OX2 Valuation

Q: What is the Fair Price of OX2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

OX2 (SEK59.45) is trading below our estimate of [[fair value]] (SEK138.3)

Is OX2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

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 OX2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: OX2 (SEK59.45) is trading below our estimate of fair value (SEK138.3)

Significantly Below Fair Value: OX2 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for OX2?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for OX2. This is calculated by dividing OX2's market cap by their current preferred multiple.
What is OX2's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	SEK 16.20b

OX2 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	1.8x
Enterprise Value/EBITDA	13.8x
PEG Ratio	0.6x

Price to Earnings Ratio vs Peers

How does OX2's PE Ratio compare to its peers?

The above table shows the PE ratio for OX2 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	18.1x
NCC B NCC	10.2x	1.0%	SEK 13.5b
PEAB B Peab	10.1x	-2.0%	SEK 19.8b
INSTAL Instalco	18.8x	18.2%	SEK 10.8b
SWEC B Sweco	33.4x	16.4%	SEK 53.5b
OX2 OX2	18.4x	29.9%	SEK 16.2b

Price-To-Earnings vs Peers: OX2 is expensive based on its Price-To-Earnings Ratio (18.4x) compared to the peer average (18.1x).

Price to Earnings Ratio vs Industry

How does OX2's PE Ratio compare vs other companies in the European Construction Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	15.8%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	15.8%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: OX2 is expensive based on its Price-To-Earnings Ratio (18.4x) compared to the European Construction industry average (12.9x).

Price to Earnings Ratio vs Fair Ratio

What is OX2'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.

OX2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	18.4x
Fair PE Ratio	42.5x

Price-To-Earnings vs Fair Ratio: OX2 is good value based on its Price-To-Earnings Ratio (18.4x) compared to the estimated Fair Price-To-Earnings Ratio (42.5x).

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 OX2 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	SEK 59.45	SEK 66.50 +11.9%	16.9%	SEK 86.00	SEK 60.00	n/a	4
Jun ’25	SEK 59.60	SEK 67.75 +13.7%	15.8%	SEK 86.00	SEK 60.00	n/a	4
May ’25	SEK 40.12	SEK 70.75 +76.3%	15.4%	SEK 86.00	SEK 57.00	n/a	4
Apr ’25	SEK 49.40	SEK 71.50 +44.7%	13.9%	SEK 86.00	SEK 60.00	n/a	4
Mar ’25	SEK 53.40	SEK 72.75 +36.2%	12.9%	SEK 86.00	SEK 60.00	n/a	4
Feb ’25	SEK 48.70	SEK 73.50 +50.9%	13.8%	SEK 86.00	SEK 60.00	n/a	4
Jan ’25	SEK 54.85	SEK 75.33 +37.3%	14.8%	SEK 86.00	SEK 60.00	n/a	3
Dec ’24	SEK 49.34	SEK 75.33 +52.7%	14.8%	SEK 86.00	SEK 60.00	n/a	3
Nov ’24	SEK 45.52	SEK 112.50 +147.1%	15.6%	SEK 130.00	SEK 95.00	n/a	2
Oct ’24	SEK 52.00	SEK 112.50 +116.3%	15.6%	SEK 130.00	SEK 95.00	n/a	2
Sep ’24	SEK 49.64	SEK 112.50 +126.6%	15.6%	SEK 130.00	SEK 95.00	n/a	2
Aug ’24	SEK 64.90	SEK 115.00 +77.2%	13.0%	SEK 130.00	SEK 100.00	n/a	2
Jul ’24	SEK 72.90	SEK 115.00 +57.8%	13.0%	SEK 130.00	SEK 100.00	SEK 59.45	2
Jun ’24	SEK 70.50	SEK 115.00 +63.1%	13.0%	SEK 130.00	SEK 100.00	SEK 59.60	2
May ’24	SEK 79.20	SEK 117.50 +48.4%	10.6%	SEK 130.00	SEK 105.00	SEK 40.12	2
Apr ’24	SEK 77.15	SEK 117.50 +52.3%	10.6%	SEK 130.00	SEK 105.00	SEK 49.40	2
Mar ’24	SEK 71.50	SEK 117.50 +64.3%	10.6%	SEK 130.00	SEK 105.00	SEK 53.40	2
Feb ’24	SEK 84.80	SEK 112.50 +32.7%	15.6%	SEK 130.00	SEK 95.00	SEK 48.70	2
Jan ’24	SEK 87.95	SEK 112.50 +27.9%	15.6%	SEK 130.00	SEK 95.00	SEK 54.85	2
Dec ’23	SEK 76.00	SEK 112.50 +48.0%	15.6%	SEK 130.00	SEK 95.00	SEK 49.34	2
Nov ’23	SEK 80.00	SEK 112.50 +40.6%	15.6%	SEK 130.00	SEK 95.00	SEK 45.52	2
Oct ’23	SEK 83.70	SEK 117.50 +40.4%	10.6%	SEK 130.00	SEK 105.00	SEK 52.00	2
Sep ’23	SEK 94.70	SEK 117.50 +24.1%	10.6%	SEK 130.00	SEK 105.00	SEK 49.64	2
Aug ’23	SEK 96.15	SEK 102.50 +6.6%	12.2%	SEK 115.00	SEK 90.00	SEK 64.90	2
Jul ’23	SEK 76.10	SEK 80.00 +5.1%	3.8%	SEK 83.00	SEK 77.00	SEK 72.90	2

Analyst Forecast: Target price is less than 20% higher than the current share price.