Independent equity research
Is argenx SE (ARGX) a Buy, Hold or Sell?
argenx SE — our independent, AI-built valuation and rating, in brief.
HOLD (trim into strength)
12-mo fair value
€962.89
To fair value
+13%
By · report dated 2026-09-03 · fair value derived independently of the market price.
The thesis, in brief
At EUR 900.60 argenx already discounts its franchise compounding to roughly USD 18bn of sales by 2035, of which USD 15.9bn is VYVGART, leaving the shares 7% below our EUR 963 base value at an 8.16% cost of equity; we would turn buyers if the Q4 2026 MMN readout is positive and ARGX-213 enters Phase 3 before mid-2027
How we value it
We value argenx SE using DCF to 2035 with a fading terminal, plus net cash and pipeline; 2027E P/E cross-check. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full argenx SE report
The complete model, the scenarios, and every number behind the call — plus other names across the coverage. One subscription, cancel anytime.