CodeLab Capital A/S (CODE) fair value: what the stock is really worth
We calculate from audited financials what CodeLab Capital A/S is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
Valuation from Jul 12, 2026. With the latest figures (losses, negative cash flow), a fair value can no longer be calculated.
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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 Jul 12, 2026.
How to read this chart
60‑month range kr 1.90 – kr 366.00 · fair‑value band kr 0.6120 – kr 1.23 · the kr 5.60 price screens above the kr 0.8245 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.
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CodeLab Capital AS provides software development tools in Norway and internationally. The company was formerly known as PatientSky Group AS and changed its name to CodeLab Capital AS in May 2023. CodeLab Capital AS was founded in 2014 and is headquartered in Trondheim, Norway.
Stock analysis
CodeLab Capital A/S (CODE) currently trades at kr 5.60, while our model-based Fair Value estimate is kr 0.8245, implying the stock looks roughly 579.3% overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 93/100, which puts the evidence level at low.
Scenario range: kr 0.6120 (bear) to kr 1.23 (bull), the price of kr 5.60 sits above 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 45/100 (below-average quality), in the Healthcare sector.
Weak Growth: Revenue growth is weak, negative or inconsistent.
CodeLab Capital A/S reported revenue of 10.7M NOK in FY2025 versus 209M NOK in FY2021, a compound −52.5%/yr. Reported net income was −14.9M NOK in FY2025.
Key figures
Market cap 80.9M NOK (≈ $8.5M) · P/S ratio 6.10 · EPS (TTM) kr −1.03 · Net margin −140% · Return on equity −62.7% · Return on assets (EBIT) −159% · Operating margin −90.0% · Revenue (TTM) 10.7M NOK.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 3% below its 52-week high and 196% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −45% fair-value upside, at −85%, CODE screens richer than that median.
Fair Value models
Bear kr 0.6120Fair Value kr 0.8245Bull kr 1.23
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.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.0/100
Revenue growth is weak, negative or inconsistent.
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.
−45.2% (2021) → −149.2% (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
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.Health Information Services · 134 stocks
Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score45 · Below median
Fair Value upside−86% · Bottom 25%
Profitability
Return on assets−25% · Bottom 25%
Net margin (TTM)−140% · Bottom 25%
Operating margin (TTM)−90% · Bottom 25%
Growth and dividend
Revenue growth66% · Top 25%
Balance sheet
Debt / equity0.12× · Above median
Valuation Multiplesvs Health Information Services median · lower = cheaper
P/B0.31× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM)0.83× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 3
FUTURE (revenue growth)100· sector 34
PAST (return on equity)0· sector 5
HEALTH (low debt)94· sector 98
DIVIDEND (yield)0· sector 48
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "CodeLab Capital A/S Fair Value". https://www.fairvalue-calculator.com/stock/CODE
Frequently asked questions
Is CodeLab Capital A/S (CODE) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of kr 0.8245 versus a price of kr 5.60, about −85% upside (overvalued).
What is the fair value of CODE?
Our model-based fair value for CodeLab Capital A/S is kr 0.8245 (as of Jul 12, 2026), built from audited fundamentals. The current price: kr 5.60.
What is the quality score of CODE?
CodeLab Capital A/S has a Quality Score of 45/100. 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 CodeLab Capital A/S (CODE)?
Our model-based price target is the fair value of kr 0.8245 (as of Jul 12, 2026) from 1 valuation models. Cautious scenario kr 0.6120, optimistic scenario kr 1.23. It is a calculation from audited fundamentals, not an analyst target.
What is the CodeLab Capital A/S stock forecast for 2026?
Our models put fair value at kr 0.8245, about −85% upside versus a price of kr 5.60 (overvalued). Cautious scenario kr 0.6120, optimistic scenario kr 1.23. The calculation is refreshed regularly with new filings.
What is the revenue of CodeLab Capital A/S (CODE)?
CodeLab Capital A/S reported trailing-twelve-month revenue of about 10.7M NOK (latest available figure, as of Jul 12, 2026).
What is the intrinsic value of CodeLab Capital A/S (CODE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CodeLab Capital A/S it is kr 0.8245 per share (as of Jul 12, 2026), against a price of kr 5.60. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is CodeLab Capital A/S stock overvalued or undervalued in 2026?
As of Jul 12, 2026, CODE trades above its calculated fair value: price kr 5.60, fair value kr 0.8245, a gap of about −85% (overvalued). 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 CODE?
No. The price is what the market pays today (kr 5.60); the fair value is what the company's own numbers justify (kr 0.8245). For CodeLab Capital A/S the two are kr 4.78 per share apart. That gap is exactly why we show both numbers side by side.
How much is CodeLab Capital A/S worth?
The market values CodeLab Capital A/S at about 80.9M NOK (market capitalisation, as of Jul 12, 2026). Per share that is kr 5.60; our models calculate a fair value of kr 0.8245 per share.
What do the bullish and bearish scenarios say about CODE?
Our models span a range for CodeLab Capital A/S: cautious scenario kr 0.6120, base kr 0.8245, optimistic kr 1.23 per share (as of Jul 12, 2026, price kr 5.60). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of CodeLab Capital A/S (CODE)?
Balance-sheet figures for CodeLab Capital A/S (as of Jul 12, 2026): return on equity −62.7%, debt of 0.12 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is CODE from its 52-week high?
CodeLab Capital A/S trades at kr 5.60, about 3% below its 52-week high of kr 5.80 and 196% above the low of kr 1.90 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.8245 is for.
Which stocks are comparable to CodeLab Capital A/S?
From the same area (Healthcare) we also value Veeva Systems Inc, Pro Medicus Limited, BrightSpring Health Services, Inc, HealthEquity, Inc, 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 CodeLab Capital A/S stock attractive at the current price?
The data as of Jul 12, 2026: price kr 5.60, calculated fair value kr 0.8245 (−85%), Quality Score 45/100, from 1 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 CODE calculated?
We run CodeLab Capital A/S through 1 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 0.8245, 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 13.0 % above its aggregate fair value. CodeLab Capital A/S itself currently trades above fair value. 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 CodeLab Capital A/S (CODE)?
The closing price on Sep 24, 2026 was kr 5.60. Our model-based fair value is kr 0.8245, about −85% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CodeLab Capital A/S right now?
The price sits above even our optimistic bull case (kr 1.23). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 0.6120 to kr 1.23) leaves room in how you read the outcome.
Key figures of CodeLab Capital A/S
How large is the market capitalisation of CodeLab Capital A/S (CODE)?
The market capitalisation of CodeLab Capital A/S is 80.9M NOK (≈ $8.5M). 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 CodeLab Capital A/S (CODE)?
The price-to-sales ratio of CodeLab Capital A/S is 6.10 (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 CodeLab Capital A/S (CODE)?
Earnings per share at CodeLab Capital A/S are kr −1.03. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of CodeLab Capital A/S (CODE)?
The net margin of CodeLab Capital A/S is −140% (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 CodeLab Capital A/S (CODE)?
The return on equity (ROE) of CodeLab Capital A/S is −62.7% (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 CodeLab Capital A/S (CODE)?
On an EBIT basis the return on assets of CodeLab Capital A/S is −159% (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 CodeLab Capital A/S (CODE)?
The operating margin of CodeLab Capital A/S is −90.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CodeLab Capital A/S (CODE)?
Revenue at CodeLab Capital A/S is growing +66.3% versus a year earlier (3y avg −62.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does CodeLab Capital A/S (CODE) generate?
The free cash flow of CodeLab Capital A/S is −13.2M NOK (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 CodeLab Capital A/S (CODE) carry?
The net debt of CodeLab Capital A/S is 162M NOK (fiscal year 2022). 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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