Mendus AB (publ) (IMMU) Fair Value & Analysis
Healthcare · SE · Market cap 379M SEK (≈ $39.5M) · ISIN SE0022239950
Risks
Fair value as of: Aug 27, 2026
From 1 valuation models · updated 3 days ago
Fair value updated Aug 27, 2026, revised from kr 4.69 to kr 4.63 (−1.3%) since Aug 13, 2026. Share price +1.7% over the past month.
Below-average quality, and trading another 52% above our fair value.
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 5.77). The favourable scenario is already priced in.
- Weak quality (39/100) 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 3.03 to kr 5.77) 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 Aug 27, 2026.
How to read this chart
60‑month range kr 3.96 – kr 108.69 · fair‑value band kr 3.03 – kr 5.77 · the kr 7.04 price screens above the kr 4.63 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Mendus AB (publ) (IMMU) currently trades at kr 7.04, while our model-based Fair Value estimate is kr 4.63, implying the stock looks roughly 34.2% overvalued today. The Quality Score stands at 39/100 (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 Aug 27, 2026
Our scenario range runs from kr 3.03 (bear case) to kr 5.77 (bull case); at kr 7.04, 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 36% below its 52-week high and 82% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -59% fair-value upside, at -34%, IMMU screens cheaper 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.
All 1 models by family
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 41 · Market factors (momentum, volatility) 54
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
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 …
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Mendus AB (publ) reported revenue of kr 0 in FY2025 versus kr 6.0K in FY2021. Reported net income was −kr 113M in FY2025.
IMMU screens 34% overvalued. Compare with Vertex Pharmaceuticals Incorporated →
Peer Group
Biotechnology · 639 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 Biotechnology median · lower = cheaper
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.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vertex Pharmaceuticals Incorporated VRTX | $547.55 | $278.78 | -49% |
| Regeneron Pharmaceuticals, Inc REGN | $807.71 | $594.40 | -26% |
| argenx SE ARGX | €877.60 | €292.84 | -67% |
| Samsung Biologics Co 207940 | 1,594,000 KRW | 1,055,793 KRW | -34% |
| Alnylam Pharmaceuticals, Inc ALNY | $228.61 | $51.70 | -77% |
| Royalty Pharma plc RPRX | $60.58 | $24.22 | -60% |
| Celltrion, Inc 068270 | 190,700 KRW | 74,519 KRW | -61% |
| BeOne Medicines AG ONC | $362.51 | $111.35 | -69% |
| BioNTech SE BNTX | $111.40 | $45.66 | -59% |
| Incyte Corporation INCY | $128.12 | $115.79 | -10% |
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Frequently asked questions
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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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