Rankings Pharma & medtech Moberg Pharma
Moberg Pharma
52
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−9
- Price vs sales and own history−9
- Capital allocation−8
Strengths
- Net cash and runway+3
- Market leader in the Nordics+2
How the score is built
From 100 to 52, 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
- 10.22 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +30%
- 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−27 of −30
- −9MarginRevenue was only SEK 10.7m in H1 2026, and EBITDA was −5.8m (operating margin TTM approx. −124%). The loss has narrowed, but the company still does not make money.
- −4Quality of growthRevenue is growing fast in percentage terms (+43% in H1), but from a very low level (SEK 16.8m TTM) and only from Sweden, Norway and partner deliveries; the rest of Europe comes only from around the turn of 2026/27.
- −8Capital allocationThe share count has risen from 4.4m (2021) to 47m after big issues (SEK 335m in 2024 alone), and operating result was −SEK 325m in 2024, primarily the write-down of MOB-015 after the failed North American phase 3 study.
- −6Market and moatThe North American phase 3 study with 384 patients missed the primary endpoint, Bayer abandoned the launch in North America, and there is no published plan for the US – the largest market for nail fungus. In Europe a large share of the value goes to Karo via a royalty model.
Price
Today's multiples against the company's own history and its peers. · 1 finding−9 of −35
- −9Price vs sales and own historyEV is about SEK 313m = about 19x TTM revenue (17-18x in 2024-2025), for a company whose future income in Europe is primarily royalties. Cash makes up about 40% of market cap, which limits, but does not remove, the overpricing.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−11 of −35
- −6Launch risk in EuropeAll the value rests on Karo Healthcare's launch under the Lamisil name in 19 European markets; authorities must approve the name change country by country, and the first deliveries outside the Nordics are only expected around the turn of the year.
- −2Transparency in agreementsNeither upfront amounts, milestones nor royalty rates in the Karo agreements (Europe, APAC and China) have been disclosed, so investors cannot assess the company's share of sales.
- −2CompetitionMOB-015 competes with cheap over-the-counter remedies (Loceryl, Lamisil creams), tablet treatment with terbinafine and laser; the daily application for 48 weeks is a barrier for patients.
- −1Management turnoverNew chair (Lars Johansson) and two new board members in May 2026 plus new deputy CEO and CMO in August 2026 just before the European launch.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Net cash and runwayCash of SEK 212m with no interest-bearing debt and spending of approx. 9m per quarter, i.e. over five years of runway and approx. SEK 4.50 per share in cash.
- +2Market leader in the NordicsTerclara had 44% of the value and 38% of the volume in the pharmacy market for nail fungus in Sweden in Q2 2026 and 42%/37% in Norway.
Caveats
What the score does not capture, or where the data is weak.
The market cap is self-calculated: 47.18m shares × SEK 11.10 = SEK 524m (DKK 346m). Stockanalysis' FCF (−SEK 13.5m) excludes capitalised development (SEK 27m TTM); the real burn is approx. SEK 9m per quarter based on the fall in cash in H1 2026 (231 → 212m). P/B 0.79 is misleading: approx. SEK 440m of the SEK 663m equity is capitalised MOB-015 development, even after a write-down of approx. 300m in 2024. Royalty and milestone terms in the Karo agreements have not been published. Largest shareholders, insider trading and short interest have not been verified. No analyst forecasts (404). The company has no interest-bearing debt (SEK 1.7m is leasing).
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