Merus N.V.

NasdaqGM:MRUS Stock Report

Market Cap: US$2.8b

Merus Valuation

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

Valuation Score

3/6

Valuation Score 3/6

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

Discounted Cash Flow
Simply Wall St
US$422.93
Fair Value
90.0% undervalued intrinsic discount
16
Number of Analysts

Below Fair Value: MRUS ($42.27) is trading below our estimate of fair value ($422.93)

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

Key Valuation Metric

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

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

The above table shows the Price to Book ratio for MRUS. This is calculated by dividing MRUS's market cap by their current book value.
What is MRUS's PB Ratio?
PB Ratio4.1x
BookUS$703.26m
Market CapUS$2.75b

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for MRUS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average3.9x
MLTX MoonLake Immunotherapeutics
5.5x37.1%US$2.7b
DNLI Denali Therapeutics
2.4x29.9%US$3.1b
CRNX Crinetics Pharmaceuticals
4x29.8%US$3.3b
VKTX Viking Therapeutics
3.7x-4.6%US$3.4b
MRUS Merus
4.1x33.0%US$2.8b

Price-To-Book vs Peers: MRUS is expensive based on its Price-To-Book Ratio (4.1x) compared to the peer average (3.9x).

Price to Book Ratio vs Industry

How does MRUS's PB Ratio compare vs other companies in the US Biotechs Industry?

67 CompaniesPrice / BookEstimated GrowthMarket Cap
LYEL Lyell Immunopharma
0.3x-13.7%US$178.25m
NKTX Nkarta
0.4x-9.8%US$155.96m
MGX Metagenomi
0.3x-20.8%US$97.68m
ACET Adicet Bio
0.4x3.1%US$81.73m
MRUS 4.1xIndustry Avg. 1.7xNo. of Companies77PB01.63.24.86.48+
67 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: MRUS is expensive based on its Price-To-Book Ratio (4.1x) compared to the US Biotechs industry average (1.7x).

Price to Book Ratio vs Fair Ratio

What is MRUS'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.

MRUS PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio4.1x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate MRUS'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 MRUS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$42.27
US$86.25
+104.0%
13.1%US$109.00US$67.00n/a16
Feb ’26US$40.94
US$86.07
+110.2%
13.9%US$109.00US$67.00n/a14
Jan ’26US$42.05
US$86.07
+104.7%
13.9%US$109.00US$67.00n/a14
Dec ’25US$44.84
US$85.64
+91.0%
13.9%US$111.00US$67.00n/a14
Nov ’25US$50.30
US$86.62
+72.2%
13.7%US$111.00US$67.00n/a13
Oct ’25US$50.10
US$88.08
+75.8%
13.3%US$111.00US$67.00n/a12
Sep ’25US$50.99
US$86.58
+69.8%
11.2%US$100.00US$67.00n/a12
Aug ’25US$52.42
US$87.17
+66.3%
10.9%US$100.00US$67.00n/a12
Jul ’25US$54.45
US$86.27
+58.4%
10.4%US$99.00US$67.00n/a11
Jun ’25US$53.24
US$80.18
+50.6%
14.2%US$93.00US$54.00n/a11
May ’25US$47.02
US$60.45
+28.6%
9.0%US$69.00US$52.00n/a11
Apr ’25US$45.04
US$59.18
+31.4%
12.2%US$69.00US$44.00n/a11
Mar ’25US$51.82
US$55.00
+6.1%
15.5%US$65.00US$42.00n/a10
Feb ’25US$36.09
US$43.70
+21.1%
8.3%US$49.00US$38.00US$40.9410
Jan ’25US$27.50
US$43.70
+58.9%
8.3%US$49.00US$38.00US$42.0510
Dec ’24US$25.13
US$44.30
+76.3%
7.2%US$49.00US$40.00US$44.8410
Nov ’24US$20.79
US$44.90
+116.0%
6.3%US$49.00US$40.00US$50.3010
Oct ’24US$23.58
US$46.25
+96.1%
3.7%US$49.00US$44.00US$50.108
Sep ’24US$23.22
US$46.25
+99.2%
3.7%US$49.00US$44.00US$50.998
Aug ’24US$26.28
US$45.33
+72.5%
8.8%US$49.00US$35.00US$52.429
Jul ’24US$26.33
US$45.44
+72.6%
8.8%US$49.00US$35.00US$54.459
Jun ’24US$22.49
US$45.44
+102.1%
8.8%US$49.00US$35.00US$53.249
May ’24US$19.00
US$43.56
+129.2%
10.4%US$49.00US$35.00US$47.029
Apr ’24US$18.40
US$36.56
+98.7%
12.6%US$47.00US$30.00US$45.049
Mar ’24US$19.46
US$36.44
+87.3%
11.9%US$46.00US$30.00US$51.829
Feb ’24US$15.36
US$36.89
+140.2%
11.6%US$46.00US$30.00US$36.099
Analyst Price Target
Consensus Narrative from 16 Analysts
US$86.25
Fair Value
51.0% undervalued intrinsic discount
16
Number of Analysts

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/18 01:17
End of Day Share Price 2025/02/18 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Merus N.V. is covered by 24 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Etzer DaroutBMO Capital Markets Equity Research
Evan SeigermanBMO Capital Markets Equity Research
Tazeen AhmadBofA Global Research