Initiator Pharma A/S (INIT) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Initiator Pharma A/S SEK 0.55, price SEK 2.14, upside -74.2%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Initiator Pharma A/S, a clinical stage life science company, develops drugs targeting unmet medical needs within the central and peripheral nervous system.
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Initiator Pharma A/S, a clinical stage life science company, develops drugs targeting unmet medical needs within the central and peripheral nervous system. Its product pipeline includes Pudafensine, a monoamine reuptake inhibitor, which completed phase IIb clinical trial primarily targeting the dopamine system for treatment resistant organic erectile dysfunction, as well as completed phase I to treat neuropathic pain; and IP2018, a monoamine reuptake inhibitor which completed Phase IIa for the treatment of psychogenic erectile dysfunction. The company also develops IP2016, which is in preclinical development for the treatment of depression and pain; and Pudafensine and IP2018, which is in preclinical development to treat female sexual dysfunction. Initiator Pharma A/S was incorporated in 2016 and is headquartered in Copenhagen, Denmark.
Stock analysis
Initiator Pharma A/S (INIT) currently trades at kr 2.14, while our model-based Fair Value estimate is kr 0.5525, implying the stock looks roughly 287.3% overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.
Scenario range: kr 0.3655 (bear) to kr 0.6885 (bull), the price of kr 2.14 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Healthcare sector.
Initiator Pharma A/S reported revenue of 0 DKK in FY2025 versus 0 DKK in FY2021. Reported net income was −14.0M DKK in FY2025.
Key figures
Market cap 162M SEK (≈ $16.3M) · EPS (TTM) kr −0.5000 · Return on equity −61.8% · Return on assets (EBIT) −28.3% · Free cash flow −17.8M SEK · Net cash 24.1M SEK.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 40% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at −74%, INIT screens richer than that median.
Fair Value models
Bear kr 0.3655Fair Value kr 0.5525Bull kr 0.6885
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 649 stocks
Beats the industry median on 4/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Above median
Fair Value upside−73% · Bottom 25%
Profitability
Return on assets−46% · Bottom 25%
Operating margin (TTM)0% · Above median
Growth and dividend
Revenue growth0% · Above median
Balance sheet
Debt / equity0.07× · Above median
Valuation Multiplesvs Biotechnology median · lower = cheaper
P/B0.55× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 0
PAST (return on equity)0· sector 0
HEALTH (low debt)96· sector 97
DIVIDEND (yield)0· sector 23
VALUE 0: the price sits above our fair-value range.
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Is Initiator Pharma A/S (INIT) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 0.5525 versus a price of kr 2.14, about −74% upside (overvalued).
What is the fair value of INIT?
Our model-based fair value for Initiator Pharma A/S is kr 0.5525 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 2.14.
What is the quality score of INIT?
Initiator Pharma A/S has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Initiator Pharma A/S (INIT)?
Our model-based price target is the fair value of kr 0.5525 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario kr 0.3655, optimistic scenario kr 0.6885. It is a calculation from audited fundamentals, not an analyst target.
What is the Initiator Pharma A/S stock forecast for 2026?
Our models put fair value at kr 0.5525, about −74% upside versus a price of kr 2.14 (overvalued). Cautious scenario kr 0.3655, optimistic scenario kr 0.6885. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Initiator Pharma A/S (INIT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Initiator Pharma A/S it is kr 0.5525 per share (as of Sep 24, 2026), against a price of kr 2.14. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Initiator Pharma A/S stock overvalued or undervalued in 2026?
As of Sep 24, 2026, INIT trades above its calculated fair value: price kr 2.14, fair value kr 0.5525, a gap of about −74% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INIT?
No. The price is what the market pays today (kr 2.14); the fair value is what the company's own numbers justify (kr 0.5525). For Initiator Pharma A/S the two are kr 1.59 per share apart. That gap is exactly why we show both numbers side by side.
How much is Initiator Pharma A/S worth?
The market values Initiator Pharma A/S at about 162M SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 2.14; our models calculate a fair value of kr 0.5525 per share.
What do the bullish and bearish scenarios say about INIT?
Our models span a range for Initiator Pharma A/S: cautious scenario kr 0.3655, base kr 0.5525, optimistic kr 0.6885 per share (as of Sep 24, 2026, price kr 2.14). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Initiator Pharma A/S (INIT)?
Balance-sheet figures for Initiator Pharma A/S (as of Sep 24, 2026): return on equity −61.8%, debt of 0.07 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is INIT from its 52-week high?
Initiator Pharma A/S trades at kr 2.14, about 40% below its 52-week high of kr 3.56 and 4% above the low of kr 2.05 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.5525 is for.
Which stocks are comparable to Initiator Pharma A/S?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, Samsung Biologics Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Initiator Pharma A/S stock attractive at the current price?
The data as of Sep 24, 2026: price kr 2.14, calculated fair value kr 0.5525 (−74%), Quality Score 41/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INIT calculated?
We run Initiator Pharma A/S through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 0.5525, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Initiator Pharma A/S itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Initiator Pharma A/S (INIT)?
The closing price on Sep 24, 2026 was kr 2.14. Our model-based fair value is kr 0.5525, about −74% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Initiator Pharma A/S right now?
The price sits above even our optimistic bull case (kr 0.6885). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (kr 0.3655 to kr 0.6885) leaves room in how you read the outcome.
Key figures of Initiator Pharma A/S
How large is the market capitalisation of Initiator Pharma A/S (INIT)?
The market capitalisation of Initiator Pharma A/S is 162M SEK (≈ $16.3M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Initiator Pharma A/S (INIT)?
Earnings per share at Initiator Pharma A/S are kr −0.5000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Initiator Pharma A/S (INIT)?
The return on equity (ROE) of Initiator Pharma A/S is −61.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Initiator Pharma A/S (INIT)?
On an EBIT basis the return on assets of Initiator Pharma A/S is −28.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much free cash flow does Initiator Pharma A/S (INIT) generate?
The free cash flow of Initiator Pharma A/S is −17.8M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Initiator Pharma A/S (INIT) hold?
Initiator Pharma A/S holds more cash than debt, 24.1M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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