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HUM.ST

Humana AB (publ) (HUM.ST) fair value

Healthcare · Medical Care Facilities · Nasdaq Stockholm · Sweden
kr 70.30-0.14%
Market cap kr 3.3BNext earnings 2026-10-22Updated Oct 23, 2026
Our verdict
Trades 45% below our fair value
Price
kr 70.30
Model fair valueConfidence: good
kr 128
Model range
kr 83.34 to kr 191
Fair value kr 128
Price kr 70.30
4 models fit Humana AB (publ) and they disagree: 1 of 4 land within 15% of the average. The price is below every model.
Two or more of our models back this value.
Large discount(i)Silver78
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
ACCE opinionHumana AB (publ) (HUM.ST)
Fair value (4 models)
kr 128
ACCE price target
kr 75.00
Rating
Undervalued
Horizon
12 months
Fair value published on 23 Oct 2026, 12:04 CEST; previously kr 125 since 22 Oct 2026, 14:04 CEST.
ACCE price target published on 23 Oct 2026, 01:53 CEST.
Rating published on 22 Oct 2026, 14:04 CEST.
Price used: kr 70.30 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Full methodology
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
44.9% below
+81.5% to fair value
ACCE score
55
out of 100
P/E
19.1x
forward 15.1x
1-year return
+66.4%
Dividend yield
1.92%

Humana AB (publ) in four questions

Plain answers, details below
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OverviewAsk ACCEValuationQualityAnalystsSmart MoneyCompareNews and Record

Overview

ACCE thesis

Humana AB operates private healthcare clinics and hospital services in Sweden, a small Stockholm-listed business with roughly 3.3 billion SEK of market value. The case for a closer look rests on the Swedish market, where private providers keep taking share from the publicly funded system and demand for elective and outpatient care keeps growing. Revenue is up 3.0% and the forward P/E of 15.1 sits well below the trailing 20.4, which suggests the market expects earnings to recover from a thin base. The problem is the margin: a 1.6% operating margin and 5.5% ROE leave little room for error, so the thesis depends on operating leverage actually showing up in the next few reporting periods.

AI-assisted·How I use AIWritten Oct 23, 2026

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Valuation

INVESTOR
Where HUM.ST's valuation models land
Price
kr 70.30
Model fair value
kr 128
Model range
kr 83.34 to kr 191
Fair value kr 128
Price kr 70.30
The price is below the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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Quality

INVESTOR
Quality and conviction INVESTOR FEATURE

The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.

  • +A plain reason under every score
  • +Conviction breakdown and growth / value / quality / momentum scores
  • +Score history: how each score moved over time

Analysts

Wall Street consensus

No analyst coverage yet.
Analyst intelligence INVESTOR FEATURE

The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.

  • +Price-target low / average / high vs the current price, with implied upside
  • +Forward revenue and EPS consensus by fiscal year
  • +ACCE fair-value models lined up against the Street

Smart Money

PRO

In one line

Trades are only made public after a delay. We show the delay so you know how old the news is.

Company insiders
No trades filed
Last 90 days
Congress
No trades filed
Last 180 days
Average delay
No trades filed
From trade to public filing
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Compare

Where it sits vs peers

News and Record

Recent performance

1 week
+0.0%
1 month
+2.9%
3 months
+13.6%
6 months
+61.4%
YTD
+39.5%
1 year
+66.4%

Recommendation history, last 12 months

DateTypeNewPreviousPrice
23 Oct 2026, 12:04 CESTFair valuekr 128kr 125kr 70.40
23 Oct 2026, 01:53 CESTACCE price targetkr 75.00first publicationkr 70.40
22 Oct 2026, 14:04 CESTFair valuekr 125first publicationkr 70.30
22 Oct 2026, 14:04 CESTRatingUndervaluedfirst publicationkr 70.30

This analysis is not personalised investment advice and does not take your situation, objectives or risk tolerance into account. ACCE Investments is not an authorised investment firm.

Investing in shares carries a risk of losing capital. The value of an investment can go down as well as up.

This security trades in SEK. Exchange-rate movements can increase or reduce the result in your own currency.

Valuation horizon: 12 months from the publication date.

Conflicts of interest. ACCE Investments is operated by Adrien Chantreuil, who may hold personal positions in the securities analysed. Positions are declared on each security. ACCE receives no payment from the companies analysed or from any intermediary for this analysis.

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Snapshot

Growth19Value68Quality34Momentum97Total55
Valuation
Trailing P/E
19.1x
Forward P/E
15.1x
PEG
no data
P/B
1.05x
EV / Revenue
0.7x
Book value/sh
kr 65.09
Enterprise value
kr 7.4B
Profitability
ROE
5.5%
FCF yield
19.94%
ROIC
2.6%
Health and risk
Debt / equity
1.41
Dividend yield
1.92%
Beta
0.06

Price

+52.8% · 1Y

Ask anything about HUM.ST

Answered from Humana AB (publ) fundamentals + recent valuations. Every number shows its source and date.

This stock Peer Peer median weaker → stronger
P/Ebetter than 67% of peers
low 16.9x19.1xhigh 44.7x
ROEbetter than 0% of peers
low 6%6%high 19%
Div yieldbetter than 83% of peers
low 0.0%1.9%high 4.5%

Peers

Prices Oct 23, 2026
CompanyPriceFair valuevs fair valueP/EROEQualityScore
HUM.ST Humana AB (publ)kr 70.30kr 12845% below19.1x5.5%3455
AMBEA.ST Ambea AB (publ)kr 181.80kr 21716% below19.1x15.5%4768
SIA.TO Sienna Senior Living Inc.C$20.53C$1186% above38.7x6.7%4250
ATT.ST Attendo AB (publ)kr 114.80kr 13515% below16.9x18.7%5263
ARDT Ardent Health Inc. Common Stock$12.27$1625% below22.7x10.0%4753
AMN AMN Healthcare Services Inc$48.01$7133% below17.9x15.6%5273
ASTH Astrana Health Inc. Common Stock$37.45--44.7x6.9%3572

Sector report card

Where HUM.ST ranks against its sector peers on each metric.

Computing percentiles…