Ependion Valuation

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

EPEN (SEK119) is trading below our estimate of [[fair value]] (SEK205.07)

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

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: EPEN (SEK119) is trading below our estimate of fair value (SEK205.07)

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

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for EPEN. This is calculated by dividing EPEN's market cap by their current preferred multiple.
What is EPEN's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	SEK 3.46b

EPEN 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	1.7x
Enterprise Value/EBITDA	12.2x
PEG Ratio	0.9x

Price to Earnings Ratio vs Peers

How does EPEN's PE Ratio compare to its peers?

The above table shows the PE ratio for EPEN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	34.2x
FIRE Firefly	24.8x	n/a	SEK 1.3b
SGG Sensys Gatso Group	41x	49.4%	SEK 838.3m
LAGR B Lagercrantz Group	43.8x	12.7%	SEK 38.4b
MYCR Mycronic	27.2x	12.6%	SEK 40.5b
EPEN Ependion	19.4x	22.8%	SEK 3.5b

Price-To-Earnings vs Peers: EPEN is good value based on its Price-To-Earnings Ratio (19.4x) compared to the peer average (34.2x).

Price to Earnings Ratio vs Industry

How does EPEN's PE Ratio compare vs other companies in the European Electronic Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	14.3%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	14.3%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: EPEN is good value based on its Price-To-Earnings Ratio (19.4x) compared to the European Electronic industry average (21.7x).

Price to Earnings Ratio vs Fair Ratio

What is EPEN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EPEN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	19.4x
Fair PE Ratio	25.4x

Price-To-Earnings vs Fair Ratio: EPEN is good value based on its Price-To-Earnings Ratio (19.4x) compared to the estimated Fair Price-To-Earnings Ratio (25.4x).

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 EPEN 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 119.00	SEK 139.00 +16.8%	12.2%	SEK 156.00	SEK 122.00	n/a	2
Jul ’25	SEK 128.60	SEK 143.00 +11.2%	9.1%	SEK 156.00	SEK 130.00	n/a	2
Jun ’25	SEK 134.80	SEK 143.00 +6.1%	9.1%	SEK 156.00	SEK 130.00	n/a	2
May ’25	SEK 108.60	SEK 143.00 +31.7%	9.1%	SEK 156.00	SEK 130.00	n/a	2
Apr ’25	SEK 108.00	SEK 143.00 +32.4%	9.1%	SEK 156.00	SEK 130.00	n/a	2
Mar ’25	SEK 98.20	SEK 143.00 +45.6%	9.1%	SEK 156.00	SEK 130.00	n/a	2
Feb ’25	SEK 96.10	SEK 143.00 +48.8%	9.1%	SEK 156.00	SEK 130.00	n/a	2
Jan ’25	SEK 125.60	SEK 137.00 +9.1%	5.1%	SEK 144.00	SEK 130.00	n/a	2
Dec ’24	SEK 115.00	SEK 137.00 +19.1%	5.1%	SEK 144.00	SEK 130.00	n/a	2
Nov ’24	SEK 104.00	SEK 137.00 +31.7%	5.1%	SEK 144.00	SEK 130.00	n/a	2
Oct ’24	SEK 117.40	SEK 137.00 +16.7%	5.1%	SEK 144.00	SEK 130.00	n/a	2
Sep ’24	SEK 137.00	SEK 137.00 0%	5.1%	SEK 144.00	SEK 130.00	n/a	2
Aug ’24	SEK 149.40	SEK 137.00 -8.3%	5.1%	SEK 144.00	SEK 130.00	n/a	2
Jul ’24	SEK 135.80	SEK 121.00 -10.9%	0.8%	SEK 122.00	SEK 120.00	SEK 128.60	2
Jun ’24	SEK 124.00	SEK 121.00 -2.4%	0.8%	SEK 122.00	SEK 120.00	SEK 134.80	2
May ’24	SEK 113.60	SEK 121.00 +6.5%	0.8%	SEK 122.00	SEK 120.00	SEK 108.60	2
Apr ’24	SEK 97.00	SEK 118.00 +21.6%	1.7%	SEK 120.00	SEK 116.00	SEK 108.00	2
Mar ’24	SEK 99.10	SEK 118.00 +19.1%	1.7%	SEK 120.00	SEK 116.00	SEK 98.20	2
Feb ’24	SEK 109.60	SEK 118.00 +7.7%	1.7%	SEK 120.00	SEK 116.00	SEK 96.10	2
Jan ’24	SEK 110.40	SEK 106.00 -4.0%	7.5%	SEK 114.00	SEK 98.00	SEK 125.60	2
Dec ’23	SEK 124.00	SEK 106.00 -14.5%	7.5%	SEK 114.00	SEK 98.00	SEK 115.00	2
Nov ’23	SEK 91.30	SEK 102.50 +12.3%	11.2%	SEK 114.00	SEK 91.00	SEK 104.00	2
Oct ’23	SEK 67.30	SEK 92.00 +36.7%	1.1%	SEK 93.00	SEK 91.00	SEK 117.40	2
Sep ’23	SEK 61.40	SEK 92.00 +49.8%	1.1%	SEK 93.00	SEK 91.00	SEK 137.00	2
Aug ’23	SEK 67.30	SEK 92.00 +36.7%	1.1%	SEK 93.00	SEK 91.00	SEK 149.40	2
Jul ’23	SEK 55.80	SEK 89.50 +60.4%	2.8%	SEK 92.00	SEK 87.00	SEK 135.80	2

Analyst Forecast: Target price is less than 20% higher than the current share price.