Circio Holding ASA (0RIS) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Circio Holding ASA NOK 7.66, price NOK 10.54, upside -27.3%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Circio Holding ASA, a biotechnology company, develops novel circular RNA expression technology for gene and cell therapy.
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Circio Holding ASA, a biotechnology company, develops novel circular RNA expression technology for gene and cell therapy. The company is developing TG01, a cancer vaccine targeting driver mutations, which is in three clinical trials for multiple myeloma, and pancreatic and lung cancer; and circVec circRNA vector platform, a modular genetic cassette for biogenesis of multifunctional circRNAs in human cells. It has a research collaboration with United Immunity Co., Ltd. for the development of vivo CAR-Macrophage (CAR-M) therapy. The company was formerly known as Targovax ASA and changed its name to Circio Holding ASA in May 2023. Circio Holding ASA was incorporated in 2010 and is based in Oslo, Norway.
Stock analysis
Circio Holding ASA (0RIS) currently trades at kr 10.54, while our model-based Fair Value estimate is kr 7.66, 27.3% 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 91/100, which puts the evidence level at low.
Scenario range: kr 5.11 (bear) to kr 9.65 (bull), the price of kr 10.54 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 52/100 (solid quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Circio Holding ASA reported revenue of 624K NOK in FY2020 versus 37.0K NOK in FY2016, a compound +102.6%/yr. Reported net income was −108M NOK in FY2020.
Key figures
Market cap 576M NOK (≈ $60.0M) · P/S ratio 57.6 · EPS (TTM) kr −0.9250 · Return on equity −300% · Return on assets (EBIT) −24.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 34 out of 100 (medium confidence).
What moves the price
The share trades about 24% below its 52-week high and 1,072% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −20% fair-value upside, at −27%, 0RIS screens richer than that median.
Fair Value models
Bear kr 5.11Fair Value kr 7.66Bull kr 9.65
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.
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.30/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−72.3%
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.
+156.4%
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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.
−323,002.7% (2016) → −16,650.8% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Energy · 991 stocks
Beats the sector median on 2/7 measures
Overall it trails its sector peers.
Valuation
Quality Score52 · Above median
Fair Value upside−27.3% · Below median
Profitability
Return on assets−157.5% · Bottom 25%
Operating margin (TTM)0.0% · Bottom 25%
Growth and dividend
Revenue growth0.0% · Below median
Balance sheet
Debt / equity0.16× · Below median
Valuation Multiplesvs Energy median · lower = cheaper
P/B0.15× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM)5.77× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 19
FUTURE (revenue growth)0· sector 46
PAST (return on equity)0· sector 26
HEALTH (low debt)92· sector 88
DIVIDEND (yield)0· sector 55
VALUE 0: the price sits above our fair-value range.
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Is Circio Holding ASA (0RIS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 7.66 versus a price of kr 10.54, about −27% upside (overvalued).
What is the fair value of 0RIS?
Our model-based fair value for Circio Holding ASA is kr 7.66 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 10.54.
What is the quality score of 0RIS?
Circio Holding ASA has a Quality Score of 52/100. 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 Circio Holding ASA (0RIS)?
Our model-based price target is the fair value of kr 7.66 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario kr 5.11, optimistic scenario kr 9.65. It is a calculation from audited fundamentals, not an analyst target.
What is the Circio Holding ASA stock forecast for 2026?
Our models put fair value at kr 7.66, about −27% upside versus a price of kr 10.54 (overvalued). Cautious scenario kr 5.11, optimistic scenario kr 9.65. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Circio Holding ASA (0RIS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Circio Holding ASA it is kr 7.66 per share (as of Sep 24, 2026), against a price of kr 10.54. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Circio Holding ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0RIS trades above its calculated fair value: price kr 10.54, fair value kr 7.66, a gap of about −27% (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 0RIS?
No. The price is what the market pays today (kr 10.54); the fair value is what the company's own numbers justify (kr 7.66). For Circio Holding ASA the two are kr 2.88 per share apart. That gap is exactly why we show both numbers side by side.
How much is Circio Holding ASA worth?
The market values Circio Holding ASA at about 576M NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 10.54; our models calculate a fair value of kr 7.66 per share.
What do the bullish and bearish scenarios say about 0RIS?
Our models span a range for Circio Holding ASA: cautious scenario kr 5.11, base kr 7.66, optimistic kr 9.65 per share (as of Sep 24, 2026, price kr 10.54). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Circio Holding ASA (0RIS)?
Balance-sheet figures for Circio Holding ASA (as of Sep 24, 2026): return on equity −299.8%, debt of 0.16 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is 0RIS from its 52-week high?
Circio Holding ASA trades at kr 10.54, about 24% below its 52-week high of kr 13.88 and 1,072% above the low of kr 0.8991 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of kr 7.66 is for.
Which stocks are comparable to Circio Holding ASA?
From the same area (Energy) we also value Saudi Arabian Oil Company, Exxon Mobil Corporation, Chevron Corporation, PetroChina Company, 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 Circio Holding ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 10.54, calculated fair value kr 7.66 (−27%), Quality Score 52/100, 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 0RIS calculated?
We run Circio Holding ASA through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 7.66, 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 14.5 % above its aggregate fair value. Circio Holding ASA 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 Circio Holding ASA (0RIS)?
The closing price on Oct 1, 2026 was kr 10.54. Our model-based fair value is kr 7.66, about −27% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Circio Holding ASA right now?
The price sits above even our optimistic bull case (kr 9.65). The favourable scenario is already priced in. Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 5.11 to kr 9.65) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Circio Holding ASA
How large is the market capitalisation of Circio Holding ASA (0RIS)?
The market capitalisation of Circio Holding ASA is 576M NOK (≈ $60.0M). 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 Circio Holding ASA (0RIS)?
The price-to-sales ratio of Circio Holding ASA is 57.6 (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 Circio Holding ASA (0RIS)?
Earnings per share at Circio Holding ASA are kr −0.9250. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Circio Holding ASA (0RIS)?
The return on equity (ROE) of Circio Holding ASA is −300% (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 Circio Holding ASA (0RIS)?
On an EBIT basis the return on assets of Circio Holding ASA is −24.7% (avg 4y). 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.
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