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EQL Pharma AB (EQL) Fair Value & Analysis

Healthcare · SE · Market cap 633M SEK

EP EQL Pharma AB EQL · ST
Pricekr 20.55
Fair Valuekr 8.49
Upside-58.7%
Quality32/100
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Expensive Growth
Loss-making · -1.9% net margin
Moderate debt · negative free cash flow
Trails peers (2/11)
Narrow moat 20/100
Evidence: Medium Range kr 6.37 – kr 10.61 Share as image

Fair value as of: Jul 18, 2026

From 14 valuation models · updated 24 days ago

Fair value updated Jul 18, 2026, revised from kr 9.34 to kr 8.49 (−9.1%) since Jul 16, 2026. Share price −12.0% over the past month.

Below-average quality, and screening another 59% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 10.61). The favourable scenario is already priced in.
  • Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (2 years)

kr 108.80 kr 19.72 Fair Value kr 8.49 Jul 2024 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

25‑month range kr 19.72 – kr 108.80 · fair‑value band kr 6.37 – kr 10.61 · the kr 20.55 price screens above the kr 8.49 fair value. Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

EQL Pharma AB (EQL) currently trades at kr 20.55, while our model-based Fair Value estimate is kr 8.49, implying the stock looks roughly 58.7% overvalued today. The Quality Score stands at 32/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, EQL Pharma AB generated revenue of 31.8M SEK at a net margin of -1.9%. Revenue grew 21.3% year over year. It earns a return on equity of -1.1%. Net debt stands at 398M SEK. Fundamentals as of Jul 18, 2026

Our scenario range runs from kr 6.37 (bear case) to kr 10.61 (bull case); at kr 20.55, the current price sits above 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. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at -59%, EQL screens richer 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
ROIC Compounder kr 1.67 kr 3.09 kr 4.27 72
Growth-Adj P/E kr 7.46 kr 10.65 kr 13.85 68
P/E Multiple kr 7.01 kr 9.34 kr 11.68 63
All 14 models by family
Earnings-Based
Graham-Dodd kr 2.89 kr 17.68 kr 24.66 54
Lynch FV kr 5.06 kr 7.24 kr 9.41 50
PEG = 1.0 kr 5.06 kr 7.24 kr 9.41 46
EPV kr 1.67 kr 3.09 kr 4.27 59
Multiples
P/E Multiple kr 7.01 kr 9.34 kr 11.68 63
P/S Multiple kr 5.41 kr 7.22 kr 9.02 58
P/B Multiple kr 5.41 kr 7.22 kr 9.02 55
EV/EBIT kr 12.27 kr 19.28 kr 26.28 53
EV/EBITDA kr 13.01 kr 20.26 kr 27.52 54
EV/Revenue kr 6.25 kr 12.68 kr 19.11 43
Asset-Based
NCAV (Graham) kr 4.52 kr 6.06 kr 9.04 50
Economic Profit
Residual Income kr 6.46 kr 6.33 kr 5.50 61
ROIC Compounder kr 1.67 kr 3.09 kr 4.27 72
Growth Earnings
Growth-Adj P/E kr 7.46 kr 10.65 kr 13.85 68

Widest divergence: Growth Earnings (kr 10.65) versus Economic Profit (kr 3.09). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) 31.8M SEK
Revenue growth (YoY) +21.3%
Net margin -1.9%
Return on equity -1.1%
Free cash flow −38.9M SEK FY2026
P/E ratio 51.1
More key figures
Operating margin -16.7%
EPS (TTM) kr 0.4200
EPS growth (YoY) -2.9%
Net debt 398M SEK FY2026

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 32/100

Of which business quality 35 · Market factors (momentum, volatility) 17

Profitability 29
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 30
Balance sheet, leverage, solvency risk
Investment 8
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 5
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 71
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.

About the company

EQL Pharma AB (publ) engages in the development, marketing, and sale of generic medicines to pharmacies and hospitals in Sweden, Denmark, Norway, Finland, and the rest of Europe. It offers injection products for inpatient care and formulations for outpatient care. EQL Pharma AB (publ) was incorporated in 2006 and is based in Lund, Sweden.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

EQL Pharma AB reported revenue of kr 433M in FY2026 versus kr 410M in FY2022, a compound +1.4%/yr. Reported net income was kr 12.5M in FY2026, compounding −20.6%/yr from FY2022.

Growth Quality 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
433M SEK
Latest YoY
+15.8%
Avg. 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.
+18.5%
Avg. 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.
+19.3%
Revenue +1.4%/yr
FY22 kr 410M
FY23 kr 260M
FY24 kr 264M
FY25 kr 374M
FY26 kr 433M
Net income −20.6%/yr
FY22 kr 31.5M
FY23 kr 30.9M
FY24 kr 22.7M
FY25 kr 43.1M
FY26 kr 12.5M

EQL screens 59% overvalued. Compare with Jiangsu Hengrui Pharmaceuticals Co →

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

Peer Group

Drug Manufacturers - Specialty & Generic · 622 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 32 · Bottom 25%
Fair Value upside −59% · Bottom 25%
Return on assets -1% · Below median
Net margin (TTM) -2% · Below median
Operating margin (TTM) -17% · Bottom 25%
Revenue growth 21% · Top 25%
Debt / equity 1.29× · Higher than 75% of peers

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/E (TTM) 51.1× · Pricier than 75% of peers
P/B 0.25× · Cheaper than 75% of peers
P/S (TTM) 2.10× · Pricier than median

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.

VALUE 0 · sector 6
FUTURE 100 · sector 20
PAST 0 · sector 24
HEALTH 35 · sector 97
DIVIDEND 0 · sector 34

VALUE 0: the price sits above our fair-value range.

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥53.19 ¥25.94 -51%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,933 ₹989.50 -49%
Divi's Laboratories Limited DIVISLAB ₹7,316 ₹1,943 -73%
Torrent Pharmaceuticals Limited TORNTPHARM ₹4,763 ₹1,329 -72%
PharmaEssentia Corporation 6446 1,285 TWD 221.01 TWD -83%
Cipla Limited CIPLA ₹1,439 ₹1,001 -30%
Zydus Lifesciences Limited ZYDUSLIFE ₹1,151 ₹703.32 -39%
Lupin Limited LUPIN ₹2,443 ₹2,477 +1%
Mankind Pharma Limited MANKIND ₹2,484 ₹983.11 -60%
Dr. Reddy's Laboratories Limited DRREDDY ₹1,211 ₹874.79 -28%

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Frequently asked questions

Is EQL Pharma AB (EQL) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of kr 8.49 versus a price of kr 20.55, about −59% (overvalued).
What is the fair value of EQL?
Our model-based fair value for EQL Pharma AB is kr 8.49 (as of Jul 18, 2026), built from audited fundamentals. The current price is kr 20.55.
What is the quality score of EQL?
EQL Pharma AB has a Quality Score of 32/100. 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 EQL Pharma AB (EQL)?
EQL Pharma AB reported trailing-twelve-month revenue of about 31.8M SEK (latest available figure, as of Jul 18, 2026).
What is the net profit margin of EQL?
The net profit margin of EQL Pharma AB is about -1.9%, 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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