Nepa Valuation

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

NEPA (SEK19.6) is trading below our estimate of [[fair value]] (SEK26.79)

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

Below Fair Value: NEPA (SEK19.6) is trading below our estimate of fair value (SEK26.79)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for NEPA. This is calculated by dividing NEPA's market cap by their current revenue.
What is NEPA's PS Ratio?
PS Ratio	0.5x
Sales	SEK 280.53m
Market Cap	SEK 154.12m

NEPA 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	0.4x
Enterprise Value/EBITDA	-28.8x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for NEPA 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	0.4x
TRAD TradeDoubler	0.08x	n/a	SEK 161.1m
ENRO Eniro Group	0.4x	n/a	SEK 334.9m
ADTR Adtraction Group	0.5x	5.7%	SEK 586.2m
AWRD Awardit	0.9x	7.5%	SEK 1.1b
NEPA Nepa	0.5x	7.9%	SEK 154.1m

Price-To-Sales vs Peers: NEPA is expensive based on its Price-To-Sales Ratio (0.5x) compared to the peer average (0.4x).

Price to Sales Ratio vs Industry

How does NEPA's PS Ratio compare vs other companies in the European Media Industry?

23 Companies	Price / Sales	Estimated Growth	Market Cap

23 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: NEPA is good value based on its Price-To-Sales Ratio (0.5x) compared to the European Media industry average (0.6x).

Price to Sales Ratio vs Fair Ratio

What is NEPA'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.

NEPA PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.5x
Fair PS Ratio	0.3x

Price-To-Sales vs Fair Ratio: NEPA is expensive based on its Price-To-Sales Ratio (0.5x) compared to the estimated Fair Price-To-Sales Ratio (0.3x).

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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