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InDex Pharmaceuticals Holding Valuation

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

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

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for INDEX. This is calculated by dividing INDEX's market cap by their current revenue.
What is INDEX's PS Ratio?
PS Ratio	2.7x
Sales	SEK 108.34m
Market Cap	SEK 286.59m

INDEX 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	0.2x
Enterprise Value/EBITDA	-0.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for INDEX 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	6.3x
ODI ODI Pharma	2x	n/a	SEK 44.1m
ZICC Ziccum	2.9x	n/a	SEK 16.8m
CLBIO Corline Biomedical	5.7x	46.0%	SEK 134.5m
ACUC AcuCort	14.5x	n/a	SEK 101.1m
INDEX InDex Pharmaceuticals Holding	2.7x	n/a	SEK 286.6m

Price-To-Sales vs Peers: INDEX is good value based on its Price-To-Sales Ratio (2.7x) compared to the peer average (9.3x).

Price to Sales Ratio vs Industry

How does INDEX's PS Ratio compare vs other companies in the SE Pharmaceuticals Industry?

10 Companies	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	15.7x	32.8%
INDEX InDex Pharmaceuticals Holding	2.7x	n/a	US$27.34m
SECARE Swedencare	3x	12.1%	US$680.24m
ORX Orexo	0.6x	11.3%	US$32.51m

10 Companies		Estimated Growth	Market Cap
Industry Avg.	15.7x	73.2%
INDEX InDex Pharmaceuticals Holding	2.7x	-48.5%	US$27.34m

No more companies

Price-To-Sales vs Industry: INDEX is good value based on its Price-To-Sales Ratio (2.7x) compared to the Swedish Pharmaceuticals industry average (11.4x).

Price to Sales Ratio vs Fair Ratio

What is INDEX'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.

INDEX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.7x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate INDEX's Price-To-Sales 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?

The above table shows the analyst INDEX 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 0.54 0%	49.5%	SEK 0.80	SEK 0.27	n/a	2
Nov ’25	n/a	SEK 0.54 0%	49.5%	SEK 0.80	SEK 0.27	n/a	2
Oct ’25	n/a	SEK 0.54 0%	49.5%	SEK 0.80	SEK 0.27	n/a	2
Sep ’25	n/a	SEK 0.54 0%	49.5%	SEK 0.80	SEK 0.27	n/a	2
Aug ’25	n/a	SEK 0.54 0%	49.5%	SEK 0.80	SEK 0.27	n/a	2
Jul ’25	n/a	SEK 0.54 0%	49.5%	SEK 0.80	SEK 0.27	n/a	2
Jun ’25	SEK 0.53	SEK 0.54 +1.3%	49.5%	SEK 0.80	SEK 0.27	n/a	2
May ’25	SEK 0.39	SEK 0.54 +35.8%	49.5%	SEK 0.80	SEK 0.27	n/a	2
Apr ’25	SEK 0.29	SEK 0.54 +83.2%	49.5%	SEK 0.80	SEK 0.27	n/a	2
Mar ’25	SEK 0.28	SEK 0.54 +89.0%	49.5%	SEK 0.80	SEK 0.27	n/a	2
Feb ’25	SEK 0.24	SEK 0.56 +133.2%	44.1%	SEK 0.80	SEK 0.31	n/a	2
Jan ’25	SEK 0.26	SEK 0.56 +116.8%	44.1%	SEK 0.80	SEK 0.31	n/a	2
Dec ’24	SEK 0.24	SEK 0.56 +128.4%	44.1%	SEK 0.80	SEK 0.31	n/a	2
Nov ’24	SEK 0.75	SEK 1.40 +87.2%	42.9%	SEK 2.00	SEK 0.80	n/a	2
Oct ’24	SEK 0.80	SEK 1.40 +75.0%	42.9%	SEK 2.00	SEK 0.80	n/a	2
Sep ’24	SEK 0.85	SEK 1.40 +65.5%	42.9%	SEK 2.00	SEK 0.80	n/a	2
Aug ’24	SEK 0.61	SEK 1.30 +113.1%	38.5%	SEK 1.80	SEK 0.80	n/a	2
Jul ’24	SEK 0.53	SEK 1.30 +145.3%	38.5%	SEK 1.80	SEK 0.80	n/a	2
Jun ’24	SEK 0.57	SEK 1.30 +127.3%	38.5%	SEK 1.80	SEK 0.80	SEK 0.53	2
May ’24	SEK 0.40	SEK 1.30 +229.1%	38.5%	SEK 1.80	SEK 0.80	SEK 0.39	2
Apr ’24	SEK 0.38	SEK 1.30 +242.6%	38.5%	SEK 1.80	SEK 0.80	SEK 0.29	2
Mar ’24	SEK 0.41	SEK 1.90 +364.5%	5.3%	SEK 2.00	SEK 1.80	SEK 0.28	2
Feb ’24	SEK 0.46	SEK 2.75 +498.5%	27.3%	SEK 3.50	SEK 2.00	SEK 0.24	2
Jan ’24	SEK 0.84	SEK 2.75 +225.4%	27.3%	SEK 3.50	SEK 2.00	SEK 0.26	2
Dec ’23	SEK 0.93	SEK 2.75 +197.3%	27.3%	SEK 3.50	SEK 2.00	SEK 0.24	2
Nov ’23	SEK 0.98	SEK 2.75 +180.0%	27.3%	SEK 3.50	SEK 2.00	SEK 0.75	2

Analyst Forecast: Target price is lower than the current share price.

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