Initiator Pharma A/S

OM:INIT Stock Report

Market Cap: SEK 362.8m

Initiator Pharma Valuation

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

Valuation Score

0/6

Valuation Score 0/6

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

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

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

Key Valuation Metric

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

Key metric: As INIT is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for INIT. This is calculated by dividing INIT's market cap by their current book value.
What is INIT's PB Ratio?
PB Ratio12.4x
BookDKK 18.92m
Market CapDKK 235.26m

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for INIT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average8.4x
LIPUM Lipum
7.4x-22.2%SEK 354.2m
CURAS Curasight
16.9xn/aDKK 225.4m
SYNACT SynAct Pharma
2.3xn/aSEK 385.3m
CANTA Cantargia
6.8x-3.4%SEK 332.8m
INIT Initiator Pharma
12.4x-40.0%SEK 362.8m

Price-To-Book vs Peers: INIT is expensive based on its Price-To-Book Ratio (12.4x) compared to the peer average (8.4x).

Price to Book Ratio vs Industry

How does INIT's PB Ratio compare vs other companies in the SE Biotechs Industry?

8 CompaniesPrice / BookEstimated GrowthMarket Cap
COMBI CombiGene
0.6xn/aUS$4.59m
EXPRS2 ExpreS2ion Biotech Holding
0.6x-11.9%US$3.66m
SCOL Scandion Oncology
0.5x69.7%US$1.52m
DIABIO Diagonal Bio
0.5xn/aUS$1.23m
INIT 12.4xIndustry Avg. 2.4xNo. of Companies11PB02.44.87.29.612+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: INIT is expensive based on its Price-To-Book Ratio (12.4x) compared to the Swedish Biotechs industry average (2.4x).

Price to Book Ratio vs Fair Ratio

What is INIT'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.

INIT PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio12.4x
Fair PB Ration/a

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

The above table shows the analyst INIT forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 6.45
SEK 22.47
+248.3%
6.5%SEK 23.93SEK 21.00n/a2
Nov ’25SEK 7.20
SEK 22.47
+212.0%
6.5%SEK 23.93SEK 21.00n/a2
Oct ’25SEK 7.55
SEK 22.47
+197.6%
6.5%SEK 23.93SEK 21.00n/a2
Sep ’25SEK 8.20
SEK 22.47
+174.0%
6.5%SEK 23.93SEK 21.00n/a2
Aug ’25SEK 9.00
SEK 25.26
+180.7%
5.0%SEK 26.51SEK 24.01n/a2
Jul ’25SEK 10.10
SEK 25.26
+150.1%
5.0%SEK 26.51SEK 24.01n/a2
Jun ’25SEK 10.25
SEK 25.26
+146.4%
5.0%SEK 26.51SEK 24.01n/a2
May ’25SEK 8.92
SEK 24.69
+176.8%
2.8%SEK 25.38SEK 23.99n/a2
Apr ’25SEK 9.10
SEK 24.69
+171.3%
2.8%SEK 25.38SEK 23.99n/a2
Mar ’25SEK 9.00
SEK 24.69
+174.3%
2.8%SEK 25.38SEK 23.99n/a2
Feb ’25SEK 8.14
SEK 20.81
+155.6%
15.3%SEK 24.00SEK 17.62n/a2
Jan ’25SEK 9.24
SEK 20.81
+125.2%
15.3%SEK 24.00SEK 17.62n/a2
Dec ’24SEK 9.28
SEK 20.81
+124.2%
15.3%SEK 24.00SEK 17.62n/a2
Nov ’24SEK 9.28
SEK 20.70
+123.1%
15.8%SEK 23.98SEK 17.42SEK 7.202
Oct ’24SEK 7.66
SEK 17.03
+122.3%
6.0%SEK 18.04SEK 16.01SEK 7.552
Sep ’24SEK 7.68
SEK 17.03
+121.7%
6.0%SEK 18.04SEK 16.01SEK 8.202
Aug ’24SEK 7.20
SEK 15.77
+119.0%
11.3%SEK 17.56SEK 13.98SEK 9.002
Jul ’24SEK 7.10
SEK 15.77
+122.1%
11.3%SEK 17.56SEK 13.98SEK 10.102
Dec ’23SEK 6.17
SEK 14.41
+133.6%
2.5%SEK 14.77SEK 14.06SEK 9.282
Nov ’23SEK 6.18
SEK 14.41
+133.2%
2.5%SEK 14.77SEK 14.06SEK 9.282

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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