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SECT-B.ST
ACCE-researched

Sectra AB (publ) (SECT-B.ST) fair value

Healthcare · Medical Devices · Nasdaq Stockholm · Sweden
kr 336.20+0.42%
Market cap kr 64.8BNext earnings 2026-11-25Updated Oct 22, 2026
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Our verdict
Trades 254% above our fair value
Price
kr 336.20
Model fair valueConfidence: good
kr 94.92
Model range
kr 93.34 to kr 96.50
Fair value kr 94.92
Price kr 336
2 models fit Sectra AB (publ) and they agree: 2 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Bronze56
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
ACCE opinionSectra AB (publ) (SECT-B.ST)
Fair value (2 models)
kr 94.92
ACCE price target
kr 316
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: kr 336 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow and P/E comparison.
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
254.2% above
-71.8% to fair value
ACCE score
68
out of 100
P/E
104.4x
forward 100.1x
1-year return
+9.4%
Dividend yield
0.39%

Sectra AB (publ) in four questions

Plain answers, details below
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OverviewAsk ACCEValuationQualityAnalystsSmart MoneyCompareNews and Record

Overview

ACCE thesis

Sectra sells enterprise imaging and radiology IT software, mainly its PACS picture archiving platform and the Omni cloud-based workflow suite, to hospitals and regional healthcare providers, with a secure-communications business for defence and government alongside. Its moat is switching cost: once a hospital's radiologists and clinical records run on the system, replacing it means retraining staff and migrating years of imaging data, so renewals and upsells tend to stick. Revenue grew 25.8% recently, and the 36.6% gross margin and 19.8% operating margin show that growth is coming with real pricing power, not just volume bought with discounts. The near-term driver is the shift of imaging workloads to the cloud and the growing number of AI tools that plug into a single vendor's platform, which should keep lifting recurring revenue per customer. The valuation is the obvious objection: a 104x trailing P/E and 99.6x forward P/E leave little room for any slowdown in growth or margins, so the case rests on the company sustaining its current compounding for a long time.

AI-assisted·How I use AIWritten Oct 23, 2026
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
  • moderate
    Rich valuation multiples
    P/E of 101.2 and EV/EBITDA of 56.4 leave little room for an earnings miss. Forward P/E of 71.4 still prices in strong growth at kr 336.20.

AI research notes

AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-07-31 · prices to Oct 23, 2026
Why it could do well
  • Revenue grew 25.8% over the last year, well ahead of its 16.8% average annual pace across five years.
  • Sectra earns a 28.3% return on equity and carries almost no debt, with debt at 0.04 times equity.
  • Earnings beat expectations by 18.8% in the latest quarter, with earnings per share of 0.82 against 0.69 expected.
Why it could disappoint
  • At 101.2 times trailing earnings and 71.4 times forward earnings, the share price already assumes very strong future growth.
  • Analysts' mean price target of SEK 340.00 sits only 5.5% above the current price, leaving little upside on their view.
  • The dividend yield is just 0.4%, so shareholders receive little cash income while they wait for the growth to show up.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.

Next results

Nov 25, 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

INVESTOR
Where SECT-B.ST's valuation models land
Price
kr 336.20
Model fair value
kr 94.92
Model range
kr 93.34 to kr 96.50
Fair value kr 94.92
Price kr 336
The price is above 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
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  • +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

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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
+6.1%
1 month
+20.7%
3 months
+26.5%
6 months
+27.9%
YTD
+33.9%
1 year
+9.4%

Recommendation history, last 12 months

DateTypeNewPreviousPrice
22 Oct 2026, 16:00 CESTACCE price targetkr 316first publicationkr 322
22 Oct 2026, 12:04 CESTRatingOvervaluedfirst publicationkr 322
22 Oct 2026, 12:04 CESTFair valuekr 94.92first publicationkr 322

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

Growth88Value15Quality85Momentum83Total68
Valuation
Trailing P/E
104.4x
Forward P/E
100.1x
PEG
1.95
P/B
23.29x
EV / Revenue
14.0x
Book value/sh
kr 12.05
Enterprise value
kr 52.1B
Profitability
ROE
28.3%
FCF yield
1.55%
ROIC
20.9%
Health and risk
Debt / equity
0.04
Dividend yield
0.39%
Beta
0.90

Price

+8.6% · 1Y

Ask anything about SECT-B.ST

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

This stock Peer Peer median weaker → stronger
P/Ebetter than 0% of peers
low 25.8x104.4xhigh 104.4x
ROEbetter than 100% of peers
low -9%28%high 28%
Div yieldbetter than 50% of peers
low 0.0%0.4%high 2.0%

Peers

Prices Oct 23, 2026
CompanyPriceFair valuevs fair valueP/EROEQualityScore
SECT-B.ST Sectra AB (publ)kr 336.20kr 95254% above104.4x28.3%8568
COH.AX Cochlear LimitedA$140.59A$7978% above62.5x8.0%7144
GETI-B.ST Getinge AB (publ)kr 266.00kr 21425% above25.8x9.1%6365
6869.T Sysmex Corporation¥1965.00--30.8x8.3%6773
HAE Haemonetics Corporation Common Stock$116.16$6872% above57.3x11.2%5762
BRKR Bruker Corporation Common Stock$57.31----3.0%4352
TXG 10x Genomics Inc. Class A Common Stock$69.75----9.4%4742

Sector report card

Where SECT-B.ST ranks against its sector peers on each metric.

Computing percentiles…