[fair value]] (NOK93.03)

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

Valuation Score

1/6

Valuation Score 1/6

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

Below Fair Value: NOD (NOK93.9) is trading above our estimate of fair value (NOK93.03)

Significantly Below Fair Value: NOD is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for NOD. This is calculated by dividing NOD's market cap by their current revenue.
What is NOD's PS Ratio?
PS Ratio	3.5x
Sales	US$469.41m
Market Cap	US$1.63b

NOD 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	3.3x
Enterprise Value/EBITDA	-33x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for NOD 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	15.7x
SIMO Silicon Motion Technology	2.2x	7.5%	US$1.8b
688498 Yuanjie Semiconductor Technology	52.3x	44.6%	CN¥12.0b
3374 Xintec	7.4x	40.0%	NT$52.2b
RECSI REC Silicon	1x	58.2%	NOK 1.7b
NOD Nordic Semiconductor	3.5x	17.4%	NOK 18.0b

Price-To-Sales vs Peers: NOD is good value based on its Price-To-Sales Ratio (3.5x) compared to the peer average (15.7x).

Price to Sales Ratio vs Industry

How does NOD's PS Ratio compare vs other companies in the European Semiconductor Industry?

7 Companies	Price / Sales	Estimated Growth	Market Cap

7 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: NOD is expensive based on its Price-To-Sales Ratio (3.5x) compared to the European Semiconductor industry average (1.7x).

Price to Sales Ratio vs Fair Ratio

What is NOD'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.

NOD PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	3.5x
Fair PS Ratio	1.2x

Price-To-Sales vs Fair Ratio: NOD is expensive based on its Price-To-Sales Ratio (3.5x) compared to the estimated Fair Price-To-Sales Ratio (1.2x).

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 NOD 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 93.90	NOK 130.97 +39.5%	19.5%	NOK 180.00	NOK 85.00	n/a	11
Nov ’25	NOK 108.25	NOK 133.24 +23.1%	21.5%	NOK 182.00	NOK 85.00	n/a	11
Oct ’25	NOK 99.90	NOK 142.13 +42.3%	19.9%	NOK 182.00	NOK 95.00	n/a	12
Sep ’25	NOK 143.40	NOK 159.97 +11.6%	16.6%	NOK 187.00	NOK 110.00	n/a	12
Aug ’25	NOK 141.15	NOK 151.17 +7.1%	20.9%	NOK 191.00	NOK 100.00	n/a	12
Jul ’25	NOK 141.25	NOK 130.83 -7.4%	14.3%	NOK 161.00	NOK 100.00	n/a	12
Jun ’25	NOK 134.50	NOK 127.08 -5.5%	13.0%	NOK 160.00	NOK 100.00	n/a	12
May ’25	NOK 123.50	NOK 127.08 +2.9%	13.0%	NOK 160.00	NOK 100.00	n/a	12
Apr ’25	NOK 85.80	NOK 102.03 +18.9%	15.2%	NOK 127.00	NOK 80.00	n/a	11
Mar ’25	NOK 92.80	NOK 102.03 +9.9%	15.2%	NOK 127.00	NOK 80.00	n/a	11
Feb ’25	NOK 105.80	NOK 112.80 +6.6%	28.4%	NOK 195.00	NOK 89.00	n/a	11
Jan ’25	NOK 126.00	NOK 107.52 -14.7%	18.9%	NOK 145.00	NOK 89.00	n/a	11
Dec ’24	NOK 98.76	NOK 105.52 +6.8%	17.4%	NOK 145.00	NOK 89.00	n/a	11
Nov ’24	NOK 86.88	NOK 108.16 +24.5%	16.5%	NOK 145.00	NOK 90.00	NOK 108.25	11
Oct ’24	NOK 111.05	NOK 133.72 +20.4%	20.8%	NOK 180.00	NOK 95.60	NOK 99.90	12
Sep ’24	NOK 129.25	NOK 144.16 +11.5%	18.1%	NOK 180.00	NOK 99.94	NOK 143.40	12
Aug ’24	NOK 148.05	NOK 145.90 -1.5%	18.2%	NOK 180.00	NOK 99.94	NOK 141.15	11
Jul ’24	NOK 130.45	NOK 145.59 +11.6%	23.4%	NOK 200.00	NOK 90.00	NOK 141.25	10
Jun ’24	NOK 115.90	NOK 139.25 +20.1%	27.5%	NOK 200.00	NOK 90.00	NOK 134.50	8
May ’24	NOK 115.15	NOK 142.62 +23.9%	25.9%	NOK 200.00	NOK 90.00	NOK 123.50	8
Apr ’24	NOK 159.50	NOK 174.62 +9.5%	23.1%	NOK 230.00	NOK 120.00	NOK 85.80	8
Mar ’24	NOK 153.40	NOK 167.99 +9.5%	22.3%	NOK 230.00	NOK 120.00	NOK 92.80	8
Feb ’24	NOK 163.85	NOK 196.29 +19.8%	17.7%	NOK 240.00	NOK 134.36	NOK 105.80	8
Jan ’24	NOK 163.90	NOK 200.22 +22.2%	19.4%	NOK 270.00	NOK 147.74	NOK 126.00	8
Dec ’23	NOK 181.15	NOK 200.22 +10.5%	19.4%	NOK 270.00	NOK 147.74	NOK 98.76	8
Nov ’23	NOK 149.65	NOK 200.22 +33.8%	19.4%	NOK 270.00	NOK 147.74	NOK 86.88	8

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.