Real Heart (HEART) Fair Value & Analysis
Healthcare · SE · Market cap 158M SEK (≈ $16.5M) · ISIN SE0006256798
What is Real Heart really worth?
Below-average quality, and trading another 96% above our fair value of kr 9.25.
Risks
Fair value as of: Sep 3, 2026
From 1 valuation models · updated yesterday
Fair value updated Sep 3, 2026, revised from kr 0.9600 to kr 9.25 (+863.5%) since Aug 13, 2026. Share price −8.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (kr 11.56). The favourable scenario is already priced in.
- Weak quality (31/100) 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 6.07 to kr 11.56) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.
How to read this chart
60‑month range kr 10.48 – kr 575.92 · fair‑value band kr 6.07 – kr 11.56 · the kr 18.10 price screens above the kr 9.25 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.
Analysis
Real Heart (HEART) currently trades at kr 18.10, while our model-based Fair Value estimate is kr 9.25, implying the stock looks roughly 95.7% overvalued today. The Quality Score stands at 31/100 (below-average quality), in the Healthcare sector. How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.
Trailing-twelve-month revenue stands at 153K SEK. Revenue declined 32.1% year over year. It earns a return on equity of −54.7%. The balance sheet holds a net cash position of 12.1M SEK. Fundamentals as of Sep 3, 2026
Our scenario range runs from kr 6.07 (bear case) to kr 11.56 (bull case); at kr 18.10, 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. The share trades about 40% below its 52-week high and 50% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −34% fair-value upside, at −49%, HEART screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 1 models by family
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 34 · Market factors (momentum, volatility) 37
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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. 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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Real Heart reported revenue of 0 SEK in FY2025 versus 0 SEK in FY2021. Reported net income was −35.5M SEK in FY2025.
HEART screens 96% overvalued. Compare with Abbott Laboratories, →
Peer Group
Medical Devices · 363 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.
Valuation Multiples vs Medical Devices median · lower = cheaper
Strength profile in five axes (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: 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.
Similar stocks
10 more Medical Devices stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Abbott Laboratories, ABT | $112.47 | $74.79 | −34% |
| Stryker Corporation SYK | $322.12 | $186.28 | −42% |
| Medtronic plc MDT | $89.97 | $65.57 | −27% |
| Boston Scientific Corporation BSX | $46.84 | $30.73 | −34% |
| Edwards Lifesciences Corporation EW | $90.78 | $41.02 | −55% |
| Siemens Healthineers AG SHL | €39.52 | €33.87 | −14% |
| DexCom, Inc DXCM | $90.82 | $38.95 | −57% |
| GE HealthCare Technologies Inc GEHC | $74.82 | $64.13 | −14% |
| Koninklijke Philips N.V PHIA | €23.69 | €14.36 | −39% |
| Shenzhen Mindray Bio-Medical Electronics Co 300760 | ¥150.63 | ¥147.63 | −2% |
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Frequently asked questions
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