C-Rad (OM:CRAD B) - Share price, News & Analysis

CRAD B fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	5/6
Past Performance	4/6
Financial Health	6/6
Dividends	0/6

CRAD B Stock Overview

C-Rad AB (publ), together with its subsidiaries, develops, manufactures, and sells systems with applications in radiation therapy for the treatment of cancer worldwide.

Rewards

Trading at 58.5% below our estimate of its fair value

Earnings are forecast to grow 41.89% per year

Earnings grew by 20.6% over the past year

Risk Analysis

CRAD B passed our risk checks.

C-Rad Competitors

Price History & Performance

Summary of all time highs, changes and price drops for C-Rad
Historical stock prices
Current Share Price	kr41.15
52 Week High	kr67.40
52 Week Low	kr35.00
Beta	1.16
1 Month Change	0%
3 Month Change	-15.59%
1 Year Change	-18.68%
3 Year Change	12.43%
5 Year Change	82.08%
Change since IPO	174.33%

Recent News & Updates

May 07

Returns Are Gaining Momentum At C-Rad (STO:CRAD B)

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? One common approach...

Shareholder Returns

	CRAD B	SE Medical Equipment	SE Market
7D	-4.2%	5.6%	-1.3%
1Y	-18.7%	-35.0%	-23.6%

Return vs Industry: CRAD B exceeded the Swedish Medical Equipment industry which returned -35% over the past year.

Return vs Market: CRAD B exceeded the Swedish Market which returned -23.6% over the past year.

Price Volatility

Is CRAD B's price volatile compared to industry and market?
CRAD B volatility
CRAD B Average Weekly Movement	6.9%
Medical Equipment Industry Average Movement	8.4%
Market Average Movement	7.4%
10% most volatile stocks in SE Market	12.2%
10% least volatile stocks in SE Market	4.7%

Stable Share Price: CRAD B is not significantly more volatile than the rest of Swedish stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: CRAD B's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2004	70	Tim Thurn	https://www.c-rad.se

C-Rad AB (publ), together with its subsidiaries, develops, manufactures, and sells systems with applications in radiation therapy for the treatment of cancer worldwide. The company operates through two segments, Positioning and Imaging. Its products include Sentinel 4D CT, a laser-based optical surface scanning system; Catalyst, a 4D surface image guided radiation therapy (SIGRT) solution; Catalyst HD, an SIGRT solution on stereotactic radiation therapy for online patient tracking before and during treatment delivery; Catalyst+, an SIGRT solution for high precision patient positioning, intra-fraction motion management, and respiratory gating; and Catalyst+ HD, a solution for high precision patient positioning, intra-fraction motion management, and respiratory gating for conventional and stereotactic treatment delivery.

C-Rad Fundamentals Summary

How do C-Rad's earnings and revenue compare to its market cap?
CRAD B fundamental statistics
Market Cap	kr1.39b
Earnings (TTM)	kr20.70m
Revenue (TTM)	kr257.45m

67.1x

P/E Ratio

5.4x

P/S Ratio

Is CRAD B overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
CRAD B income statement (TTM)
Revenue	kr257.45m
Cost of Revenue	kr87.02m
Gross Profit	kr170.43m
Other Expenses	kr149.73m
Earnings	kr20.70m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Jul 21, 2022

Earnings per share (EPS)	0.61
Gross Margin	66.20%
Net Profit Margin	8.04%
Debt/Equity Ratio	0%

How did CRAD B perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for CRAD B. This is calculated by dividing CRAD B's market cap by their current preferred multiple.
What is CRAD B's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	kr1.39b

CRAD B key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	5x
Enterprise Value/EBITDA	40x
PEG Ratio	1.6x

Price to Earnings Ratio vs Peers

How does CRAD B's PE Ratio compare to its peers?

CRAD B PE Ratio vs Peers

The above table shows the PE ratio for CRAD B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	856.8x

Forward PE

Price-To-Earnings vs Peers: CRAD B is good value based on its Price-To-Earnings Ratio (67.1x) compared to the peer average (856.8x).

Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: CRAD B is expensive based on its Price-To-Earnings Ratio (67.1x) compared to the Swedish Medical Equipment industry average (35.8x)

Price to Earnings Ratio vs Fair Ratio

What is CRAD B'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.

CRAD B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	67.1x
Fair PE Ratio	50.7x

Price-To-Earnings vs Fair Ratio: CRAD B is expensive based on its Price-To-Earnings Ratio (67.1x) compared to the estimated Fair Price-To-Earnings Ratio (50.7x).

Share Price vs Fair Value

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

Below Fair Value: CRAD B (SEK41.15) is trading below our estimate of fair value (SEK99.15)

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

Price to Earnings Growth Ratio

PEG Ratio: CRAD B is poor value based on its PEG Ratio (1.6x)

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Future Growth

How is C-Rad forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

41.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CRAD B's forecast earnings growth (41.9% per year) is above the savings rate (0.3%).

Earnings vs Market: CRAD B's earnings (41.9% per year) are forecast to grow faster than the Swedish market (9.8% per year).

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

Revenue vs Market: CRAD B's revenue (15.4% per year) is forecast to grow faster than the Swedish market (5.6% per year).

High Growth Revenue: CRAD B's revenue (15.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CRAD B's Return on Equity is forecast to be high in 3 years time (22.3%)

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Past Performance

How has C-Rad performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

44.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CRAD B has high quality earnings.

Growing Profit Margin: CRAD B's current net profit margins (8%) are higher than last year (7.5%).

Past Earnings Growth Analysis

Earnings Trend: CRAD B has become profitable over the past 5 years, growing earnings by 44% per year.

Accelerating Growth: CRAD B's earnings growth over the past year (20.6%) is below its 5-year average (44% per year).

Earnings vs Industry: CRAD B earnings growth over the past year (20.6%) exceeded the Medical Equipment industry 6.3%.

Return on Equity

High ROE: CRAD B's Return on Equity (9%) is considered low.

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Financial Health

How is C-Rad's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: CRAD B's short term assets (SEK260.5M) exceed its short term liabilities (SEK64.9M).

Long Term Liabilities: CRAD B's short term assets (SEK260.5M) exceed its long term liabilities (SEK6.0M).

Debt to Equity History and Analysis

Debt Level: CRAD B is debt free.

Reducing Debt: CRAD B has no debt compared to 5 years ago when its debt to equity ratio was 19.2%.

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

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

Balance Sheet

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Dividend

What is C-Rad current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate CRAD B's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate CRAD B's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if CRAD B's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if CRAD B's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as CRAD B has not reported any payouts.

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Management

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

2.5yrs

Average management tenure

CEO

Tim Thurn (40 yo)

8.92yrs

Tenure

kr2,196,000

Compensation

Mr. Tim Thurn has been the Chief Executive Officer of C-Rad AB since July 1, 2013 and serves as its President since July 1, 2013. Mr. Thurn has been the Chief Executive Officer of C-Rad Imaging AB since 20...

CEO Compensation Analysis

Compensation vs Market: Tim's total compensation ($USD216.86K) is about average for companies of similar size in the Swedish market ($USD228.60K).

Compensation vs Earnings: Tim's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: CRAD B's management team is considered experienced (2.5 years average tenure).

Board Members

Experienced Board: CRAD B's board of directors are considered experienced (5.3 years average tenure).

Ownership

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

Insider Trading Volume

Insider Buying: CRAD B insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

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

Data	Last Updated (UTC time)
Company Analysis	2022/06/24 00:00
End of Day Share Price	2022/06/23 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31