Buy Or Sell Opportunity • Jun 03
Now 20% undervalued Over the last 90 days, the stock has risen 2.4% to kr502. The fair value is estimated to be kr628, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 41% in the next 2 years. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr529, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 28x in the Life Sciences industry in Sweden. Total returns to shareholders of 78% over the past three years. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: kr3.72 (vs kr3.37 in 1Q 2025) First quarter 2026 results: EPS: kr3.72 (up from kr3.37 in 1Q 2025). Revenue: kr564.5m (up 14% from 1Q 2025). Net income: kr55.9m (up 11% from 1Q 2025). Profit margin: 9.9% (in line with 1Q 2025). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 17% per year. Buy Or Sell Opportunity • May 04
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.6% to kr458. The fair value is estimated to be kr598, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 15%. Price Target Changed • Apr 29
Price target increased by 9.1% to kr575 Up from kr527, the current price target is an average from 2 analysts. New target price is 20% above last closing price of kr478. Stock is up 9.9% over the past year. The company is forecast to post earnings per share of kr19.24 for next year compared to kr14.67 last year. New Risk • Apr 10
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Large one-off items impacting financial results. Annonce • Mar 31
MedCap AB (publ), Annual General Meeting, May 04, 2026 MedCap AB (publ), Annual General Meeting, May 04, 2026, at 16:00 W. Europe Standard Time. Location: at iva, grev turegatan 16 in stockholm, stockholm Sweden Recent Insider Transactions • Feb 13
Head of Business Area Specialty Pharma recently bought kr780k worth of stock On the 9th of February, Anders Larnholt bought around 2k shares on-market at roughly kr520 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr25m more in shares than they bought in the last 12 months. Reported Earnings • Feb 10
Full year 2025 earnings released: EPS: kr14.67 (vs kr14.00 in FY 2024) Full year 2025 results: EPS: kr14.67 (up from kr14.00 in FY 2024). Revenue: kr2.13b (up 18% from FY 2024). Net income: kr219.8m (up 6.0% from FY 2024). Profit margin: 10% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Feb 06
MedCap AB (publ) to Report Fiscal Year 2026 Results on Feb 05, 2027 MedCap AB (publ) announced that they will report fiscal year 2026 results on Feb 05, 2027 Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. Independent Director Otto Ankarcrona was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Dec 08
Chairman recently sold kr3.4m worth of stock On the 5th of December, Karl Tobieson sold around 6k shares on-market at roughly kr537 per share. This transaction amounted to 4.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Karl has been a net seller over the last 12 months, reducing personal holdings by kr26m. Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: kr3.42 (vs kr3.57 in 3Q 2024) Third quarter 2025 results: EPS: kr3.42 (down from kr3.57 in 3Q 2024). Revenue: kr504.8m (up 22% from 3Q 2024). Net income: kr51.2m (down 3.2% from 3Q 2024). Profit margin: 10% (down from 13% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Oct 25
MedCap AB (publ) to Report Q3, 2026 Results on Oct 23, 2026 MedCap AB (publ) announced that they will report Q3, 2026 results on Oct 23, 2026 Reported Earnings • Jul 24
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: kr524.1m (up 14% from 2Q 2024). Net income: kr53.7m (down 5.5% from 2Q 2024). Profit margin: 10% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr616, the stock trades at a trailing P/E ratio of 45.9x. Average forward P/E is 24x in the Life Sciences industry in Sweden. Total returns to shareholders of 199% over the past three years. Annonce • Jun 25
MedCap AB (publ) (OM:MCAP) acquired XGX Pharma MedCap AB (publ) (OM:MCAP) agreed to acquire XGX Pharma on June 25, 2025.
MedCap AB (publ) (OM:MCAP) completed acquisition of XGX Pharma on June 25, 2025. Recent Insider Transactions • May 15
Chairman recently sold kr22m worth of stock On the 12th of May, Karl Tobieson sold around 50k shares on-market at roughly kr444 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Karl's only on-market trade for the last 12 months. Annonce • May 10
MedCap AB (publ) (OM:MCAP) announces an Equity Buyback for SEK 26 million worth of its shares. MedCap AB (publ) (OM:MCAP) announces a share repurchase program. Under the program, the company will repurchase up to SEK 26 million worth of its shares. The shares shall be acquired at a price per share within the price range applicable on Nasdaq Stockholm at any time, which refers to the interval between the highest bid price and the lowest ask price published continuously by Nasdaq Stockholm. The purpose of the program is to secure the Company's commitment to share-based incentive programs (LTIP 2025/2028) through holdings of unvested shares and to continuously adapt the Company's capital structure to the Company's capital needs and thereby contribute to increased shareholder value, and to enable future acquisitions of companies or businesses to be made through payment with own shares. The program will be valid till August 29, 2025. As of May 7, 2025, the company had 14,981,353 outstanding shares and 0 treasury shares. Reported Earnings • Apr 30
First quarter 2025 earnings released: EPS: kr3.37 (vs kr3.78 in 1Q 2024) First quarter 2025 results: EPS: kr3.37 (down from kr3.78 in 1Q 2024). Revenue: kr498.3m (up 7.9% from 1Q 2024). Net income: kr50.5m (down 9.8% from 1Q 2024). Profit margin: 10% (down from 12% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.2% to kr386. The fair value is estimated to be kr482, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 30%. Annonce • Apr 03
MedCap AB (publ), Annual General Meeting, May 05, 2025 MedCap AB (publ), Annual General Meeting, May 05, 2025, at 16:00 W. Europe Standard Time. Location: iva, grev turegatan 16, stockholm Sweden Buy Or Sell Opportunity • Feb 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to kr395. The fair value is estimated to be kr499, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 30%. Recent Insider Transactions • Feb 14
Chief Executive Officer recently bought kr3.9m worth of stock On the 12th of February, Anders Dahlberg bought around 10k shares on-market at roughly kr391 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Anders has been a buyer over the last 12 months, purchasing a net total of kr4.2m worth in shares. Annonce • Feb 02
MedCap AB (publ) to Report Q3, 2025 Results on Oct 24, 2025 MedCap AB (publ) announced that they will report Q3, 2025 results on Oct 24, 2025 Reported Earnings • Feb 01
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: kr14.00 (up from kr11.63 in FY 2023). Revenue: kr1.84b (up 15% from FY 2023). Net income: kr207.4m (up 20% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Life Sciences industry in Sweden. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jan 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jan 17
Now 33% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to kr411. The fair value is estimated to be kr609, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 34%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Buy Or Sell Opportunity • Jan 02
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to kr615. The fair value is estimated to be kr501, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 34%. Buy Or Sell Opportunity • Dec 16
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to kr601. The fair value is estimated to be kr500, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 34%. Recent Insider Transactions Derivative • Dec 09
Chief Executive Officer exercised options and sold kr11m worth of stock On the 4th of December, Anders Dahlberg exercised 45.00k options at around kr217, then sold 35k of the shares acquired at an average of kr544 per share and kept the remainder. For the year to December 2021, Anders' total compensation was 45% salary and 55% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2023, Anders' direct individual holding has increased from 19.46k shares to 20.00k. Company insiders have collectively sold kr19m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: kr3.57 (vs kr2.59 in 3Q 2023) Third quarter 2024 results: EPS: kr3.57 (up from kr2.59 in 3Q 2023). Revenue: kr426.0m (up 17% from 3Q 2023). Net income: kr52.9m (up 38% from 3Q 2023). Profit margin: 12% (up from 11% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 39% per year. Recent Insider Transactions • Sep 23
Chief Executive Officer recently bought kr265k worth of stock On the 20th of September, Anders Dahlberg bought around 541 shares on-market at roughly kr491 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Anders' only on-market trade for the last 12 months. Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: kr3.84 (vs kr3.16 in 2Q 2023) Second quarter 2024 results: EPS: kr3.84 (up from kr3.16 in 2Q 2023). Revenue: kr469.9m (up 22% from 2Q 2023). Net income: kr56.8m (up 21% from 2Q 2023). Profit margin: 12% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 38% per year. Annonce • Jul 25
MedCap AB (publ) to Report Q2, 2025 Results on Jul 23, 2025 MedCap AB (publ) announced that they will report Q2, 2025 results on Jul 23, 2025 Buy Or Sell Opportunity • Jul 01
Now 17% undervalued Over the last 90 days, the stock has risen 40% to kr523. The fair value is estimated to be kr631, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 34%. Buy Or Sell Opportunity • Jun 25
Now 21% undervalued Over the last 90 days, the stock has risen 32% to kr500. The fair value is estimated to be kr629, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 34%. Buy Or Sell Opportunity • May 13
Now 21% undervalued Over the last 90 days, the stock has risen 26% to kr494. The fair value is estimated to be kr626, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 34%. Annonce • May 12
MedCap AB (publ) to Report Q1, 2025 Results on Apr 29, 2025 MedCap AB (publ) announced that they will report Q1, 2025 results on Apr 29, 2025 Reported Earnings • May 04
First quarter 2024 earnings released: EPS: kr3.78 (vs kr1.68 in 1Q 2023) First quarter 2024 results: EPS: kr3.78 (up from kr1.68 in 1Q 2023). Revenue: kr463.1m (up 22% from 1Q 2023). Net income: kr56.0m (up 126% from 1Q 2023). Profit margin: 12% (up from 6.5% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Annonce • Apr 03
MedCap AB (publ), Annual General Meeting, May 06, 2024 MedCap AB (publ), Annual General Meeting, May 06, 2024. Annonce • Mar 29
MedCap AB (publ) to Report Fiscal Year 2024 Results on Jan 31, 2025 MedCap AB (publ) announced that they will report fiscal year 2024 results on Jan 31, 2025 Reported Earnings • Feb 02
Full year 2023 earnings released: EPS: kr11.63 (vs kr7.94 in FY 2022) Full year 2023 results: EPS: kr11.63 (up from kr7.94 in FY 2022). Revenue: kr1.60b (up 43% from FY 2022). Net income: kr172.2m (up 46% from FY 2022). Profit margin: 11% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr380, the stock trades at a trailing P/E ratio of 37.4x. Average trailing P/E is 49x in the Life Sciences industry in Sweden. Total returns to shareholders of 88% over the past three years. Annonce • Oct 29
MedCap AB (publ) to Report Q3, 2024 Results on Oct 25, 2024 MedCap AB (publ) announced that they will report Q3, 2024 results on Oct 25, 2024 Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: kr2.59 (vs kr2.47 in 3Q 2022) Third quarter 2023 results: EPS: kr2.59 (up from kr2.47 in 3Q 2022). Revenue: kr368.2m (up 52% from 3Q 2022). Net income: kr38.3m (up 4.6% from 3Q 2022). Profit margin: 10% (down from 15% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Annonce • Jul 31
MedCap AB (publ) to Report First Half, 2024 Results on Jul 19, 2024 MedCap AB (publ) announced that they will report first half, 2024 results on Jul 19, 2024 Reported Earnings • Jul 29
Second quarter 2023 earnings released: EPS: kr3.16 (vs kr1.42 in 2Q 2022) Second quarter 2023 results: EPS: kr3.16 (up from kr1.42 in 2Q 2022). Revenue: kr390.0m (up 37% from 2Q 2022). Net income: kr46.8m (up 123% from 2Q 2022). Profit margin: 12% (up from 7.4% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 27% per year. Annonce • Jul 25
MedCap AB (publ) (OM:MCAP) signed an agreement to acquire SurgiCube International B.V. for €8 million. MedCap AB (publ) (OM:MCAP) signed an agreement to acquire Surgicube International B.V. for €8 million on July 24, 2023. Under the transaction, MedCap pays €6 million and adjustments for net debt / cash at closing and an earn-out up to €2 million based on the gross profit growth until December 2024. SurgiCube’s sales in the last 12 months amounted to approximately €3.7 million with almost 24% EBITDA-margin. Key individuals in the business have committed to remain as minority owners, and the former majority owner Ger Vijfvinkel has committed to remain as managing director and then as advisor during a transition phase. Annonce • May 05
MedCap AB (publ) to Report Q1, 2024 Results on May 03, 2024 MedCap AB (publ) announced that they will report Q1, 2024 results on May 03, 2024 Reported Earnings • May 03
First quarter 2023 earnings released: EPS: kr1.68 (vs kr1.32 in 1Q 2022) First quarter 2023 results: EPS: kr1.68 (up from kr1.32 in 1Q 2022). Revenue: kr384.0m (up 46% from 1Q 2022). Net income: kr24.8m (up 27% from 1Q 2022). Profit margin: 6.5% (down from 7.5% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: kr7.94 (vs kr6.52 in FY 2021) Full year 2022 results: EPS: kr7.94 (up from kr6.52 in FY 2021). Revenue: kr1.15b (up 24% from FY 2021). Net income: kr117.6m (up 22% from FY 2021). Profit margin: 10% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 5 experienced directors. 1 highly experienced director. Independent Director Anders Hansen is the most experienced director on the board, commencing their role in 2011. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: kr2.47 (vs kr1.73 in 3Q 2021) Third quarter 2022 results: EPS: kr2.47 (up from kr1.73 in 3Q 2021). Revenue: kr264.0m (up 31% from 3Q 2021). Net income: kr36.6m (up 43% from 3Q 2021). Profit margin: 14% (up from 13% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Sep 13
Now 21% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be kr267, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 28%. Buying Opportunity • Aug 02
Now 21% undervalued Over the last 90 days, the stock is up 36%. The fair value is estimated to be kr273, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 28%. Annonce • Jul 31
MedCap AB (publ) to Report Q2, 2023 Results on Jul 28, 2023 MedCap AB (publ) announced that they will report Q2, 2023 results on Jul 28, 2023 Board Change • Jul 30
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 5 experienced directors. 1 highly experienced director. Independent Director Anders Hansen is the most experienced director on the board, commencing their role in 2011. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 5 experienced directors. 1 highly experienced director. Independent Director Anders Hansen is the most experienced director on the board, commencing their role in 2011. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 06
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: kr1.32 (up from kr0.99 in 1Q 2021). Revenue: kr265.8m (up 19% from 1Q 2021). Net income: kr19.6m (up 34% from 1Q 2021). Profit margin: 7.4% (up from 6.6% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Annonce • Mar 29
MedCap AB (publ) to Report Q4, 2022 Results on Feb 10, 2023 MedCap AB (publ) announced that they will report Q4, 2022 results on Feb 10, 2023 Reported Earnings • Feb 11
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: kr6.52 (up from kr4.36 in FY 2020). Revenue: kr939.6m (up 15% from FY 2020). Net income: kr96.5m (up 54% from FY 2020). Profit margin: 10% (up from 7.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the last 3 years on average, earnings per share has increased by 29% per year and the company’s share price has also increased by 29% per year. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improved over the past week After last week's 18% share price gain to kr162, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 51x in the Life Sciences industry in Sweden. Total returns to shareholders of 94% over the past three years. Buying Opportunity • Jan 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be kr184, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% per annum over the last 3 years. Earnings per share has grown by 32% per annum over the last 3 years. Board Change • Jan 02
High number of new directors Chairman Karl Tobieson was the last director to join the board, commencing their role in 2021. Recent Insider Transactions • Dec 30
Chief Executive Officer recently bought kr348k worth of stock On the 27th of December, Anders Dahlberg bought around 2k shares on-market at roughly kr174 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr828k. Anders has been a buyer over the last 12 months, purchasing a net total of kr1.1m worth in shares. Recent Insider Transactions • Dec 15
Investment Manager recently bought kr828k worth of stock On the 13th of December, Lars Ångman bought around 5k shares on-market at roughly kr166 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.9m more in shares than they have sold in the last 12 months. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS kr1.73 (vs kr0.89 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr216.0m (up 23% from 3Q 2020). Net income: kr25.6m (up 95% from 3Q 2020). Profit margin: 12% (up from 7.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 34% per year. Reported Earnings • Jul 31
Second quarter 2021 earnings released: EPS kr1.06 (vs kr1.33 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: kr237.1m (up 13% from 2Q 2020). Net income: kr15.7m (down 18% from 2Q 2020). Profit margin: 6.6% (down from 9.1% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr206, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 40x in the Life Sciences industry in Europe. Total returns to shareholders of 170% over the past three years. Recent Insider Transactions • May 09
Independent Chairman of the Board recently bought kr1.1m worth of stock On the 7th of May, Peter von Ehrenheim bought around 5k shares on-market at roughly kr220 per share. This was the largest purchase by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months.