NuScale Power Corporation

NYSE:SMR Stock Report

Market Cap: US$6.9b

NuScale Power Valuation

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

Valuation Score

1/6

Valuation Score 1/6

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

Below Fair Value: SMR ($25.74) is trading above our estimate of fair value ($19.37)

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

Key Valuation Metric

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

Key metric: As SMR barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for SMR. This is calculated by dividing SMR's market cap by their current book value.
What is SMR's PB Ratio?
PB Ratio16.3x
BookUS$160.07m
Market CapUS$6.90b

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for SMR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average24.8x
BE Bloom Energy
13.2x74.3%US$5.4b
NNE NANO Nuclear Energy
58x-33.8%US$822.5m
PSIX Power Solutions International
18.1x11.6%US$752.8m
GEV GE Vernova
9.9x26.3%US$93.7b
SMR NuScale Power
16.3x15.7%US$6.9b

Price-To-Book vs Peers: SMR is good value based on its Price-To-Book Ratio (16.3x) compared to the peer average (24.8x).

Price to Book Ratio vs Industry

How does SMR's PB Ratio compare vs other companies in the US Electrical Industry?

7 CompaniesPrice / BookEstimated GrowthMarket Cap
FCEL FuelCell Energy
0.2x30.0%US$162.19m
SES SES AI
0.4x-17.4%US$118.88m
RMO Romeo Power
0.3xn/aUS$65.07m
APWC Asia Pacific Wire & Cable
0.3xn/aUS$38.96m
SMR 16.3xIndustry Avg. 1.9xNo. of Companies13PB01.63.24.86.48+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: SMR is expensive based on its Price-To-Book Ratio (16.3x) compared to the US Electrical industry average (2x).

Price to Book Ratio vs Fair Ratio

What is SMR'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.

SMR PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio16.3x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate SMR'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 SMR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$25.74
US$18.42
-28.5%
50.9%US$29.00US$4.50n/a6
Nov ’25US$19.01
US$13.17
-30.7%
44.6%US$21.00US$4.50n/a6
Oct ’25US$11.88
US$10.83
-8.8%
33.6%US$16.00US$4.50n/a6
Sep ’25US$8.23
US$9.50
+15.4%
35.5%US$14.00US$4.50n/a4
Aug ’25US$9.11
US$9.13
+0.2%
37.6%US$14.00US$4.50n/a4
Jul ’25US$10.93
US$9.13
-16.5%
37.6%US$14.00US$4.50n/a4
Jun ’25US$8.73
US$7.63
-12.7%
26.0%US$10.00US$4.50n/a4
May ’25US$5.73
US$7.63
+33.1%
26.0%US$10.00US$4.50n/a4
Apr ’25US$5.24
US$7.63
+45.5%
26.0%US$10.00US$4.50n/a4
Mar ’25US$3.45
US$7.25
+110.1%
58.4%US$14.50US$2.00n/a5
Feb ’25US$3.08
US$7.25
+135.4%
58.4%US$14.50US$2.00n/a5
Jan ’25US$3.29
US$10.00
+204.0%
47.0%US$14.50US$2.00n/a5
Dec ’24US$3.04
US$10.00
+228.9%
47.0%US$14.50US$2.00n/a5
Nov ’24US$3.11
US$11.20
+260.1%
26.3%US$14.50US$7.50US$19.015
Oct ’24US$4.90
US$12.38
+152.6%
33.0%US$18.00US$8.00US$11.884
Sep ’24US$6.26
US$12.38
+97.7%
33.0%US$18.00US$8.00US$8.234
Aug ’24US$7.50
US$13.50
+80.0%
24.1%US$18.00US$9.00US$9.114
Jul ’24US$6.80
US$13.50
+98.5%
24.1%US$18.00US$9.00US$10.934
Jun ’24US$7.59
US$13.50
+77.9%
24.1%US$18.00US$9.00US$8.734
May ’24US$8.54
US$13.50
+58.1%
24.1%US$18.00US$9.00US$5.734
Apr ’24US$9.09
US$13.50
+48.5%
24.1%US$18.00US$9.00US$5.244
Mar ’24US$10.24
US$15.50
+51.4%
13.3%US$18.00US$13.00US$3.454
Feb ’24US$11.06
US$15.50
+40.1%
13.3%US$18.00US$13.00US$3.084
Jan ’24US$10.26
US$15.50
+51.1%
13.3%US$18.00US$13.00US$3.294
Dec ’23US$10.90
US$15.50
+42.2%
13.3%US$18.00US$13.00US$3.044
Nov ’23US$11.30
US$16.25
+43.8%
11.8%US$18.00US$13.00US$3.114

Analyst Forecast: Target price is lower than the current share price.

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