Belluscura has received an 89.6p ($1.09, GBP/USD: 1.2164) midpoint valuation from Stonegate Capital in a research note issued last week.
Stonegate Capital used a blended approach to their valuation, encompassing EV/Sales, EV/EBITDA, and BV/Share ratios, and comparing Belluscura to a group of their peers.
The peer group includes Axonics, Inc, Penumbra, Inc, and Glaukos Corporation.
“We are using a comparison analysis to help frame valuation. Given the current stage of the product life cycle we are looking forward to 2025 for our valuation metrics. When comparing Belluscura to its peers we look at it through a EV/Sales, EV/EBITDA, and a BV/Share lenses. By averaging these valuations, we arrive at a valuation range of $0.72 to $1.10, with a midpoint of $1.09.”
Belluscura shares were 2% higher at 27.5p at the time of writing on Monday.
After receiving orders, securing a royalty agreement and announcing further indications of orders totalling $85m, Belluscura has recently announced a funding package including the takeover of TMT Acquisitions, and an equity and convertible loan note issue.
