Rankings Pharma & medtech Nexstim
Nexstim
59
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
- Multiples vs own history−7
- Peers and analysts−7
- Margin−6
Strengths
- Regulatory progress+2
- Partner validation+2
- Positive EBITDA+1
How the score is built
From 100 to 59, 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
- 8.75 EUR
- Median analyst target
- 11.50 EUR
- Upside to median
- +31.4%
- Analysts
- 2
- Target range
- 11.00 – 12.00 EUR
- 52-week change
- −39%
- P/E (trailing)
- 1,704.0
- Forward P/E
- 53.3
- 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−18 of −30
- −6MarginThe gross margin is high (77–80%), but the operating margin is only about 5% TTM, net income is about 0 (EUR 0.05m TTM), and H1 2026 gave an operating result of −0.3m and a net result of −EUR 0.9m (incl. 0.6m in one-off costs). Earnings swing between losses and small profits year by year.
- −5Quality of growthGrowth of 16% in H1 came from Research & Neuroscience (+144%) and a one-off licence of EUR 0.8m from Sinaptica. The core businesses fell: Diagnostics −1.8%, Therapy −2.1% and system sales −12.4%.
- −4MoatNavigated TMS (NBS/NBT) is a niche with FDA approvals for preoperative mapping and treatment of depression, but revenue is only EUR 11.7m. Competitors in TMS therapy are far larger (Neuronetics approx. USD 155m and BrainsWay approx. USD 61m in revenue).
- −3Capital allocationLong history of dilution and losses (accumulated deficit of -EUR 53.7m vs equity of 8.5m), a directed issue in May 2026 at a 15% discount, and ongoing capitalization of development costs (capex EUR 1.5m TTM), which makes FCF weaker than earnings.
Price
Today's multiples against the company's own history and its peers. · 2 findings−14 of −35
- −7Multiples vs own historyEV/Sales is 6.3 vs 2.6-9.5 in 2021-2025 (median about 4.5), EV/EBITDA is 78, and forward P/E is 57 vs 23-51 historically. The price is at the expensive end of the company's own history, even though the price has fallen 25% in a year.
- −7Peers and analystsInderes has a 'Reduce' recommendation with a target price of EUR 11 and P/E of 75x and EV/EBITDA of 29.8x on 2026E. Neuronetics trades at c. 1.5x sales; only the fast-growing BrainsWay (+35%) is more expensive than Nexstim.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−16 of −35
- −5Partner dependenceThe investment case rests on the Brainlab collaboration (Inderes: 'central' in the short and medium term) and on Sinaptica, whose 10-year exclusive Alzheimer's agreement requires final agreements to be signed before the end of 2026.
- −3Sales and recurring revenueSystem sales fell 12.4% in H1 2026, and Inderes points to pressure on recurring revenue and seasonal variation. That makes the year dependent on H2.
- −3DilutionDirected issue to Eiffel and Brainlab at EUR 7.51 (15% discount) and conversion of options in May 2026 gave 10.4% dilution, and the company has diluted heavily before.
- −3Small balance sheetCash is EUR 5.6m vs interest-bearing debt of 3.4m (incl. capitalized R&D loans). The buffer is small for a company with volatile system sales.
- −2Liquidity in the stockThe stock is thinly traded: about 4,400 shares a day (about EUR 40,000), and free float is about 5.3m shares.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Regulatory progressIn March 2026 the FDA approved Nexstim's system for OCD in adults and for depression (MDD) in adolescents aged 15–21. This expands the US therapy market.
- +2Partner validationBrainlab (neurosurgical market leader) and Eiffel Investment Group invested EUR 5m in May 2026, and Brainlab owns about 3.8% and has a development and distribution agreement.
- +1
Caveats
What the score does not capture, or where the data is weak.
Operating company close to break-even, not a classic penny biotech, so runway is set to null (FCF TTM −EUR 0.3m, and H1 is seasonally weakest). Market cap is calculated by us: 8.07m shares after the May 2026 issue × EUR 9.47 = EUR 76.4m = DKK 571m. Stockanalysis' dilution of +42% year over year is distorted; the real dilution is about 12% (7.23 → 8.07m shares). Stockanalysis' FCF includes capitalised development (long-term prepaid costs EUR 4.3m), so the company's own operating cash flow (H1 −EUR 0.1m) is used. Peer figures for BrainsWay and Neuronetics are from a web search (not stockanalysis pages). The number of remaining options, top 5 owners and short data have not been verified. Only two analysts (Inderes et al.).
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