Surgical Science Sweden Valuation

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

SUS (SEK154.5) is trading below our estimate of [[fair value]] (SEK316.56)

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

Valuation Score

4/6

Valuation Score 4/6

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 SUS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SUS (SEK154.5) is trading below our estimate of fair value (SEK316.56)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SUS. This is calculated by dividing SUS's market cap by their current earnings.
What is SUS's PE Ratio?
PE Ratio	40.8x
Earnings	SEK 193.34m
Market Cap	SEK 7.88b

SUS 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	8.4x
Enterprise Value/EBITDA	42.1x
PEG Ratio	1.1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SUS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	45.4x
ELOS B Elos Medtech	104.3x	n/a	SEK 5.7b
ARJO B Arjo	18.7x	24.5%	SEK 9.4b
CEVI CellaVision	35.3x	22.8%	SEK 5.3b
EKTA B Elekta	23.5x	21.3%	SEK 23.6b
SUS Surgical Science Sweden	40.8x	36.1%	SEK 7.9b

Price-To-Earnings vs Peers: SUS is good value based on its Price-To-Earnings Ratio (40.8x) compared to the peer average (45.4x).

Price to Earnings Ratio vs Industry

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

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SUS is expensive based on its Price-To-Earnings Ratio (40.8x) compared to the European Medical Equipment industry average (29.4x).

Price to Earnings Ratio vs Fair Ratio

What is SUS'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.

SUS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	40.8x
Fair PE Ratio	38.6x

Price-To-Earnings vs Fair Ratio: SUS is expensive based on its Price-To-Earnings Ratio (40.8x) compared to the estimated Fair Price-To-Earnings Ratio (38.6x).

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 SUS forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	SEK 154.50	SEK 192.17 +24.4%	10.0%	SEK 225.00	SEK 165.00	n/a	6
Dec ’25	SEK 148.20	SEK 192.17 +29.7%	10.0%	SEK 225.00	SEK 165.00	n/a	6
Nov ’25	SEK 127.90	SEK 188.17 +47.1%	15.3%	SEK 225.00	SEK 135.00	n/a	6
Oct ’25	SEK 122.90	SEK 188.17 +53.1%	15.3%	SEK 225.00	SEK 135.00	n/a	6
Sep ’25	SEK 124.00	SEK 189.00 +52.4%	14.4%	SEK 225.00	SEK 140.00	n/a	6
Aug ’25	SEK 127.90	SEK 204.00 +59.5%	19.1%	SEK 260.00	SEK 140.00	n/a	6
Jul ’25	SEK 125.00	SEK 204.00 +63.2%	19.1%	SEK 260.00	SEK 140.00	n/a	6
Jun ’25	SEK 144.60	SEK 208.17 +44.0%	15.7%	SEK 260.00	SEK 165.00	n/a	6
May ’25	SEK 157.10	SEK 221.50 +41.0%	13.6%	SEK 260.00	SEK 165.00	n/a	6
Apr ’25	SEK 151.70	SEK 222.33 +46.6%	13.7%	SEK 260.00	SEK 165.00	n/a	6
Mar ’25	SEK 155.20	SEK 228.17 +47.0%	9.1%	SEK 260.00	SEK 200.00	n/a	6
Feb ’25	SEK 179.30	SEK 239.00 +33.3%	11.1%	SEK 275.00	SEK 200.00	n/a	6
Jan ’25	SEK 182.50	SEK 236.50 +29.6%	13.8%	SEK 275.00	SEK 180.00	n/a	6
Dec ’24	SEK 175.50	SEK 236.50 +34.8%	13.8%	SEK 275.00	SEK 180.00	SEK 148.20	6
Nov ’24	SEK 129.00	SEK 242.33 +87.9%	12.0%	SEK 280.00	SEK 195.00	SEK 127.90	6
Oct ’24	SEK 150.30	SEK 254.00 +69.0%	14.4%	SEK 300.00	SEK 195.00	SEK 122.90	5
Sep ’24	SEK 164.20	SEK 263.00 +60.2%	9.3%	SEK 300.00	SEK 235.00	SEK 124.00	5
Aug ’24	SEK 237.00	SEK 272.20 +14.9%	10.9%	SEK 300.00	SEK 233.00	SEK 127.90	5
Jul ’24	SEK 241.20	SEK 272.20 +12.9%	10.9%	SEK 300.00	SEK 233.00	SEK 125.00	5
Jun ’24	SEK 230.00	SEK 272.20 +18.3%	10.9%	SEK 300.00	SEK 233.00	SEK 144.60	5
May ’24	SEK 187.10	SEK 233.40 +24.7%	18.6%	SEK 290.00	SEK 182.00	SEK 157.10	5
Apr ’24	SEK 169.20	SEK 232.40 +37.4%	18.9%	SEK 290.00	SEK 182.00	SEK 151.70	5
Mar ’24	SEK 172.10	SEK 236.00 +37.1%	21.4%	SEK 290.00	SEK 170.00	SEK 155.20	4
Feb ’24	SEK 148.70	SEK 239.00 +60.7%	23.1%	SEK 305.00	SEK 170.00	SEK 179.30	4
Jan ’24	SEK 164.70	SEK 239.00 +45.1%	23.1%	SEK 305.00	SEK 170.00	SEK 182.50	4
Dec ’23	SEK 148.40	SEK 262.00 +76.5%	16.9%	SEK 305.00	SEK 201.00	SEK 175.50	3

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/18 07:07
End of Day Share Price	2024/12/18 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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

Surgical Science Sweden AB (publ) is covered by 6 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Simon Jonsson	Berenberg
Viktor Högberg	Danske Bank
Jonatan Andersson	DNB Markets