Rankings Pharma & medtech Genovis
Genovis
72
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history and peers−9
- Quality of growth−5
- Customer concentration and lumpy orders−4
Strengths
- Net cash and self-funding+3
- Pricing power+2
How the score is built
From 100 to 72, 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
- 20.85 SEK
- Median analyst target
- 33.00 SEK
- Upside to median
- +58.3%
- Analysts
- 2
- Target range
- 28.00 – 38.00 SEK
- 52-week change
- −7%
- P/E (trailing)
- 67.3
- Forward P/E
- 54.3
- 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−13 of −30
- −3MarginThe gross margin is very high (89%), but the operating margin has fallen from 34.5% in 2023 to 22.6% (2024), 21.5% (2025) and 18.4% TTM; adjusted EBITDA margin in H1 2026 was about 29%.
- −5Quality of growthRevenue was SEK 159m in 2023, 131m in 2024 and 129m in 2025, i.e. three years without growth after a decline at large biopharma customers. H1 2026 showed +11% (+19% in local currency) and Q2 +19%, but part of the growth comes from acquisitions and lumpy ADC orders.
- −3ROIC and capital allocationROIC has fallen from 53% (2023) to 15% (2025) and 10% TTM, while intangible assets and goodwill have risen from SEK 7m to over 130m after acquisitions in 2025 and KPL in 2026, partly paid for with new shares.
- −2Market and moatPatented niche enzymes (FabRICATOR, SmartEnzymes) for analysing antibodies and ADCs are a real moat, but the market is small, and large tool suppliers such as Promega, New England Biolabs and Thermo Fisher sell competing proteases.
Price
Today's multiples against the company's own history and its peers. · 1 finding−9 of −35
- −9Multiples vs own history and peersEV/EBITDA is 26.8 vs 40-58 in 2023-2025 and P/S 9.7 vs 10.9-21.4, i.e. cheaper than its own history. But trailing P/E is 63, and EV/Sales of about 9 is expensive vs larger life science tools companies; Redeye sees 22x-9x EV/EBITDA on 2026e-2028e.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−10 of −35
- −4Customer concentration and lumpy ordersA large part of sales goes to biopharma customers, and ADC orders (e.g. SEK 10.9m in Q4 2025) swing greatly from quarter to quarter. The fall in 2024 was precisely due to lower purchases by large customers.
- −4Currency and the USAlmost all revenue is outside Sweden and heavily in USD; the weak dollar took 8 percentage points off growth in H1 2026 (+11% vs +19% in local currency). Tariff rules and lower NIH grants to academic customers in the US are an additional risk.
- −2Integration of acquisitionsKPL (bought 1/6-2026 for DKK 30.5m, of which 19.4m in shares, plus a sales-based additional purchase price in 2030) is the second acquisition in a short time; integration and unknown earn-out liability.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Net cash and self-fundingNet cash of SEK 85m (157m cash vs 72m primarily leasing) and operating cash flow of SEK 24.4m in H1 2026; acquisitions are funded without an issue to the market.
- +2Pricing powerThe gross margin has been 85–90% for six years, which shows strong pricing power on patented enzymes.
Caveats
What the score does not capture, or where the data is weak.
Nordnet's market cap (DKK 798m) corresponds to about 64m shares and is outdated: after the KPL acquisition (1,395,587 new shares in June 2026) there are 67.46m shares, and the market cap is about SEK 1,274m = DKK 841m at SEK 18.88. The TTM result is burdened by SEK 3.5m of transaction costs for KPL (adjusted EBITDA H1 19.8m vs reported 16.4m), so trailing P/E (63) overstates slightly. Debt of SEK 72m is mainly leases (premises); net cash is SEK 85m. KPL's additional purchase consideration (sales-based, payable 2030) has not been quantified. No analyst forecast on stockanalysis (404); Redeye covers the company. Nordnet's daily turnover of DKK 8m seems high and may be due to single days. Short interest not verified. Industry: life science tools - closest is Medicine & medtech. The company is not a penny stock in the classic sense: it is profitable and self-funding.
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