Iconovo AB (publ)

OM:ICO Stock Report

Market Cap: SEK 97.4m

Iconovo Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Discounted Cash Flow
Simply Wall St
SEK 35.84
Fair Value
87.2% undervalued intrinsic discount
2
Number of Analysts

Below Fair Value: ICO (SEK4.59) is trading below our estimate of fair value (SEK35.84)

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

Key Valuation Metric

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

Key metric: As ICO is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for ICO. This is calculated by dividing ICO's market cap by their current revenue.
What is ICO's PS Ratio?
PS Ratio3.9x
SalesSEK 24.99m
Market CapSEK 97.42m

Price to Sales Ratio vs Peers

How does ICO's PS Ratio compare to its peers?

The above table shows the PS ratio for ICO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average6.3x
SDOS ScandiDos
1.3xn/aSEK 83.8m
EPIS B Episurf Medical
6.6x93.5%SEK 82.0m
DIGN Dignitana
1.1x20.6%SEK 96.7m
NEOLA Neola Medical
16.1x39.8%SEK 178.2m
ICO Iconovo
3.9x68.6%SEK 97.4m

Price-To-Sales vs Peers: ICO is good value based on its Price-To-Sales Ratio (3.9x) compared to the peer average (6.3x).

Price to Sales Ratio vs Industry

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

12 CompaniesPrice / SalesEstimated GrowthMarket Cap
ARJO B Arjo
1x3.9%US$977.63m
CARE Careium
0.8x10.0%US$62.09m
ADDV A ADDvise Group
0.8x9.2%US$47.25m
BOUL Boule Diagnostics
0.7x6.2%US$33.06m
ICO 3.9xIndustry Avg. 5.3xNo. of Companies12PS048121620+
12 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: ICO is good value based on its Price-To-Sales Ratio (3.9x) compared to the Swedish Medical Equipment industry average (5.3x).

Price to Sales Ratio vs Fair Ratio

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

ICO PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.9x
Fair PS Ratio21x

Price-To-Sales vs Fair Ratio: ICO is good value based on its Price-To-Sales Ratio (3.9x) compared to the estimated Fair Price-To-Sales Ratio (21x).

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 ICO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 4.59
SEK 16.75
+264.9%
22.4%SEK 20.50SEK 13.00n/a2
Jan ’26SEK 4.14
SEK 16.75
+304.6%
22.4%SEK 20.50SEK 13.00n/a2
Dec ’25SEK 4.87
SEK 16.75
+243.9%
22.4%SEK 20.50SEK 13.00n/a2
Sep ’25SEK 8.48
SEK 21.50
+153.5%
16.3%SEK 25.00SEK 18.00n/a2
Aug ’25SEK 9.00
SEK 21.50
+138.9%
16.3%SEK 25.00SEK 18.00n/a2
Jul ’25SEK 9.24
SEK 21.00
+127.3%
14.3%SEK 24.00SEK 18.00n/a2
Jun ’25SEK 12.05
SEK 21.00
+74.3%
14.3%SEK 24.00SEK 18.00n/a2
May ’25SEK 8.10
SEK 21.00
+159.3%
14.3%SEK 24.00SEK 18.00n/a2
Apr ’25SEK 8.62
SEK 21.00
+143.6%
14.3%SEK 24.00SEK 18.00n/a2
Feb ’25SEK 10.30
SEK 37.50
+264.1%
38.7%SEK 52.00SEK 23.00SEK 4.592
Jan ’25SEK 11.55
SEK 37.50
+224.7%
38.7%SEK 52.00SEK 23.00SEK 4.142
Jun ’24SEK 33.20
SEK 84.00
+153.0%
25.0%SEK 105.00SEK 63.00SEK 12.052
May ’24SEK 38.00
SEK 86.50
+127.6%
21.4%SEK 105.00SEK 68.00SEK 8.102
Apr ’24SEK 40.00
SEK 86.50
+116.3%
21.4%SEK 105.00SEK 68.00SEK 8.622
Mar ’24SEK 41.20
SEK 86.50
+110.0%
21.4%SEK 105.00SEK 68.00SEK 7.702
Feb ’24SEK 43.50
SEK 89.00
+104.6%
18.0%SEK 105.00SEK 73.00SEK 10.302
Analyst Price Target
Consensus Narrative from 2 Analysts
SEK 16.75
Fair Value
72.6% undervalued intrinsic discount
2
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/01 00:54
End of Day Share Price 2025/01/31 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Iconovo AB (publ) is covered by 5 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Lars HevrengDanske Bank
Ludvig SvenssonPenser Access
Maria Karlsson OsipovaPenser Access