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Spago Nanomedical AB (SPAGO) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Spago Nanomedical AB stock SEK 0.03, price SEK 0.04, that is 15.6% below the price, quality 29 out of 100. Rating: overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare SE · ISIN SE0004899474

SN Spago Nanomedical AB logo Thin data Nov 4, 2026

Spago Nanomedical AB

SPAGO · ST
Expensive, weak quality

Our calculation puts a fair price 16% below what the stock costs today.

Revenue last quarter 18% below a year ago.
Fair value kr 0.0304 · Overvalued
Quality 29/100
Weak Growth (revenue 3y −25.4 %/yr in SEK)
Negative free cash flow
Trails peers (2/7)
Narrow moat 9/100
Thin data
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 4.98 kr 0.0336 Fair Value kr 0.0304 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range kr 0.0336 – kr 4.98 · fair‑value band kr 0.0247 – kr 0.0333 · the kr 0.0360 price screens above the kr 0.0304 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

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Company profile

Spago Nanomedical AB (publ), a clinical phase nanomedicine company, engages in the development of nanomedicines for cancer diagnostics and treatment primarily in Sweden.

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Its products include SpagoPix (SN132D), an MRI contrast agent, which is under Phase I development stage for the treatment of breast cancer, and under Phase II development stage for the treatment liver and pancreas cancer, as well as offers Tumorad (SN201), a radionuclide therapy for treatment of advanced and metastatic cancer, under preclinical development stage.

The company was formerly known as Spago Imaging AB (publ) and changed its name to Spago Nanomedical AB (publ) in May 2014. The company was incorporated in 1999 and is based in Lund, Sweden.

Stock analysis

Spago Nanomedical AB (SPAGO) currently trades at kr 0.0360, while our model-based Fair Value estimate is kr 0.0304, 16% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: kr 0.0247 (bear) to kr 0.0333 (bull), the price of kr 0.0360 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 29/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Spago Nanomedical AB reported revenue of 437K SEK in FY2025 versus 660K SEK in FY2021, a compound −9.8%/yr. Reported net income was −26.6M SEK in FY2025.

Key figures

Market cap 29.6M SEK (≈ $3.0M) Micro · P/S ratio 8.64 · EPS (TTM) kr −0.0400 · Return on equity −105% · Return on assets (EBIT) −59.6% (5-year average) · Operating margin −737% · Revenue growth (YoY) −18.2% · Free cash flow −28.3M SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 9 out of 100 (medium confidence).

What moves the price

The share trades about 74% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −16%, SPAGO screens richer than that median.

Fair Value models

Bear kr 0.0247 Fair Value kr 0.0304 Bull kr 0.0333
Price kr 0.0360 · Downside -15.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) kr 0.0200 kr 0.0400 kr 0.0500 51
All 1 models by family
Asset-Based
NCAV (Graham) kr 0.0200 kr 0.0400 kr 0.0500 51

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 29/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 26
Are margins and returns getting better?
Cashflow 13
Do the profits arrive as real cash?
Financial strength 75
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 19
How calm the share price moves, does not count
Price momentum 8
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 3/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−77.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−25.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.0%
Start year 2020 (pandemic). Over 10 years: −24.8% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−5,544.4% (2020) → −7,062.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

SPAGO screens overvalued: fair value 16% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 558 stocks

Beats the industry median on 2/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 29 · Bottom 25%
Fair Value upside −15.6% · Above median
Profitability
Return on assets −72.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −18.2% · Bottom 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 0.96× · Cheapest 25%
P/S (12 months) 7.77× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)13 · sector 0
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 97
DIVIDEND (yield)0 · sector 22

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Incyte Corporation INCY $119.65 $199.23 +67% vs SPAGO
Regeneron Pharmaceuticals, Inc REGN $904.35 $1,275 +41% vs SPAGO
Vertex Pharmaceuticals Incorporated VRTX $547.09 $601.80 +10% vs SPAGO
Samsung Biologics Co 207940 1,516,000 KRW 1,667,600 KRW +10% vs SPAGO
Genmab A/S GMAB kr 3,527 kr 3,880 +10% vs SPAGO
WuXi Biologics (Cayman) Inc 2269 HK$47.62 HK$52.38 +10% vs SPAGO
argenx SE ARGX $927.21 $908.40 −2% vs SPAGO
CSL Limited CSL A$200.77 A$183.04 −9% vs SPAGO
Celltrion, Inc 068270 211,000 KRW 74,945 KRW −64% vs SPAGO
Royalty Pharma plc RPRX $67.30 $19.01 −72% vs SPAGO

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Spago Nanomedical AB: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Spago Nanomedical AB Fair Value". https://www.fairvalue-calculator.com/stock/SPAGO

Frequently asked questions

Is Spago Nanomedical AB (SPAGO) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of kr 0.0304 versus a price of kr 0.0360, about 16% lower (overvalued).
What is the fair value of SPAGO?
Our model-based fair value for Spago Nanomedical AB is kr 0.0304 (as of Nov 4, 2026), built from audited fundamentals. The current price: kr 0.0360.
What is the quality score of SPAGO?
Spago Nanomedical AB has a Quality Score of 29/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Spago Nanomedical AB (SPAGO)?
Our model-based price target is the fair value of kr 0.0304 (as of Nov 4, 2026) from 1 valuation models. Cautious scenario kr 0.0247, optimistic scenario kr 0.0333. It is a calculation from audited fundamentals, not an analyst target.
What is the Spago Nanomedical AB stock forecast for 2026?
Our models put fair value at kr 0.0304, about 16% lower versus a price of kr 0.0360 (overvalued). Cautious scenario kr 0.0247, optimistic scenario kr 0.0333. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Spago Nanomedical AB (SPAGO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Spago Nanomedical AB it is kr 0.0304 per share (as of Nov 4, 2026), against a price of kr 0.0360. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Spago Nanomedical AB stock overvalued or undervalued in 2026?
As of Nov 4, 2026, SPAGO trades above its calculated fair value: price kr 0.0360, fair value kr 0.0304, a gap of about −16% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SPAGO?
No. The price is what the market pays today (kr 0.0360); the fair value is what the company's own numbers justify (kr 0.0304). For Spago Nanomedical AB the two are kr 0.0056 per share apart. That gap is exactly why we show both numbers side by side.
How much is Spago Nanomedical AB worth?
The market values Spago Nanomedical AB at about 29.6M SEK (market capitalisation, as of Nov 4, 2026). Per share that is kr 0.0360; our models calculate a fair value of kr 0.0304 per share.
What do the bullish and bearish scenarios say about SPAGO?
Our models span a range for Spago Nanomedical AB: cautious scenario kr 0.0247, base kr 0.0304, optimistic kr 0.0333 per share (as of Nov 4, 2026, price kr 0.0360). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Spago Nanomedical AB (SPAGO)?
Balance-sheet figures for Spago Nanomedical AB (as of Nov 4, 2026): return on equity −104.6%. They feed the Quality Score of 29/100, which measures business quality independently of the share price.
How far is SPAGO from its 52-week high?
Spago Nanomedical AB trades at kr 0.0360, about 74% below its 52-week high of kr 0.1377 and 7% above the low of kr 0.0336 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.0304 is for.
Which stocks are comparable to Spago Nanomedical AB?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Spago Nanomedical AB stock attractive at the current price?
The data as of Nov 4, 2026: price kr 0.0360, calculated fair value kr 0.0304 (−16%), Quality Score 29/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SPAGO calculated?
We run Spago Nanomedical AB through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 0.0304 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Spago Nanomedical AB itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Spago Nanomedical AB (SPAGO)?
The closing price on Nov 6, 2026 was kr 0.0360. Our model-based fair value is kr 0.0304, about 16% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Spago Nanomedical AB right now?
The price sits above even our optimistic bull case (kr 0.0333). The favourable scenario is already priced in. Weak quality (29/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Spago Nanomedical AB

How large is the market capitalisation of Spago Nanomedical AB (SPAGO)?
The market capitalisation of Spago Nanomedical AB is 29.6M SEK (≈ $3.0M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Spago Nanomedical AB (SPAGO)?
The price-to-sales ratio of Spago Nanomedical AB is 8.64 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Spago Nanomedical AB (SPAGO)?
Earnings per share at Spago Nanomedical AB are kr −0.0400. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Spago Nanomedical AB (SPAGO)?
The return on equity (ROE) of Spago Nanomedical AB is −105% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Spago Nanomedical AB (SPAGO)?
On an EBIT basis the return on assets of Spago Nanomedical AB is −59.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Spago Nanomedical AB (SPAGO)?
The operating margin of Spago Nanomedical AB is −737% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Spago Nanomedical AB (SPAGO)?
Revenue at Spago Nanomedical AB is growing −18.2% versus a year earlier (3y avg −25.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Spago Nanomedical AB (SPAGO) generate?
The free cash flow of Spago Nanomedical AB is −28.3M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Spago Nanomedical AB (SPAGO) hold?
Spago Nanomedical AB holds more cash than debt, 29.7M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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