OM:CEVI

Stock Analysis Report

Executive Summary

CellaVision AB (publ) develops and sells digital solutions for blood and body fluids analysis in health care services sector in Sweden and internationally.


Snowflake Analysis

Flawless balance sheet with high growth potential.

Share Price & News

How has CellaVision's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CEVI's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

11.0%

CEVI

3.0%

SE Medical Equipment

4.0%

SE Market


1 Year Return

-7.2%

CEVI

15.8%

SE Medical Equipment

-6.4%

SE Market

Return vs Industry: CEVI underperformed the Swedish Medical Equipment industry which returned 17.3% over the past year.

Return vs Market: CEVI exceeded the Swedish Market which returned -9.8% over the past year.


Shareholder returns

CEVIIndustryMarket
7 Day11.0%3.0%4.0%
30 Day-5.7%0.2%-8.3%
90 Day-20.0%-9.2%-17.8%
1 Year-6.7%-7.2%17.7%15.8%-4.4%-6.4%
3 Year88.9%84.4%37.7%22.0%6.8%-8.3%
5 Year454.3%415.6%25.7%3.7%13.7%-9.9%

Price Volatility Vs. Market

How volatile is CellaVision's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is CellaVision undervalued compared to its fair value and its price relative to the market?

8.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CEVI (SEK272) is trading below our estimate of fair value (SEK296.74)

Significantly Below Fair Value: CEVI is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: CEVI is poor value based on its PE Ratio (65.4x) compared to the Medical Equipment industry average (51.5x).

PE vs Market: CEVI is poor value based on its PE Ratio (65.4x) compared to the Swedish market (15x).


Price to Earnings Growth Ratio

PEG Ratio: CEVI is poor value based on its PEG Ratio (2.8x)


Price to Book Ratio

PB vs Industry: CEVI is overvalued based on its PB Ratio (18.6x) compared to the SE Medical Equipment industry average (3.8x).


Next Steps

Future Growth

How is CellaVision forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

23.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CEVI's forecast earnings growth (23.8% per year) is above the savings rate (-0.4%).

Earnings vs Market: CEVI's earnings (23.8% per year) are forecast to grow faster than the Swedish market (8.9% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CEVI's revenue (15.1% per year) is forecast to grow faster than the Swedish market (4.2% per year).

High Growth Revenue: CEVI's revenue (15.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CEVI's Return on Equity is forecast to be high in 3 years time (31.7%)


Next Steps

Past Performance

How has CellaVision performed over the past 5 years?

19.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CEVI has high quality earnings.

Growing Profit Margin: CEVI's current net profit margins (21.5%) are lower than last year (24.3%).


Past Earnings Growth Analysis

Earnings Trend: CEVI's earnings have grown by 19.9% per year over the past 5 years.

Accelerating Growth: CEVI's earnings growth over the past year (11.8%) is below its 5-year average (19.9% per year).

Earnings vs Industry: CEVI earnings growth over the past year (11.8%) underperformed the Medical Equipment industry 12.6%.


Return on Equity

High ROE: CEVI's Return on Equity (28.5%) is considered high.


Next Steps

Financial Health

How is CellaVision's financial position?


Financial Position Analysis

Short Term Liabilities: CEVI's short term assets (SEK265.3M) exceed its short term liabilities (SEK125.9M).

Long Term Liabilities: CEVI's short term assets (SEK265.3M) exceed its long term liabilities (SEK167.5M).


Debt to Equity History and Analysis

Debt Level: CEVI is debt free.

Reducing Debt: CEVI had no debt 5 years ago.

Debt Coverage: CEVI has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: CEVI has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is CellaVision's current dividend yield, its reliability and sustainability?

0.55%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CEVI's dividend (0.55%) isn’t notable compared to the bottom 25% of dividend payers in the Swedish market (2.07%).

High Dividend: CEVI's dividend (0.55%) is low compared to the top 25% of dividend payers in the Swedish market (6.02%).


Stability and Growth of Payments

Stable Dividend: CEVI is not paying a notable dividend for the Swedish market, therefore no need to check if payments are stable.

Growing Dividend: CEVI is not paying a notable dividend for the Swedish market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: CEVI is not paying a notable dividend for the Swedish market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of CEVI's dividend in 3 years as they are not forecast to pay a notable one for the Swedish market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.9yrs

Average board tenure


CEO

Zlatko Rihter (49yo)

5.25s

Tenure

Mr. Zlatko Rihter has been the Chief Executive Officer and President of CellaVision AB since January 1, 2015. Mr. Rihter joined CellaVision in 2015. He served as an Executive Vice President of Global Sales ...


Board Members

NamePositionTenureCompensationOwnership
Christer Fåhraeus
Founder & Director26.25yrskr193.00k9.71% SEK582.2m
Anna Bernsten
Independent Director10yrskr207.00kno data
Sören Mellstig
Chairman of the Board4.25yrskr494.00k0.18% SEK10.8m
Åsa Hedin
Independent Director4.92yrskr213.00kno data
Niklas Prager
Independent Director6.25yrskr227.00k0.037% SEK2.2m
Stefan Wolf
Independent Director1.92yrskr133.00kno data
Jürgen Riedl
Independent Director1.92yrskr133.00kno data

4.9yrs

Average Tenure

55yo

Average Age

Experienced Board: CEVI's board of directors are considered experienced (4.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

CellaVision AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: CellaVision AB (publ)
  • Ticker: CEVI
  • Exchange: OM
  • Founded: 1994
  • Industry: Health Care Equipment
  • Sector: Healthcare
  • Market Cap: kr5.996b
  • Shares outstanding: 23.85m
  • Website: https://www.cellavision.com

Number of Employees


Location

  • CellaVision AB (publ)
  • Mobilvägen 12
  • Lund
  • Skåne County
  • 223 62
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CEVIOM (OMX Nordic Exchange Stockholm)YesRegistered SharesSESEKMay 2007
CLVS.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDMay 2007
0MR5LSE (London Stock Exchange)YesRegistered SharesGBSEKMay 2007
CEVISBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered SharesGBSEKMay 2007
C26DB (Deutsche Boerse AG)YesRegistered SharesDEEURMay 2007

Biography

CellaVision AB (publ) develops and sells digital solutions for blood and body fluids analysis in health care services sector in Sweden and internationally. It offers analyzers, supplementary software, and peripheral equipment for digital microscopy in the sub-field of hematology. The company provides CellaVision DM1200 and CellaVision DM9600, which automatically capture digital images of cells from blood smears and body fluid preparations. It also offers CellaVision Advanced RBC Application, which enables to perform comprehensive examination of red blood cell morphology; CellaVision Peripheral Blood Application that enables laboratories to automate, standardize, and simplify morphological examination of peripheral blood smears; CellaVision Body Fluid Application, which enables laboratories to automate, standardize, and simplify morphological examination of body fluid preparations; and CellaVision Remote Review Software that removes restrictive geographical constraints from the smear review process. In addition, the company provides CellaVision Server Software that creates a single streamlined workflow within one or multiple testing sites; CellaVision Proficiency Software, the cloud-based software designed to help laboratory managers assess, monitor, and promote staff competency in the area of cell morphology; and CellaVision CellAtlas, which combines a series of mini lectures with an extensive cell image library of cell morphology. The company sells its products to hospital and commercial laboratories. CellaVision AB (publ) was founded in 1994 and is headquartered in Lund, Sweden. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/07 22:05
End of Day Share Price2020/04/07 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.