CellaVision AB (CEVI) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of CellaVision AB SEK 185, price SEK 166, upside +11.1%, quality 76 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 117.44 – kr 462.19 · fair‑value band kr 122.67 – kr 231.00 · the kr 166.40 price screens below the kr 184.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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CellaVision AB (publ) develops and sells instruments, software, and reagents for blood and body fluids analysis in Sweden and internationally.
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CellaVision AB (publ) develops and sells instruments, software, and reagents for blood and body fluids analysis in Sweden and internationally. The company provides analyzers for microscopy systems; and DIFF-Line, a hematology lab that handles a smaller amount daily blood samples, as well as consists of three instruments, such as CellaVision DC-1, RAL SmearBox, and RAL StainBox for smearing, staining, and analyzing peripheral blood smears. It also provides CellaVision DC-1 for performing blood cell differentials; and CellaVision DM1200 and CellaVision DM9600 to automate and simplify the process of performing blood and body fluid differentials. In addition, the company's CellaVision Bone Marrow Aspirate Application enables laboratories to automate, standardize, and simplify morphological examination of bone marrow aspirate samples; CellaVision Peripheral Blood Application enables laboratories to automate, standardize and simplify morphological examination like peripheral blood smears; CellaVision Advanced RBC Application performs a more comprehensive examination for red blood cell morphology; CellaVision Body Fluid Application is for examination body fluid preparations; CellaVision CellAtlas, a library of blood cell images and descriptions created by digital cell morphology experts; CellaVision Review Software removes restrictive constraints from smear review process and performs better; CellaVision Server Software creates a single streamlined workflow within one or multiple testing sites; and CellaVision VET is a veterinary lab. It sells its products to hospitals and commercial laboratories. The company was incorporated in 1994 and is based in Lund, Sweden.
Stock analysis
CellaVision AB (CEVI) currently trades at kr 166.40, while our model-based Fair Value estimate is kr 184.80, implying the stock looks roughly 10.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 159.22 per share, and 3 of the 24 models we run sit above the kr 166.40 price.
Bear case: the Asset-Based group reads lowest at kr 24.93, and 21 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 122.67 (bear) to kr 231.00 (bull), the price of kr 166.40 sits inside 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 76/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
CellaVision AB reported revenue of 759M SEK in FY2025 versus 566M SEK in FY2021, a compound +7.6%/yr. Reported net income was 153M SEK in FY2025, compounding +5.1%/yr from FY2021.
Key figures
Market cap 4.0B SEK (≈ $400M) · P/E ratio 28.8 · P/S ratio 5.82 · EPS (TTM) kr 5.77 · Dividend yield 1.7% · Net margin 20.2% · Return on equity 15.3% · Return on assets (EBIT) 18.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 42% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 5% fair-value upside, at 11%, CEVI screens cheaper than that median.
Fair Value models
Bear kr 122.67Fair Value kr 184.80Bull kr 231.00
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 2.22 per share) are deliberately not added.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 ⓘEvidence = 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.
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.91/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.9%
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.
+5.9%
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.
+10.0%
Start year 2020 (pandemic). Over 10 years: +12.2% a year
Revenue growth 24 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.
+20.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+10.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.1%
Dividend (yield on the price)1.7%
Pace: 5 vs 10 years ⓘ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.9% vs 11%, steady
Profit margin 2020 to 2025 ⓘ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.23% → 27%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+13.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +11.1% a year for the price and +5.8% for the forecasts.
Price, fair value, quality and upside side by side.
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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 · 365 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score76 · Top 25%
Fair Value upside+11% · Above median
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets10% · Top 25%
Net margin (TTM)18% · Top 25%
Operating margin (TTM)17% · Top 25%
Growth and dividend
Revenue growth−15% · Bottom 25%
Dividend yield (TTM)1.7% · Below median
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Medical Devices median · lower = cheaper
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Cite: Fair Value Calculator (2026). "CellaVision AB Fair Value". https://www.fairvalue-calculator.com/stock/CEVI
Frequently asked questions
Is CellaVision AB (CEVI) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 184.80 versus a price of kr 166.40, about +11% upside (undervalued).
What is the fair value of CEVI?
Our model-based fair value for CellaVision AB is kr 184.80 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 166.40.
What is the quality score of CEVI?
CellaVision 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 price target for CellaVision AB (CEVI)?
Our model-based price target is the fair value of kr 184.80 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario kr 122.67, optimistic scenario kr 231.00. It is a calculation from audited fundamentals, not an analyst target.
What is the CellaVision AB stock forecast for 2026?
Our models put fair value at kr 184.80, about +11% upside versus a price of kr 166.40 (undervalued). Cautious scenario kr 122.67, optimistic scenario kr 231.00. The calculation is refreshed regularly with new filings.
What is the revenue of CellaVision AB (CEVI)?
CellaVision AB reported trailing-twelve-month revenue of about 731M SEK (latest available figure, as of Sep 24, 2026).
Does CellaVision AB pay a dividend?
CellaVision AB currently shows a dividend yield of about 1.65% relative to its recent price (as of Sep 24, 2026).
What growth is priced into CellaVision AB (CEVI)?
For today's price to be fair in a discounted-cash-flow model, CellaVision AB would have to grow free cash flow by +13.3 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of CEVI use?
Our models discount CellaVision AB at 10.9 %: a base by market capitalisation (small), damped by beta 0.96, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For CellaVision AB that is +13.3 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has CellaVision AB (CEVI) delivered so far?
Over the past 5 years revenue at CellaVision AB grew +10.0 % a year. The price currently implies +13.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of CellaVision AB (CEVI) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into CellaVision AB (+13.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CellaVision AB (CEVI)?
The free-cash-flow yield on the price is 4.58 %: that much free cash flow CellaVision AB produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CellaVision AB (CEVI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CellaVision AB it is kr 184.80 per share (as of Sep 24, 2026), against a price of kr 166.40. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is CellaVision AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CEVI trades below its calculated fair value: price kr 166.40, fair value kr 184.80, a gap of about +11% (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 CEVI?
No. The price is what the market pays today (kr 166.40); the fair value is what the company's own numbers justify (kr 184.80). For CellaVision AB the two are kr 18.40 per share apart. That gap is exactly why we show both numbers side by side.
How much is CellaVision AB worth?
The market values CellaVision AB at about 4.0B SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 166.40; our models calculate a fair value of kr 184.80 per share.
What do the bullish and bearish scenarios say about CEVI?
Our models span a range for CellaVision AB: cautious scenario kr 122.67, base kr 184.80, optimistic kr 231.00 per share (as of Sep 24, 2026, price kr 166.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CEVI?
CellaVision AB trades at a price-to-earnings ratio of 28.8 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 184.80 is built from several models across several years. Other multiples: P/B 4.5, P/S 5.4, EV/EBITDA 19.5.
How solid is the balance sheet of CellaVision AB (CEVI)?
Balance-sheet figures for CellaVision AB (as of Sep 24, 2026): return on equity 15.3%, debt of 0.01 per unit of equity. They feed the Quality Score of 76/100, which measures business quality independently of the share price.
How far is CEVI from its 52-week high?
CellaVision AB trades at kr 166.40, about 10% below its 52-week high of kr 184.30 and 42% above the low of kr 117.58 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 184.80 is for.
Which stocks are comparable to CellaVision 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 CellaVision AB stock attractive at the current price?
The data as of Sep 24, 2026: price kr 166.40, calculated fair value kr 184.80 (+11%), Quality Score 76/100, from 24 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 CEVI calculated?
We run CellaVision AB through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 184.80, 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. CellaVision AB currently trades 11 % 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 CellaVision AB (CEVI)?
The closing price on Sep 24, 2026 was kr 166.40. Our model-based fair value is kr 184.80, about +11% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CellaVision AB right now?
A fairly wide model range (kr 122.67 to kr 231.00) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of CellaVision AB (CEVI) come from?
Earnings per share at CellaVision AB grew +12.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +13.0 %, EBIT margin +0.0 %, tax rate +0.2 %, residual (interest, one-offs) −0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of CellaVision AB
How large is the market capitalisation of CellaVision AB (CEVI)?
The market capitalisation of CellaVision AB is 4.0B SEK (≈ $400M). 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 CellaVision AB (CEVI)?
The price-to-sales ratio of CellaVision AB is 5.82 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CellaVision AB (CEVI)?
Earnings per share at CellaVision AB are kr 5.77 (price ÷ EPS = P/E 28.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CellaVision AB (CEVI)?
The dividend yield of CellaVision AB is 1.7% (payout 47.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CellaVision AB (CEVI)?
The net margin of CellaVision AB is 20.2% (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 CellaVision AB (CEVI)?
The return on equity (ROE) of CellaVision AB is 15.3% (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 CellaVision AB (CEVI)?
On an EBIT basis the return on assets of CellaVision AB is 18.3% (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 CellaVision AB (CEVI)?
The operating margin of CellaVision AB is 17.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CellaVision AB (CEVI)?
Revenue at CellaVision AB is growing −14.6% versus a year earlier (3y avg +5.9%). 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 CellaVision AB (CEVI)?
Earnings per share at CellaVision AB are growing −45.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does CellaVision AB (CEVI) hold?
CellaVision AB holds more cash than debt, 163M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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