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Ambu A/S (AMBU-B) Fair Value & Analysis

Healthcare · DK · Market cap 18.1B DKK (≈ $2.8B) · ISIN DK0060946788

What is Ambu A/S really worth?

AA Ambu A/S AMBU-B · CO
Pricekr 68.05
Fair Valuekr 58.69
Upside−13.8%
Quality69/100

A solid business, but trading 16% above our fair value of kr 58.69.

As of Sep 3, 2026, the fair value of Ambu A/S is kr 58.69 per share against a price of kr 68.05, so the fair value sits 14% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Healthy Growth (revenue 5y +11.1 %/yr)
Low debt · generates free cash flow

Risks

!Thin margins · 7.8% net margin
!Mixed vs. peers (8/15)
!Moderate moat 48/100
!Weak on valuation: 15 out of 100
!Weak on future: 6 out of 100
!Weak on dividend: 12 out of 100

For context

·0.60% dividend yield
Evidence: High Range kr 40.87 – kr 73.36

Fair value as of: Sep 3, 2026

From 26 valuation models · updated 2 days ago

Share price −7.1% over the past month.

What runs behind every stock

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

What matters now

  • Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.
  • The price sits in the upper half of our model range, so the margin of safety is thin.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

kr 239.33 kr 60.95 Fair Value kr 58.69 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range kr 60.95 – kr 239.33 · fair‑value band kr 40.87 – kr 73.36 · the kr 68.05 price screens above the kr 58.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

Ambu A/S (AMBU-B) currently trades at kr 68.05, while our model-based Fair Value estimate is kr 58.69, implying the stock looks roughly 15.9% overvalued today. The Quality Score stands at 69/100 (solid quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of kr 73.88 per share, and 9 of the 26 models we run sit above the kr 68.05 price. Bear case: the Dividend Discount group reads lowest at kr 7.12, and 17 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Ambu A/S generated revenue of 6.1B DKK at a net margin of 7.8%. Revenue grew 1.2% year over year. It earns a return on equity of 7.9%. The balance sheet holds a net cash position of 319M DKK. Fundamentals as of Sep 3, 2026

Our scenario range runs from kr 40.87 (bear case) to kr 73.36 (bull case); at kr 68.05, the current price sits within 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 39% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −34% fair-value upside, at −14%, AMBU-B screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 11 months have passed since. In that time the company retained roughly kr 1.29 per share, which is 2.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF kr 42.16 kr 73.88 kr 129.50 77
Growth DCF kr 41.82 kr 70.80 kr 120.16 76
Owner Earnings kr 52.97 kr 93.63 kr 164.93 74
All 26 models by family
DCF Models
FCF DCF kr 42.16 kr 73.88 kr 129.50 77
Owner Earnings kr 52.97 kr 93.63 kr 164.93 74
5Y Revenue Exit kr 37.11 kr 62.08 kr 96.01 71
5Y EBITDA Exit kr 49.51 kr 87.78 kr 136.19 74
5Y P/E Exit kr 43.74 kr 75.83 kr 112.70 70
10Y Revenue Exit kr 37.41 kr 61.80 kr 99.26 65
10Y EBITDA Exit kr 46.73 kr 80.69 kr 133.08 66
10Y P/E Exit kr 42.90 kr 71.91 kr 113.31 62
Earnings-Based
Graham-Dodd kr 18.14 kr 85.81 kr 118.02 64
Lynch FV kr 22.78 kr 32.54 kr 42.31 61
PEG = 1.0 kr 22.78 kr 32.54 kr 42.31 57
EPV kr 30.41 kr 34.84 kr 38.73 74
Dividend Discount
Gordon GGM kr 4.06 kr 8.45 kr 13.40 66
DDM Multi-Stage kr 4.06 kr 7.12 kr 8.86 66
Multiples
P/E Multiple kr 44.02 kr 58.69 kr 73.36 63
P/S Multiple kr 34.01 kr 45.35 kr 56.69 58
P/B Multiple kr 34.01 kr 45.35 kr 56.69 55
EV/EBIT kr 47.58 kr 62.17 kr 76.77 66
EV/EBITDA kr 56.96 kr 74.68 kr 92.41 67
EV/Revenue kr 35.04 kr 48.44 kr 61.83 54
Asset-Based
NCAV (Graham) kr 13.22 kr 17.71 kr 26.44 54
Growth DCF
Growth DCF kr 41.82 kr 70.80 kr 120.16 76
Rev-Margin DCF kr 37.11 kr 61.48 kr 93.15 72
Economic Profit
Residual Income kr 23.24 kr 25.94 kr 44.10 74
ROIC Compounder kr 32.33 kr 42.95 kr 56.43 72
Growth Earnings
Growth-Adj P/E kr 36.84 kr 52.64 kr 68.43 67

Widest divergence: DCF Models (kr 73.88) versus Dividend Discount (kr 7.12). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 38.6 as of Jul 19, 2026
P/S ratio 3.89 P/E × margin
EPS (TTM) kr 1.79 price ÷ EPS = P/E 38.6
Dividend yield 0.6% payout 22.9%
Net margin 10.1% FY2025
Return on equity 7.9% TTM
More key figures
Profitability
Return on assets (EBIT) 6.3% avg 5y
Operating margin 11.0% TTM
Growth
Revenue (TTM) 6.1B DKK TTM
Revenue growth (YoY) +1.2% 3y avg +10.8%
EPS growth (YoY) −35.2%
Balance sheet & cash flow
Free cash flow 674M DKK FY2025
Net cash 319M DKK FY2025

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 70 · Market factors (momentum, volatility) 27

Profitability 56
Margins and returns on capital today
Quality Growth 67
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 40
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 74
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

Ambu A/S, together with its subsidiaries, researches, develops, manufactures, markets, and sells medical technology solutions in North America, Europe, and internationally.

Full company description

Ambu A/S, together with its subsidiaries, researches, develops, manufactures, markets, and sells medical technology solutions in North America, Europe, and internationally. The company offers endoscopy products, including bronchoscopes, video laryngoscopes, rhinolaryngoscopes, duodenoscopes, gastroscopes, cystoscopes, ureteroscopes, and displaying and processing units; neurology products, such as EEG and EMG electrodes, EMG guided injections, and intraoperative monitoring products; and cardiology products comprising ECG electrodes. It also provides airway management and anaesthesia products, which include double and single lumen tubes, endobronchial blockers, laryngeal and face masks, breathing bags, and resuscitators. In addition, the company offers emergency care and training products, such as extrication collars and ALS and BLS training manikins, as well as mobile workstations, IOMs, and patient monitoring and diagnostics devices. Ambu A/S was founded in 1937 and is headquartered in Ballerup, Denmark.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ambu A/S reported revenue of 6.0B DKK in FY2025 versus 4.0B DKK in FY2021, a compound +10.7%/yr. Reported net income was 609M DKK in FY2025, compounding +25.3%/yr from FY2021.

Growth Quality 83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
6.0B DKK
Latest YoY
+12.0%
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.
+10.8%
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.
+11.1%
Avg. revenue growth/yr (23Y) 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.
+10.8%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
≈ +19.1% (approximate, leans on 2025) · in DKK
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+18.5%
Dividend yield0.6%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 18.5% vs 10Y 13.9%, picking up
Operating margin (EBIT) 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.12.0% (2020) → 13.0% (2025) · steady
Worst earnings drop63% (2022) · in DKK
⚠ Rate leans on 2025: that final year sits 254% above its own trend (e.g. a one-off disposal gain) and could not be adjusted
Revenue +10.7%/yr
FY21 4.0B DKK
FY22 4.4B DKK
FY23 4.8B DKK
FY24 5.4B DKK
FY25 6.0B DKK
Net income +25.3%/yr
FY21 247M DKK
FY22 93.0M DKK
FY23 168M DKK
FY24 235M DKK
FY25 609M DKK
Character of growth · EPS growth decomposed (2014-2025) +6.0 % p.a.
Revenue per share +11.6 %

of which total revenue +12.6 % · buybacks/dilution −0.9 %

EBIT margin −3.1 %
Tax rate +0.9 %
Residual (interest, one-offs) −2.9 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

AMBU-B screens 16% overvalued. Compare with Abbott Laboratories, →

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Cite: Fair Value Calculator (2026). "Ambu A/S Fair Value". https://www.fairvalue-calculator.com/stock/AMBU-B

Peer Group

Medical Devices · 352 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 69 · Top 25%
Fair Value upside −14% · Above median
Return on equity (TTM) 8% · Above median
Return on assets 5% · Top 25%
Net margin (TTM) 8% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth 1% · Below median
Dividend yield (TTM) 0.6% · Bottom 25%

Valuation Multiples vs Medical Devices median · lower = cheaper

P/E (TTM) 38.6× · Pricier than median
P/B 3.01× · Pricier than median
P/S (TTM) 2.97× · Pricier than median
P/FCF 4.2× · Cheaper than median
EV/EBITDA 21.3× · Pricier than median
PEG 2.85× · Pricier than 75% of peers

Strength profile in five axes (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
VALUE15 · sector 0
FUTURE6 · sector 32
PAST32 · sector 5
HEALTH100 · sector 97
DIVIDEND12 · sector 35

Insider activity: 40/100

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 Medical Devices stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
Abbott Laboratories, ABT $112.47 $74.79 −34%
Stryker Corporation SYK $322.12 $186.28 −42%
Medtronic plc MDT $89.97 $65.57 −27%
Boston Scientific Corporation BSX $46.84 $30.73 −34%
Edwards Lifesciences Corporation EW $89.78 $41.02 −54%
Siemens Healthineers AG SHL €39.52 €33.87 −14%
DexCom, Inc DXCM $90.82 $38.95 −57%
GE HealthCare Technologies Inc GEHC $74.82 $64.13 −14%
Koninklijke Philips N.V PHIA €23.69 €14.36 −39%
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥150.63 ¥147.63 −2%

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Frequently asked questions

Is Ambu A/S (AMBU-B) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of kr 58.69 versus a price of kr 68.05, about −14% upside (overvalued).
What is the fair value of AMBU-B?
Our model-based fair value for Ambu A/S is kr 58.69 (as of Sep 3, 2026), built from audited fundamentals. The current price: kr 68.05.
What is the quality score of AMBU-B?
Ambu A/S has a Quality Score of 69/100. 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 Ambu A/S (AMBU-B)?
Ambu A/S reported trailing-twelve-month revenue of about 6.1B DKK (latest available figure, as of Sep 3, 2026).
What is the net profit margin of AMBU-B?
The net profit margin of Ambu A/S is about 7.8%, meaning it keeps roughly 7.8% of revenue as net income. Based on the latest reported figures.
Does Ambu A/S pay a dividend?
Ambu A/S currently shows a dividend yield of about 0.60% relative to its recent price (as of Sep 3, 2026).
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