Napatech Valuation

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

NPTS.F ($3.4) is trading below our estimate of [[fair value]] ($8.93)

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: NPTS.F ($3.4) is trading below our estimate of fair value ($8.93)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NPTS.F?

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

The above table shows the Price to Sales ratio for NPTS.F. This is calculated by dividing NPTS.F's market cap by their current revenue.
What is NPTS.F's PS Ratio?
PS Ratio	13.3x
Sales	DKK 167.12m
Market Cap	DKK 2.22b

NPTS.F 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	13.4x
Enterprise Value/EBITDA	-55.8x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does NPTS.F's PS Ratio compare to its peers?

The above table shows the PS ratio for NPTS.F 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	2.6x
AUDC AudioCodes	1x	3.6%	US$247.6m
CLFD Clearfield	2.3x	10.2%	US$403.8m
GILT Gilat Satellite Networks	1.1x	15.2%	US$286.8m
GNSS Genasys	6.1x	58.3%	US$172.6m
NPTS.F Napatech	13.3x	53.2%	US$3.5b

Price-To-Sales vs Peers: NPTS.F is expensive based on its Price-To-Sales Ratio (13.3x) compared to the peer average (1.1x).

Price to Sales Ratio vs Industry

How does NPTS.F's PS Ratio compare vs other companies in the US Communications Industry?

13 Companies	Price / Sales	Estimated Growth	Market Cap
VSAT Viasat	0.2x	1.8%	US$950.12m
COMM CommScope Holding Company	0.2x	-0.08%	US$895.90m
TESS TESSCO Technologies	0.2x	n/a	US$83.30m
CMTL Comtech Telecommunications	0.1x	4.3%	US$75.05m

13 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: NPTS.F is expensive based on its Price-To-Sales Ratio (13.3x) compared to the US Communications industry average (1.1x).

Price to Sales Ratio vs Fair Ratio

What is NPTS.F'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.

NPTS.F PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	13.3x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate NPTS.F's Price-To-Sales 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?

Analyst Forecast: Insufficient data to show price forecast.

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