Rankings Pharma & medtech Thor Medical
Thor Medical
45
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−9
- Multiples vs own history and absolute level−8
- Peers−7
Strengths
- Partner validation+3
- Insider buying / major shareholder+2
How the score is built
From 100 to 45, 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
- 3.98 NOK
- Median analyst target
- 5.60 NOK
- Upside to median
- +40.7%
- Analysts
- 2
- Target range
- 4.20 – 7.00 NOK
- 52-week change
- +10%
- 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−20 of −30
- −9MarginRevenue was NOK 1.6m (TTM) vs an operating result of −NOK 83m and an FCF of −NOK 237m incl. capex. The company expects negative EBITDA throughout 2026.
- −4MoatThor extracts Th-228/Ra-224/Pb-212 from thorium and is one of few independent suppliers in Europe, but Orano Med produces Pb-212 itself, and Eckert & Ziegler, NorthStar and others are building capacity. The price of isotopes may come under pressure as capacity grows.
- −3Quality of growthAlphaOne has a capacity of about 21,000 patient-dose equivalents after three years, corresponding to about NOK 350m in revenue potential. The Th-228 agreements of about NOK 850m are disclosed without stating whether they are binding minimum-offtake agreements.
- −4Capital allocationThree issues in two years: NOK 114m (2024), 86m at NOK 2.50 (June 2025) and 300m at NOK 4.80 (September 2026). The share count has grown approx. 30% in a year to 422.5m shares. Prices have been rising, though, and the money has gone into a production plant.
Price
Today's multiples against the company's own history and its peers. · 2 findings−15 of −35
- −8Multiples vs own history and absolute levelThe market cap is approx. NOK 1.85bn and EV approx. NOK 1.8bn after the share issue. That is approx. 5x the full revenue potential for AlphaOne (NOK 350m), which will only be reached in three years. P/B is 4.6 and P/TBV 12.2.
- −7PeersEckert & Ziegler (one of the largest isotope suppliers, profitable) trades at EV/Sales 2.3 with an EV of EUR 705m. Thor has an EV of about EUR 155m with revenue close to zero. The price requires the whole ramp-up to succeed.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−22 of −35
- −7Dependence on customers' clinical programsThe customers (Eckert & Ziegler, Minerva Imaging, Node Pharma and others) and their end customers are developing Pb-212 drugs that are still in the clinic. Demand for isotopes depends on these studies succeeding and being approved.
- −5Execution of ramp-upAlphaOne has just entered commercial operation, and the first delivery was completed in August 2026. Inventory has been built up from NOK 3m to 42m in half a year. EBITDA break-even is only guided for 2027, and there is no documented full-scale operating history.
- −4Dilution and overhangThe price (NOK 4.39) is below the September issue price of NOK 4.80. A subsequent repair issue may follow, and the proceeds must fund new downstream plants in the US, which may require more capital.
- −4Commodities and regulationThe company is raising money to 'expand and diversify access to feedstock', i.e. access to thorium raw material is a bottleneck. Handling of radioactive material requires permits, and deliveries are time-critical (Pb-212 has a half-life of 10.6 hours).
- −2Lease obligationsLease debt is about NOK 182m (167.5 long-term + 14.6 short-term) for AlphaOne, plus a loan of about NOK 60m. The fixed obligations run no matter how fast sales come.
Plus
Only documented strengths. · 2 findings+5 of +15
- +2Insider buying / major shareholderThe largest shareholder, Scatec Innovation (board-represented), subscribed NOK 25m at NOK 4.80 in September 2026 and now owns 20.7%.
- +3Partner validationThor has cooperation and supply agreements with Eckert & Ziegler and Minerva Imaging, and the first deliveries from AlphaOne have been completed. The September issue was oversubscribed several times with new international investors.
Caveats
What the score does not capture, or where the data is weak.
The company reports semi-annually; the latest figures are as of 30/6/2026. Cash after the September 2026 issue (NOK 300m gross) is an estimate (about NOK 320m after costs and Q3 burn). H1 revenue and H1 operating result are not stated in the announcement; TTM figures from stockanalysis are used. The debt of NOK 242m is mostly leasing of the AlphaOne facility (about 182m) plus a loan of about 60m. It is not stated whether the Th-228 agreements of about NOK 850m are binding. No analysts on stockanalysis (forecast 404). Medicine & medtech has been chosen, as isotopes for radiopharma have no industry of their own. Short positions at the Danish FSA not checked.
Also in Pharma & medtech
The highest scores in the same industry.
