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Intervacc AB (IVACC) Fair Value & Analysis

Healthcare · SE · Market cap 397M SEK

IA Intervacc AB IVACC · ST
Pricekr 1.21
Fair Valuekr 0.3910
Upside-67.6%
Quality39/100
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Expensive Growth
Thin margins · 0.0% net margin
Low debt · negative free cash flow
Mixed vs. peers (4/9)
Narrow moat 12/100
Evidence: Low Range kr 0.2550 – kr 0.4845 Share as image

Fair value as of: Jul 18, 2026

From 1 valuation models · updated 23 days ago

Share price −7.6% over the past month.

Below-average quality, and screening another 68% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 0.4845). 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 0.2550 to kr 0.4845) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 76.52 kr 0.6080 Fair Value kr 0.3910 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range kr 0.6080 – kr 76.52 · fair‑value band kr 0.2550 – kr 0.4845 · the kr 1.21 price screens above the kr 0.3910 fair value. Dashed = 300-day average. As of Jul 18, 2026.

Full chart & analysis →

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Analysis

Intervacc AB (IVACC) currently trades at kr 1.21, while our model-based Fair Value estimate is kr 0.3910, implying the stock looks roughly 67.6% 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).

Trailing-twelve-month revenue stands at 19.1M SEK. Revenue declined 7.5% year over year. It earns a return on equity of -30.0%. The balance sheet holds a net cash position of 161M SEK. Fundamentals as of Jul 18, 2026

Our scenario range runs from kr 0.2550 (bear case) to kr 0.4845 (bull case); at kr 1.21, 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 17% below its 52-week high and 111% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -43% fair-value upside, at -68%, IVACC screens richer 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.

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. Evidence
Highest evidence
NCAV (Graham) kr 0.4000 kr 0.5400 kr 0.8100 50
All 1 models by family
Asset-Based
NCAV (Graham) kr 0.4000 kr 0.5400 kr 0.8100 50

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Key figures & financial health

Revenue (TTM) 18.9M SEK
Revenue growth (YoY) -26.2%
Return on equity -30.0%
Free cash flow −66.9M SEK FY2025
Operating margin -659%
EPS (TTM) kr -0.2400
More key figures
Net cash 161M SEK FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 39/100

Of which business quality 41 · Market factors (momentum, volatility) 61

Profitability 0
Margins and returns on capital today
Quality Growth 71
Are margins and returns improving?
Cashflow 7
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 67
Price trend over the last 3–12 months (market factor)
52W Momentum 62
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

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.

About the company

Intervacc AB (publ) develops novel veterinary vaccines for animals in Sweden. The company's product pipeline includes Strangvac, a vaccine against equine strangles for horses; INV274, antigens for a vaccine against streptococcus suis for the treatment of weaned piglets; and INV412, a multi-component vaccine to protect against several bacteria which cause …

Full company description

Intervacc AB (publ) develops novel veterinary vaccines for animals in Sweden. The company's product pipeline includes Strangvac, a vaccine against equine strangles for horses; INV274, antigens for a vaccine against streptococcus suis for the treatment of weaned piglets; and INV412, a multi-component vaccine to protect against several bacteria which cause mastitis for treating cows. It also engages in marketing and distribution of veterinary products in the Nordic markets, which includes vaccines and pharmaceuticals for swine, horses, cattle, and sheep. The company was incorporated in 1983 and is based in Hägersten, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Intervacc AB reported revenue of kr 20.1M in FY2025 versus kr 5.2M in FY2021, a compound +39.9%/yr. Reported net income was −kr 80.8M in FY2025.

Growth Quality 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
20.1M SEK
Latest YoY
+70.4%
Avg. growth/yr (3Y) 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.
+27.5%
Avg. growth/yr (5Y) 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.
+33.3%
Avg. growth/yr (12Y) 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.
+30.9%
Revenue +39.9%/yr
FY21 kr 5.2M
FY22 kr 9.7M
FY23 kr 8.0M
FY24 kr 11.8M
FY25 kr 20.1M
Net income
FY21 −kr 29.4M
FY22 −kr 64.2M
FY23 −kr 103M
FY24 −kr 75.5M
FY25 −kr 80.8M

IVACC screens 68% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Cite: Fair Value Calculator (2026). "Intervacc AB Fair Value". https://www.fairvalue-calculator.com/stock/IVACC

Peer Group

Biotechnology · 601 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.

Quality Score 41 · Below median
Fair Value upside −68% · Below median
Return on assets -18% · Below median
Net margin (TTM) 0% · Above median
Revenue growth -26% · Bottom 25%

Valuation Multiples vs Biotechnology median · lower = cheaper

P/B 0.15× · Cheaper than 75% of peers
P/S (TTM) 2.22× · Cheaper than median

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 · sector 0
FUTURE 0 · sector 0
PAST 0 · sector 0
HEALTH 100 · sector 98
DIVIDEND 0 · sector 23

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.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $486.03 $278.78 -43%
Regeneron Pharmaceuticals, Inc REGN $664.45 $594.40 -11%
Samsung Biologics Co 207940 1,368,000 KRW 1,091,384 KRW -20%
Celltrion, Inc 068270 175,800 KRW 76,325 KRW -57%
WuXi Biologics (Cayman) Inc 2269 HK$39.54 HK$30.42 -23%
Innovent Biologics, Inc 1801 HK$86.70 HK$19.66 -77%
Sino Biopharmaceutical Limited 1177 HK$5.26 HK$3.36 -36%
ALTEOGEN Inc 196170 276,500 KRW 44,444 KRW -84%
RemeGen Co 688331 ¥134.02 ¥26.99 -80%
Biocon Limited BIOCON ₹440.70 ₹57.36 -87%

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Frequently asked questions

Is Intervacc AB (IVACC) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of kr 0.3910 versus a price of kr 1.21, about −68% (overvalued).
What is the fair value of IVACC?
Our model-based fair value for Intervacc AB is kr 0.3910 (as of Jul 18, 2026), built from audited fundamentals. The current price is kr 1.21.
What is the quality score of IVACC?
Intervacc 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 revenue of Intervacc AB (IVACC)?
Intervacc AB reported trailing-twelve-month revenue of about 19.1M SEK (latest available figure, as of Jul 18, 2026).
What is the net profit margin of IVACC?
The net profit margin of Intervacc AB is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

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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