Initiator Pharma A/S

OM:INIT Stock Report

Market Cap: SEK 338.1m

Initiator Pharma Valuation

Is INIT 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-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 Ratio19.1x
BookDKK 12.13m
Market CapDKK 231.66m

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 Average29.3x
LIPUM Lipum
106.9x80.96%SEK 319.2m
ACE Ascelia Pharma
4.7x77.62%SEK 374.8m
XBRANE Xbrane Biopharma
2.1x56.77%SEK 447.1m
ISOFOL Isofol Medical
3.4xn/aSEK 262.6m
INIT Initiator Pharma
19.1x-21.24%SEK 338.1m

Price-To-Book vs Peers: INIT is good value based on its Price-To-Book Ratio (19.1x) compared to the peer average (29.3x).

Price to Book Ratio vs Industry

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

7 CompaniesPrice / BookEstimated GrowthMarket Cap
IMMU Mendus
0.4x28.14%US$26.78m
PROGEN Prostatype Genomics
0.3xn/aUS$1.18m
SPERM Spermosens
0.3xn/aUS$1.13m
APTA Aptahem
0.2xn/aUS$1.02m
INIT 19.1xIndustry Avg. 2.7xNo. of Companies10PB0246810+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: INIT is expensive based on its Price-To-Book Ratio (19.1x) compared to the Swedish Biotechs industry average (2.6x).

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 Ratio19.1x
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 6.02
SEK 21.05
+249.60%
8.97%SEK 23.69SEK 19.41n/a3
May ’26SEK 6.24
SEK 21.05
+237.28%
8.97%SEK 23.69SEK 19.41n/a3
Apr ’26SEK 6.44
SEK 21.05
+226.80%
8.97%SEK 23.69SEK 19.41n/a3
Mar ’26SEK 7.15
SEK 22.51
+214.84%
6.77%SEK 24.04SEK 20.99n/a2
Feb ’26SEK 7.30
SEK 22.51
+208.37%
6.77%SEK 24.04SEK 20.99n/a2
Jan ’26SEK 6.85
SEK 22.51
+228.63%
6.77%SEK 24.04SEK 20.99n/a2
Dec ’25SEK 7.45
SEK 22.68
+204.42%
5.83%SEK 24.00SEK 21.36n/a2
Nov ’25SEK 7.20
SEK 22.47
+212.02%
6.51%SEK 23.93SEK 21.00n/a2
Oct ’25SEK 7.55
SEK 22.47
+197.55%
6.51%SEK 23.93SEK 21.00n/a2
Sep ’25SEK 8.20
SEK 22.47
+173.97%
6.51%SEK 23.93SEK 21.00n/a2
Aug ’25SEK 9.00
SEK 25.26
+180.67%
4.96%SEK 26.51SEK 24.01n/a2
Jul ’25SEK 10.10
SEK 25.26
+150.11%
4.96%SEK 26.51SEK 24.01n/a2
Jun ’25SEK 10.25
SEK 25.26
+146.45%
4.96%SEK 26.51SEK 24.01n/a2
May ’25SEK 8.92
SEK 24.69
+176.76%
2.81%SEK 25.38SEK 23.99SEK 6.242
Apr ’25SEK 9.10
SEK 24.69
+171.29%
2.81%SEK 25.38SEK 23.99SEK 6.442
Mar ’25SEK 9.00
SEK 24.69
+174.30%
2.81%SEK 25.38SEK 23.99SEK 7.152
Feb ’25SEK 8.14
SEK 20.81
+155.65%
15.35%SEK 24.00SEK 17.62SEK 7.302
Jan ’25SEK 9.24
SEK 20.81
+125.21%
15.35%SEK 24.00SEK 17.62SEK 6.852
Dec ’24SEK 9.28
SEK 20.81
+124.24%
15.35%SEK 24.00SEK 17.62SEK 7.452
Nov ’24SEK 9.28
SEK 20.70
+123.06%
15.84%SEK 23.98SEK 17.42SEK 7.202
Oct ’24SEK 7.66
SEK 17.03
+122.29%
5.96%SEK 18.04SEK 16.01SEK 7.552
Sep ’24SEK 7.68
SEK 17.03
+121.71%
5.96%SEK 18.04SEK 16.01SEK 8.202
Aug ’24SEK 7.20
SEK 15.77
+119.04%
11.33%SEK 17.56SEK 13.98SEK 9.002
Jul ’24SEK 7.10
SEK 15.77
+122.13%
11.33%SEK 17.56SEK 13.98SEK 10.102
AnalystConsensusTarget
Consensus Narrative from 3 Analysts
SEK 21.05
Fair Value
71.4% undervalued intrinsic discount
3
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/12 03:45
End of Day Share Price 2025/05/12 00:00
Earnings2025/03/31
Annual Earnings2024/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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.

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 Github.

Analyst Sources

Initiator Pharma A/S is covered by 3 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.

AnalystInstitution
Klas PalinCarnegie Commissioned Research
Klas PalinPenser Access
Kevin SuleRedeye