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Mycronic AB (MICLF) fair value: what the stock is really worth

As of Aug 21, 2026: fair value of Mycronic AB $34.38, price $32.50, upside +5.8%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Industrials · US · ISIN SE0025158629

MA Mycronic AB logo Broad data Sep 23, 2026

Mycronic AB

MICLF · US

NeutralQuality growthThe stock looks roughly fairly valued with average quality.

·Fair value $34.38 · Fairly valued (+5.8%)
!Quality 58/100
✓Healthy Growth (revenue 5y +15.3 %/yr)
✓Solidly profitable · 19.9% net margin (TTM)
✓Low debt · generates free cash flow
✓Wide moat 80/100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$32.92 $4.30 Fair Value $34.38 Jan 2017 Aug 2026

White line = price, green steps = our fair value per fiscal year. As of Sep 23, 2026.

How to read this chart

60‑month range $4.30 – $32.92 · fair‑value band $22.48 – $48.80 · the $32.50 price screens below the $34.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Sep 23, 2026.

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Company profile

Mycronic AB (publ) develops, manufactures, and sells production equipment for electronics industry in Sweden, rest of Europe, the United States, other Americas, China, South Korea, rest of Asia, and internationally. It operates through four segments: Pattern Generators, PCB Assembly, High-Volume, and Global Technologies.

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Mycronic AB (publ) develops, manufactures, and sells production equipment for electronics industry in Sweden, rest of Europe, the United States, other Americas, China, South Korea, rest of Asia, and internationally. It operates through four segments: Pattern Generators, PCB Assembly, High-Volume, and Global Technologies. The Pattern Generators segment develops, manufactures, and markets mask writers and metrology systems for display manufacturing and production of semiconductors. The PCB Assembly segment develops, manufactures, and markets flexible PCB assembly solutions, including jet printing, stencil printing, 3D inspection, component placement, and automated storage solutions. The High-Volume segment develops, manufactures, and markets automated system for dispensing and conformal coating for high-volume electronics production. The Global Technologies segment offers die bonding, PCB test, photonic interconnects, magnetic test, and applied plasma. The company sells its products through agents and distributors. It serves aerospace, defense, medical, and industrial electronics sectors. The company was formerly known as Micronic Mydata AB (publ) and changed its name to Mycronic AB (publ) in June 2014. Mycronic AB (publ) was incorporated in 1989 and is headquartered in Täby, Sweden.

Stock analysis

Mycronic AB (MICLF) currently trades at $32.50, while our model-based Fair Value estimate is $34.38, so the stock looks roughly fairly valued today (gap 5.5%).

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Valuation

Bull case: the DCF Models group reads highest at a median of $18.93 per share, and 0 of the 26 models we run sit above the $32.50 price.

Bear case: the Dividend Discount group reads lowest at $5.65, and 26 of the 26 models stay below the price. Evidence for this calculation is high.

Scenario range: $22.48 (bear) to $48.80 (bull), the price of $32.50 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 58/100 (solid quality), in the Industrials sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Mycronic AB reported revenue of 7.9B SEK in FY2025 versus 4.6B SEK in FY2021, a compound +14.3%/yr. Reported net income was 1.6B SEK in FY2025, compounding +17.1%/yr from FY2021.

Key figures

Market cap $6.3B · P/E ratio 36.1 · P/S ratio 7.10 · EPS (TTM) $0.9000 · Net margin 19.7% · Return on equity 22.2% · Return on assets (EBIT) 16.1% · Revenue (TTM) 7.5B SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).

What moves the price

The share trades about 1% below its 52-week high and 58% above its 52-week low.

For context, the median of 10 Industrials peers we cover trades at −49% fair-value upside, at 6%, MICLF screens cheaper than that median.

Fair Value models

Bear $22.48 Fair Value $34.38 Bull $48.80
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.6805 per share) are deliberately not added. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF $9.99 $17.72 $32.21 77
Growth DCF $9.79 $16.71 $28.39 76
EPV $8.44 $9.59 $10.58 74
All 26 models by family
DCF Models
FCF DCF $9.99 $17.72 $32.21 77
Owner Earnings $13.19 $24.07 $43.49 73
5Y Revenue Exit $7.47 $12.13 $18.53 72
5Y EBITDA Exit $11.30 $20.39 $32.24 73
5Y P/E Exit $11.96 $21.83 $33.61 69
10Y Revenue Exit $8.07 $12.84 $20.40 65
10Y EBITDA Exit $10.78 $18.93 $32.16 66
10Y P/E Exit $11.21 $19.98 $33.33 62
Earnings-Based
Graham-Dodd $5.40 $29.20 $40.49 63
Lynch FV $8.09 $11.56 $15.03 61
PEG = 1.0 $8.09 $11.56 $15.03 57
EPV $8.44 $9.59 $10.58 74
Dividend Discount
Gordon GGM $3.28 $6.53 $9.89 67
DDM Multi-Stage $3.28 $5.65 $6.90 67
Multiples
P/E Multiple $12.50 $16.66 $20.83 63
P/S Multiple $6.06 $8.08 $10.09 58
P/B Multiple $10.12 $13.49 $16.86 55
EV/EBIT $14.02 $18.30 $22.58 66
EV/EBITDA $12.64 $16.46 $20.28 67
EV/Revenue $6.27 $8.45 $10.63 54
Asset-Based
NCAV (Graham) $1.81 $2.42 $3.62 54
Growth DCF
Growth DCF $9.79 $16.71 $28.39 76
Rev-Margin DCF $7.47 $12.02 $18.19 72
Economic Profit
Residual Income $4.85 $6.28 $10.57 73
ROIC Compounder $9.47 $12.11 $15.36 72
Growth Earnings
Growth-Adj P/E $11.85 $16.93 $22.01 67

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Quality Score breakdown

Overall quality 58/100

Of which business quality 59 · Market factors (momentum, volatility) 91

Profitability 72
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 94
Balance sheet, leverage, solvency risk
Investment 52
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
52W Momentum 100
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+12.2%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+15.6%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+15.3%
Start year 2020 (pandemic). Over 10 years: +15.9% a year
Revenue growth 23 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+12.8%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−1.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.2%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−1.2% vs 5.8%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 25%
Start year 2020 (pandemic)

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+23.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in SEK, Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +21.2% a year for the price and +4.2% for the forecasts.
Forecast 2026 (sales)+9.2%
Forecast 2027 (sales)+6.4%
Projected 2028 (sales)+5.9%
Projected 2029 (sales)+5.3%
Projected 2030 (sales)+4.8%

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Earlier news

News mood ⓘNews mood, the average tone of recent news (47 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.

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

Frequently asked questions

Is Mycronic AB (MICLF) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $34.38 versus the last price from Aug 21, 2026 of $32.50, about +6% upside (fairly valued).
What is the fair value of MICLF?
Our model-based fair value for Mycronic AB is $34.38 (as of Sep 23, 2026), built from audited fundamentals. Last price (from Aug 21, 2026): $32.50.
What is the quality score of MICLF?
Mycronic AB has a Quality Score of 58/100. 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 price target for Mycronic AB (MICLF)?
Our model-based price target is the fair value of $34.38 (as of Sep 23, 2026) from 26 valuation models. Cautious scenario $22.48, optimistic scenario $48.80. It is a calculation from audited fundamentals, not an analyst target.
What is the Mycronic AB stock forecast for 2026?
Our models put fair value at $34.38, about +6% upside versus the last price from Aug 21, 2026 of $32.50 (fairly valued). Cautious scenario $22.48, optimistic scenario $48.80. The calculation is refreshed regularly with new filings.
What is the revenue of Mycronic AB (MICLF)?
Mycronic AB reported trailing-twelve-month revenue of about 7.5B SEK (latest available figure, as of Sep 23, 2026).
What growth is priced into Mycronic AB (MICLF)?
For today's price to be fair in a discounted-cash-flow model, Mycronic AB would have to grow free cash flow by +23.6 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.3 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of MICLF use?
Our models discount Mycronic AB at 9.0 %: a base by market capitalisation (mid), damped by beta 0.72, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Mycronic AB that is +23.6 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Mycronic AB (MICLF) delivered so far?
Over the past 5 years revenue at Mycronic AB grew +15.3 % a year. The price currently implies +23.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Mycronic AB (MICLF) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Mycronic AB (+23.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mycronic AB (MICLF)?
The free-cash-flow yield on the price is 2.06 %: that much free cash flow Mycronic AB produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mycronic AB (MICLF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mycronic AB it is $34.38 per share (as of Sep 23, 2026), against a price of $32.50. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Mycronic AB stock overvalued or undervalued in 2026?
As of Sep 23, 2026, MICLF trades below its calculated fair value: price $32.50, fair value $34.38, a gap of about +6% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MICLF?
No. The price is what the market pays today ($32.50); the fair value is what the company's own numbers justify ($34.38). For Mycronic AB the two are $1.88 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mycronic AB worth?
The market values Mycronic AB at about $6.3B (market capitalisation, as of Sep 23, 2026). Per share that is $32.50; our models calculate a fair value of $34.38 per share.
What do the bullish and bearish scenarios say about MICLF?
Our models span a range for Mycronic AB: cautious scenario $22.48, base $34.38, optimistic $48.80 per share (as of Sep 23, 2026, price $32.50). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is MICLF from its 52-week high?
Mycronic AB trades at $32.50, about 1% below its 52-week high of $32.92 and 58% above the low of $20.61 (as of Aug 21, 2026). Distance from the high says nothing about value: that is what the fair value of $34.38 is for.
Which stocks are comparable to Mycronic AB?
From the same area (Industrials) we also value GE Vernova Inc, SIE, Eaton Corporation, Parker-Hannifin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mycronic AB stock attractive at the current price?
The data as of Sep 23, 2026: price $32.50, calculated fair value $34.38 (+6%), Quality Score 58/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MICLF calculated?
We run Mycronic AB through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $34.38, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Mycronic AB currently trades 5 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mycronic AB (MICLF)?
The latest price we hold is from Aug 21, 2026 and stands at $32.50. Our model-based fair value is $34.38, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mycronic AB right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($22.48 to $48.80) leaves room in how you read the outcome.
Where does the earnings growth of Mycronic AB (MICLF) come from?
Earnings per share at Mycronic AB grew +11.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.0 %, EBIT margin −0.8 %, tax rate −0.3 %, residual (interest, one-offs) +0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Mycronic AB

How large is the market capitalisation of Mycronic AB (MICLF)?
The market capitalisation of Mycronic AB is $6.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Mycronic AB (MICLF)?
The price-to-earnings ratio of Mycronic AB is 36.1. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Mycronic AB (MICLF)?
The price-to-sales ratio of Mycronic AB is 7.10 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mycronic AB (MICLF)?
Earnings per share at Mycronic AB are $0.9000 (price ÷ EPS = P/E 36.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Mycronic AB (MICLF)?
The net margin of Mycronic AB is 19.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mycronic AB (MICLF)?
The return on equity (ROE) of Mycronic AB is 22.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mycronic AB (MICLF)?
On an EBIT basis the return on assets of Mycronic AB is 16.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How fast is revenue growing at Mycronic AB (MICLF)?
Revenue at Mycronic AB is growing +16.9% versus a year earlier (3y avg +15.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mycronic AB (MICLF)?
Earnings per share at Mycronic AB are growing +15.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Mycronic AB (MICLF) hold?
Mycronic AB holds more cash than debt, 2.0B SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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