Is TLX or TRAX more undervalued in 2026?

CirclFi compares Telix Pharmaceuticals Limited (TLX) and First Tracks Biotherapeutics, I (TRAX) using 13 institutional-grade valuation models. TLX has a Quality of Company score of 3.3/10 while TRAX scores 1.7/10.

Which is a better buy — TLX or TRAX?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do TLX and TRAX valuations compare?

TLX at $9.53 and TRAX at $15.82 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

TLX vs TRAX Valuation Comparison 2026 — Intrinsic Value Analysis

TLX

Biotechnology

Telix Pharmaceuticals Limited

Quality

3.3

out of 10

Value Trap

—

Price

$9.53

Last close

Models

12/13

Active

TRAX

Biotechnology

First Tracks Biotherapeutics, I

Quality

1.7

out of 10

Value Trap

—

Price

$15.82

Last close

Models

7/13

Active

Model-by-Model Comparison

Model	Type	TLX Fair Value	TLX Upside	TRAX Fair Value	TRAX Upside
Bayesian DCF	Intrinsic	$2.81	-70.5%	$4.19	-73.5%
Earnings Power Value	Intrinsic	$1.36	-87.7%	—	—
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$10.66	+9.5%	$7.49	-53.6%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%

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TLX vs TRAX — Which Stock Is More Undervalued?

TLX scores higher with a 3.3/10 quality rating vs TRAX's 1.7/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Telix Pharmaceuticals Limited (TLX) and First Tracks Biotherapeutics, I (TRAX) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

TLX currently trades at $9.53 with a QOC of 3.3/10, while TRAX trades at $15.82 with a QOC of 1.7/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).