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Surgical Science Sweden AB (SUS) Fair Value & Analysis

Healthcare · SE · Market cap 1.5B SEK

SS Surgical Science Sweden AB SUS · ST
Pricekr 38.12
Fair Valuekr 28.81
Upside-24.4%
Quality61/100
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Healthy Growth
Thin margins · 5.3% net margin
Low debt · generates free cash flow
Ranks above peers (11/13)
Narrow moat 37/100
Evidence: High Range kr 25.05 – kr 36.01 Share as image

Fair value as of: Jul 18, 2026

From 24 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from kr 39.81 to kr 28.81 (−27.6%) since Jun 24, 2026. Share price +23.9% over the past month.

A solid business, but screening 24% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 36.01). The favourable scenario is already priced in.
  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

kr 324.75 kr 23.92 Fair Value kr 28.81 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 23.92 – kr 324.75 · fair‑value band kr 25.05 – kr 36.01 · the kr 38.12 price screens above the kr 28.81 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Surgical Science Sweden AB (SUS) currently trades at kr 38.12, while our model-based Fair Value estimate is kr 28.81, implying the stock looks roughly 24.4% overvalued today. The Quality Score stands at 61/100 (solid 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, Surgical Science Sweden AB generated revenue of 977M SEK at a net margin of 5.3%. Revenue declined 6.1% year over year. It earns a return on equity of 1.2%. The balance sheet holds a net cash position of 615M SEK. Fundamentals as of Jul 18, 2026

Our scenario range runs from kr 25.05 (bear case) to kr 36.01 (bull case); at kr 38.12, 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 77% below its 52-week high and 61% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -53% fair-value upside, at -24%, SUS 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.

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 29.07 kr 41.47 kr 60.96 80
Rev-Margin DCF kr 34.40 kr 53.08 kr 92.01 74
ROIC Compounder kr 23.91 kr 25.53 kr 26.87 72
All 24 models by family
DCF Models
FCF DCF kr 30.22 kr 38.57 kr 63.54 38
Owner Earnings kr 46.64 kr 83.74 kr 152.58 31
5Y Revenue Exit kr 32.26 kr 47.94 kr 80.83 39
5Y EBITDA Exit kr 45.21 kr 74.10 kr 130.85 41
5Y P/E Exit kr 32.80 kr 58.28 kr 92.97 38
10Y Revenue Exit kr 30.94 kr 54.96 kr 70.75 36
10Y EBITDA Exit kr 40.31 kr 80.39 kr 152.01 37
10Y P/E Exit kr 32.03 kr 56.02 kr 95.30 35
Earnings-Based
Graham-Dodd kr 8.90 kr 62.10 kr 87.15 54
Lynch FV kr 30.50 kr 43.57 kr 56.64 50
PEG = 1.0 kr 30.50 kr 43.57 kr 56.64 46
EPV kr 23.91 kr 25.53 kr 26.87 59
Multiples
P/E Multiple kr 21.61 kr 28.81 kr 36.01 63
P/S Multiple kr 16.70 kr 22.26 kr 27.83 58
P/B Multiple kr 16.70 kr 22.26 kr 27.83 55
EV/EBIT kr 39.28 kr 48.35 kr 57.43 53
EV/EBITDA kr 51.63 kr 64.82 kr 78.01 54
EV/Revenue kr 31.48 kr 39.81 kr 48.14 43
Asset-Based
NCAV (Graham) kr 41.87 kr 56.11 kr 83.74 50
Growth DCF
Growth DCF kr 29.07 kr 41.47 kr 60.96 80
Rev-Margin DCF kr 34.40 kr 53.08 kr 92.01 74
Economic Profit
Residual Income kr 54.61 kr 50.07 kr 34.98 61
ROIC Compounder kr 23.91 kr 25.53 kr 26.87 72
Growth Earnings
Growth-Adj P/E kr 40.88 kr 58.40 kr 75.92 68

Widest divergence: Growth Earnings (kr 58.40) versus Economic Profit (kr 25.53). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 977M SEK
Revenue growth (YoY) -6.1%
Net margin 5.3%
Return on equity 1.2%
Free cash flow 68.1M SEK FY2025
P/E ratio 32.9
More key figures
Operating margin 11.3%
EPS (TTM) kr 1.03
EPS growth (YoY) -43.8%
Net cash 615M SEK FY2025

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

Quality Score breakdown

Overall quality 61/100

Of which business quality 60 · Market factors (momentum, volatility) 39

Profitability 22
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 52
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 46
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 81
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

Surgical Science Sweden AB (publ) develops and markets virtual reality simulators and customized training solutions for evidence-based medical training in Europe, North and South America, Asia, and internationally.

Full company description

Surgical Science Sweden AB (publ) develops and markets virtual reality simulators and customized training solutions for evidence-based medical training in Europe, North and South America, Asia, and internationally. The company offers Angio Mentor simulator for endovascular training; BRONCH Express, a portable version of BRONCH mentor simulator; ARTHRO Mentor for arthroscopic surgery skills acquisition; BRONCH Mentor, a simulator for optimizing bronchoscopy training; GI Mentor, a simulator for GI Endoscopy; HYST Mentor for True-To-Life diagnostic and therapeutic hysteroscopy training; URO Mentor, a virtual reality simulator for endourology training; EndoSim, a realistic scope simulator; FlexVR, a flexible and portable training platform which is designed to teach basic and advanced skills for robotic surgery; and LAP Mentor provides a wide array of laparoscopic training cases. It also provides LapSim training system comprising LapSim Haptic simulator that provides laparoscopic training; LapSim essence, a portable and ready-to-use VR simulator; and LapSim 360, which provides a high-immersion virtual reality training experience; MentorLearn, an end-to-end educational platform that makes simulation course management; and LapSim ST, a training system that prepares students for the operating room. In addition, the company offers PELVIC Mentor simulator provides anatomy and pelvic exam training; Perc Mentor suite for image-guided interventions; RobotiX Mentor for practice the motor and cognitive skills for surgeons; Simball Box, which combines with digitally collected metrics into a training tool; Spine Mentor, a training simulator for minimal invasive spine surgery; TEE Express, designed to teach Trans-Esophageal Echocardiography procedure using a TEE probe; TraumaVR, an ultimate mix of manikin and VR simulation; and Ultrasound Mentor for ultrasound training with multiple medical specialties. Surgical Science AB was founded in 1997 and is based in Gothenburg, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Surgical Science Sweden AB reported revenue of kr 992M in FY2025 versus kr 367M in FY2021, a compound +28.3%/yr. Reported net income was kr 66.8M in FY2025, compounding −6.2%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
992M SEK
Latest YoY
+12.2%
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.
+7.3%
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.
+56.8%
Avg. growth/yr (11Y) 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.
+33.6%
Revenue +28.3%/yr
FY21 kr 367M
FY22 kr 803M
FY23 kr 883M
FY24 kr 884M
FY25 kr 992M
Net income −6.2%/yr
FY21 kr 86.2M
FY22 kr 188M
FY23 kr 234M
FY24 kr 132M
FY25 kr 66.8M

SUS screens 24% overvalued. Compare with Veeva Systems Inc →

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Cite: Fair Value Calculator (2026). "Surgical Science Sweden AB Fair Value". https://www.fairvalue-calculator.com/stock/SUS

Peer Group

Health Information Services · 126 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 61 · Above median
Fair Value upside −24% · Above median
Return on equity (TTM) 1% · Below median
Return on assets 1% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth -6% · Bottom 25%

Valuation Multiples vs Health Information Services median · lower = cheaper

P/E (TTM) 29.3× · Cheaper than median
P/B 0.36× · Cheaper than 75% of peers
P/S (TTM) 1.58× · Cheaper than median
P/FCF 2.4× · Cheaper than 75% of peers
EV/EBITDA 6.6× · Cheaper 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 1 · sector 0
FUTURE 0 · sector 33
PAST 5 · sector 8
HEALTH 100 · sector 98
DIVIDEND 0 · sector 35

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 Health Information Services stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Veeva Systems Inc VEEV $190.12 $95.12 -50%
Pro Medicus Limited PME A$194.84 A$23.74 -88%
BrightSpring Health Services, Inc BTSG $68.16 $21.31 -69%
HealthEquity, Inc HQY $97.67 $56.63 -42%
Hinge Health, Inc HNGE $88.80 $24.03 -73%
10x Genomics, Inc TXG $45.75 $17.18 -62%
Waystar Holding WAY $22.69 $12.86 -43%
Doximity, Inc DOCS $22.21 $17.18 -23%
Privia Health Group PRVA $28.10 $5.30 -81%
Inventurus Knowledge Solutions Limited IKS ₹1,846 ₹860.28 -53%

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Frequently asked questions

Is Surgical Science Sweden AB (SUS) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of kr 28.81 versus a price of kr 38.12, about −24% (overvalued).
What is the fair value of SUS?
Our model-based fair value for Surgical Science Sweden AB is kr 28.81 (as of Jul 18, 2026), built from audited fundamentals. The current price is kr 38.12.
What is the quality score of SUS?
Surgical Science Sweden AB has a Quality Score of 61/100. 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 Surgical Science Sweden AB (SUS)?
Surgical Science Sweden AB reported trailing-twelve-month revenue of about 977M SEK (latest available figure, as of Jul 18, 2026).
What is the net profit margin of SUS?
The net profit margin of Surgical Science Sweden AB is about 5.3%, meaning it keeps roughly 5.3% 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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