Scandinavian Real Heart Valuation

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

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: Insufficient data to calculate HEART's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate HEART's fair value for valuation analysis.

Key Valuation Metric

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

Key metric: As HEART is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for HEART. This is calculated by dividing HEART's market cap by their current book value.
What is HEART's PB Ratio?
PB Ratio	0.5x
Book	SEK 77.50m
Market Cap	SEK 41.15m

HEART 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	-271.8x
Enterprise Value/EBITDA	-0.3x
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does HEART's PB Ratio compare to its peers?

The above table shows the PB ratio for HEART vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	1.9x
SDET SensoDetect Aktiebolag	2.5x	n/a	SEK 35.7m
ALTE Alteco Medical	3.2x	n/a	SEK 17.2m
ICO Iconovo	0.7x	80.9%	SEK 80.5m
CRBX Carbiotix	1.4x	n/a	SEK 36.2m
HEART Scandinavian Real Heart	0.5x	n/a	SEK 41.1m

Price-To-Book vs Peers: HEART is good value based on its Price-To-Book Ratio (0.5x) compared to the peer average (1.9x).

Price to Book Ratio vs Industry

How does HEART's PB Ratio compare vs other companies in the SE Medical Equipment Industry?

5 Companies	Price / Book	Estimated Growth	Market Cap
MEDF Medfield Diagnostics	0.3x	n/a	US$2.17m
BRIG Brighter	0.1x	n/a	US$2.23m
CALMA B Calmark Sweden	0.3x	n/a	US$1.08m
S2M S2Medical	0.2x	n/a	US$221.77k

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: HEART is good value based on its Price-To-Book Ratio (0.5x) compared to the Swedish Medical Equipment industry average (2.3x).

Price to Book Ratio vs Fair Ratio

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

HEART PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	0.5x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate HEART's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

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