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Boule Diagnostics AB (BOUL) fair value: what the stock is really worth

As of Nov 11, 2026: fair value (intrinsic value) of Boule Diagnostics AB stock SEK 3.74, price SEK 1.25, upside +200.0%, quality 48 out of 100. Rating: strongly undervalued. Calculated from audited financials with 7 of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare SE · ISIN SE0011231158

BD Boule Diagnostics AB logo Thin data Nov 7, 2026

Boule Diagnostics AB

BOUL · ST
Cheap, value-trap risk

The stock costs 67% less than our calculation considers fair.

Fair value kr 3.74 · Strongly undervalued
Low debt
Even on cautious assumptions the value is 97% above the price (kr 2.46).
Quality 48/100
Mixed vs. peers (6/11)
Changed on Nov 4: SEK 3.00 → SEK 2.55
Weak Growth (revenue 3y −3.7 %/yr in SEK)
Loss-making · -0.6% net margin (TTM)
Negative free cash flow
Narrow moat 22/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

kr 41.86 kr 0.8500 Fair Value kr 3.74 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range kr 0.8500 – kr 41.86 · fair‑value band kr 2.46 – kr 5.81 · the kr 1.25 price screens below the kr 3.74 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.

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Company profile

Boule Diagnostics AB (publ) develops, manufactures, and markets instruments and consumable products for blood diagnostics in the United States of America, Asia, Eastern Europe, Latin America, Western Europe, Africa, and the Middle East.

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The company provides hematology analyzers, reagents, controls, and calibrators, under the Swelab, and Medonic brands; and veterinary hematology and clinical chemistry analyzer systems, as well as reagents and panels under the Exigo brand.

It serves small and medium-sized hospitals, clinics, laboratories, and veterinary clinics, and other diagnostics firms. The company was founded in 1956 and is headquartered in Spånga, Sweden.

Stock analysis

Boule Diagnostics AB (BOUL) currently trades at kr 1.25, while our model-based Fair Value estimate is kr 3.74, implying the stock looks roughly 67% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of kr 5.70 per share, and 7 of the 7 models we run sit above the kr 1.25 price.

Bear case: the Asset-Based group reads lowest at kr 1.43, and 0 of the 7 models stay below the price. Data coverage for this calculation is low.

Scenario range: kr 2.46 (bear) to kr 5.81 (bull), the price of kr 1.25 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 48/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Boule Diagnostics AB reported revenue of 490M SEK in FY2025 versus 463M SEK in FY2021, a compound +1.4%/yr. Reported net income was −3.8M SEK in FY2025.

Key figures

Market cap 48.3M SEK (≈ $4.9M) Micro · P/S ratio 0.09 · EPS (TTM) kr −0.4500 · Net margin −0.8% · Return on equity −1.6% · Return on assets (EBIT) −4.6% (5-year average) · Operating margin 2.9% · Revenue (TTM) 461M SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 22 out of 100 (low confidence).

What moves the price

The share trades about 80% below its 52-week high and 46% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 7% fair-value upside, at 200%, BOUL screens cheaper than that median.

Fair Value models

Bear kr 2.46 Fair Value kr 3.74 Bull kr 5.81
Price kr 1.25 · Upside +200.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Owner Earnings kr 3.27 kr 5.70 kr 9.58 74
EPV kr 3.06 kr 3.79 kr 4.45 74
ROIC Compounder kr 3.06 kr 3.79 kr 4.60 72
All 7 models by family
DCF Models
Owner Earnings kr 3.27 kr 5.70 kr 9.58 74
Earnings-Based
EPV kr 3.06 kr 3.79 kr 4.45 74
Multiples
EV/EBIT kr 2.21 kr 4.97 kr 7.73 62
EV/EBITDA kr 5.78 kr 9.73 kr 13.68 65
EV/Revenue n/a kr 2.37 kr 4.91 50
Asset-Based
NCAV (Graham) kr 1.06 kr 1.43 kr 2.13 54
Economic Profit
ROIC Compounder kr 3.06 kr 3.79 kr 4.60 72

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Quality Score breakdown

Overall quality 48/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 39
How much profit the company makes from its sales and capital
Quality Growth 67
Are margins and returns getting better?
Cashflow 10
Do the profits arrive as real cash?
Financial strength 24
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 4
Distance to the 52-week high, does not count
New shares 72
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 15/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−12.3%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−3.7%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.1%
Start year 2020 (pandemic). Over 10 years: +4.0% a year
Revenue growth 20 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+7.0%
Profit margin (trend) ⓘ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.
−1.1% (2020) → 5.1% (2025)
What shareholders gained per year ⓘ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

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Peer Groupⓘ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.Medical Devices · 403 stocks

Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 48 · Above median
Fair Value upside +200.0% · Top 25%
Profitability
Return on assets −0.8% · Above median
Net margin (12 months) −0.6% · Below median
Operating margin (12 months) 2.9% · Below median
Growth and dividend
Revenue growth (quarter YoY) −13.2% · Bottom 25%
Balance sheet
Debt / equity 0.35× · Above median

Valuation Multiplesvs Medical Devices median · lower = cheaper

P/B 0.29× · Cheapest 25%
P/S (12 months) 0.11× · Cheapest 25%
EV/EBITDA 4.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 15
FUTURE (revenue growth)0 · sector 44
PAST (return on equity)0 · sector 0
HEALTH (low debt)82 · sector 97
DIVIDEND (yield)0 · sector 34

Context: sector, industry, market

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.

Stock Price Fair Value vs Fair Value Compare
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥176.79 ¥202.57 +15% vs BOUL
Stryker Corporation SYK $318.79 $358.30 +12% vs BOUL
DexCom, Inc DXCM $80.35 $89.18 +11% vs BOUL
STERIS plc STE $256.27 $279.53 +9% vs BOUL
Boston Scientific Corporation BSX $45.13 $48.42 +7% vs BOUL
GE HealthCare Technologies Inc GEHC $82.60 $69.92 −15% vs BOUL
Edwards Lifesciences Corporation EW $105.81 $81.94 −23% vs BOUL
Medtronic plc MDT $101.61 $74.90 −26% vs BOUL
Abbott Laboratories, ABT $109.29 $75.28 −31% vs BOUL
Koninklijke Philips N.V PHIA €27.13 €15.23 −44% vs BOUL

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Boule Diagnostics AB: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Boule Diagnostics AB Fair Value". https://www.fairvalue-calculator.com/stock/BOUL

Frequently asked questions

Is Boule Diagnostics AB (BOUL) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 3.74 versus a price of kr 1.25, about +200% upside (undervalued).
What is the fair value of BOUL?
Our model-based fair value for Boule Diagnostics AB is kr 3.74 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 1.25.
What is the quality score of BOUL?
Boule Diagnostics AB has a Quality Score of 48/100. 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 price target for Boule Diagnostics AB (BOUL)?
Our model-based price target is the fair value of kr 3.74 (as of Nov 7, 2026) from 7 valuation models. Cautious scenario kr 2.46, optimistic scenario kr 5.81. It is a calculation from audited fundamentals, not an analyst target.
What is the Boule Diagnostics AB stock forecast for 2026?
Our models put fair value at kr 3.74, about +200% upside versus a price of kr 1.25 (undervalued). Cautious scenario kr 2.46, optimistic scenario kr 5.81. The calculation is refreshed regularly with new filings.
What is the revenue of Boule Diagnostics AB (BOUL)?
Boule Diagnostics AB reported trailing-twelve-month revenue of about 461M SEK (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Boule Diagnostics AB (BOUL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Boule Diagnostics AB it is kr 3.74 per share (as of Nov 7, 2026), against a price of kr 1.25. It is the blended result of 7 valuation models in 5 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is Boule Diagnostics AB stock overvalued or undervalued in 2026?
As of Nov 7, 2026, BOUL trades below its calculated fair value: price kr 1.25, fair value kr 3.74, a gap of about +200% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BOUL?
No. The price is what the market pays today (kr 1.25); the fair value is what the company's own numbers justify (kr 3.74). For Boule Diagnostics AB the two are kr 2.49 per share apart. That gap is exactly why we show both numbers side by side.
How much is Boule Diagnostics AB worth?
The market values Boule Diagnostics AB at about 48.3M SEK (market capitalisation, as of Nov 7, 2026). Per share that is kr 1.25; our models calculate a fair value of kr 3.74 per share.
What do the bullish and bearish scenarios say about BOUL?
Our models span a range for Boule Diagnostics AB: cautious scenario kr 2.46, base kr 3.74, optimistic kr 5.81 per share (as of Nov 7, 2026, price kr 1.25). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Boule Diagnostics AB (BOUL)?
Balance-sheet figures for Boule Diagnostics AB (as of Nov 7, 2026): return on equity −1.6%, debt of 0.35 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is BOUL from its 52-week high?
Boule Diagnostics AB trades at kr 1.25, about 80% below its 52-week high of kr 6.20 and 46% above the low of kr 0.8500 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of kr 3.74 is for.
Which stocks are comparable to Boule Diagnostics AB?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Boule Diagnostics AB stock attractive at the current price?
The data as of Nov 7, 2026: price kr 1.25, calculated fair value kr 3.74 (+200%), Quality Score 48/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BOUL calculated?
We run Boule Diagnostics AB through 7 models from 5 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of kr 3.74 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0% above its aggregate fair value. Boule Diagnostics AB currently trades 67% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Boule Diagnostics AB (BOUL)?
The closing price on Nov 11, 2026 was kr 1.25. Our model-based fair value is kr 3.74, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Boule Diagnostics AB right now?
The large discount to fair value meets weak quality (48/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 2.46). The market is more pessimistic than our downside scenario. 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 2.46 to kr 5.81) leaves room in how you read the outcome.

Key figures of Boule Diagnostics AB

How large is the market capitalisation of Boule Diagnostics AB (BOUL)?
The market capitalisation of Boule Diagnostics AB is 48.3M SEK (≈ $4.9M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Boule Diagnostics AB (BOUL)?
The price-to-sales ratio of Boule Diagnostics AB is 0.09 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Boule Diagnostics AB (BOUL)?
Earnings per share at Boule Diagnostics AB are kr −0.4500. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Boule Diagnostics AB (BOUL)?
The net margin of Boule Diagnostics AB is −0.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Boule Diagnostics AB (BOUL)?
The return on equity (ROE) of Boule Diagnostics AB is −1.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Boule Diagnostics AB (BOUL)?
On an EBIT basis the return on assets of Boule Diagnostics AB is −4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Boule Diagnostics AB (BOUL)?
The operating margin of Boule Diagnostics AB is 2.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Boule Diagnostics AB (BOUL)?
Revenue at Boule Diagnostics AB is growing −13.2% versus a year earlier (3y avg −3.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Boule Diagnostics AB (BOUL)?
Earnings per share at Boule Diagnostics AB are growing +25.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Boule Diagnostics AB (BOUL) generate?
The free cash flow of Boule Diagnostics AB is −4.1M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Boule Diagnostics AB (BOUL) carry?
The net debt of Boule Diagnostics AB is 235M SEK (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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