Immunocore Holdings plc

NasdaqGS:IMCR Stock Report

Mkt Cap: US$2.9b

We’ve recently updated our valuation analysis.

Immunocore Holdings Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

IMCR 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/Revenue20.9x
Enterprise Value/EBITDA-42.8x
PEG Ration/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for IMCR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average10.6x
RARE Ultragenyx Pharmaceutical
9.3x29.5%US$3.2b
CVAC CureVac
19.4x28.4%US$2.0b
XNCR Xencor
6.6x20.4%US$2.0b
PTCT PTC Therapeutics
4.8x10.7%US$3.3b
IMCR Immunocore Holdings
23.3x28.5%US$2.9b

Price-To-Sales vs Peers: IMCR is expensive based on its Price-To-Sales Ratio (23.3x) compared to the peer average (10x).


Price to Earnings Ratio vs Industry

How does IMCR's PE Ratio compare vs other companies in the US Biotechs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a14.2%
n/an/an/a

Price-To-Sales vs Industry: IMCR is expensive based on its Price-To-Sales Ratio (23.3x) compared to the US Biotechs industry average (12.9x)


Price to Sales Ratio vs Fair Ratio

What is IMCR'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.

IMCR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio23.8x
Fair PS Ratio4.3x

Price-To-Sales vs Fair Ratio: IMCR is expensive based on its Price-To-Sales Ratio (23.3x) compared to the estimated Fair Price-To-Sales Ratio (4.3x).


Share Price vs Fair Value

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

Below Fair Value: IMCR ($61.27) is trading below our estimate of fair value ($226.91)

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


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 IMCR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$62.41
US$81.03
+29.8%
10.9%US$93.59US$66.06n/a10
Jan ’24US$57.07
US$78.32
+37.2%
10.0%US$91.10US$64.04n/a10
Dec ’23US$59.98
US$75.84
+26.4%
21.6%US$92.43US$35.03n/a10
Nov ’23US$56.87
US$71.11
+25.0%
20.8%US$84.65US$32.82n/a9
Oct ’23US$46.94
US$68.26
+45.4%
21.2%US$81.11US$31.96n/a9
Sep ’23US$51.90
US$64.64
+24.5%
23.8%US$80.32US$33.02n/a7
Aug ’23US$44.73
US$54.45
+21.7%
29.2%US$81.75US$32.11n/a5
Jul ’23US$37.34
US$53.07
+42.1%
29.1%US$79.59US$32.58n/a5
Jun ’23US$29.13
US$53.07
+82.2%
29.1%US$79.59US$32.58n/a5
May ’23US$32.61
US$52.24
+60.2%
26.5%US$76.50US$35.55n/a5
Apr ’23US$31.05
US$53.82
+73.3%
26.6%US$79.50US$37.21n/a5
Mar ’23US$23.24
US$54.33
+133.8%
25.6%US$79.17US$38.15n/a5
Feb ’23US$24.95
US$47.89
+91.9%
15.6%US$55.78US$37.05US$62.414
Jan ’23US$34.24
US$47.94
+40.0%
16.0%US$56.48US$36.78US$57.074
Dec ’22US$33.08
US$52.48
+58.6%
19.3%US$64.60US$36.60US$59.984
Nov ’22US$37.98
US$52.99
+39.5%
18.6%US$65.31US$37.95US$56.874
Oct ’22US$38.36
US$51.74
+34.9%
21.6%US$65.04US$37.65US$46.943
Sep ’22US$34.75
US$51.74
+48.9%
21.6%US$65.04US$37.65US$51.903
Aug ’22US$32.72
US$53.55
+63.7%
21.0%US$65.29US$38.34US$44.733
Jul ’22US$39.39
US$53.55
+35.9%
21.0%US$65.29US$38.34US$37.343
Jun ’22US$39.90
US$53.55
+34.2%
21.0%US$65.29US$38.34US$29.133
May ’22US$40.36
US$53.71
+33.1%
21.8%US$66.02US$37.99US$32.613
Apr ’22US$40.55
US$53.33
+31.5%
21.2%US$65.00US$38.00US$31.053

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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