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Karolinska Development OM:KDEV Stock Report

Last Price


Market Cap







05 Oct, 2022


Company Financials +
KDEV fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance0/6
Financial Health6/6

KDEV Stock Overview

Karolinska Development AB (publ) is a venture capital firm specializing in investments in growth capital, seed stage, and early stage companies.

Karolinska Development Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Karolinska Development
Historical stock prices
Current Share Pricekr1.84
52 Week Highkr11.24
52 Week Lowkr1.75
1 Month Change-26.87%
3 Month Change-31.70%
1 Year Change-49.73%
3 Year Change-44.24%
5 Year Change-64.62%
Change since IPO-95.40%

Recent News & Updates

Shareholder Returns

KDEVSE PharmaceuticalsSE Market

Return vs Industry: KDEV underperformed the Swedish Pharmaceuticals industry which returned -23.6% over the past year.

Return vs Market: KDEV underperformed the Swedish Market which returned -24.4% over the past year.

Price Volatility

Is KDEV's price volatile compared to industry and market?
KDEV volatility
KDEV Average Weekly Movement5.8%
Pharmaceuticals Industry Average Movement7.9%
Market Average Movement6.9%
10% most volatile stocks in SE Market11.5%
10% least volatile stocks in SE Market4.4%

Stable Share Price: KDEV is not significantly more volatile than the rest of Swedish stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: KDEV's weekly volatility has decreased from 13% to 6% over the past year.

About the Company

20037Viktor Drvota

Karolinska Development AB (publ) is a venture capital firm specializing in investments in growth capital, seed stage, and early stage companies. It seeks to invest in pharmaceutical research and development, medical research, healthcare technology, gene research and development, drug delivery technologies, biotechnology, and life science tools and service sectors. The firm seeks to invest in the Nordic region with a focus on Sweden, Iceland, Norway, Finland, and Denmark.

Karolinska Development Fundamentals Summary

How do Karolinska Development's earnings and revenue compare to its market cap?
KDEV fundamental statistics
Market Capkr496.49m
Earnings (TTM)-kr72.21m
Revenue (TTM)kr2.18m


P/S Ratio


P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
KDEV income statement (TTM)
Cost of Revenuekr0
Gross Profitkr2.18m
Other Expenseskr74.39m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 18, 2022

Earnings per share (EPS)-0.27
Gross Margin100.00%
Net Profit Margin-3,316.95%
Debt/Equity Ratio0%

How did KDEV perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.


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

Valuation Score


Valuation Score 4/6

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

KDEV 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/Revenue102.7x
Enterprise Value/EBITDA-6.7x
PEG Ration/a

Price to Book Ratio vs Peers

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

KDEV PB Ratio vs Peers
The above table shows the PB ratio for KDEV vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPBEstimated GrowthMarket Cap
Peer Average3.2x
ORX Orexo
ENZY Enzymatica
IBT B Infant Bacterial Therapeutics
KLAR Klaria Pharma Holding AB (publ.)
KDEV Karolinska Development

Price-To-Book vs Peers: KDEV is good value based on its Price-To-Book Ratio (0.4x) compared to the peer average (3.2x).

Price to Earnings Ratio vs Industry

How does KDEV's PE Ratio compare vs other companies in the SE Pharmaceuticals Industry?

Price-To-Book vs Industry: KDEV is good value based on its Price-To-Book Ratio (0.4x) compared to the Swedish Pharmaceuticals industry average (1.9x)

Price to Book Ratio vs Fair Ratio

What is KDEV'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.

KDEV PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio0.4x
Fair PB Ration/a

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

Share Price vs Fair Value

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

Below Fair Value: KDEV (SEK1.84) is trading below our estimate of fair value (SEK9.04)

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

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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Future Growth

How is Karolinska Development forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual revenue growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if KDEV's forecast earnings growth is above the savings rate (0.4%).

Earnings vs Market: Insufficient data to determine if KDEV's earnings are forecast to grow faster than the Swedish market

High Growth Earnings: Insufficient data to determine if KDEV's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: KDEV's revenue is expected to decline over the next 3 years (-2.6% per year).

High Growth Revenue: KDEV's revenue is forecast to decline over the next 3 years (-2.6% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: KDEV is forecast to be unprofitable in 3 years.

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Past Performance

How has Karolinska Development performed over the past 5 years?

Past Performance Score


Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: KDEV is currently unprofitable.

Growing Profit Margin: KDEV is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: KDEV is unprofitable, and losses have increased over the past 5 years at a rate of 3.2% per year.

Accelerating Growth: Unable to compare KDEV's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: KDEV is unprofitable, making it difficult to compare its past year earnings growth to the Pharmaceuticals industry (19.1%).

Return on Equity

High ROE: KDEV has a negative Return on Equity (-5.65%), as it is currently unprofitable.

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Financial Health

How is Karolinska Development's financial position?

Financial Health Score


Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: KDEV's short term assets (SEK276.1M) exceed its short term liabilities (SEK10.3M).

Long Term Liabilities: KDEV has no long term liabilities.

Debt to Equity History and Analysis

Debt Level: KDEV is debt free.

Reducing Debt: KDEV has no debt compared to 5 years ago when its debt to equity ratio was 826.3%.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable KDEV has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: KDEV is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 31% per year.

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What is Karolinska Development current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Karolinska Development Dividend Yield vs Market
How does Karolinska Development dividend yield compare to the market?
SegmentDividend Yield
Company (Karolinska Development)n/a
Market Bottom 25% (SE)1.8%
Market Top 25% (SE)6.1%
Industry Average (Pharmaceuticals)2.9%
Analyst forecast in 3 Years (Karolinska Development)n/a

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

High Dividend: Unable to evaluate KDEV'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 KDEV's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if KDEV'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 KDEV has not reported any payouts.

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


Average management tenure


Viktor Drvota (57 yo)





Dr. Viktor Drvota, M.D., Ph D., has been an Independent Director of OssDsign AB since 2015. He serves as Chairman of the Board at Modus Therapeutics Holding Ab since 2016.He serves as the Chief Executive...

CEO Compensation Analysis

Viktor Drvota's Compensation vs Karolinska Development Earnings
How has Viktor Drvota's remuneration changed compared to Karolinska Development's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a


Mar 31 2022n/an/a


Dec 31 2021kr5mkr3m


Sep 30 2021n/an/a


Jun 30 2021n/an/a


Mar 31 2021n/an/a


Dec 31 2020kr5mkr3m


Sep 30 2020n/an/a


Jun 30 2020n/an/a


Mar 31 2020n/an/a


Dec 31 2019kr6mkr3m


Sep 30 2019n/an/a


Jun 30 2019n/an/a


Mar 31 2019n/an/a


Dec 31 2018kr5mkr3m


Sep 30 2018n/an/a


Jun 30 2018n/an/a


Mar 31 2018n/an/a


Dec 31 2017kr5mkr1m


Compensation vs Market: Viktor's total compensation ($USD449.86K) is above average for companies of similar size in the Swedish market ($USD213.56K).

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

Leadership Team

Experienced Management: KDEV's management team is considered experienced (2.4 years average tenure).

Board Members

Experienced Board: KDEV's board of directors are not considered experienced ( 1.7 years average tenure), which suggests a new board.


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

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of KDEV?
Owner TypeNumber of SharesOwnership Percentage
Private Companies36,929,43713.7%
Individual Insiders54,305,98220.1%
Public Companies75,727,28528.1%
General Public86,061,25531.9%

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 53.8%.

Top Shareholders

Top 25 shareholders own 68.09% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Sino Biopharmaceutical Limited
75,727,285SEK139.3m0%no data
Theresa Tse
53,009,099SEK97.5m0%no data
Worldwide International Investments Limited
28,007,077SEK51.5m0%no data
Karolinska Institutet Holding AB
4,144,487SEK7.6m0%no data
Östersjöstiftelsen, Endowment Arm
HSBC Global Asset Management (UK) Limited
3,875,000SEK7.1m0%no data
Stiftelsen för Främjande och Utveckling av Medicinsk Forskning vid Karolinska Institutet
3,582,934SEK6.6m0%no data
Coastal Investment Management
Avanza Fonder AB
Skandinaviska Enskilda Banken AB, Private Banking, Investment Banking, and Insurance Arm
1,142,011SEK2.1m0%no data
FCG Fonder AB
Xact Kapitalförvaltning AB
795,531SEK1.5m0%no data
JPMorgan Chase & Co, Private Banking and Investment Banking Investments
750,000SEK1.4m0%no data
Adis Holding Ab
700,000SEK1.3m0%no data
Galostiftelsen, Endowment Arm
Qiuyue Zhang
654,000SEK1.2m0%no data
Synskadades Riksförbund
494,939SEK910.7k0%no data
SEB Investment Management AB
297,318SEK547.1k0%no data
Per Aniansson
160,006SEK294.4k0%no data
Johan Dighed
160,005SEK294.4k0%no data
Viktor Drvota
159,996SEK294.4k0%no data
SPP Fonder AB
123,503SEK227.2k0%no data
Ben Toogood
64,001SEK117.8k0%no data
Elisabet Gimbringer
30,000SEK55.2k0%no data
Yan Cheng
25,004SEK46.0k0%no data

Company Information

Karolinska Development AB (publ)'s employee growth, exchange listings and data sources

Key Information

  • Name: Karolinska Development AB (publ)
  • Ticker: KDEV
  • Exchange: OM
  • Founded: 2003
  • Industry: Pharmaceuticals
  • Sector: Pharmaceuticals & Biotech
  • Implied Market Cap: kr496.493m
  • Shares outstanding: 269.83m
  • Website:

Number of Employees


  • Karolinska Development AB (publ)
  • Tomtebodavägen 23 A
  • Solna
  • Stockholm County
  • 17165
  • Sweden


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KDEVOM (OMX Nordic Exchange Stockholm)YesB SharesSESEKApr 2011
0P3CLSE (London Stock Exchange)YesB SharesGBSEKApr 2011
2I9DB (Deutsche Boerse AG)YesB SharesDEEURApr 2011
KDEVSBATS-CHIXE (BATS 'Chi-X Europe')YesB SharesGBSEKApr 2011
KDEV.FOTCPK (Pink Sheets LLC)YesB SharesUSUSDApr 2011

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/05 00:00
End of Day Share Price2022/10/05 00:00
Annual Earnings2021/12/31

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.