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CellaVision AB (CLVSF) fair value: what the stock is really worth
As of Aug 21, 2026: fair value of CellaVision AB $15.40, price $14.00, upside +10.0%, quality 71 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Broad data
Sep 24, 2026
Broad data
Sep 24, 2026
CellaVision AB
CLVSF · USNeutralQuality growthThe stock looks roughly fairly valued with average quality.
·Fair value $15.40 · Fairly valued (+10.0%)
✓Quality 71/100
✓Healthy Growth (revenue 5y +10.0 %/yr)
✓Solidly profitable · 18.4% net margin (TTM)
✓Low debt · generates free cash flow
✓Wide moat 72/100
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
White line = price, green steps = our fair value per fiscal year. As of Sep 24, 2026.
How to read this chart
60‑month range $5.19 – $37.06 · fair‑value band $9.54 – $20.01 · the $14.00 price screens below the $15.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Sep 24, 2026.
Company profile
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 (CLVSF) currently trades at $14.00, while our model-based Fair Value estimate is $15.40, implying the stock looks roughly 9.1% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $12.26 per share, and 6 of the 26 models we run sit above the $14.00 price.
Bear case: the Asset-Based group reads lowest at $2.48, and 20 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $9.54 (bear) to $20.01 (bull), the price of $14.00 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 71/100 (solid 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 $334M · P/E ratio 23.3 · P/S ratio 4.71 · EPS (TTM) $0.6000 · Net margin 20.2% · Return on equity 15.3% · Return on assets (EBIT) 18.3% · Revenue (TTM) 748M SEK.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
For context, the median of 10 Healthcare peers we cover trades at 6% fair-value upside, at 10%, CLVSF screens cheaper than that median.
Fair Value models
Bear $9.54
Fair Value $15.40
Bull $20.01
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 ($0.4537 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. 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.
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.
Highest evidence
FCF DCF
$6.13
$9.65
$14.99
79
Growth DCF
$6.05
$9.15
$13.59
78
Owner Earnings
$5.80
$9.11
$14.13
75
All 26 models by family
DCF Models
FCF DCF
$6.13
$9.65
$14.99
79
Owner Earnings
$5.80
$9.11
$14.13
75
5Y Revenue Exit
$6.81
$11.44
$17.71
71
5Y EBITDA Exit
$8.80
$15.51
$23.94
74
5Y P/E Exit
$8.76
$15.43
$23.05
70
10Y Revenue Exit
$6.28
$10.32
$16.49
65
10Y EBITDA Exit
$7.67
$13.04
$21.22
67
10Y P/E Exit
$7.64
$12.99
$20.54
62
Earnings-Based
Graham-Dodd
$4.35
$19.80
$27.16
64
Lynch FV
$5.18
$7.41
$9.63
61
PEG = 1.0
$5.18
$7.41
$9.63
57
EPV
$6.11
$6.84
$7.45
74
Dividend Discount
Gordon GGM
$1.93
$3.49
$4.80
68
DDM Multi-Stage
$1.93
$3.18
$3.72
67
Multiples
P/E Multiple
$10.54
$14.06
$17.57
63
P/S Multiple
$8.15
$10.86
$13.58
58
P/B Multiple
$8.15
$10.86
$13.58
55
EV/EBIT
$11.49
$15.08
$18.66
66
EV/EBITDA
$11.35
$14.89
$18.43
67
EV/Revenue
$7.39
$10.24
$13.09
54
Asset-Based
NCAV (Graham)
$1.85
$2.48
$3.71
54
Growth DCF
Growth DCF
$6.05
$9.15
$13.59
78
Rev-Margin DCF
$6.81
$11.32
$17.09
72
Economic Profit
Residual Income
$3.68
$4.75
$6.99
75
ROIC Compounder
$6.68
$8.28
$10.20
72
Growth Earnings
Growth-Adj P/E
$8.58
$12.26
$15.94
67
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Set up alert →Quality Score breakdown
Overall quality
71/100
Of which business quality 70 · Market factors (momentum, volatility) 50
Profitability
73
Margins and returns on capital today
Quality Growth
49
Are margins and returns improving?
Cashflow
62
Earnings quality: real cash, not paper profit
Fin. Strength
91
Balance sheet, leverage, solvency risk
Investment
52
Disciplined investing over empire-building
Low Volatility
32
Calm price path (market factor)
Momentum
34
Price trend over the last 3–12 months (market factor)
52W Momentum
100
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
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.
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 18 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.
+13.8%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+9.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.1%
Dividend (yield on the price)0.0%
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.9.1% vs 11.2%, 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).
+19.4%
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.
+8.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in SEK, Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +17.1% a year for the price and +6.1% for the forecasts.
Forecast 2026 (sales)+1.7%
Forecast 2027 (sales)+11.8%
Projected 2028 (sales)+10.6%
Projected 2029 (sales)+9.3%
Projected 2030 (sales)+8.1%
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Context: sector, industry, market
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA 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.
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|---|---|---|---|
| Abbott Laboratories, ABT | $98.83 | $74.79 | −24% |
| Medtronic plc MDT | $87.09 | $65.61 | −25% |
| Stryker Corporation SYK | $278.77 | $306.65 | +10% |
| Boston Scientific Corporation BSX | $43.65 | $48.02 | +10% |
| Edwards Lifesciences Corporation EW | $85.19 | $81.94 | −4% |
| Siemens Healthineers AG SHL | €37.86 | €35.19 | −7% |
| DexCom, Inc DXCM | $86.68 | $95.35 | +10% |
| GE HealthCare Technologies Inc GEHC | $66.63 | $70.37 | +6% |
| Shenzhen Mindray Bio-Medical Electronics Co 300760 | ¥153.86 | ¥169.25 | +10% |
| Koninklijke Philips N.V PHIA | €21.87 | €15.23 | −30% |
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Frequently asked questions
Is CellaVision AB (CLVSF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $15.40 versus the last price from Aug 21, 2026 of $14.00, about +10% upside (undervalued).
What is the fair value of CLVSF?
Our model-based fair value for CellaVision AB is $15.40 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Aug 21, 2026): $14.00.
What is the quality score of CLVSF?
CellaVision AB has a Quality Score of 71/100. 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 (CLVSF)?
Our model-based price target is the fair value of $15.40 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario $9.54, optimistic scenario $20.01. 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 $15.40, about +10% upside versus the last price from Aug 21, 2026 of $14.00 (undervalued). Cautious scenario $9.54, optimistic scenario $20.01. The calculation is refreshed regularly with new filings.
What is the revenue of CellaVision AB (CLVSF)?
CellaVision AB reported trailing-twelve-month revenue of about 748M SEK (latest available figure, as of Sep 24, 2026).
What growth is priced into CellaVision AB (CLVSF)?
For today's price to be fair in a discounted-cash-flow model, CellaVision AB would have to grow free cash flow by +19.4 % per year for five years (discount rate 11.1 %, 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 CLVSF use?
Our models discount CellaVision AB at 11.1 %: a base by market capitalisation (small), damped by beta 0.96, country premium for USA. 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 +19.4 % per year a year over ten years, using the same discount rate (11.1 %) and the same formula as our fair value.
How much growth has CellaVision AB (CLVSF) delivered so far?
Over the past 5 years revenue at CellaVision AB grew +10.0 % a year. The price currently implies +19.4 % 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 (CLVSF) growing?
The median revenue growth in the sector is +5.0 % a year. That is the yardstick for the growth priced into CellaVision AB (+19.4 % 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 (CLVSF)?
The free-cash-flow yield on the price is 3.41 %: that much free cash flow CellaVision AB produces per unit of market value. When it exceeds the discount rate of our models (11.1 %), 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 (CLVSF)?
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 $15.40 per share (as of Sep 24, 2026), against a price of $14.00. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is CellaVision AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CLVSF trades below its calculated fair value: price $14.00, fair value $15.40, a gap of about +10% (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 CLVSF?
No. The price is what the market pays today ($14.00); the fair value is what the company's own numbers justify ($15.40). For CellaVision AB the two are $1.40 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 $334M (market capitalisation, as of Sep 24, 2026). Per share that is $14.00; our models calculate a fair value of $15.40 per share.
What do the bullish and bearish scenarios say about CLVSF?
Our models span a range for CellaVision AB: cautious scenario $9.54, base $15.40, optimistic $20.01 per share (as of Sep 24, 2026, price $14.00). The range comes from different growth and margin assumptions, not from analyst opinions.
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 $14.00, calculated fair value $15.40 (+10%), Quality Score 71/100, from 26 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 CLVSF calculated?
We run CellaVision AB through 26 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 $15.40, 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 14.5 % above its aggregate fair value. CellaVision AB currently trades 9 % 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 (CLVSF)?
The latest price we hold is from Aug 21, 2026 and stands at $14.00. Our model-based fair value is $15.40, about +10% 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 ($9.54 to $20.01) 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 (CLVSF) 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 (CLVSF)?
The market capitalisation of CellaVision AB is $334M. 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/E ratio of CellaVision AB (CLVSF)?
The price-to-earnings ratio of CellaVision AB is 23.3. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of CellaVision AB (CLVSF)?
The price-to-sales ratio of CellaVision AB is 4.71 (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 (CLVSF)?
Earnings per share at CellaVision AB are $0.6000 (price ÷ EPS = P/E 23.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of CellaVision AB (CLVSF)?
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 (CLVSF)?
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 (CLVSF)?
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.
How fast is revenue growing at CellaVision AB (CLVSF)?
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 (CLVSF)?
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 (CLVSF) 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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