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Data-driven stock valuation

Real Heart (HEART) fair value: what the stock is really worth

As of Oct 16, 2026: fair value (intrinsic value) of Real Heart stock SEK 8.19, price SEK 17.25, upside -52.5%, quality 34 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Healthcare · SE · ISIN SE0006256798

RH Real Heart logo Thin data Oct 3, 2026

Real Heart

HEART · ST

Weakest SetupStrongly overvalued and low quality.

Our calculation puts a fair price 52% below what the stock costs today.

Low debt
Fair value kr 8.19 · Strongly overvalued (−52.5%)
Quality 34/100
Weak Growth (revenue 5y −58.1 %/yr in SEK)
Negative free cash flow
Trails peers (1/8)
Narrow moat 5/100
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 309.48 kr 10.48 Fair Value kr 8.19 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 10.48 – kr 309.48 · fair‑value band kr 5.38 – kr 10.24 · the kr 17.25 price screens above the kr 8.19 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

Scandinavian Real Heart AB (Publ) engages in the design and development of an artificial heart. The company develops Realheart TAH to treat advanced stage heart failure.

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It also develops RealVAD for pulsating left ventricle assist; PulsePump, a pulsating flow for heart and lung machines; and Sternal Prosthesis for fixing the sternum after open-chest surgery. The company was founded in 1999 and is based in Västerås, Sweden.

Stock analysis

Real Heart (HEART) currently trades at kr 17.25, while our model-based Fair Value estimate is kr 8.19, 52.5% below the price, so the stock looks overvalued today.

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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 data coverage at low.

Scenario range: kr 5.38 (bear) to kr 10.24 (bull), the price of kr 17.25 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 34/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is weak, negative or inconsistent.

Real Heart reported revenue of 0 SEK in FY2025 versus 0 SEK in FY2021. Reported net income was −35.5M SEK in FY2025.

Key figures

Market cap 147M SEK (≈ $14.8M) Micro · EPS (TTM) kr −5.67 · Return on equity −50.1% · Return on assets (EBIT) −20.9% · Revenue (TTM) 153K SEK · Revenue growth (YoY) −32.1% · Free cash flow −16.5M SEK · Net cash 12.1M SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 5 out of 100 (medium confidence).

What moves the price

The share trades about 39% below its 52-week high and 31% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 7% fair-value upside, at −52%, HEART screens richer than that median.

Fair Value models

Bear kr 5.38 Fair Value kr 8.19 Bull kr 10.24
Price kr 17.25 · Upside -52.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. Coverage ⓘCoverage = 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.
Best data coverage
NCAV (Graham) kr 0.6300 kr 0.9600 kr 1.20 54
All 1 models by family
Asset-Based
NCAV (Graham) kr 0.6300 kr 0.9600 kr 1.20 54

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 34/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 25
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 93
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 24
How calm the share price moves, does not count
Momentum 32
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 14
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

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 weak, negative or inconsistent.
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.
−58.1%
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.
+75.1%
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.
−1,286.5% (2017) → −138,510.0% (2022)
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

HEART screens overvalued: fair value 52% below the price. Compare with Abbott Laboratories, →

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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.Medical Devices · 324 stocks

Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 34 · Bottom 25%
Fair Value upside −52.5% · Below median
Profitability
Return on assets −48.8% · Bottom 25%
Operating margin (12 months) 0.0% · Below median
Growth and dividend
Revenue growth (quarter YoY) −32.1% · Bottom 25%
Balance sheet
Debt / equity 0.05× · Below median

Valuation Multiplesvs Medical Devices median · lower = cheaper

P/B 2.35× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 7
FUTURE (revenue growth)0 · sector 35
PAST (return on equity)0 · sector 16
HEALTH (low debt)98 · sector 98
DIVIDEND (yield)0 · sector 38

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

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 Medical Devices stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Stryker Corporation SYK $282.60 $310.86 +10% vs HEART
Boston Scientific Corporation BSX $43.00 $47.30 +10% vs HEART
DexCom, Inc DXCM $84.11 $92.52 +10% vs HEART
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥166.00 ¥182.60 +10% vs HEART
GE HealthCare Technologies Inc GEHC $65.74 $70.37 +7% vs HEART
Edwards Lifesciences Corporation EW $86.60 $81.94 −5% vs HEART
Siemens Healthineers AG SHL €41.45 €35.19 −15% vs HEART
Abbott Laboratories, ABT $102.61 $74.79 −27% vs HEART
Medtronic plc MDT $91.93 $65.61 −29% vs HEART
Koninklijke Philips N.V PHIA €22.18 €15.23 −31% vs HEART

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Real Heart · Fair Value
kr 8.19 −52%Fair Value
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Cite: Fair Value Calculator (2026). "Real Heart Fair Value". https://www.fairvalue-calculator.com/stock/HEART

Frequently asked questions

Is Real Heart (HEART) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of kr 8.19 versus a price of kr 17.25, about −52% upside (overvalued).
What is the fair value of HEART?
Our model-based fair value for Real Heart is kr 8.19 (as of Oct 3, 2026), built from audited fundamentals. The current price: kr 17.25.
What is the quality score of HEART?
Real Heart has a Quality Score of 34/100. 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 Real Heart (HEART)?
Our model-based price target is the fair value of kr 8.19 (as of Oct 3, 2026) from 1 valuation models. Cautious scenario kr 5.38, optimistic scenario kr 10.24. It is a calculation from audited fundamentals, not an analyst target.
What is the Real Heart stock forecast for 2026?
Our models put fair value at kr 8.19, about −52% upside versus a price of kr 17.25 (overvalued). Cautious scenario kr 5.38, optimistic scenario kr 10.24. The calculation is refreshed regularly with new filings.
What is the revenue of Real Heart (HEART)?
Real Heart reported trailing-twelve-month revenue of about 153K SEK (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of Real Heart (HEART)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Real Heart it is kr 8.19 per share (as of Oct 3, 2026), against a price of kr 17.25. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Real Heart stock overvalued or undervalued in 2026?
As of Oct 3, 2026, HEART trades above its calculated fair value: price kr 17.25, fair value kr 8.19, a gap of about −52% (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 HEART?
No. The price is what the market pays today (kr 17.25); the fair value is what the company's own numbers justify (kr 8.19). For Real Heart the two are kr 9.06 per share apart. That gap is exactly why we show both numbers side by side.
How much is Real Heart worth?
The market values Real Heart at about 147M SEK (market capitalisation, as of Oct 3, 2026). Per share that is kr 17.25; our models calculate a fair value of kr 8.19 per share.
What do the bullish and bearish scenarios say about HEART?
Our models span a range for Real Heart: cautious scenario kr 5.38, base kr 8.19, optimistic kr 10.24 per share (as of Oct 3, 2026, price kr 17.25). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Real Heart (HEART)?
Balance-sheet figures for Real Heart (as of Oct 3, 2026): return on equity −50.1%, debt of 0.05 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is HEART from its 52-week high?
Real Heart trades at kr 17.25, about 39% below its 52-week high of kr 28.40 and 31% above the low of kr 13.15 (as of Oct 16, 2026). Distance from the high says nothing about value: that is what the fair value of kr 8.19 is for.
Which stocks are comparable to Real Heart?
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 Real Heart stock attractive at the current price?
The data as of Oct 3, 2026: price kr 17.25, calculated fair value kr 8.19 (−52%), Quality Score 34/100, 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 HEART calculated?
We run Real Heart 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 8.19, 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 13.8 % above its aggregate fair value. Real Heart 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 Real Heart (HEART)?
The closing price on Oct 16, 2026 was kr 17.25. Our model-based fair value is kr 8.19, about −52% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Real Heart right now?
The price sits above even our optimistic bull case (kr 10.24). The favourable scenario is already priced in. Weak quality (34/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (kr 5.38 to kr 10.24) leaves room in how you read the outcome.

Key figures of Real Heart

How large is the market capitalisation of Real Heart (HEART)?
The market capitalisation of Real Heart is 147M SEK (≈ $14.8M). 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 are the earnings per share of Real Heart (HEART)?
Earnings per share at Real Heart are kr −5.67. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Real Heart (HEART)?
The return on equity (ROE) of Real Heart is −50.1% (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 Real Heart (HEART)?
On an EBIT basis the return on assets of Real Heart is −20.9% (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 Real Heart (HEART)?
Revenue at Real Heart is growing −32.1% versus a year earlier. 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 Real Heart (HEART) generate?
The free cash flow of Real Heart is −16.5M 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 Real Heart (HEART) hold?
Real Heart holds more cash than debt, 12.1M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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