In this financial analysis report, analysts Edvard Davidsson and Fabian Lindblad take a closer look at Swedish health tech company FRISQ Holding. FRISQ’s estimated annual revenue growth from 2020A to 2023E outperforms its peers by a long run. However, the risk of not winning procurements and expected new issues of shares motivate a discounted EV/Revenue target multiple compared to the median of its peers. Applying an EV/Revenue multiple of 2.5x for 2023E implies a potential upside of 33.3%
Investment highlights:
- FRISQ improves treatment outcomes through patient engagement north of 80% compared to the 30%-70% seen on similar products, while simultaneously reducing administrative work, providing a strong raison d’être.
- With an ongoing digitalization wave of Swedish medical journal systems and recent governmental praise, FRISQ is ready to commercialize.
- FRISQ has an estimated revenue CAGR of 148.7% between the years 2020A-2024E, stemming from an upcoming procurement in Region Stockholm.
