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BioArctic AB (BIOA-B) Fair Value & Analysis

Healthcare · SE · Market cap 30.6B SEK (≈ $3.2B) · ISIN SE0010323311

What is BioArctic AB really worth?

BA BioArctic AB BIOA-B · ST
Pricekr 334.00
Fair Valuekr 273.15
Upside−18.2%
Quality76/100

A strong business, but trading 22% above our fair value of kr 273.15.

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Strengths

Solidly profitable · 18.6% net margin
generates free cash flow
Wide moat 80/100

Risks

!Mixed Growth (revenue 5y +100.1 %/yr)
!Mixed vs. peers (7/13)
!The models disagree: range kr 208.12 to kr 830.77
!Weak on valuation: 9 out of 100
!Weak on dividend: 12 out of 100

For context

·0.60% dividend yield
Evidence: High Range kr 208.12 – kr 830.77

Fair value as of: Aug 13, 2026

From 22 valuation models · updated 22 days ago

Share price +7.7% over the past month.

What runs behind every stock

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

What matters now

  • A high-quality business (quality 76/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The model range is unusually wide (kr 208.12 to kr 830.77). The outcome hinges heavily on assumptions, so read the point estimate with caution.

Price vs Fair Value (5 years)

kr 375.57 kr 66.65 Fair Value kr 273.15 Jun 2021 Sep 2026

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 kr 66.65 – kr 375.57 · fair‑value band kr 208.12 – kr 830.77 · the kr 334.00 price screens above the kr 273.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 4 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

BioArctic AB (BIOA-B) currently trades at kr 334.00, while our model-based Fair Value estimate is kr 273.15, implying the stock looks roughly 22.3% overvalued today. The Quality Score stands at 76/100 (high quality), in the Healthcare sector. Bull case: the Growth Earnings group reads highest at a median of kr 639.05 per share, and 11 of the 22 models we run sit above the kr 334.00 price. Bear case: the Multiples group reads lowest at kr 119.10, and 11 of the 22 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, BioArctic AB generated revenue of 1.1B SEK at a net margin of 18.6%. Revenue declined 66.1% year over year. It earns a return on equity of 10.3%. The balance sheet holds a net cash position of 968M SEK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 208.12 (bear case) to kr 830.77 (bull case); at kr 334.00, 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 8% below its 52-week high and 93% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −59% fair-value upside, at −18%, BIOA-B screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 0.2514 per share, which is 0.1 % 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 338.06 kr 523.92 kr 1,116 71
EPV kr 159.42 kr 183.66 kr 204.86 70
Growth DCF kr 318.80 kr 618.98 kr 1,111 70
All 22 models by family
DCF Models
FCF DCF kr 338.06 kr 523.92 kr 1,116 71
5Y Revenue Exit kr 148.41 kr 210.94 kr 338.84 67
5Y EBITDA Exit kr 250.05 kr 416.46 kr 742.23 67
5Y P/E Exit kr 274.11 kr 575.77 kr 983.53 63
10Y Revenue Exit kr 203.21 kr 346.56 kr 411.75 63
10Y EBITDA Exit kr 279.93 kr 565.42 kr 1,050 60
10Y P/E Exit kr 297.49 kr 617.23 kr 1,135 56
Earnings-Based
Graham-Dodd kr 93.53 kr 652.29 kr 915.39 61
Lynch FV kr 336.99 kr 481.42 kr 625.85 59
PEG = 1.0 kr 336.99 kr 481.42 kr 625.85 55
EPV kr 159.42 kr 183.66 kr 204.86 70
Multiples
P/E Multiple kr 226.96 kr 302.61 kr 378.26 63
P/S Multiple kr 70.60 kr 94.14 kr 117.67 58
P/B Multiple kr 89.32 kr 119.10 kr 148.87 55
EV/EBIT kr 248.70 kr 326.93 kr 405.16 63
EV/EBITDA kr 209.09 kr 274.12 kr 339.15 64
EV/Revenue kr 70.48 kr 94.69 kr 118.90 52
Asset-Based
NCAV (Graham) kr 13.23 kr 17.73 kr 26.47 51
Growth DCF
Growth DCF kr 318.80 kr 618.98 kr 1,111 70
Economic Profit
Residual Income kr 129.99 kr 212.32 kr 4,447 61
ROIC Compounder kr 176.96 kr 229.86 kr 292.26 68
Growth Earnings
Growth-Adj P/E kr 447.34 kr 639.05 kr 830.77 65

Widest divergence: Growth Earnings (kr 639.05) versus Asset-Based (kr 17.73). Highest evidence: FCF DCF (71).

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Key figures & financial health

P/E ratio 134.2 as of Jul 12, 2026
P/S ratio 68.6 P/E × margin
EPS (TTM) kr 2.39 price ÷ EPS = P/E 134.2
Dividend yield 0.6% payout 83.7%
Net margin 51.1% FY2025
Return on equity 10.3% TTM
More key figures
Profitability
Return on assets (EBIT) 7.4% avg 5y
Operating margin 45.9% TTM
Growth
Revenue (TTM) 1.1B SEK TTM
Revenue growth (YoY) −66.1% 3y avg +106%
EPS growth (YoY) −79.3%
Balance sheet & cash flow
Free cash flow 1.4B SEK FY2025
Net cash 968M SEK FY2025

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

Quality Score breakdown

Overall quality 76/100

Of which business quality 77 · Market factors (momentum, volatility) 57

Profitability 91
Margins and returns on capital today
Quality Growth 100
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 58
Distance to the 52-week high (market factor)
Net Issuance 80
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

BioArctic AB (publ) develops biological drugs for patients with central nervous system disorders in Sweden. It engages in the research and development of biological drugs, such as antibodies that address high unmet medical needs.

Full company description

BioArctic AB (publ) develops biological drugs for patients with central nervous system disorders in Sweden. It engages in the research and development of biological drugs, such as antibodies that address high unmet medical needs. The company's therapeutic areas encompass neurodegenerative disorders, such as Alzheimer's disease, Parkinson's disease, and other ALS diseases. In addition, it offers Lecanemab for intravenous treatment. Further, it is developing Lecanemab for Subcutaneous treatment, which is in registration stage; lecanemab, which is in phase 3 clinical trials for presymptomatic treatment; Exidavnemab, which is in phase 2 clinical trials; Lecanemab back-up, BAN2803, ND3014, and BAN2802 that are in preclinical trials; and ND-BT8825, HD-BT4801, GD-BT6822, ND-BT3814, PD-BT2238 which are in research stage. The company was formerly known as BioArctic Neuroscience AB and changed its name to BioArctic AB (publ) in 2016. BioArctic AB (publ) was incorporated in 2000 and is based in Stockholm, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BioArctic AB reported revenue of 2.0B SEK in FY2025 versus 23.1M SEK in FY2021, a compound +204.9%/yr. Reported net income was 1.0B SEK in FY2025.

Growth Quality 81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
2.0B SEK
Latest YoY
+676.8%
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.
+106.1%
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.
+100.1%
Avg. revenue growth/yr (10Y) 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.
+47.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+63.5% · in SEK
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+62.9%
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 62.9% vs 10Y 41.9%, 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.−132.0% (2020) → 68.4% (2025) · rising
Worst earnings drop235% (2021) (loss year, drop beyond 100%) · in SEK
Revenue +204.9%/yr
FY21 23.1M SEK
FY22 228M SEK
FY23 616M SEK
FY24 257M SEK
FY25 2.0B SEK
Net income
FY21 −120M SEK
FY22 −11.2M SEK
FY23 229M SEK
FY24 −177M SEK
FY25 1.0B SEK
Character of growth · EPS growth decomposed (2015-2025) +42.5 % p.a.
Revenue per share +40.2 %

of which total revenue +40.3 % · buybacks/dilution −0.1 %

EBIT margin +1.6 %
Tax rate +0.6 %
Residual (interest, one-offs) −0.6 %

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).

BIOA-B screens 22% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Cite: Fair Value Calculator (2026). "BioArctic AB Fair Value". https://www.fairvalue-calculator.com/stock/BIOA-B

Peer Group

Biotechnology · 625 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 76 · Top 25%
Fair Value upside −18% · Above median
Return on equity (TTM) 10% · Top 25%
Return on assets 13% · Top 25%
Net margin (TTM) 19% · Top 25%
Operating margin (TTM) 46% · Top 25%
Revenue growth −66% · Bottom 25%
Dividend yield (TTM) 0.6% · Below median

Valuation Multiples vs Biotechnology median · lower = cheaper

P/E (TTM) 134.2× · Pricier than 75% of peers
P/B 15.56× · Pricier than 75% of peers
P/S (TTM) 26.69× · Pricier than 75% of peers
P/FCF 2.2× · Cheaper than median
EV/EBITDA 22.7× · Pricier than median

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
VALUE9 · sector 0
FUTURE0 · sector 0
PAST41 · sector 0
HEALTH0 · sector 98
DIVIDEND12 · sector 26

Insider activity: 45/100

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 Biotechnology stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $547.55 $278.78 −49%
Regeneron Pharmaceuticals, Inc REGN $807.71 $594.40 −26%
argenx SE ARGX €877.60 €292.84 −67%
Samsung Biologics Co 207940 1,518,000 KRW 1,055,793 KRW −30%
Alnylam Pharmaceuticals, Inc ALNY $228.61 $51.70 −77%
Royalty Pharma plc RPRX $60.58 $24.22 −60%
Celltrion, Inc 068270 190,700 KRW 74,519 KRW −61%
BeOne Medicines AG ONC $362.51 $111.35 −69%
BioNTech SE BNTX $111.40 $45.66 −59%
Incyte Corporation INCY $123.22 $115.79 −6%

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Frequently asked questions

Is BioArctic AB (BIOA-B) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 273.15 versus a price of kr 334.00, about −18% upside (overvalued).
What is the fair value of BIOA-B?
Our model-based fair value for BioArctic AB is kr 273.15 (as of Aug 13, 2026), built from audited fundamentals. The current price: kr 334.00.
What is the quality score of BIOA-B?
BioArctic AB has a Quality Score of 76/100. 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 BioArctic AB (BIOA-B)?
BioArctic AB reported trailing-twelve-month revenue of about 1.1B SEK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of BIOA-B?
The net profit margin of BioArctic AB is about 18.6%, meaning it keeps roughly 18.6% of revenue as net income. Based on the latest reported figures.
Does BioArctic AB pay a dividend?
BioArctic AB currently shows a dividend yield of about 0.60% relative to its recent price (as of Aug 13, 2026).
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