Rankings Pharma & medtech Scandinavian Medical Solutions
Scandinavian Medical Solutions
47
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−8
- Liquidity and debt−8
- Downgrades−7
Strengths
- Insider buying+2
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 3
- Price
- 2.37 DKK
- Market value
- DKK 70m
- Cash runway
- 1 months
- Cash / debt
- 1.5 / 74.0m DKK
- Dilution, 12 months
- +7%
Bull case
The price war fades, the inventory of 101m kr is sold at book value, and the gross margin returns to 18–20% on 200m kr of revenue. That gives EBITDA of 10–15m and an EV of 150–200m; after debt the stock could double or triple from 70m kr.
Bear case
The price war continues, inventory must be written down by 20–30m kr, and the bank tightens credit. Then an issue at well below 2 kr with heavy dilution is required, and with 72m kr of net debt equity could become very small.
Catalysts
- 19 Nov 2026Annual report 2025/26: actual EBITDA vs −9 to −13m, inventory value, writedowns and expectations for 2026/27gradual via.ritzau.dk
- 9 Dec 2026General meeting (possible authorization for capital increase)gradual via.ritzau.dk
- No dateAppointment of a new permanent CEO after the change on 16/9-2026gradual via.ritzau.dk
Risk of going to zeromedium – there is a real business with revenue of over DKK 150m and a large inventory, and management has put in money itself, but cash is almost empty, EBITDA is negative, and debt is larger than the market cap
Next financingCash was only DKK 1.5m at 31/3 with FCF spending of about 5.6m per quarter (H1: -11.1m); the issue of DKK 5m in June gives about 3 months more. Operations are in practice financed via bank credit (DKK 30m) and sale of inventory. With EBITDA of -9 to -13m for the full year, another issue or a new bank agreement could come around the annual report on 19/11-2026 or the general meeting on 9/12.
Warrants & convertiblesNo convertible loans found. The directed issue in June 2026 (1.82m shares at DKK 2.75) gave c. 7% dilution. Warrant programmes not reviewed.
Insiders, last 12 monthsJune 2026: board and management subscribed for 1,818,180 shares at DKK 2.75 (DKK 5.0m): Jens Krohn 909,090, Jonas Wulff Møller 454,545, Morten Rasmussen 454,545. No sales found.
Largest ownersNot quantified. The founders and management own a large share (Jens Krohn et al.); the share register has not been reviewed.
Circio check(1) Small market cap: yes, approx. DKK 70m. (2) Hot theme: no, used scanner equipment. (3) Upcoming milestones: no, only the annual report. (4) Major partner: no. (5) Funding for 2+ years: no, dependent on bank credit and inventory sales. (6) Price near the bottom: partial, −41% in a year and P/B below 1, but the business is still deteriorating.
Why this asymmetryThe stock trades below book equity, and insiders have bought at DKK 2.75, so a turn in the margin could give 2–3x. But it is a low-margin dealer business with large debt, so 10x is unrealistic, and inventory write-downs or an emergency issue could send the price much lower.
How the score is built
From 100 to 47, 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
- 2.78 DKK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −35%
- P/E (trailing)
- n/a
- Forward P/E
- 53.4
- 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−23 of −30
- −8MarginThe gross margin has fallen from 19–21% (2021–2023) to 12.7% (TTM), and the operating margin from 15% to −3%. EBITDA was −DKK 6.9m in H1 2025/26, and the full-year expectation is now −9 to −13m.
- −6Quality of growthRevenue fell 25% in H1 (DKK 92.3m vs 122.7m), and the new expectation of DKK 155-175m corresponds to a decline of 29-37% from 245m in 2024/25. The earlier growth came from trading in used scanners, not from a recurring income.
- −5MoatThe company is a reseller of used CT, MR and ultrasound scanners and spare parts. Management itself describes the market as a significant price war, where SMS will be neither the cheapest nor the most expensive. There is no proprietary technology or switching costs for customers.
- −4Capital allocationInventory has been built up to DKK 101m (more than the entire market cap), lease debt is DKK 44m, and FCF has been negative every year since 2022 (−24, −49, −15 and −34m). Capital is tied up in inventory and warehouses rather than returns.
Price
Today's multiples against the company's own history and its peers. · 2 findings−5 of −35
- −1Multiples vs own historyP/S 0.31 and P/B 0.92 are the lowest in the company's listing history (P/S 0.45–1.47 and P/B 1.3–3.8 in 2022–2025), but EV/Sales of 0.65 is on a par with the history, because debt has grown.
- −4Peers and absolute levelEV of about DKK 140m corresponds to 0.85x the new revenue expectation at a gross margin of 13% and negative EBITDA. Low-margin trading and distribution companies typically trade at 0.3-0.6x sales, so the stock is not cheap on an EV basis, and FCF yield is -35%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−21 of −35
- −7DowngradesThe guidance has been lowered twice in 2025/26 (April and 26 August 2026): revenue from 190–220 to 155–175 m kr. and EBITDA from 0–5 to −9 to −13 m kr. due to a price war, freight costs, dangerous goods rules, US tariffs and unrest in the Middle East.
- −8Liquidity and debtCash was DKK 1.5m at 31/3 vs DKK 30.2m of bank debt and 43.8m of lease debt (net debt about DKK 72m). With negative EBITDA the company depends on bank credit and on being able to sell inventory; the targeted issue of DKK 5m in June covers under half a year of spending.
- −4Inventory riskInventory of DKK 101m must turn over faster in a market with a price war. Management is already trimming the portfolio by turnover rate, so there is a risk of writedowns on used equipment, which could hit equity (DKK 72.8m).
- −2Management changeCEO Jens Hvid Paulsen was moved on 16 September 2026 to the role of purchasing manager, and deputy chairman Henrik Ostenfeld Larsen is acting CEO, in the middle of a period of downgrades and cost savings.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Insider buyingIn June 2026 the board and management subscribed 1,818,180 new shares at DKK 2.75 (DKK 5.0m), including Jens Krohn 909,090, Jonas Wulff Møller 454,545 and Morten Rasmussen 454,545 shares, i.e. above the current price.
Caveats
What the score does not capture, or where the data is weak.
No analysts at stockanalysis (forecast 404). Market cap: stockanalysis uses 27.81m shares (old figure); after the directed issue in June 2026 there are 29.62m shares × DKK 2.37 = DKK 70m vs Nordnet's 74m (small deviation, probably price date). The fiscal year ends 30/9, and the figures are at 31/3-2026; H2 is known only through the downgrade in August. The size and covenants of the credit facility and the largest shareholders have not been reviewed. Used medical imaging equipment does not fit an industry perfectly; 'Pharma & medtech' is closest.
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