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European Medical Solutions (ALEMS) Fair Value & Analysis

Healthcare · BE · Market cap €17.5M

EM European Medical Solutions ALEMS · BR
Price€3.70
Fair Value€8.05
Upside+117.6%
Quality56/100
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Mixed Growth
Thin margins · 3.5% net margin
Moderate debt · generates free cash flow
Ranks above peers (10/13)
Narrow moat 43/100
Evidence: High Range €5.54 – €14.13 Share as image

Fair value as of: Jul 18, 2026

From 26 valuation models · updated 23 days ago

Share price −10.6% over the past month.

A solid business, screening 118% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€5.54). The market is more pessimistic than our downside scenario.
  • Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (€5.54 to €14.13) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€135.52 €3.70 Fair Value €8.05 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range €3.70 – €135.52 · fair‑value band €5.54 – €14.13 · the €3.70 price screens below the €8.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

European Medical Solutions (ALEMS) currently trades at €3.70, while our model-based Fair Value estimate is €8.05, implying the stock looks roughly 117.6% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, European Medical Solutions generated revenue of €52.8M at a net margin of 3.5%. Revenue grew 13.5% year over year. It earns a return on equity of 16.4%. Net debt stands at €14.2M. Fundamentals as of Jul 18, 2026

Our scenario range runs from €5.54 (bear case) to €14.13 (bull case); at €3.70, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 36% below its 52-week high, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -43% fair-value upside, at 118%, ALEMS screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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. Evidence
Highest evidence
Growth DCF €6.03 €10.05 €16.34 80
Residual Income €2.57 €3.06 €5.90 76
Rev-Margin DCF €6.62 €12.02 €23.33 74
All 26 models by family
DCF Models
FCF DCF €6.48 €9.28 €17.47 38
Owner Earnings €2.49 €5.39 €10.45 31
5Y Revenue Exit €5.96 €10.45 €19.83 39
5Y EBITDA Exit €9.21 €17.01 €32.31 41
5Y P/E Exit €6.18 €13.66 €23.72 38
10Y Revenue Exit €5.94 €12.84 €17.02 36
10Y EBITDA Exit €8.16 €18.80 €37.38 37
10Y P/E Exit €6.27 €13.25 €24.39 35
Earnings-Based
Graham-Dodd €2.96 €20.62 €28.94 54
Lynch FV €10.65 €15.22 €19.78 50
PEG = 1.0 €10.65 €15.22 €19.78 46
EPV €3.56 €4.05 €4.45 59
Dividend Discount
Gordon GGM €0.8600 €1.44 €1.86 70
DDM Multi-Stage €0.8600 €1.36 €1.55 61
Multiples
P/E Multiple €6.52 €8.70 €10.87 63
P/S Multiple €5.54 €7.39 €9.24 58
P/B Multiple €5.54 €7.39 €9.24 55
EV/EBIT €8.04 €10.89 €13.74 53
EV/EBITDA €10.70 €14.43 €18.17 54
EV/Revenue €5.25 €7.72 €10.19 43
Asset-Based
NCAV (Graham) €1.42 €1.91 €2.85 50
Growth DCF
Growth DCF €6.03 €10.05 €16.34 80
Rev-Margin DCF €6.62 €12.02 €23.33 74
Economic Profit
Residual Income €2.57 €3.06 €5.90 76
ROIC Compounder €4.15 €5.64 €6.65 72
Growth Earnings
Growth-Adj P/E €13.73 €19.61 €25.49 68

Widest divergence: Growth Earnings (€19.61) versus Dividend Discount (€1.36). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €52.8M
Revenue growth (YoY) +13.5%
Net margin 3.5%
Return on equity 16.4%
Free cash flow €2.5M FY2025
P/E ratio 9.6
More key figures
Operating margin 4.9%
EPS (TTM) €0.4300
EPS growth (YoY) +363%
Net debt €14.2M FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 54 · Market factors (momentum, volatility) 24

Profitability 50
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 49
Earnings quality: real cash, not paper profit
Fin. Strength 30
Balance sheet, leverage, solvency risk
Investment 71
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 16
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

European Medical Solutions engages in the design, development, and manufacturing of medical imaging systems for digital radiology and bone densitometry in Belgium and internationally.

Full company description

European Medical Solutions engages in the design, development, and manufacturing of medical imaging systems for digital radiology and bone densitometry in Belgium and internationally. It offers R/F solutions, including PLATINUM NEO, a solution that revolutionizes the R/F workflow through an interface and AI-powered image processing; OPTIMA, a performance remote-controlled table designed to provide, imaging solution for radiography and fluoroscopy examinations; bone densitometry and body composition analysis equipment; chest and bone rooms, such as floor and ceiling tube stands; ambulatory radiography equipment; retrofit kits; C-ARM mobile operating room solutions; and mammography solutions. The company was formerly known as DMS Imaging SA and changed its name to European Medical Solutions in June 2024. DMS Imaging SA was founded in 1979 and is headquartered in Ixelles, Belgium. European Medical Solutions operates as a subsidiary of Diagnostic Medical Systems S.A.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

European Medical Solutions reported revenue of €49.9M in FY2025 versus €38.0M in FY2021, a compound +7.0%/yr. Reported net income was €1.8M in FY2025.

Growth Quality 74/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€49.9M
Latest YoY
+10.6%
Avg. growth/yr (3Y) 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.
+10.4%
Avg. growth/yr (12Y) 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.
+109.5%
Revenue +7.0%/yr
FY21 €38.0M
FY22 €37.1M
FY23 €40.6M
FY24 €45.1M
FY25 €49.9M
Net income
FY21 −€241K
FY22 −€5.6M
FY23 −€709K
FY24 €546K
FY25 €1.8M

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Cite: Fair Value Calculator (2026). "European Medical Solutions Fair Value". https://www.fairvalue-calculator.com/stock/ALEMS

Peer Group

Biotechnology · 601 stocks

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.

Quality Score 56 · Above median
Fair Value upside +118% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 3% · Top 25%
Net margin (TTM) 3% · Above median
Operating margin (TTM) 5% · Above median
Revenue growth 14% · Above median
Debt / equity 0.58× · Higher than 75% of peers

Valuation Multiples vs Biotechnology median · lower = cheaper

P/E (TTM) 9.6× · Cheaper than 75% of peers
P/B 1.68× · Pricier than median
P/S (TTM) 0.38× · Cheaper than 75% of peers
P/FCF 8.1× · Pricier than median
EV/EBITDA 7.6× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 0
FUTURE 68 · sector 0
PAST 66 · sector 0
HEALTH 71 · sector 98
DIVIDEND 0 · sector 23

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $486.03 $278.78 -43%
Regeneron Pharmaceuticals, Inc REGN $664.45 $594.40 -11%
Samsung Biologics Co 207940 1,368,000 KRW 1,091,384 KRW -20%
Celltrion, Inc 068270 175,800 KRW 76,325 KRW -57%
WuXi Biologics (Cayman) Inc 2269 HK$39.54 HK$30.42 -23%
Innovent Biologics, Inc 1801 HK$86.70 HK$19.66 -77%
Sino Biopharmaceutical Limited 1177 HK$5.26 HK$3.36 -36%
ALTEOGEN Inc 196170 276,500 KRW 44,444 KRW -84%
RemeGen Co 688331 ¥134.02 ¥26.99 -80%
Biocon Limited BIOCON ₹440.70 ₹57.36 -87%

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Frequently asked questions

Is European Medical Solutions (ALEMS) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of €8.05 versus a price of €3.70, about +118% (undervalued).
What is the fair value of ALEMS?
Our model-based fair value for European Medical Solutions is €8.05 (as of Jul 18, 2026), built from audited fundamentals. The current price is €3.70.
What is the quality score of ALEMS?
European Medical Solutions has a Quality Score of 56/100. 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 revenue of European Medical Solutions (ALEMS)?
European Medical Solutions reported trailing-twelve-month revenue of about €52.8M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of ALEMS?
The net profit margin of European Medical Solutions is about 3.5%, meaning it keeps roughly 3.5% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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