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Antibiotice S.A (ATB) Fair Value & Analysis

Healthcare · RO · Market cap 1.4B RON

AS Antibiotice S.A ATB · RO
Price2.04 RON
Fair Value1.31 RON
Upside-35.6%
Quality40/100
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Expensive Growth
Thin margins · 5.0% net margin
Low debt · negative free cash flow
1.77% dividend yield
Trails peers (5/14)
Narrow moat 33/100
Evidence: High Range 0.9800 RON – 1.72 RON Share as image

Fair value as of: Jul 14, 2026

From 16 valuation models · updated 27 days ago

Fair value updated Jul 14, 2026, revised from 1.40 RON to 1.31 RON (−6.4%) since Jun 24, 2026. Share price −3.1% over the past month.

Below-average quality, and screening another 36% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (1.72 RON). The favourable scenario is already priced in.
  • Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

3.36 RON 0.4689 RON Fair Value 1.31 RON Feb 2021 Jun 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range 0.4689 RON – 3.36 RON · fair‑value band 0.9800 RON – 1.72 RON · the 2.04 RON price screens above the 1.31 RON fair value. Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Antibiotice S.A (ATB) currently trades at 2.04 RON, while our model-based Fair Value estimate is 1.31 RON, implying the stock looks roughly 35.6% overvalued today. The Quality Score stands at 40/100 (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: high).

Over the trailing twelve months, Antibiotice S.A generated revenue of 639M RON at a net margin of 5.0%. Revenue declined 12.9% year over year. It earns a return on equity of 3.4%. Net debt stands at 224M RON. Fundamentals as of Jul 14, 2026

Our scenario range runs from 0.9800 RON (bear case) to 1.72 RON (bull case); at 2.04 RON, 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 25% below its 52-week high and 16% 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 -36%, ATB 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
Residual Income 1.02 RON 1.01 RON 0.9300 RON 76
ROIC Compounder 0.3900 RON 0.4700 RON 0.5300 RON 72
Gordon GGM 0.1800 RON 0.3300 RON 0.4600 RON 70
All 16 models by family
Earnings-Based
Graham-Dodd 0.5200 RON 2.37 RON 3.26 RON 54
Lynch FV 0.6200 RON 0.8900 RON 1.15 RON 50
PEG = 1.0 0.6200 RON 0.8900 RON 1.15 RON 46
EPV 0.3900 RON 0.4700 RON 0.5300 RON 59
Dividend Discount
Gordon GGM 0.1800 RON 0.3300 RON 0.4600 RON 70
DDM Multi-Stage 0.1800 RON 0.3000 RON 0.3600 RON 61
Multiples
P/E Multiple 1.16 RON 1.54 RON 1.93 RON 63
P/S Multiple 0.9800 RON 1.31 RON 1.64 RON 58
P/B Multiple 0.9800 RON 1.31 RON 1.64 RON 55
EV/EBIT 1.04 RON 1.45 RON 1.86 RON 53
EV/EBITDA 1.47 RON 2.02 RON 2.58 RON 54
EV/Revenue 0.6400 RON 1.00 RON 1.35 RON 43
Asset-Based
NCAV (Graham) 0.6900 RON 0.9300 RON 1.39 RON 50
Economic Profit
Residual Income 1.02 RON 1.01 RON 0.9300 RON 76
ROIC Compounder 0.3900 RON 0.4700 RON 0.5300 RON 72
Growth Earnings
Growth-Adj P/E 0.9800 RON 1.40 RON 1.82 RON 68

Widest divergence: Growth Earnings (1.40 RON) versus Dividend Discount (0.3000 RON). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 639M RON
Revenue growth (YoY) -12.9%
Net margin 5.0%
Return on equity 3.4%
Free cash flow −70.2M RON FY2025
P/E ratio 40.5
More key figures
Operating margin 9.6%
EPS (TTM) 0.0500 RON
Dividend yield 1.8%
EPS growth (YoY) -61.5%
Net debt 224M RON FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 40/100

Of which business quality 44 · Market factors (momentum, volatility) 47

Profitability 38
Margins and returns on capital today
Quality Growth 16
Are margins and returns improving?
Cashflow 27
Earnings quality: real cash, not paper profit
Fin. Strength 74
Balance sheet, leverage, solvency risk
Investment 15
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 24
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

Antibiotice S.A. produces and sells medicinal products in Romania and internationally. The company provides generic prescription medicines comprising anti-infectives, including drugs for the treatment of tuberculosis, as well as cardiovascular drugs, digestive tract and metabolism class, preparations for the treatment of gynecological diseases, and …

Full company description

Antibiotice S.A. produces and sells medicinal products in Romania and internationally. The company provides generic prescription medicines comprising anti-infectives, including drugs for the treatment of tuberculosis, as well as cardiovascular drugs, digestive tract and metabolism class, preparations for the treatment of gynecological diseases, and dermatological and central nervous system preparations; generic non-prescription medicines, including food supplements, cosmetics, and medical devices; active substances; biofertilizers; biocides for disinfecting surfaces and hands; and veterinary medicines. Its products are available in the form of sterile injectable powders, capsules, tablets, ointments, gels, creams, pessaries, and suppositories. It offers active pharmaceutical ingredients. The company exports its products to approximately 70 countries. Antibiotice S.A. was founded in 1955 and is headquartered in Iasi, Romania.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Antibiotice S.A reported revenue of 645M RON in FY2025 versus 366M RON in FY2021, a compound +15.2%/yr. Reported net income was 51.8M RON in FY2025, compounding +14.7%/yr from FY2021.

Growth Quality 45/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
645M RON
Latest YoY
−4.4%
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.
+10.1%
Avg. 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.
+13.6%
Revenue +15.2%/yr
FY21 366M RON
FY22 484M RON
FY23 601M RON
FY24 675M RON
FY25 645M RON
Net income +14.7%/yr
FY21 29.9M RON
FY22 51.5M RON
FY23 81.1M RON
FY24 102M RON
FY25 51.8M RON

ATB screens 36% overvalued. Compare with Jiangsu Hengrui Pharmaceuticals Co →

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

Peer Group

Drug Manufacturers - Specialty & Generic · 623 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 40 · Bottom 25%
Fair Value upside −36% · Below median
Return on equity (TTM) 3% · Below median
Return on assets 2% · Below median
Net margin (TTM) 5% · Below median
Operating margin (TTM) 10% · Above median
Revenue growth -13% · Bottom 25%
Dividend yield (TTM) 1.8% · Above median
Debt / equity 0.15× · Higher than median

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/E (TTM) 40.5× · Pricier than median
P/B 0.32× · Cheaper than 75% of peers
P/S (TTM) 0.47× · Cheaper than 75% of peers
EV/EBITDA 4.1× · Cheaper than 75% of peers
PEG 3.89× · 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 6
FUTURE 0 · sector 20
PAST 14 · sector 24
HEALTH 93 · sector 97
DIVIDEND 35 · sector 34

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

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

Similar stocks

10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥53.19 ¥25.94 -51%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,933 ₹989.50 -49%
Divi's Laboratories Limited DIVISLAB ₹7,316 ₹1,943 -73%
Torrent Pharmaceuticals Limited TORNTPHARM ₹4,763 ₹1,329 -72%
PharmaEssentia Corporation 6446 1,285 TWD 221.01 TWD -83%
Cipla Limited CIPLA ₹1,439 ₹1,001 -30%
Zydus Lifesciences Limited ZYDUSLIFE ₹1,151 ₹703.32 -39%
Lupin Limited LUPIN ₹2,443 ₹2,477 +1%
Mankind Pharma Limited MANKIND ₹2,484 ₹983.11 -60%
Dr. Reddy's Laboratories Limited DRREDDY ₹1,211 ₹874.79 -28%

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Frequently asked questions

Is Antibiotice S.A (ATB) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of 1.31 RON versus a price of 2.04 RON, about −36% (overvalued).
What is the fair value of ATB?
Our model-based fair value for Antibiotice S.A is 1.31 RON (as of Jul 14, 2026), built from audited fundamentals. The current price is 2.04 RON.
What is the quality score of ATB?
Antibiotice S.A has a Quality Score of 40/100. 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 Antibiotice S.A (ATB)?
Antibiotice S.A reported trailing-twelve-month revenue of about 639M RON (latest available figure, as of Jul 14, 2026).
What is the net profit margin of ATB?
The net profit margin of Antibiotice S.A is about 5.0%, meaning it keeps roughly 5.0% of revenue as net income. Based on the latest reported figures.
Does Antibiotice S.A pay a dividend?
Antibiotice S.A currently shows a dividend yield of about 1.77% relative to its recent price (as of Jul 14, 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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