Second Chamber Valuation

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

Below Fair Value: PIX (PLN0.1) is trading above our estimate of fair value (PLN0.04)

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

Key Valuation Metric

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

Key metric: As PIX barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for PIX. This is calculated by dividing PIX's market cap by their current book value.
What is PIX's PB Ratio?
PB Ratio	1.5x
Book	zł9.70m
Market Cap	zł14.29m

PIX 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	209x
Enterprise Value/EBITDA	-3.7x
PEG Ratio	n/a

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for PIX 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	2x
O2T One2Tribe	0.8x	n/a	zł15.2m
EDL EDITEL Polska	2.5x	n/a	zł14.5m
VEE Vee	1.1x	n/a	zł23.5m
LGT Logintrade	3.5x	n/a	zł17.4m
PIX Second Chamber	1.5x	n/a	zł14.3m

Price-To-Book vs Peers: PIX is good value based on its Price-To-Book Ratio (1.5x) compared to the peer average (2x).

Price to Book Ratio vs Industry

How does PIX's PB Ratio compare vs other companies in the PL Software Industry?

2 Companies	Price / Book	Estimated Growth	Market Cap
WAS Wasko	0.6x	n/a	US$34.93m
PNT Pointpack	0.5x	n/a	US$2.72m

No more companies available in this PB range

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: PIX is good value based on its Price-To-Book Ratio (1.5x) compared to the Polish Software industry average (2.8x).

Price to Book Ratio vs Fair Ratio

What is PIX'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.

PIX PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	1.5x
Fair PB Ratio	n/a

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

Analyst Forecast: Insufficient data to show price forecast.

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