CellaVision AB (publ)

OM:CEVI Stock Report

Market Cap: SEK 5.4b

CellaVision Valuation

Is CEVI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CEVI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CEVI (SEK225) is trading below our estimate of fair value (SEK317.72)

Significantly Below Fair Value: CEVI is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CEVI?

Key metric: As CEVI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CEVI. This is calculated by dividing CEVI's market cap by their current earnings.
What is CEVI's PE Ratio?
PE Ratio35.7x
EarningsSEK 150.21m
Market CapSEK 5.37b

Price to Earnings Ratio vs Peers

How does CEVI's PE Ratio compare to its peers?

The above table shows the PE ratio for CEVI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average45.4x
ELOS B Elos Medtech
104.3xn/aSEK 5.7b
ARJO B Arjo
18.3x24.5%SEK 9.2b
SUS Surgical Science Sweden
37.6x36.1%SEK 7.3b
EKTA B Elekta
21.2x17.9%SEK 24.1b
CEVI CellaVision
35.7x22.8%SEK 5.4b

Price-To-Earnings vs Peers: CEVI is good value based on its Price-To-Earnings Ratio (35.7x) compared to the peer average (45.4x).

Price to Earnings Ratio vs Industry

How does CEVI's PE Ratio compare vs other companies in the European Medical Equipment Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CEVI 35.7xIndustry Avg. 29.7xNo. of Companies7PE01632486480+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CEVI is expensive based on its Price-To-Earnings Ratio (35.7x) compared to the European Medical Equipment industry average (29.7x).

Price to Earnings Ratio vs Fair Ratio

What is CEVI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CEVI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio35.7x
Fair PE Ratio28.6x

Price-To-Earnings vs Fair Ratio: CEVI is expensive based on its Price-To-Earnings Ratio (35.7x) compared to the estimated Fair Price-To-Earnings Ratio (28.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CEVI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 225.00
SEK 270.00
+20.0%
6.9%SEK 300.00SEK 250.00n/a4
Nov ’25SEK 231.00
SEK 262.50
+13.6%
8.7%SEK 300.00SEK 240.00n/a4
Oct ’25SEK 294.50
SEK 260.50
-11.5%
11.1%SEK 310.00SEK 240.00n/a4
Sep ’25SEK 263.50
SEK 256.75
-2.6%
8.7%SEK 295.00SEK 240.00n/a4
Aug ’25SEK 250.00
SEK 255.50
+2.2%
9.2%SEK 295.00SEK 235.00n/a4
Jul ’25SEK 247.50
SEK 256.25
+3.5%
10.0%SEK 300.00SEK 235.00n/a4
Jun ’25SEK 262.00
SEK 257.50
-1.7%
9.6%SEK 300.00SEK 240.00n/a4
May ’25SEK 225.50
SEK 257.50
+14.2%
9.6%SEK 300.00SEK 240.00n/a4
Apr ’25SEK 239.00
SEK 256.25
+7.2%
9.9%SEK 300.00SEK 240.00n/a4
Mar ’25SEK 256.00
SEK 256.25
+0.1%
9.9%SEK 300.00SEK 240.00n/a4
Feb ’25SEK 206.50
SEK 204.25
-1.1%
12.3%SEK 230.00SEK 165.00n/a4
Jan ’25SEK 212.00
SEK 191.75
-9.6%
11.2%SEK 222.00SEK 165.00n/a4
Dec ’24SEK 176.40
SEK 191.75
+8.7%
11.2%SEK 222.00SEK 165.00n/a4
Nov ’24SEK 139.80
SEK 200.50
+43.4%
7.4%SEK 222.00SEK 180.00SEK 231.004
Oct ’24SEK 153.60
SEK 220.00
+43.2%
8.5%SEK 250.00SEK 200.00SEK 294.504
Sep ’24SEK 198.00
SEK 220.00
+11.1%
8.5%SEK 250.00SEK 200.00SEK 263.504
Aug ’24SEK 218.50
SEK 220.00
+0.7%
8.5%SEK 250.00SEK 200.00SEK 250.004
Jul ’24SEK 183.60
SEK 197.50
+7.6%
11.9%SEK 220.00SEK 165.00SEK 247.504
Jun ’24SEK 188.80
SEK 197.50
+4.6%
11.9%SEK 220.00SEK 165.00SEK 262.004
May ’24SEK 175.00
SEK 222.50
+27.1%
20.1%SEK 280.00SEK 160.00SEK 225.504
Apr ’24SEK 185.00
SEK 247.50
+33.8%
11.1%SEK 280.00SEK 205.00SEK 239.004
Mar ’24SEK 201.50
SEK 250.00
+24.1%
9.5%SEK 280.00SEK 215.00SEK 256.004
Feb ’24SEK 252.50
SEK 260.00
+3.0%
4.7%SEK 275.00SEK 245.00SEK 206.503
Jan ’24SEK 229.00
SEK 260.00
+13.5%
4.7%SEK 275.00SEK 245.00SEK 212.003
Dec ’23SEK 225.50
SEK 252.50
+12.0%
3.0%SEK 260.00SEK 245.00SEK 176.402
Nov ’23SEK 204.50
SEK 252.50
+23.5%
3.0%SEK 260.00SEK 245.00SEK 139.802

Analyst Forecast: Target price is less than 20% higher than the current share price.

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