Re:NewCell Valuation

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

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

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for RENEW. This is calculated by dividing RENEW's market cap by their current revenue.
What is RENEW's PS Ratio?
PS Ratio	1.1x
Sales	SEK 205.18m
Market Cap	SEK 219.03m

RENEW 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	6.1x
Enterprise Value/EBITDA	-4.1x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for RENEW 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	2.7x
CIRCHE CirChem	5.3x	n/a	SEK 115.9m
ECO B EcoRub	3.5x	n/a	SEK 48.2m
NEXAM Nexam Chemical Holding	1.8x	14.0%	SEK 353.6m
DURC B Duroc	0.2x	n/a	SEK 698.1m
RENEW Re:NewCell	1.1x	83.0%	SEK 219.0m

Price-To-Sales vs Peers: RENEW is good value based on its Price-To-Sales Ratio (1.1x) compared to the peer average (8.7x).

Price to Sales Ratio vs Industry

How does RENEW's PS Ratio compare vs other companies in the SE Chemicals Industry?

3 Companies	Price / Sales	Estimated Growth	Market Cap
ARPL Arla Plast	0.8x	12.3%	US$89.29m
DURC B Duroc	0.2x	n/a	US$62.95m
RECY B Recyctec Holding	0.1x	n/a	US$130.90k

No more companies available in this PS range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: RENEW is good value based on its Price-To-Sales Ratio (1.1x) compared to the European Chemicals industry average (1.1x).

Price to Sales Ratio vs Fair Ratio

What is RENEW'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.

RENEW PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.1x
Fair PS Ratio	1.1x

Price-To-Sales vs Fair Ratio: RENEW is good value based on its Price-To-Sales Ratio (1.1x) compared to the estimated Fair Price-To-Sales Ratio (1.1x).

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 RENEW 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	n/a	SEK 40.00 0%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Jan ’26	n/a	SEK 40.00 0%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Dec ’25	n/a	SEK 40.00 0%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Nov ’25	n/a	SEK 40.00 0%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Oct ’25	n/a	SEK 40.00 0%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Sep ’25	n/a	SEK 40.00 0%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Aug ’25	n/a	SEK 40.00 0%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Jul ’25	n/a	SEK 40.00 0%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Jun ’25	n/a	SEK 40.00 0%	75.0%	SEK 70.00	SEK 10.00	n/a	2
May ’25	n/a	SEK 40.00 0%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Apr ’25	n/a	SEK 40.00 0%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Mar ’25	SEK 5.30	SEK 40.00 +654.7%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Feb ’25	SEK 8.88	SEK 40.00 +350.5%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Jan ’25	SEK 7.61	SEK 40.00 +426.0%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Dec ’24	SEK 7.57	SEK 40.00 +428.4%	75.0%	SEK 70.00	SEK 10.00	n/a	2
Nov ’24	SEK 10.92	SEK 81.00 +641.8%	81.5%	SEK 147.00	SEK 15.00	n/a	2
Oct ’24	SEK 67.90	SEK 166.33 +145.0%	14.4%	SEK 200.00	SEK 147.00	n/a	3
Sep ’24	SEK 86.60	SEK 166.33 +92.1%	14.4%	SEK 200.00	SEK 147.00	n/a	3
Aug ’24	SEK 79.65	SEK 206.33 +159.1%	24.8%	SEK 272.00	SEK 147.00	n/a	3
Jul ’24	SEK 80.20	SEK 197.67 +146.5%	31.2%	SEK 272.00	SEK 121.00	n/a	3
Jun ’24	SEK 76.70	SEK 197.67 +157.7%	31.2%	SEK 272.00	SEK 121.00	n/a	3
May ’24	SEK 80.35	SEK 203.67 +153.5%	34.7%	SEK 292.00	SEK 119.00	n/a	3
Apr ’24	SEK 81.30	SEK 224.00 +175.5%	30.6%	SEK 292.00	SEK 130.00	n/a	3
Mar ’24	SEK 92.00	SEK 224.00 +143.5%	30.6%	SEK 292.00	SEK 130.00	SEK 5.30	3
Feb ’24	SEK 95.35	SEK 181.00 +89.8%	38.1%	SEK 250.00	SEK 112.00	SEK 8.88	2
Jan ’24	SEK 72.90	SEK 181.00 +148.3%	38.1%	SEK 250.00	SEK 112.00	SEK 7.61	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.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/02/29 15:35
End of Day Share Price	2024/02/29 00:00
Earnings	2023/09/30
Annual Earnings	2022/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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

Re:NewCell AB (publ) is covered by 2 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Daniel Ovin	Nordea Markets
Johan Spetz	Pareto Securities