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CirChem AB (CIRCHE) Fair Value & Analysis

Industrials · SE · Market cap 27.3M SEK (≈ $2.9M) · ISIN SE0015193529

CA CirChem AB CIRCHE · ST
Pricekr 0.6560
Fair Valuekr 0.7300
Upside+11.3%
Quality10/100
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Strengths

Trades 10% below our fair value of kr 0.7300

Risks

!Mixed Growth (revenue 5y +167.1 %/yr)
!Low debt · negative free cash flow
!Mixed vs. peers (4/8)
!Narrow moat 11/100
Mixed Growth (revenue 5y +167.1 %/yr)
Low debt · negative free cash flow
Mixed vs. peers (4/8)
Narrow moat 11/100
Evidence: Low Range kr 0.5400 – kr 1.08 Share as image

Fair value as of: Aug 27, 2026

From 1 valuation models · updated 2 days ago

Share price −11.4% over the past month.

Below-average quality, trading 10% below our fair value.

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

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What matters now

  • A fairly wide model range (kr 0.5400 to kr 1.08) leaves room in how you read the outcome.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
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Price vs Fair Value (5 years)

kr 15.12 kr 0.6360 Fair Value kr 0.7300 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range kr 0.6360 – kr 15.12 · fair‑value band kr 0.5400 – kr 1.08 · the kr 0.6560 price screens below the kr 0.7300 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

CirChem AB (CIRCHE) currently trades at kr 0.6560, while our model-based Fair Value estimate is kr 0.7300, implying the stock looks roughly 11.3% undervalued today. The Quality Score stands at 10/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Trailing-twelve-month revenue stands at 12.0M SEK. Revenue declined 58.0% year over year. It earns a return on equity of -37.0%. Fundamentals as of Aug 27, 2026

Our scenario range runs from kr 0.5400 (bear case) to kr 1.08 (bull case); at kr 0.6560, 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 76% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -29% fair-value upside, at 11%, CIRCHE 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
NCAV (Graham) kr 0.5400 kr 0.7300 kr 1.08 50
All 1 models by family
Asset-Based
NCAV (Graham) kr 0.5400 kr 0.7300 kr 1.08 50

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Key figures & financial health

P/S ratio 2.40 TTM
EPS (TTM) kr -0.3200
Net margin -121% FY2025
Return on equity -37.0% TTM
Return on assets (EBIT) -22.9% avg 5y
Operating margin -173% TTM
More key figures
Growth
Revenue (TTM) 12.0M SEK TTM
Revenue growth (YoY) -58.0% 3y avg +156%
Balance sheet & cash flow
Free cash flow −20.6M SEK FY2025
Net cash 751K SEK FY2025

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 10/100

Of which business quality 17 · Market factors (momentum, volatility) 7

Profitability 0
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 14
Earnings quality: real cash, not paper profit
Fin. Strength 60
Balance sheet, leverage, solvency risk
Investment 14
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 15
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 0
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

CirChem AB (publ), an environmental technology company, engages in the solvent recycling business in Sweden. It collects, filters, and purifies industrial solvents for reuse. The company is also involved in the production of chemical products, such as washer fluids and hand sanitizers.

Full company description

CirChem AB (publ), an environmental technology company, engages in the solvent recycling business in Sweden. It collects, filters, and purifies industrial solvents for reuse. The company is also involved in the production of chemical products, such as washer fluids and hand sanitizers. CirChem AB (publ) was incorporated in 2013 and is headquartered in Vargön, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CirChem AB reported revenue of kr 10.0M in FY2025 versus kr 85.6K in FY2021, a compound +228.5%/yr. Reported net income was −kr 12.1M in FY2025.

Growth Quality 23/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
10.0M SEK
Latest YoY
−51.8%
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.
+156.4%
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.
+167.1%
Avg. revenue growth/yr (7Y) 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.
+79.2%
Value creation/yr 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
Revenue +228.5%/yr
FY21 kr 85.6K
FY22 kr 591K
FY23 kr 5.7M
FY24 kr 20.7M
FY25 kr 10.0M
Net income
FY21 −kr 19.5M
FY22 −kr 25.5M
FY23 −kr 17.1M
FY24 −kr 1.1M
FY25 −kr 12.1M

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

Peer Group

Waste Management · 169 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 17 · Bottom 25%
Fair Value upside +11% · Above median
Return on assets -15% · Bottom 25%
Revenue growth -22% · Bottom 25%
Debt / equity 0.29× · Lower than median

Valuation Multiples vs Waste Management median · lower = cheaper

P/B 0.06× · Cheaper than 75% of peers
P/S (TTM) 0.39× · Cheaper 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE48 · sector 5
FUTURE0 · sector 21
PAST0 · sector 26
HEALTH85 · sector 83
DIVIDEND0 · sector 44

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 Waste Management stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
Waste Management, Inc WM $217.76 $128.02 -41%
Republic Services, Inc RSG $222.18 $120.63 -46%
Waste Connections, Inc WCN C$230.52 C$78.67 -66%
Veolia Environnement SA VIE €32.58 €23.26 -29%
Clean Harbors, Inc CLH $311.81 $154.01 -51%
GFL Environmental Inc GFL C$57.62 C$44.27 -23%
Fomento de Construcciones y Contratas, S.A FCC €11.30 €7.30 -35%
Umicore SA UMI €24.22 €27.16 +12%
GEM Co 002340 ¥6.67 ¥5.27 -21%
Zhejiang Weiming Environment Protection Co 603568 ¥14.86 ¥20.95 +41%

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Frequently asked questions

Is CirChem AB (CIRCHE) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of kr 0.7300 versus a price of kr 0.6560, about +11% (undervalued).
What is the fair value of CIRCHE?
Our model-based fair value for CirChem AB is kr 0.7300 (as of Aug 27, 2026), built from audited fundamentals. The current price: kr 0.6560.
What is the quality score of CIRCHE?
CirChem AB has a Quality Score of 10/100. 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 CirChem AB (CIRCHE)?
CirChem AB reported trailing-twelve-month revenue of about 12.0M SEK (latest available figure, as of Aug 27, 2026).
What is the net profit margin of CIRCHE?
The net profit margin of CirChem AB is about -129.4%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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