Company Valuation: ImmuCell Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 42.92 61.94 47.26 39.45 45.89 55.63
Change - 44.32% -23.7% -16.51% 16.33% 21.22%
Enterprise Value (EV) 1 45.7 62.02 53.94 55.16 57.24 65.02
Change - 35.71% -13.03% 2.26% 3.76% 13.6%
P/E Ratio -42x -776x -18.9x -6.79x -19.5x -51.3x
PBR 1.52x 1.9x 1.56x 1.58x 1.68x 2.06x
PEG - 8.4x -0x -0x 0.3x 0.9x
Capitalization / Revenue 2.8x 3.22x 2.55x 2.26x 1.73x 2.01x
EV / Revenue 2.98x 3.22x 2.91x 3.16x 2.16x 2.35x
EV / EBITDA 47.3x 22.8x 286x -22x 39.4x 12.6x
EV / EBIT -33.1x 241x -23.5x -10.6x -46.4x 26.5x
EV / FCF -21.2x -37.9x -11.7x -12.2x 55.7x 65.1x
FCF Yield -4.72% -2.64% -8.54% -8.17% 1.8% 1.54%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.1417 -0.0103 -0.322 -0.75 -0.2641 -0.12
Distribution rate - - - - - -
Net sales 1 15.34 19.24 18.57 17.47 26.49 27.64
EBITDA 1 0.9669 2.719 0.1886 -2.504 1.454 5.179
EBIT 1 -1.38 0.2574 -2.299 -5.221 -1.233 2.449
Net income 1 -1.022 -0.0783 -2.494 -5.775 -2.157 -1.04
Net Debt 1 2.787 0.089 6.688 15.71 11.34 9.388
Reference price 2 5.950 8.000 6.100 5.090 5.150 6.150
Nbr of stocks (in thousands) 7,213 7,742 7,747 7,751 8,912 9,046
Announcement Date 3/30/21 3/30/22 3/29/23 4/1/24 3/28/25 3/30/26
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 87.57M
33.15x12.05x24.81x0.6% 1,010B
25.74x5.93x16.13x2.22% 580B
27.88x6.79x13.86x3.01% 402B
17.71x4.37x10.73x3.04% 330B
53.11x4.94x20.09x2.81% 294B
22.78x4.74x13.47x1.85% 280B
21.24x5.49x13.32x2.92% 281B
12.7x4.76x9.73x3.95% 197B
23.09x6.16x10.76x2.84% 192B
Average 26.38x 6.14x 14.77x 2.58% 356.71B
Weighted average by Cap. 28.14x 7.35x 17.09x 2.13%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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