3 models fit Swedish Orphan Biovitrum AB (publ) and they disagree: 1 of 3 land within 15% of the average.
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Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionSwedish Orphan Biovitrum AB (publ) (SOBI.ST)
Fair value (3 models)
kr 378
ACCE price target
kr 478
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 454 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA 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
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
20.3% above
-16.9% to fair value
ACCE score
73
out of 100
P/E
118.3x
forward 29.2x
1-year return
+44.5%
Dividend yield
0.00%
Swedish Orphan Biovitrum AB (publ) in four questions
Plain answers, details below
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Overview
ACCE thesis
Swedish Orphan Biovitrum (Sobi) sells specialty drugs for rare diseases, including hemophilia therapies and immunology and haematology treatments, mostly through its own commercial teams in Europe and North America. Its moat is the niche itself: rare-disease drugs carry orphan exclusivity, few competitors, and high prices, which is why gross margin sits at 78.5% and operating margin at 25.3%. Revenue growth of 27.0% is the number that matters most here, and it signals that recently launched products are scaling faster than the legacy base is eroding. Trailing earnings are depressed (trailing P/E of 117.7 against a forward P/E of 29.1), so the investment case rests on whether margins hold as the growth translates into earnings. Return on equity of 3.4% is low and worth examining, since it may reflect acquisition-related balance sheet effects rather than weak economics, but that needs confirming before anyone relies on it.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Rich trailing valuation
Trailing P/E of 119.4 sits far above the forward P/E of 19.6, so the stock is priced on recovery of earnings rather than current profit. Net margin is only 4.5% and ROE 3.4%.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 27.0% year over year, well ahead of its 13.1% average annual pace over five years.
Free cash flow over the last twelve months reached SEK 8.5B, and the stock offers a 5.3% free cash flow yield.
Analysts' mean price target of SEK 502.50 sits 12.5% above the current share price.
Why it could disappoint
Return on invested capital is just 0.8%, far too low to show the business is earning returns above its cost of capital.
The trailing P/E stands at 119.4x, so the stock looks expensive on past earnings even though the forward multiple is 19.6x.
Net margin of 4.5% and return on equity of 3.4% leave little profit from each krona of sales or shareholder capital.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 27, 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 SOBI.ST's valuation models land
Price
kr 454.20
Model fair value
kr 378
Model range
kr 325 to kr 492
Fair value kr 378
Price kr 454
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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