4 models fit RaySearch Laboratories AB (publ) and they partly agree: 2 of 4 land within 15% of the average.
Two or more of our models back this value.
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Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionRaySearch Laboratories AB (publ) (RAY-B.ST)
Fair value (4 models)
kr 164
ACCE price target
kr 181
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 14:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Rating published on 22 Oct 2026, 14:04 CEST.
Price used: kr 192 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
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
17.2% above
-14.6% to fair value
ACCE score
41
out of 100
P/E
30.9x
forward 28.6x
1-year return
-17.1%
Dividend yield
2.06%
RaySearch Laboratories AB (publ) in four questions
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Overview
ACCE thesis
RaySearch Laboratories sells treatment planning software for radiotherapy, the RayStation platform that oncology centres use to design and optimise cancer radiation plans, with a 93% gross margin that reflects a largely software-licence model. The moat is switching cost: once a clinic has validated its workflows and staff training around RayStation, replacing it is slow and expensive, and that stickiness supports the 26% ROE. Revenue fell 10.7% on the latest figures, so the near-term case rests on whether order intake and new installations recover from that dip, which the data supplied does not show. At a 31.2x trailing and 28.9x forward P/E, the market is still paying for growth, and the 10.3% operating margin leaves room for operating leverage if sales return to expansion. Worth a deeper look to establish why revenue contracted and whether the decline is timing or a loss of demand in a concentrated, lumpy customer base.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
high
Revenue shrinking year on year
Revenue fell 10.7% year on year while earnings dropped 36.6%. Operating margin of 10.3% is thin for a business with a 93.0% gross margin, so the cost base is not flexing with sales.
moderate
Price above valuation anchors
The stock trades 17.2% above the model fair value of kr 163.80 and 6.0% above the ACCE price target of kr 181.00. P/E of 31.2 leaves little room if the revenue decline persists.
AI research notes
AI-assisted·How I use AIWritten Oct 23, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Net margin of 16.8% and return on equity of 26.0% show a business that turns sales into profit well.
Free cash flow of SEK 359M over the last twelve months gives a 6.2% cash yield at today's price.
Revenue grew 15.6% a year on average over five years, so the recent 10.7% decline may be a short-term pause.
Why it could disappoint
Revenue fell 10.7% year over year, and the forward earnings rebound the price relies on is not yet visible.
The stock trades 17.2% above the model fair value of kr 163.80, and the consensus of four of five models sits below the price.
A forward P/E of 31.2x compares with a sector median of 24.8x, leaving little room for disappointment.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 3, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where RAY-B.ST's valuation models land
Price
kr 191.90
Model fair value
kr 164
Model range
kr 71.67 to kr 247
Fair value kr 164
Price kr 192
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
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P/E comparison
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