Zealand Pharma Valuation

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

Valuation Score

2/6

Valuation Score 2/6

Below Future Cash Flow Value
Significantly Below Future Cash Flow Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Future Cash Flow Value

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

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Below Future Cash Flow Value: Insufficient data to calculate ZEAL's future cash flow value for valuation analysis.

Significantly Below Future Cash Flow Value: Insufficient data to calculate ZEAL's future cash flow value for valuation analysis.

Key Valuation Metric

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

Key metric: As ZEAL is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ZEAL. This is calculated by dividing ZEAL's market cap by their current earnings.
What is ZEAL's PE Ratio?
PE Ratio	3.2x
Earnings	DKK 6.40b
Market Cap	DKK 19.91b

ZEAL 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	0.6x
Enterprise Value/EBITDA	0.9x
PEG Ratio	-0.04x

Price to Earnings Ratio vs Peers

How does ZEAL's PE Ratio compare to its peers?

The above table shows the PE ratio for ZEAL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	11.5x
BAVA Bavarian Nordic	11.9x	3.08%	DKK 13.9b
GMAB Genmab	18.7x	18.58%	DKK 98.7b
GUBRA Gubra	3.6x	-42.61%	DKK 5.8b
HLUN B H. Lundbeck	11.9x	-4.52%	DKK 42.8b
ZEAL Zealand Pharma	3.2x	-74.97%	DKK 20.7b

Price-To-Earnings vs Peers: ZEAL is good value based on its Price-To-Earnings Ratio (3.2x) compared to the peer average (11.5x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

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Price to Earnings Ratio vs Industry

How does ZEAL's PE Ratio compare vs other companies in the European Biotechs Industry?

9 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	16.6x	22.8%
ZEAL Zealand Pharma	3.2x	-74.97%	US$3.20b

9 Companies		Estimated Growth	Market Cap
Industry Avg.	16.6x	22.8%
ZEAL Zealand Pharma	3.2x	-74.97%	US$3.20b

No more companies

Price-To-Earnings vs Industry: ZEAL is good value based on its Price-To-Earnings Ratio (3.2x) compared to the European Biotechs industry average (16.6x).

Price to Earnings Ratio vs Fair Ratio

What is ZEAL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ZEAL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	3.2x
Fair PE Ratio	3.1x

Price-To-Earnings vs Fair Ratio: ZEAL is expensive based on its Price-To-Earnings Ratio (3.2x) compared to the estimated Fair Price-To-Earnings Ratio (3.2x).

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 ZEAL forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	DKK 294.30	DKK 508.64 +72.83%	30.64%	DKK 825.00	DKK 300.00	n/a	14
Jun ’27	DKK 313.60	DKK 524.07 +67.11%	31.29%	DKK 825.00	DKK 275.00	n/a	15
May ’27	DKK 309.00	DKK 529.73 +71.43%	30.86%	DKK 825.00	DKK 275.00	n/a	15
Apr ’27	DKK 298.00	DKK 538.07 +80.56%	30.70%	DKK 825.00	DKK 275.00	n/a	15
Mar ’27	DKK 363.80	DKK 730.07 +100.68%	24.19%	DKK 1,000.00	DKK 400.00	n/a	15
Feb ’27	DKK 420.10	DKK 745.93 +77.56%	25.83%	DKK 1,120.00	DKK 400.00	n/a	15
Jan ’27	DKK 466.40	DKK 773.93 +65.94%	26.35%	DKK 1,120.00	DKK 400.00	n/a	15
Dec ’26	DKK 492.10	DKK 793.06 +61.16%	26.97%	DKK 1,120.00	DKK 400.00	n/a	16
Nov ’26	DKK 512.60	DKK 813.88 +58.77%	24.09%	DKK 1,120.00	DKK 430.00	n/a	16
Oct ’26	DKK 495.00	DKK 813.88 +64.42%	24.09%	DKK 1,120.00	DKK 430.00	n/a	16
Sep ’26	DKK 449.40	DKK 835.47 +85.91%	24.16%	DKK 1,120.00	DKK 400.00	n/a	15
Aug ’26	DKK 327.50	DKK 849.50 +159.39%	22.39%	DKK 1,120.00	DKK 400.00	n/a	16
Jul ’26	DKK 364.80	DKK 890.50 +144.11%	18.06%	DKK 1,120.00	DKK 485.00	n/a	14
Jun ’26	DKK 453.50	DKK 903.69 +99.27%	19.06%	DKK 1,120.00	DKK 485.00	DKK 313.60	13
May ’26	DKK 466.50	DKK 936.38 +100.73%	14.94%	DKK 1,120.00	DKK 730.00	DKK 309.00	13
Apr ’26	DKK 465.80	DKK 955.92 +105.22%	15.59%	DKK 1,150.00	DKK 730.00	DKK 298.00	13
Mar ’26	DKK 663.00	DKK 947.85 +42.96%	12.69%	DKK 1,100.00	DKK 730.00	DKK 363.80	13
Feb ’26	DKK 735.50	DKK 1,007.64 +37.00%	9.36%	DKK 1,100.00	DKK 750.00	DKK 420.10	11
Jan ’26	DKK 715.50	DKK 1,012.18 +41.46%	9.63%	DKK 1,100.00	DKK 750.00	DKK 466.40	11
Dec ’25	DKK 730.00	DKK 1,015.00 +39.04%	10.37%	DKK 1,100.00	DKK 815.00	DKK 492.10	11
Nov ’25	DKK 839.50	DKK 1,007.89 +20.06%	11.69%	DKK 1,106.00	DKK 800.00	DKK 512.60	9
Oct ’25	DKK 810.00	DKK 1,022.29 +26.21%	10.31%	DKK 1,106.00	DKK 800.00	DKK 495.00	7
Sep ’25	DKK 886.50	DKK 1,015.14 +14.51%	10.00%	DKK 1,106.00	DKK 800.00	DKK 449.40	7
Aug ’25	DKK 913.00	DKK 989.86 +8.42%	9.59%	DKK 1,100.00	DKK 800.00	DKK 327.50	7
Jul ’25	DKK 912.50	DKK 918.00 +0.60%	12.22%	DKK 1,100.00	DKK 800.00	DKK 364.80	6
Jun ’25	DKK 639.50	DKK 785.57 +22.84%	8.94%	DKK 840.00	DKK 625.00	DKK 453.50	7

AnalystPriceTarget

Community Contributor

DKK 508.64

Fair Value

42.1% undervalued

Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/06/11 19:30
End of Day Share Price	2026/06/11 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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

Zealand Pharma A/S is covered by 34 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Yihan Li	Barclays
Kerry Holford	Berenberg
Laura Hindley	Berenberg