Mendus AB (IMMU) Fair Value & Analysis
Healthcare · SE · Market cap 379M SEK
Fair value as of: Jul 16, 2026
From 1 valuation models · updated today
Fair value updated Jul 16, 2026 — revised from kr 42.96 to kr 4.71 (−89.0%) since Jun 24, 2026. Share price +16.2% over the past month.
Price vs Fair Value (12 months)
12‑month range kr 3.96 – kr 10.02 · fair‑value band kr 3.07 – kr 5.86 · the kr 6.18 price screens above the kr 4.71 fair value. As of Jul 16, 2026.
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Mendus AB (IMMU) currently trades at kr 6.18, while our model-based Fair Value estimate is kr 4.71 — implying the stock looks roughly 23.8% overvalued today. We read business quality at 36/100 (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: low).
Revenue declined 51.9% year over year. It earns a return on equity of -17.6%. The balance sheet holds a net cash position of 31.4M SEK. Fundamentals as of Jul 16, 2026
Our scenario range runs from kr 3.07 (bear case) to kr 5.86 (bull case); at kr 6.18, the current price sits above that range. The share trades about 44% below its 52-week high and 60% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -23% fair-value upside — at -24%, IMMU screens richer than that median.
Key figures & financial health
Figures from reported company fundamentals (EODHD) · as of Jul 16, 2026. TTM = trailing twelve months.
About the company
Mendus AB (publ), a biopharmaceutical company, develops immunotherapies for the treatment of myeloid blood cancers. The company's lead product is vididencel (DCP-001), which is in Phase II ADVANCE-II clinical trial for the treatment of acute myeloid leukemia (AML); Phase 2b CADENCE clinical trial to treat AML; phase 1 clinical trial for the treatment of Vital-CML; and phase 2a clinical trial for the treatment of VITAL-TFR2. It has strategic alliance with NorthX Biologic to support large-scale manufacturing and commercial launch of vididencel. The company was formerly known as Immunicum AB (publ) and changed its name to Mendus AB (publ) in June 2022. Mendus AB (publ) was incorporated in 2002 and is headquartered in Stockholm, Sweden.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Mendus AB reported revenue of kr 0 in FY2025 versus kr 6.0K in FY2021. Reported net income was −kr 113M in FY2025.
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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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Not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.