Rankings Pharma & medtech BICO Group
BICO Group
53
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−10
- Capital allocation−9
- Quality of growth−5
Strengths
- Improved profitability+2
- Balance sheet cleaned up+2
How the score is built
From 100 to 53, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 22.25 SEK
- Median analyst target
- 31.00 SEK
- Upside to median
- +39.3%
- Analysts
- 2
- Target range
- 23.00 – 39.00 SEK
- 52-week change
- +12%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−28 of −30
- −10MarginOperating margin is −12% TTM (−16% in 2025), adjusted EBITDA margin is only 1.3% in H1 2026 (6.0% in Q2), and net result was −SEK 168.5m in H1. The company has not had a year of positive operating profit since 2021.
- −5Quality of growthRevenue has fallen from SEK 2,162m (2022) to 1,504m TTM due to divestments and weak demand. Organic growth was 9.2% in H1 2026, but reported growth was only 1.1%, and the project-based business continues to have problems.
- −9Capital allocationAcquisitions for over SEK 3.7bn in cash in 2021–22 have been followed by write-downs of 749m (2023) and SEK 1,043m (2025) as well as divestments. Accumulated deficit is −SEK 6.1bn vs paid-in capital of 7.6bn. A great deal of capital has been destroyed.
- −4MoatThe portfolio is broad and fragmented (dispensing, automation, bioprinting, cell line development) and faces large competitors such as Tecan, Thermo Fisher, Danaher (Molecular Devices) and Hamilton. The gross margin of 55–59% shows niche value, but no dominant position.
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Multiples vs own historyEV/Sales is 1.09 vs 1.03-13.8 in 2021-2025 and P/B is 1.0, i.e. at the bottom of the company's own history. But P/TBV is 5.3, and there are no earnings, so P/E and EV/EBIT cannot be used. The price is low because earnings are missing.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−16 of −35
- −3Management changeCEO Maria Forss stepped down as of 31/8-2026 at short notice, in the middle of the turnaround, and commercial director Anders Fogelberg took over on 1/9. The board justified it only by saying that 'the time is right'.
- −4Cash flowOperating cash flow was −SEK 53.0m in Q2 2026 and −8.7m in H1, and FCF after leases was −73m TTM. The improvement in EBITDA has not yet turned into cash in the bank.
- −3Expensive debtThe convertible bond was refinanced with a senior secured bond of EUR 40m (4 years, 3M EURIBOR + 5.90%, issued at 96.81). The effective interest rate is around 9–10%, and the assets are pledged as security.
- −4Write-down riskIntangible assets are SEK 1,267m against equity of SEK 1,566m, and the company has written down heavily twice in three years. More write-downs or divestments below book value could hit equity again.
- −2CurrencyMost of the sales are in USD and EUR, while the company reports in SEK. A strong krona has contributed to reported growth (+1.1%) being far below organic (+9.2%).
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Improved profitabilityThe gross margin rose to 59.3% in Q2 2026 (43.9%), and adjusted EBITDA turned from −49.7 to +20.1 SEK m thanks to efficiency gains.
- +2Balance sheet cleaned upThe convertible bond of SEK 1,008m was repaid in full at par at maturity without a dilutive issue, and net debt incl. leasing is now only about SEK 59m.
Caveats
What the score does not capture, or where the data is weak.
Turnaround operating company (laboratory automation, bioprinting and life science tools), not a penny biotech, so runway is set to null. The industry does not fit exactly; the closest is 'Medicine & medtech' (the alternative is 'Machinery & automation'). Stockanalysis' TTM figures blend writedowns of SEK 1,043m and a gain of 480m on a 2025 divestment into net income. The Q2 release does not state EBIT, one-offs and net debt; the cash (SEK 627.6m) and debt (bond approx. 420m + leasing 266m) are from Stockanalysis' balance sheet at 30/6. The market cap is self-calculated: 70.57m shares × SEK 21.5 = SEK 1,517m = DKK 1,002m. Stockanalysis has no forecast page (404). Top 5 owners and short data are not verified.
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