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Apotea AB (APOTEA) Fair Value & Analysis

Healthcare · SE · Market cap 7.8B SEK

AA Apotea AB APOTEA · ST
Pricekr 73.80
Fair Valuekr 43.95
Upside-40.5%
Quality52/100
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Mixed Growth
Thin margins · 3.2% net margin
generates free cash flow
0.80% dividend yield
Trails peers (5/13)
Moderate moat 55/100
Evidence: High Range kr 26.49 – kr 124.81 Share as image

Fair value as of: Jul 13, 2026

From 24 valuation models · updated 27 days ago

Share price −2.0% over the past month.

A solid business, but screening 40% overvalued on our models.

What matters now

  • The model range is unusually wide (kr 26.49 to kr 124.81). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (20 months)

kr 120.20 kr 55.15 Fair Value kr 43.95 Dec 2024 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

20‑month range kr 55.15 – kr 120.20 · fair‑value band kr 26.49 – kr 124.81 · the kr 73.80 price screens above the kr 43.95 fair value. Dashed = 300-day average. As of Jul 13, 2026.

Full chart & analysis →

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Analysis

Apotea AB (APOTEA) currently trades at kr 73.80, while our model-based Fair Value estimate is kr 43.95, implying the stock looks roughly 40.5% overvalued today. The Quality Score stands at 52/100 (solid 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: high).

Over the trailing twelve months, Apotea AB generated revenue of 7.4B SEK at a net margin of 3.2%. Revenue grew 10.5% year over year. It earns a return on equity of 28.3%. Net debt stands at 328M SEK. Fundamentals as of Jul 13, 2026

Our scenario range runs from kr 26.49 (bear case) to kr 124.81 (bull case); at kr 73.80, 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 37% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -14% fair-value upside, at -40%, APOTEA 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 BearBaseBull Evidence
Highest evidence
Residual Income kr 14.69 kr 20.05 kr 127.90 76
Growth DCF kr 16.92 kr 32.19 kr 56.77 72
Growth-Adj P/E kr 71.47 kr 102.10 kr 132.73 68
All 24 models by family
DCF Models
FCF DCF kr 18.02 kr 27.73 kr 57.99 38
Owner Earnings kr 25.06 kr 55.49 kr 117.04 31
5Y Revenue Exit kr 26.18 kr 48.56 kr 95.65 39
5Y EBITDA Exit kr 39.89 kr 76.26 kr 147.81 41
5Y P/E Exit kr 31.95 kr 75.84 kr 136.41 38
10Y Revenue Exit kr 22.96 kr 57.64 kr 81.98 36
10Y EBITDA Exit kr 33.89 kr 86.48 kr 181.70 37
10Y P/E Exit kr 28.23 kr 69.77 kr 139.77 35
Earnings-Based
Graham-Dodd kr 14.94 kr 104.21 kr 146.25 54
Lynch FV kr 53.84 kr 76.91 kr 99.99 50
PEG = 1.0 kr 53.84 kr 76.91 kr 99.99 46
EPV kr 21.01 kr 24.33 kr 27.19 59
Multiples
P/E Multiple kr 36.26 kr 48.35 kr 60.43 63
P/S Multiple kr 28.02 kr 37.36 kr 46.70 58
P/B Multiple kr 27.37 kr 36.49 kr 45.62 55
EV/EBIT kr 37.24 kr 49.64 kr 62.04 53
EV/EBITDA kr 47.05 kr 62.72 kr 78.39 54
EV/Revenue kr 26.59 kr 37.97 kr 49.35 43
Asset-Based
NCAV (Graham) kr 4.05 kr 5.43 kr 8.11 50
Growth DCF
Growth DCF kr 16.92 kr 32.19 kr 56.77 72
Rev-Margin DCF kr 29.10 kr 55.48 kr 110.39 67
Economic Profit
Residual Income kr 14.69 kr 20.05 kr 127.90 76
ROIC Compounder kr 28.11 kr 43.93 kr 59.61 67
Growth Earnings
Growth-Adj P/E kr 71.47 kr 102.10 kr 132.73 68

Widest divergence: Growth Earnings (kr 102.10) versus Asset-Based (kr 5.43). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 7.4B SEK
Revenue growth (YoY) +10.5%
Net margin 3.2%
Return on equity 28.3%
Free cash flow 118M SEK FY2025
P/E ratio 33.8
More key figures
Operating margin 5.2%
EPS (TTM) kr 2.27
Dividend yield 0.8%
EPS growth (YoY) +10.5%
Net debt 328M SEK FY2025

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 54 · Market factors (momentum, volatility) 33

Profitability 77
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 29
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 32
Disciplined investing over empire-building
Low Volatility 42
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 15
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.

About the company

Apotea AB (publ) operates an online pharmacy in Sweden. The company offers products in the areas of allergy, face, child and parent, bite and sting, preparedness, animal, fever and aches, cold, home and household, aid, hair removal and shaving, hair care, hands and feet, intimate, and dietary supplements.

Full company description

Apotea AB (publ) operates an online pharmacy in Sweden. The company offers products in the areas of allergy, face, child and parent, bite and sting, preparedness, animal, fever and aches, cold, home and household, aid, hair removal and shaving, hair care, hands and feet, intimate, and dietary supplements. It also provides products in the categories of body care, stomach and intestine, food and drink, mouth and teeth, premium, trip, sex and lust, stop smoking, makeup, sun protection, wounds and injuries, sleep and sleep problems, training, weight control, vitamins and minerals, charity, and eyes and ears. In addition, the company offers services comprising leasing, leasing of personnel to related companies. and market contributions. The company was founded in 2011 and is headquartered in Stockholm, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Apotea AB reported revenue of kr 7.2B in FY2025 versus kr 505M in FY2021, a compound +94.4%/yr. Reported net income was kr 229M in FY2025, compounding +110.9%/yr from FY2021.

Growth Quality 81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
7.2B SEK
Latest YoY
+10.1%
Avg. growth/yr (3Y)
+13.8%
Revenue +94.4%/yr
FY21 kr 505M
FY22 kr 4.9B
FY23 kr 5.5B
FY24 kr 6.5B
FY25 kr 7.2B
Net income +110.9%/yr
FY21 kr 11.6M
FY22 kr 19.9M
FY23 kr 87.0M
FY24 kr 215M
FY25 kr 229M

APOTEA screens 40% overvalued. Compare with JD Health International Inc →

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

Peer Group

Pharmaceutical Retailers · 61 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 52 · Below median
Fair Value upside −40% · Below median
Return on equity (TTM) 28% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 3% · Above median
Operating margin (TTM) 5% · Above median
Revenue growth 11% · Above median
Dividend yield (TTM) 0.8% · Below median

Valuation Multiples vs Pharmaceutical Retailers median · lower = cheaper

P/E (TTM) 32.9× · Pricier than 75% of peers
P/B 9.22× · Pricier than 75% of peers
P/S (TTM) 1.05× · Pricier than 75% of peers
P/FCF 7.0× · Pricier than 75% of peers
EV/EBITDA 18.8× · Pricier 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 0 · sector 21
FUTURE 53 · sector 19
PAST 100 · sector 19
HEALTH 0 · sector 97
DIVIDEND 16 · sector 66

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

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

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

Similar stocks

10 more Pharmaceutical Retailers stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

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Frequently asked questions

Is Apotea AB (APOTEA) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of kr 43.95 versus a price of kr 73.80, about −40% (overvalued).
What is the fair value of APOTEA?
Our model-based fair value for Apotea AB is kr 43.95 (as of Jul 13, 2026), built from audited fundamentals. The current price is kr 73.80.
What is the quality score of APOTEA?
Apotea AB 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 revenue of Apotea AB (APOTEA)?
Apotea AB reported trailing-twelve-month revenue of about 7.4B SEK (latest available figure, as of Jul 13, 2026).
What is the net profit margin of APOTEA?
The net profit margin of Apotea AB is about 3.2%, meaning it keeps roughly 3.2% of revenue as net income. Based on the latest reported figures.
Does Apotea AB pay a dividend?
Apotea AB currently shows a dividend yield of about 0.79% relative to its recent price (as of Jul 13, 2026).

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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