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ExpreS2ion Biotech Holding AB (EXPRS2) fair value: what the stock is really worth

As of Oct 9, 2026: fair value of ExpreS2ion Biotech Holding AB SEK 1.00, price SEK 1.09, upside -8.0%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · SE · ISIN SE0008348262

EB Thin data Oct 3, 2026

ExpreS2ion Biotech Holding AB

EXPRS2 · ST

Low PriorityFair Value upside is limited and quality is weak.

Low debt
Fair value kr 1.00 · Fairly valued (−8.0%)
Mixed vs. peers (4/10)
Quality 39/100
Weak Growth (revenue 5y −7.0 %/yr in SEK)
Loss-making · -148.1% net margin (TTM)
Negative free cash flow
Narrow moat 8/100 · thin data
Insider activity 30/100
Thin data
⚠ Dilution
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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

kr 1,819 kr 1.06 Fair Value kr 1.00 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.

How to read this chart

60‑month range kr 1.06 – kr 1,819 · fair‑value band kr 0.6630 – kr 1.26 · the kr 1.09 price screens above the kr 1.00 fair value. Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

ExpreS2ion Biotech Holding AB (publ), a biotechnology company, develops vaccines and biologics products to address critical unmet medical needs in the Nordics and internationally. The company's lead asset is ES2B-C001, a therapeutic vaccine which is in Phase 1 clinical trials for breast cancer that targets the human epidermal growth factor receptor 2.

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ExpreS2ion Biotech Holding AB (publ), a biotechnology company, develops vaccines and biologics products to address critical unmet medical needs in the Nordics and internationally. The company's lead asset is ES2B-C001, a therapeutic vaccine which is in Phase 1 clinical trials for breast cancer that targets the human epidermal growth factor receptor 2. It is also developing ES2B-I002, a cytomegalovirus vaccine program to treat infectious diseases, as well as vaccines for Nipah virus, Malaria, and influenza. In addition, the company offers a human clinical Phase III-validated technology platform for the development and production of the active material in vaccines under the GlycoX-S2. Further, it out licenses its ExpreS2 platform to research institutes and pharmaceutical companies; and sells ExpreS2 test kits and reagents for research purposes or diagnostic applications. The company has collaboration agreement with University of Oxford for the development of vaccine for malaria. ExpreS2ion Biotech Holding AB (publ) was incorporated in 2015 is based in Helsingborg, Sweden.

Stock analysis

ExpreS2ion Biotech Holding AB (EXPRS2) currently trades at kr 1.09, while our model-based Fair Value estimate is kr 1.00, so the stock looks roughly fairly valued today (gap 8.7%).

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the evidence level at low.

Scenario range: kr 0.6630 (bear) to kr 1.26 (bull), the price of kr 1.09 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 39/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

ExpreS2ion Biotech Holding AB reported revenue of 3.7M SEK in FY2025 versus 12.2M SEK in FY2021, a compound −26.1%/yr. Reported net income was −38.1M SEK in FY2025.

Key figures

Market cap 39.2M SEK (≈ $3.9M) · P/S ratio 1.07 · EPS (TTM) kr −3.32 · Net margin −148% · Return on equity −85.2% · Return on assets (EBIT) −81.1% · Operating margin −104% · Revenue growth (YoY) +238%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).

What moves the price

The share trades about 95% below its 52-week high and 3% above its 52-week low.

For context, the median of 10 Healthcare peers we cover trades at −1% fair-value upside, at −8%, EXPRS2 screens richer than that median.

Fair Value models

Bear kr 0.6630 Fair Value kr 1.00 Bull kr 1.26
Price kr 1.09 · Upside -8.0%
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. 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
NCAV (Graham) kr 0.7500 kr 1.01 kr 1.50 54
All 1 models by family
Asset-Based
NCAV (Graham) kr 0.7500 kr 1.01 kr 1.50 54

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Quality Score breakdown

Overall quality 39/100

Of which business quality 39 · Market factors (momentum, volatility) 3

Profitability 0
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 35
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 7
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

Open the full quality analysis →

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. 0/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+21.4%
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.
−10.4%
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.
−7.0%
Start year 2020 (pandemic)
Revenue growth 12 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.
−4.9%
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.
−593.2% (2020) → −1,444.4% (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
not computed

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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.Biotechnology · 591 stocks

Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 39 · Below median
Fair Value upside −8.0% · Above median
Profitability
Return on assets −41.7% · Bottom 25%
Net margin (TTM) −148.1% · Bottom 25%
Operating margin (TTM) −103.7% · Bottom 25%
Growth and dividend
Revenue growth 237.7% · Top 25%
Balance sheet
Debt / equity 0.10× · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 0.11× · Cheapest 25%
P/S (TTM) 0.16× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)23 · sector 0
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)95 · sector 97
DIVIDEND (yield)0 · sector 22

Context: sector, industry, 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 Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Regeneron Pharmaceuticals, Inc REGN $735.20 $1,275 +73% vs EXPRS2
Vertex Pharmaceuticals Incorporated VRTX $504.73 $555.20 +10% vs EXPRS2
Samsung Biologics Co 207940 1,219,000 KRW 1,340,900 KRW +10% vs EXPRS2
WuXi Biologics (Cayman) Inc 2269 HK$53.00 HK$58.30 +10% vs EXPRS2
CSL Limited CSL A$181.46 A$179.90 −1% vs EXPRS2
argenx SE ARGX $959.49 $918.60 −4% vs EXPRS2
Alnylam Pharmaceuticals, Inc ALNY $255.96 $217.88 −15% vs EXPRS2
BeOne Medicines AG ONC $360.85 $280.94 −22% vs EXPRS2
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58% vs EXPRS2
Royalty Pharma plc RPRX $58.21 $19.01 −67% vs EXPRS2

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ExpreS2ion Biotech Holding AB · Fair Value
kr 1.00 −8%Fair Value
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Cite: Fair Value Calculator (2026). "ExpreS2ion Biotech Holding AB Fair Value". https://www.fairvalue-calculator.com/stock/EXPRS2

Frequently asked questions

Is ExpreS2ion Biotech Holding AB (EXPRS2) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of kr 1.00 versus a price of kr 1.09, about −8% upside (fairly valued).
What is the fair value of EXPRS2?
Our model-based fair value for ExpreS2ion Biotech Holding AB is kr 1.00 (as of Oct 3, 2026), built from audited fundamentals. The current price: kr 1.09.
What is the quality score of EXPRS2?
ExpreS2ion Biotech Holding AB has a Quality Score of 39/100. 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 ExpreS2ion Biotech Holding AB (EXPRS2)?
Our model-based price target is the fair value of kr 1.00 (as of Oct 3, 2026) from 1 valuation models. Cautious scenario kr 0.6630, optimistic scenario kr 1.26. It is a calculation from audited fundamentals, not an analyst target.
What is the ExpreS2ion Biotech Holding AB stock forecast for 2026?
Our models put fair value at kr 1.00, about −8% upside versus a price of kr 1.09 (fairly valued). Cautious scenario kr 0.6630, optimistic scenario kr 1.26. The calculation is refreshed regularly with new filings.
What is the intrinsic value of ExpreS2ion Biotech Holding AB (EXPRS2)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ExpreS2ion Biotech Holding AB it is kr 1.00 per share (as of Oct 3, 2026), against a price of kr 1.09. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is ExpreS2ion Biotech Holding AB stock overvalued or undervalued in 2026?
As of Oct 3, 2026, EXPRS2 trades above its calculated fair value: price kr 1.09, fair value kr 1.00, a gap of about −8% (fairly valued). 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 EXPRS2?
No. The price is what the market pays today (kr 1.09); the fair value is what the company's own numbers justify (kr 1.00). For ExpreS2ion Biotech Holding AB the two are kr 0.0870 per share apart. That gap is exactly why we show both numbers side by side.
How much is ExpreS2ion Biotech Holding AB worth?
The market values ExpreS2ion Biotech Holding AB at about 39.2M SEK (market capitalisation, as of Oct 3, 2026). Per share that is kr 1.09; our models calculate a fair value of kr 1.00 per share.
What do the bullish and bearish scenarios say about EXPRS2?
Our models span a range for ExpreS2ion Biotech Holding AB: cautious scenario kr 0.6630, base kr 1.00, optimistic kr 1.26 per share (as of Oct 3, 2026, price kr 1.09). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of ExpreS2ion Biotech Holding AB (EXPRS2)?
Balance-sheet figures for ExpreS2ion Biotech Holding AB (as of Oct 3, 2026): return on equity −85.2%, debt of 0.10 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is EXPRS2 from its 52-week high?
ExpreS2ion Biotech Holding AB trades at kr 1.09, about 95% below its 52-week high of kr 21.50 and 3% above the low of kr 1.06 (as of Oct 9, 2026). Distance from the high says nothing about value: that is what the fair value of kr 1.00 is for.
Which stocks are comparable to ExpreS2ion Biotech Holding AB?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, CSL Limited, 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 ExpreS2ion Biotech Holding AB stock attractive at the current price?
The data as of Oct 3, 2026: price kr 1.09, calculated fair value kr 1.00 (−8%), Quality Score 39/100, 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 EXPRS2 calculated?
We run ExpreS2ion Biotech Holding AB 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 1.00, 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 14.9 % above its aggregate fair value. ExpreS2ion Biotech Holding AB 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 ExpreS2ion Biotech Holding AB (EXPRS2)?
The closing price on Oct 9, 2026 was kr 1.09. Our model-based fair value is kr 1.00, about −8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ExpreS2ion Biotech Holding AB right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (kr 0.6630 to kr 1.26) 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.

Key figures of ExpreS2ion Biotech Holding AB

How large is the market capitalisation of ExpreS2ion Biotech Holding AB (EXPRS2)?
The market capitalisation of ExpreS2ion Biotech Holding AB is 39.2M SEK (≈ $3.9M). 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 ExpreS2ion Biotech Holding AB (EXPRS2)?
The price-to-sales ratio of ExpreS2ion Biotech Holding AB is 1.07 (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 ExpreS2ion Biotech Holding AB (EXPRS2)?
Earnings per share at ExpreS2ion Biotech Holding AB are kr −3.32. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ExpreS2ion Biotech Holding AB (EXPRS2)?
The net margin of ExpreS2ion Biotech Holding AB is −148% (last twelve months). 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 ExpreS2ion Biotech Holding AB (EXPRS2)?
The return on equity (ROE) of ExpreS2ion Biotech Holding AB is −85.2% (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 ExpreS2ion Biotech Holding AB (EXPRS2)?
On an EBIT basis the return on assets of ExpreS2ion Biotech Holding AB is −81.1% (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 ExpreS2ion Biotech Holding AB (EXPRS2)?
The operating margin of ExpreS2ion Biotech Holding AB is −104% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ExpreS2ion Biotech Holding AB (EXPRS2)?
Revenue at ExpreS2ion Biotech Holding AB is growing +238% versus a year earlier (3y avg −10.4%). 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 ExpreS2ion Biotech Holding AB (EXPRS2) generate?
The free cash flow of ExpreS2ion Biotech Holding AB is −40.9M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does ExpreS2ion Biotech Holding AB (EXPRS2) hold?
ExpreS2ion Biotech Holding AB holds more cash than debt, 45.3M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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