Midsummer Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: MIDS (SEK1.03) is trading below our estimate of fair value (SEK3.22)

Significantly Below Fair Value: MIDS is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for MIDS. This is calculated by dividing MIDS's market cap by their current revenue.
What is MIDS's PS Ratio?
PS Ratio	3.3x
Sales	SEK 65.69m
Market Cap	SEK 216.01m

MIDS 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	5.6x
Enterprise Value/EBITDA	-2.6x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for MIDS 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	4.4x
OBDU B Obducat	1.9x	n/a	SEK 169.0m
SMOL Smoltek Nanotech Holding	7.2x	n/a	SEK 91.6m
WEG Windon Energy Group	0.2x	n/a	SEK 16.4m
BEAMMW B BeammWave	8.3x	91.1%	SEK 109.9m
MIDS Midsummer	3.3x	77.4%	SEK 216.0m

Price-To-Sales vs Peers: MIDS is good value based on its Price-To-Sales Ratio (3.3x) compared to the peer average (4.4x).

Price to Sales Ratio vs Industry

How does MIDS's PS Ratio compare vs other companies in the European Semiconductor Industry?

6 Companies	Price / Sales	Estimated Growth	Market Cap

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: MIDS is expensive based on its Price-To-Sales Ratio (3.3x) compared to the European Semiconductor industry average (1.7x).

Price to Sales Ratio vs Fair Ratio

What is MIDS'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.

MIDS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	3.3x
Fair PS Ratio	5.6x

Price-To-Sales vs Fair Ratio: MIDS is good value based on its Price-To-Sales Ratio (3.3x) compared to the estimated Fair Price-To-Sales Ratio (5.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.