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Alzinova AB (ALZ) Fair Value & Analysis

Healthcare · SE · Market cap 136M SEK (≈ $14.2M) · ISIN SE0007413455

AA Alzinova AB ALZ · ST
Pricekr 0.8400
Fair Valuekr 0.3400
Upside-59.5%
Quality20/100
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Risks

!Trades 147% ABOVE our fair value of kr 0.3400
!Weak Growth (revenue 5y −66.2 %/yr)
!Loss-making · -103.6% net margin
!Low debt · negative free cash flow
Weak Growth (revenue 5y −66.2 %/yr)
Loss-making · -103.6% net margin
Low debt · negative free cash flow
Trails peers (3/10)
Narrow moat 12/100
Evidence: Low Range kr 0.2550 – kr 0.5100 Share as image

Fair value as of: Jul 20, 2026

From 1 valuation models · updated 39 days ago

Share price −14.1% over the past month.

Below-average quality, and trading another 147% above our fair value.

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

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What matters now

  • The price sits above even our optimistic bull case (kr 0.5100). The favourable scenario is already priced in.
  • Weak quality (20/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (kr 0.2550 to kr 0.5100) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 9.75 kr 0.3995 Fair Value kr 0.3400 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.

How to read this chart

60‑month range kr 0.3995 – kr 9.75 · fair‑value band kr 0.2550 – kr 0.5100 · the kr 0.8400 price screens above the kr 0.3400 fair value. Dashed = 300-day average. As of Jul 20, 2026.

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Analysis

Alzinova AB (ALZ) currently trades at kr 0.8400, while our model-based Fair Value estimate is kr 0.3400, implying the stock looks roughly 59.5% overvalued today. The Quality Score stands at 20/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Trailing-twelve-month revenue stands at 25.7M SEK. Revenue declined 18.8% year over year. It earns a return on equity of -19.9%. Fundamentals as of Jul 20, 2026

Our scenario range runs from kr 0.2550 (bear case) to kr 0.5100 (bull case); at kr 0.8400, the current price sits above 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 63% below its 52-week high and 120% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at -60%, ALZ screens richer 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
NCAV (Graham) kr 0.3000 kr 0.4000 kr 0.6000 50
All 1 models by family
Asset-Based
NCAV (Graham) kr 0.3000 kr 0.4000 kr 0.6000 50

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Key figures & financial health

P/S ratio 5.28 TTM
EPS (TTM) kr -0.2000
Net margin -104% TTM
Return on equity -19.9% TTM
Return on assets (EBIT) -13.3% avg 5y
Operating margin -99.0% TTM
More key figures
Growth
Revenue (TTM) 25.7M SEK TTM
Revenue growth (YoY) -18.8%
Balance sheet & cash flow
Free cash flow −39.6M SEK FY2025
Net debt 481K SEK FY2025

Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 20/100

Of which business quality 22 · Market factors (momentum, volatility) 39

Profitability 8
Margins and returns on capital today
Quality Growth 24
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 50
Balance sheet, leverage, solvency risk
Investment 66
Disciplined investing over empire-building
Low Volatility 32
Calm price path (market factor)
Momentum 60
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 0
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Alzinova AB (publ), a clinical-stage biopharma company, develops immunotherapies treatment for Alzheimer's disease in Sweden. The company's lead product candidate is the ALZ-101, a therapeutic vaccine for the treatment of Alzheimer's disease, which has completed phase 1b clinical trial.

Full company description

Alzinova AB (publ), a clinical-stage biopharma company, develops immunotherapies treatment for Alzheimer's disease in Sweden. The company's lead product candidate is the ALZ-101, a therapeutic vaccine for the treatment of Alzheimer's disease, which has completed phase 1b clinical trial. It also develops ALZ-201, a monoclonal antibody that target and neutralize the neurotoxic forms of the peptide Aß42, called oligomers, which are considered to be the underlying cause of Alzheimer's disease; and a humanized version of ALZ-201 in patients with Alzheimer's disease that is in phase 1 clinical study. It has a research collaboration with Amsterdam University Medical Center to develop a blood based test that measures naturally occurring antibodies against toxic amyloid ß oligomers. Alzinova AB (publ) was incorporated in 2011 and is based in Mölndal, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Alzinova AB reported revenue of kr 0 in FY2025 versus kr 17.3M in FY2021. Reported net income was −kr 26.3M in FY2025.

Growth Quality 0/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2024)
30.0K SEK
Latest YoY
−88.9%
Avg. revenue 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.
−88.0%
Avg. revenue growth/yr (5Y) 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.
−66.2%
Avg. revenue 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.
−30.1%
Value creation/yr 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
Revenue
FY21 kr 17.3M
FY22 kr 16.6M
FY23 kr 270K
FY24 kr 30.0K
FY25 kr 0
Net income
FY21 −kr 7.6M
FY22 −kr 13.1M
FY23 −kr 16.5M
FY24 −kr 20.6M
FY25 −kr 26.3M

ALZ screens 60% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Cite: Fair Value Calculator (2026). "Alzinova AB Fair Value". https://www.fairvalue-calculator.com/stock/ALZ

Peer Group

Biotechnology · 636 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 23 · Bottom 25%
Fair Value upside −60% · Below median
Return on assets -11% · Below median
Net margin (TTM) -104% · Bottom 25%
Operating margin (TTM) -99% · Bottom 25%
Revenue growth -19% · Bottom 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Biotechnology median · lower = cheaper

P/B 0.12× · Cheaper than 75% of peers
P/S (TTM) 0.56× · 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE0 · sector 0
PAST0 · sector 0
HEALTH100 · sector 98
DIVIDEND0 · sector 26

VALUE 0: the price sits above our fair-value range.

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 (as of Jul 20, 2026).

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $547.29 $278.78 -49%
Regeneron Pharmaceuticals, Inc REGN $814.79 $594.40 -27%
argenx SE ARGX €877.60 €292.84 -67%
Samsung Biologics Co 207940 1,594,000 KRW 1,055,793 KRW -34%
Alnylam Pharmaceuticals, Inc ALNY $228.61 $51.70 -77%
Royalty Pharma plc RPRX $60.58 $24.22 -60%
Celltrion, Inc 068270 202,000 KRW 74,519 KRW -63%
BeOne Medicines AG ONC $362.51 $111.35 -69%
BioNTech SE 22UA €80.60 €52.92 -34%
Incyte Corporation INCY $128.12 $115.79 -10%

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Frequently asked questions

Is Alzinova AB (ALZ) overvalued or undervalued?
As of Jul 20, 2026, our model estimates a fair value of kr 0.3400 versus a price of kr 0.8400, about −60% (overvalued).
What is the fair value of ALZ?
Our model-based fair value for Alzinova AB is kr 0.3400 (as of Jul 20, 2026), built from audited fundamentals. The current price: kr 0.8400.
What is the quality score of ALZ?
Alzinova AB has a Quality Score of 20/100. 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 Alzinova AB (ALZ)?
Alzinova AB reported trailing-twelve-month revenue of about 25.7M SEK (latest available figure, as of Jul 20, 2026).
What is the net profit margin of ALZ?
The net profit margin of Alzinova AB is about -103.6%, meaning it is currently running at a net loss. 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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