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Apotea AB (publ) (APOTEA) Fair Value & Analysis

Healthcare · SE · Market cap 7.8B SEK (≈ $814M) · ISIN SE0023313762

What is Apotea AB (publ) really worth?

AA Apotea AB (publ) APOTEA · ST
Pricekr 77.30
Fair Valuekr 46.46
Upside−39.9%
Quality52/100

A solid business, but trading 66% above our fair value of kr 46.46.

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Strengths

generates free cash flow

Risks

!Mixed Growth (revenue 3y +13.8 %/yr)
!Thin margins · 3.2% net margin
!Trails peers (5/13)
!Moderate moat 55/100
!The models disagree: range kr 28.23 to kr 127.90
!Weak on dividend: 16 out of 100

For context

·0.78% dividend yield
Evidence: High Range kr 28.23 – kr 127.90

Fair value as of: Aug 23, 2026

From 24 valuation models · updated 13 days ago

Share price +5.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The model range is unusually wide (kr 28.23 to kr 127.90). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (21 months)

kr 120.20 kr 55.15 Fair Value kr 46.46 Dec 2024 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

21‑month range kr 55.15 – kr 120.20 · fair‑value band kr 28.23 – kr 127.90 · the kr 77.30 price screens above the kr 46.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

Apotea AB (publ) (APOTEA) currently trades at kr 77.30, while our model-based Fair Value estimate is kr 46.46, implying the stock looks roughly 66.4% overvalued today. The Quality Score stands at 52/100 (solid quality), in the Healthcare sector. Bull case: the Growth Earnings group reads highest at a median of kr 102.10 per share, and 3 of the 24 models we run sit above the kr 77.30 price. Bear case: the Asset-Based group reads lowest at kr 5.43, and 21 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Apotea AB (publ) generated revenue of 7.4B SEK at a net margin of 3.2%. Revenue grew 10.5% year over year. It earns a return on equity of 28.3%. Net debt stands at 328M SEK. Fundamentals as of Aug 23, 2026

Our scenario range runs from kr 28.23 (bear case) to kr 127.90 (bull case); at kr 77.30, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 36% below its 52-week high and 43% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −19% fair-value upside, at −40%, APOTEA screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 1.13 per share, which is 2.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
EPV kr 21.01 kr 24.33 kr 27.19 70
FCF DCF kr 18.02 kr 27.73 kr 57.99 69
Growth DCF kr 16.92 kr 32.19 kr 56.77 67
All 24 models by family
DCF Models
FCF DCF kr 18.02 kr 27.73 kr 57.99 69
Owner Earnings kr 25.06 kr 55.49 kr 117.04 63
5Y Revenue Exit kr 26.18 kr 48.56 kr 95.65 61
5Y EBITDA Exit kr 39.89 kr 76.26 kr 147.81 63
5Y P/E Exit kr 31.95 kr 75.84 kr 136.41 60
10Y Revenue Exit kr 22.96 kr 57.64 kr 81.98 58
10Y EBITDA Exit kr 33.89 kr 86.48 kr 181.70 56
10Y P/E Exit kr 28.23 kr 69.77 kr 139.77 53
Earnings-Based
Graham-Dodd kr 14.94 kr 104.21 kr 146.25 59
Lynch FV kr 53.84 kr 76.91 kr 99.99 57
PEG = 1.0 kr 53.84 kr 76.91 kr 99.99 53
EPV kr 21.01 kr 24.33 kr 27.19 70
Multiples
P/E Multiple kr 36.26 kr 48.35 kr 60.43 63
P/S Multiple kr 28.02 kr 37.36 kr 46.70 58
P/B Multiple kr 27.37 kr 36.49 kr 45.62 55
EV/EBIT kr 37.24 kr 49.64 kr 62.04 63
EV/EBITDA kr 47.05 kr 62.72 kr 78.39 64
EV/Revenue kr 26.59 kr 37.97 kr 49.35 51
Asset-Based
NCAV (Graham) kr 4.05 kr 5.43 kr 8.11 51
Growth DCF
Growth DCF kr 16.92 kr 32.19 kr 56.77 67
Rev-Margin DCF kr 29.10 kr 55.48 kr 110.39 61
Economic Profit
Residual Income kr 14.69 kr 20.05 kr 127.90 59
ROIC Compounder kr 28.11 kr 43.93 kr 59.61 64
Growth Earnings
Growth-Adj P/E kr 71.47 kr 102.10 kr 132.73 63

Widest divergence: Growth Earnings (kr 102.10) versus Asset-Based (kr 5.43). Highest evidence: EPV (70).

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Key figures & financial health

P/E ratio 34.1
P/S ratio 1.08 P/E × margin
EPS (TTM) kr 2.27 price ÷ EPS = P/E 34.1
Dividend yield 0.8% payout 26.4%
Net margin 3.2% FY2025
Return on equity 28.3% TTM
More key figures
Profitability
Return on assets (EBIT) 66.6% avg 5y
Operating margin 5.2% TTM
Growth
Revenue (TTM) 7.4B SEK TTM
Revenue growth (YoY) +10.5% 3y avg +13.8%
EPS growth (YoY) +10.5%
Balance sheet & cash flow
Free cash flow 118M SEK FY2025
Net debt 328M SEK FY2025 · ≈ 2.8 yrs of FCF

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 54 · Market factors (momentum, volatility) 38

Profitability 77
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 29
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 32
Disciplined investing over empire-building
Low Volatility 42
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 22
Distance to the 52-week high (market factor)
Net Issuance 74
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Apotea AB (publ) operates an online pharmacy in Sweden. The company offers products in the areas of allergy, face, child and parent, bite and sting, preparedness, animal, fever and aches, cold, home and household, aid, hair removal and shaving, hair care, hands and feet, intimate, and dietary supplements.

Full company description

Apotea AB (publ) operates an online pharmacy in Sweden. The company offers products in the areas of allergy, face, child and parent, bite and sting, preparedness, animal, fever and aches, cold, home and household, aid, hair removal and shaving, hair care, hands and feet, intimate, and dietary supplements. It also provides products in the categories of body care, stomach and intestine, food and drink, mouth and teeth, premium, trip, sex and lust, stop smoking, makeup, sun protection, wounds and injuries, sleep and sleep problems, training, weight control, vitamins and minerals, charity, and eyes and ears. In addition, the company offers services comprising leasing, leasing of personnel to related companies. and market contributions. The company was founded in 2011 and is headquartered in Stockholm, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Apotea AB (publ) reported revenue of 7.2B SEK in FY2025 versus 505M SEK in FY2021, a compound +94.4%/yr. Reported net income was 229M SEK in FY2025, compounding +110.9%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
7.2B SEK
Latest YoY
+10.1%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+13.8%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+81.7% (80.9 + 0.8)
Revenue +94.4%/yr
FY21 505M SEK
FY22 4.9B SEK
FY23 5.5B SEK
FY24 6.5B SEK
FY25 7.2B SEK
Net income +110.9%/yr
FY21 11.6M SEK
FY22 19.9M SEK
FY23 87.0M SEK
FY24 215M SEK
FY25 229M SEK

APOTEA screens 66% overvalued. Compare with JD Health International Inc →

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Cite: Fair Value Calculator (2026). "Apotea AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/APOTEA

Peer Group

Pharmaceutical Retailers · 57 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 52 · Below median
Fair Value upside −40% · Below median
Return on equity (TTM) 28% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 3% · Above median
Operating margin (TTM) 5% · Top 25%
Revenue growth 11% · Above median
Dividend yield (TTM) 0.8% · Bottom 25%

Valuation Multiples vs Pharmaceutical Retailers median · lower = cheaper

P/E (TTM) 34.1× · Pricier than 75% of peers
P/B 9.22× · Pricier than 75% of peers
P/S (TTM) 1.05× · Pricier than median
P/FCF 6.9× · Pricier than 75% of peers
EV/EBITDA 18.8× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 20
FUTURE53 · sector 19
PAST100 · sector 15
HEALTH0 · sector 98
DIVIDEND16 · sector 63

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Frequently asked questions

Is Apotea AB (publ) (APOTEA) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of kr 46.46 versus a price of kr 77.30, about −40% upside (overvalued).
What is the fair value of APOTEA?
Our model-based fair value for Apotea AB (publ) is kr 46.46 (as of Aug 23, 2026), built from audited fundamentals. The current price: kr 77.30.
What is the quality score of APOTEA?
Apotea AB (publ) has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Apotea AB (publ) (APOTEA)?
Apotea AB (publ) reported trailing-twelve-month revenue of about 7.4B SEK (latest available figure, as of Aug 23, 2026).
What is the net profit margin of APOTEA?
The net profit margin of Apotea AB (publ) is about 3.2%, meaning it keeps roughly 3.2% of revenue as net income. Based on the latest reported figures.
Does Apotea AB (publ) pay a dividend?
Apotea AB (publ) currently shows a dividend yield of about 0.78% relative to its recent price (as of Aug 23, 2026).
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