Xspray Pharma 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

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

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

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

Key Valuation Metric

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

Key metric: As XSPRAY 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 XSPRAY. This is calculated by dividing XSPRAY's market cap by their current book value.
What is XSPRAY's PB Ratio?
PB Ratio	2.5x
Book	SEK 585.59m
Market Cap	SEK 1.43b

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	-6.2x
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does XSPRAY's PB Ratio compare to its 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	Forward PB	Estimated Growth	Market Cap
Peer Average	6.7x
CRNO B Cereno Scientific	6.2x	n/a	SEK 1.4b
DMYD B Diamyd Medical	9.3x	-10.3%	SEK 1.4b
VICO Vicore Pharma Holding	5.1x	44.9%	SEK 1.9b
EGTX Egetis Therapeutics	6.1x	106.4%	SEK 1.9b
XSPRAY Xspray Pharma	2.5x	134.8%	SEK 1.4b

Price-To-Book vs Peers: XSPRAY is good value based on its Price-To-Book Ratio (2.5x) compared to the peer average (6.7x).

Price to Book Ratio vs Industry

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

8 Companies	Price / Book	Estimated Growth	Market Cap
EXPRS2 ExpreS2ion Biotech Holding	0.6x	-11.9%	US$3.65m
SCOL Scandion Oncology	0.4x	69.7%	US$1.51m
CYXO Cyxone	0.4x	n/a	US$1.08m
DIABIO Diagonal Bio	0.4x	n/a	US$1.08m

8 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: XSPRAY is good value based on its Price-To-Book Ratio (2.5x) compared to the Swedish Biotechs industry average (2.5x).

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	2.5x
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.

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 XSPRAY 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	SEK 42.50	SEK 76.00 +78.8%	23.7%	SEK 94.00	SEK 58.00	n/a	2
Nov ’25	SEK 59.90	SEK 76.00 +26.9%	23.7%	SEK 94.00	SEK 58.00	n/a	2
Oct ’25	SEK 49.80	SEK 76.00 +52.6%	23.7%	SEK 94.00	SEK 58.00	n/a	2
Sep ’25	SEK 51.70	SEK 76.00 +47.0%	23.7%	SEK 94.00	SEK 58.00	n/a	2
Aug ’25	SEK 49.90	SEK 91.50 +83.4%	36.6%	SEK 125.00	SEK 58.00	n/a	2
Sep ’24	SEK 33.50	SEK 98.50 +194.0%	1.5%	SEK 100.00	SEK 97.00	SEK 51.70	2
Aug ’24	SEK 33.90	SEK 106.00 +212.7%	8.5%	SEK 115.00	SEK 97.00	SEK 49.90	2
Jul ’24	SEK 40.80	SEK 106.00 +159.8%	8.5%	SEK 115.00	SEK 97.00	SEK 79.80	2
Jun ’24	SEK 40.50	SEK 106.00 +161.7%	8.5%	SEK 115.00	SEK 97.00	SEK 74.20	2
May ’24	SEK 58.00	SEK 131.00 +125.9%	26.0%	SEK 165.00	SEK 97.00	SEK 40.50	2
Apr ’24	SEK 68.90	SEK 131.00 +90.1%	26.0%	SEK 165.00	SEK 97.00	SEK 42.10	2

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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