Comprehensive Valuation Analysis and BUY Recommendation for Medicalgorithmics

Valuation

Valuation

We value Medicalgorithmics using a sum-of-the-parts valuation. We value the Kardiolytics using the rNPV method (risk-adjusted net present value) probability weighing its subsequent phases. We value the ECG business using a DCF model. Based on our forecasts, we arrive at fair value of PLN 45.2 per share, i.e. 26% above the current market price, which implies a BUY recommendation.

Advertising

GPW’s Analytical Coverage Support Programme 3.0

The Warsaw Stock Exchange's (GPW's) Analytical Coverage Support Programme 3.0 supports investment firms in drafting analytical reports which are financed by GPW. The objective of the Programme is to improve the availability of research covering less liquid companies, facilitating investors' informed investment decisions based on a reliable independent source of issuer information. Eligible to participate in the Programme are companies listed on the GPW Main Market (other than WIG20 participants) and on NewConnect. The Programme covers up to 50 issuers.

Twitter | LinkedIn

Topics

valuation buy recommendation DCF model fair value medicalgorithmics Kardiolytics ECG business rNPV method risk-adjusted net present value PLN 45.2 per share

Table of contents

Valuation

GPW’s Analytical Coverage Support Programme 3.0

Twitter | LinkedIn

Topics