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Medistim ASA (MEDI) Fair Value & Analysis

Healthcare · NO · Market cap 4.2B NOK

MA Medistim ASA MEDI · OL
Pricekr 226.00
Fair Valuekr 168.01
Upside-25.7%
Quality88/100
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Healthy Growth
Highly profitable · 21.7% net margin
Low debt · generates free cash flow
3.52% dividend yield
Ranks above peers (10/15)
Wide moat 88/100
Evidence: High Range kr 127.38 – kr 210.99 Share as image

Fair value as of: Jul 12, 2026

From 26 valuation models · updated 29 days ago

Share price −0.4% over the past month.

A strong business, but screening 26% overvalued on our models.

What matters now

  • A high-quality business (quality 88/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (kr 210.99). The favourable scenario is already priced in.
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Price vs Fair Value (5 years)

kr 351.25 kr 122.83 Fair Value kr 168.01 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range kr 122.83 – kr 351.25 · fair‑value band kr 127.38 – kr 210.99 · the kr 226.00 price screens above the kr 168.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

Medistim ASA (MEDI) currently trades at kr 226.00, while our model-based Fair Value estimate is kr 168.01, implying the stock looks roughly 25.7% overvalued today. The Quality Score stands at 88/100 (high 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: high).

Over the trailing twelve months, Medistim ASA generated revenue of 720M NOK at a net margin of 21.7%. Revenue grew 11.1% year over year. It earns a return on equity of 32.1%. The balance sheet holds a net cash position of 101M NOK. Fundamentals as of Jul 12, 2026

Our scenario range runs from kr 127.38 (bear case) to kr 210.99 (bull case); at kr 226.00, 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 20% below its 52-week high and 27% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -22% fair-value upside, at -26%, MEDI 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
Growth DCF kr 136.33 kr 219.82 kr 351.86 80
Residual Income kr 51.09 kr 62.55 kr 250.10 76
Rev-Margin DCF kr 106.12 kr 166.56 kr 243.36 74
All 26 models by family
DCF Models
FCF DCF kr 137.06 kr 227.87 kr 376.49 38
Owner Earnings kr 104.74 kr 172.15 kr 282.48 31
5Y Revenue Exit kr 106.12 kr 167.07 kr 247.68 39
5Y EBITDA Exit kr 127.75 kr 210.92 kr 313.31 41
5Y P/E Exit kr 140.94 kr 237.67 kr 346.54 38
10Y Revenue Exit kr 113.29 kr 173.48 kr 261.53 36
10Y EBITDA Exit kr 129.80 kr 204.60 kr 314.39 37
10Y P/E Exit kr 138.29 kr 223.58 kr 341.15 35
Earnings-Based
Graham-Dodd kr 59.22 kr 259.36 kr 354.88 54
Lynch FV kr 66.93 kr 95.62 kr 124.30 50
PEG = 1.0 kr 66.93 kr 95.62 kr 124.30 46
EPV kr 93.21 kr 106.09 kr 117.21 59
Dividend Discount
Gordon GGM kr 52.58 kr 104.78 kr 158.66 70
DDM Multi-Stage kr 52.58 kr 90.55 kr 110.60 61
Multiples
P/E Multiple kr 143.68 kr 191.58 kr 239.47 63
P/S Multiple kr 100.47 kr 133.96 kr 167.45 58
P/B Multiple kr 86.47 kr 115.29 kr 144.11 55
EV/EBIT kr 148.42 kr 194.03 kr 239.64 53
EV/EBITDA kr 133.48 kr 174.10 kr 214.72 54
EV/Revenue kr 91.98 kr 126.42 kr 160.87 43
Asset-Based
NCAV (Graham) kr 12.81 kr 17.17 kr 25.62 50
Growth DCF
Growth DCF kr 136.33 kr 219.82 kr 351.86 80
Rev-Margin DCF kr 106.12 kr 166.56 kr 243.36 74
Economic Profit
Residual Income kr 51.09 kr 62.55 kr 250.10 76
ROIC Compounder kr 98.78 kr 119.20 kr 141.48 72
Growth Earnings
Growth-Adj P/E kr 113.61 kr 162.30 kr 210.99 68

Widest divergence: DCF Models (kr 204.60) versus Asset-Based (kr 17.17). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 720M NOK
Revenue growth (YoY) +11.1%
Net margin 21.7%
Return on equity 32.1%
Free cash flow 192M NOK FY2025
P/E ratio 26.7
More key figures
Operating margin 28.3%
EPS (TTM) kr 8.55
Dividend yield 3.4%
EPS growth (YoY) -7.2%
Net cash 101M NOK FY2021

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 88/100

Of which business quality 86 · Market factors (momentum, volatility) 45

Profitability 94
Margins and returns on capital today
Quality Growth 81
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 40
Distance to the 52-week high (market factor)
Net Issuance 83
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

Medistim ASA develops, produces, services, leases, and distributes medical devices for cardiac and vascular surgery in the United States, Asia, Europe, and internationally.

Full company description

Medistim ASA develops, produces, services, leases, and distributes medical devices for cardiac and vascular surgery in the United States, Asia, Europe, and internationally. The company offers MiraQ Cardiac, a system that combines ultrasound imaging and transit time flow measurement (TTFM) in a single system for cardiac surgery; MiraQ Vascular, a system that combines ultrasound imaging and TTFM in a single system for vascular surgery; MiraQ Ultimate that combines TTFM and ultrasound imaging in a single system for cardiac, vascular, and transplant surgery; and ultrasound imaging probes for intraoperative use. It also provides QuickFit TTFM probes, which are designed to hold the vessel and ensure precise measurements on various types of vessel grafts; Vascular TTFM probes for locking slide mechanism designed to secure the vessel while minimizing the manipulation; ultrasound imaging probes; and Doppler probes that are used to search for intramural coronary arteries or to locate the position and quantify the degree of a stenosis. In addition, the company distributes and sells third party medical equipment. Medistim ASA was founded in 1984 and is headquartered in Oslo, Norway.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Medistim ASA reported revenue of kr 700M in FY2025 versus kr 418M in FY2021, a compound +13.8%/yr. Reported net income was kr 159M in FY2025, compounding +15.0%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
700M NOK
Latest YoY
+24.4%
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.
+12.5%
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.
+14.5%
Avg. growth/yr (21Y) 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.
+11.2%
Revenue +13.8%/yr
FY21 kr 418M
FY22 kr 492M
FY23 kr 526M
FY24 kr 563M
FY25 kr 700M
Net income +15.0%/yr
FY21 kr 90.9M
FY22 kr 114M
FY23 kr 104M
FY24 kr 104M
FY25 kr 159M
Character of growth · EPS growth decomposed (2011-2022) +6.6 % p.a.
Revenue per share +1.2 pp

of which total revenue +10.1 pp · buybacks/dilution −8.9 pp

EBIT margin +4.4 pp
Tax rate +1.0 pp
Residual (interest, one-offs) +0.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

MEDI screens 26% overvalued. Compare with Abbott Laboratories, →

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Cite: Fair Value Calculator (2026). "Medistim ASA Fair Value". https://www.fairvalue-calculator.com/stock/MEDI

Peer Group

Medical Devices · 352 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 88 · Top 25%
Fair Value upside −26% · Above median
Return on equity (TTM) 32% · Top 25%
Return on assets 19% · Top 25%
Net margin (TTM) 22% · Top 25%
Operating margin (TTM) 28% · Top 25%
Revenue growth 11% · Above median
Dividend yield (TTM) 3.5% · Top 25%

Valuation Multiples vs Medical Devices median · lower = cheaper

P/E (TTM) 26.6× · Pricier than median
P/B 8.86× · Pricier than 75% of peers
P/S (TTM) 5.77× · Pricier than 75% of peers
P/FCF 2.3× · Cheaper than median
EV/EBITDA 19.6× · Pricier than median
PEG 2.35× · Pricier than 75% of peers

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 56 · sector 29
PAST 100 · sector 8
HEALTH 100 · sector 97
DIVIDEND 70 · sector 38

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 Medical Devices stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
Abbott Laboratories, ABT $100.68 $74.79 -26%
Stryker Corporation SYK $316.44 $186.28 -41%
Medtronic plc MDT $83.56 $65.57 -22%
Boston Scientific Corporation BSX $43.04 $38.44 -11%
Edwards Lifesciences Corporation EW $85.73 $41.02 -52%
Siemens Healthineers AG SHL €34.59 €33.87 -2%
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥149.43 ¥147.63 -1%
Shanghai United Imaging Healthcare Co 688271 ¥109.00 ¥43.60 -60%
Demant A/S DEMANT kr 276.60 kr 161.17 -42%
Getinge AB GETIB kr 206.80 kr 192.14 -7%

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Frequently asked questions

Is Medistim ASA (MEDI) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of kr 168.01 versus a price of kr 226.00, about −26% (overvalued).
What is the fair value of MEDI?
Our model-based fair value for Medistim ASA is kr 168.01 (as of Jul 12, 2026), built from audited fundamentals. The current price is kr 226.00.
What is the quality score of MEDI?
Medistim ASA has a Quality Score of 88/100. 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 Medistim ASA (MEDI)?
Medistim ASA reported trailing-twelve-month revenue of about 720M NOK (latest available figure, as of Jul 12, 2026).
What is the net profit margin of MEDI?
The net profit margin of Medistim ASA is about 21.7%, meaning it keeps roughly 21.7% of revenue as net income. Based on the latest reported figures.
Does Medistim ASA pay a dividend?
Medistim ASA currently shows a dividend yield of about 3.38% relative to its recent price (as of Jul 12, 2026).

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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