Xspray Pharma (OM:XSPRAY) - Share price, News & Analysis

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

XSPRAY (SEK54.3) is trading above our estimate of [[fair value]] (SEK8.89)

XSPRAY fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	6/6
Past Performance	0/6
Financial Health	6/6
Dividends	0/6

XSPRAY Stock Overview

Xspray Pharma AB (publ), a pharmaceutical company, develops protein kinase inhibitors for targeted cancer treatments in Sweden.

Rewards

Earnings are forecast to grow 98.47% per year

Risk Analysis

Makes less than USD$1m in revenue (SEK0)

Shareholders have been diluted in the past year

Xspray Pharma Competitors

Oncopeptides

OM:ONCO

kr1.6b

Isofol Medical

OM:ISOFOL

kr1.3b

Hansa Biopharma

OM:HNSA

kr2.2b

Hamlet Pharma

NGM:HAMLET B

kr432.3m

Price History & Performance

Summary of all time highs, changes and price drops for Xspray Pharma
Historical stock prices
Current Share Price	kr54.30
52 Week High	kr163.90
52 Week Low	kr52.00
Beta	1.43
1 Month Change	-4.40%
3 Month Change	-10.25%
1 Year Change	-44.59%
3 Year Change	-22.43%
5 Year Change	n/a
Change since IPO	72.93%

Recent News & Updates

May 11

We're Not Very Worried About Xspray Pharma's (STO:XSPRAY) Cash Burn Rate

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...

Shareholder Returns

	XSPRAY	SE Biotechs	SE Market
7D	-3.0%	3.8%	-0.06%
1Y	-44.6%	-20.7%	-22.4%

Return vs Industry: XSPRAY underperformed the Swedish Biotechs industry which returned -20.6% over the past year.

Return vs Market: XSPRAY underperformed the Swedish Market which returned -22.4% over the past year.

Price Volatility

Is XSPRAY's price volatile compared to industry and market?
XSPRAY volatility
XSPRAY Average Weekly Movement	6.4%
Biotechs Industry Average Movement	8.2%
Market Average Movement	7.4%
10% most volatile stocks in SE Market	12.3%
10% least volatile stocks in SE Market	4.7%

Stable Share Price: XSPRAY is not significantly more volatile than the rest of Swedish stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: XSPRAY's weekly volatility (6%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2003	24	Per Andersson	https://www.xspraypharma.com

Xspray Pharma AB (publ), a pharmaceutical company, develops protein kinase inhibitors for targeted cancer treatments in Sweden. Its product candidates include HyNap-Nilo for the treatment of chronic myeloid leukemia; HyNap-Sora for the treatment of renal cancer and liver cancer, as well as several forms of thyroid cancer; and HyNap-Dasa for the treatment of chronic myeloid leukemia and acute lymphoblastic leukemia. The company was formerly known as Xspray Microparticles AB and changed its name to Xspray Pharma AB (publ) in 2017.

Xspray Pharma Fundamentals Summary

How do Xspray Pharma's earnings and revenue compare to its market cap?
XSPRAY fundamental statistics
Market Cap	kr1.12b
Earnings (TTM)	-kr101.72m
Revenue (TTM)	n/a

0.0x

P/S Ratio

-11.0x

P/E Ratio

Is XSPRAY overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
XSPRAY income statement (TTM)
Revenue	kr0
Cost of Revenue	kr0
Gross Profit	kr0
Other Expenses	kr101.72m
Earnings	-kr101.72m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 05, 2022

Earnings per share (EPS)	-4.92
Gross Margin	0.00%
Net Profit Margin	0.00%
Debt/Equity Ratio	0%

How did XSPRAY perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

2/6

Valuation Score 2/6

Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for XSPRAY. This is calculated by dividing XSPRAY's market cap by their current preferred multiple.
What is XSPRAY's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	kr1.12b

XSPRAY 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	n/a
Enterprise Value/EBITDA	-9.9x
PEG Ratio	n/a

Price to Book Ratio vs Peers

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

XSPRAY PB Ratio vs Peers

The above table shows the PB ratio for XSPRAY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PB	Estimated Growth	Market Cap
Peer Average	8.1x
ONCO Oncopeptides	13.3x	25.7%	kr1.6b
ISOFOL Isofol Medical	4.8x	103.6%	kr1.3b
HNSA Hansa Biopharma	3.5x	-3.2%	kr2.2b
HAMLET B Hamlet Pharma	10.7x	n/a	kr432.3m
XSPRAY Xspray Pharma	2x	98.5%	kr1.1b

Price-To-Book vs Peers: XSPRAY is good value based on its Price-To-Book Ratio (2x) compared to the peer average (8.1x).

Price to Earnings Ratio vs Industry

How does XSPRAY's PE Ratio compare vs other companies in the SE Biotechs Industry?

Price-To-Book vs Industry: XSPRAY is good value based on its Price-To-Book Ratio (2x) compared to the Swedish Biotechs industry average (2.2x)

Price to Book Ratio vs Fair Ratio

What is XSPRAY'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.

XSPRAY PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	2x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate XSPRAY's Price-To-Book Fair Ratio for valuation analysis.

Share Price vs Fair Value

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

Below Fair Value: XSPRAY (SEK54.3) is trading above our estimate of fair value (SEK8.89)

Significantly Below Fair Value: XSPRAY is trading above our estimate of fair value.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate XSPRAY's PEG Ratio to determine if it is good value.

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Future Growth

How is Xspray Pharma forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

6/6

Future Growth Score 6/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

98.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: XSPRAY is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (0.3%).

Earnings vs Market: XSPRAY is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: XSPRAY is expected to become profitable in the next 3 years.

Revenue vs Market: XSPRAY's revenue (133.6% per year) is forecast to grow faster than the Swedish market (5.5% per year).

High Growth Revenue: XSPRAY's revenue (133.6% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: XSPRAY's Return on Equity is forecast to be very high in 3 years time (42.5%).

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Past Performance

How has Xspray Pharma performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-44.4%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: XSPRAY is currently unprofitable.

Growing Profit Margin: XSPRAY is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: XSPRAY is unprofitable, and losses have increased over the past 5 years at a rate of 44.4% per year.

Accelerating Growth: Unable to compare XSPRAY's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: XSPRAY is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (-8.4%).

Return on Equity

High ROE: XSPRAY has a negative Return on Equity (-17.76%), as it is currently unprofitable.

Discover strong past performing companies

Financial Health

How is Xspray Pharma's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: XSPRAY's short term assets (SEK205.9M) exceed its short term liabilities (SEK18.7M).

Long Term Liabilities: XSPRAY's short term assets (SEK205.9M) exceed its long term liabilities (SEK878.0K).

Debt to Equity History and Analysis

Debt Level: XSPRAY is debt free.

Reducing Debt: XSPRAY has not had any debt for past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: XSPRAY has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: XSPRAY has sufficient cash runway for 1.8 years if free cash flow continues to reduce at historical rates of 32.8% each year.

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Dividend

What is Xspray Pharma current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

0.61%

Forecast Dividend Yield

Dividend Yield vs Market

Notable Dividend: Unable to evaluate XSPRAY's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate XSPRAY's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if XSPRAY's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if XSPRAY's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as XSPRAY has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

3.8yrs

Average management tenure

CEO

Per Andersson (54 yo)

16.42yrs

Tenure

kr2,929,000

Compensation

Dr. Per Andersson Ph.D. has been the Chief Executive Officer of Xspray Pharma AB (publ) since 2006. Dr. Andersson serves as the Chief Executive Officer of Xspray Microparticles AB. Dr. Andersson joined XSp...

CEO Compensation Analysis

Compensation vs Market: Per's total compensation ($USD286.80K) is about average for companies of similar size in the Swedish market ($USD229.84K).

Compensation vs Earnings: Per's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: XSPRAY's management team is considered experienced (3.8 years average tenure).

Board Members

Experienced Board: XSPRAY's board of directors are considered experienced (3.1 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 8.5%.

Data	Last Updated (UTC time)
Company Analysis	2022/06/29 00:00
End of Day Share Price	2022/06/29 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31