Spineway (ALSPW) Fair Value & Analysis
Healthcare · FR · Market cap €4.7M
Fair value as of: Aug 13, 2026
From 3 valuation models · updated 4 days ago
Fair value updated Aug 13, 2026, revised from €0.4600 to €0.4000 (−13.0%) since Jul 19, 2026. Share price +2.9% over the past month.
Below-average quality, screening 196% undervalued on our models.
What matters now
- The price is below even our cautious bear case (€0.1900). The market is more pessimistic than our downside scenario.
- The model range is unusually wide (€0.1900 to €0.6400). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range €0.0798 – €136,000 · fair‑value band €0.1900 – €0.6400 · the €0.1350 price screens below the €0.4000 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Spineway (ALSPW) currently trades at €0.1350, while our model-based Fair Value estimate is €0.4000, implying the stock looks roughly 196.3% undervalued today. The Quality Score stands at 47/100 (below-average 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: low), always confirm before acting.
Over the trailing twelve months, Spineway generated revenue of €12.8M at a net margin of -17.5%. Revenue grew 16.7% year over year. It earns a return on equity of -9.5%. The balance sheet holds a net cash position of €2.0M. Fundamentals as of Aug 13, 2026
Our scenario range runs from €0.1900 (bear case) to €0.6400 (bull case); at €0.1350, 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 47% below its 52-week high and 32% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -46% fair-value upside, at 196%, ALSPW 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.
All 3 models by family
Widest divergence: Asset-Based (€0.4300) versus Dividend Discount (€0.2300). Highest evidence: Gordon GGM (70).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 46 · Market factors (momentum, volatility) 35
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
Spineway SA designs, develops, and markets a range of surgical implants for spine in France. The company offers posterior fixation, including posterior osteosynthesis systems and minimal invasive posterior osteosynthesis systems; interbody fusion products, such as lumbar cage twin peaks tlif curved and oblique; motion preservation products; and biomaterials.
Full company description
Spineway SA designs, develops, and markets a range of surgical implants for spine in France. The company offers posterior fixation, including posterior osteosynthesis systems and minimal invasive posterior osteosynthesis systems; interbody fusion products, such as lumbar cage twin peaks tlif curved and oblique; motion preservation products; and biomaterials. It also exports its products. The company was incorporated in 2005 and is headquartered in Ecully, France.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Spineway reported revenue of €12.4M in FY2025 versus €4.3M in FY2021, a compound +30.5%/yr. Reported net income was −€2.2M in FY2025.
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Peer Group
Medical Instruments & Supplies · 204 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.
Valuation Multiples vs Medical Instruments & Supplies median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Intuitive Surgical, Inc ISRG | $401.27 | $150.04 | -63% |
| EssilorLuxottica Société anonyme 1EL | €164.40 | €68.55 | -58% |
| Medline Inc MDLN | $35.50 | $30.15 | -15% |
| Becton, Dickinson and Company BDX | $181.41 | $100.46 | -45% |
| Alcon Inc ALC | $73.58 | $39.78 | -46% |
| ResMed Inc RMD | $226.00 | $187.89 | -17% |
| West Pharmaceutical Services, Inc WST | $352.29 | $141.58 | -60% |
| Sartorius Stedim Biotech S.A DIM | €180.30 | €48.88 | -73% |
| Coloplast A/S COLOB | kr 429.70 | kr 382.22 | -11% |
| Gan & Lee Pharmaceuticals., a biopharmaceutical company, 603087 | ¥77.48 | ¥27.22 | -65% |
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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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