Vistin Pharma ASA

VISTN.OL•drug-manufacturers-specialty-generic

Current Price

23.10NOK

per share

Fair Value

25.20NOK

Undervalued

8.3%

Valuation Overview

Growth Story

Over the next few years, revenue is expected to grow by 8.35%, lower than industry average of 12.71%.

Growth Trajectory

Profitability

In the growth phase company makes 22.57% profit on every dollar of sales, higher than industry average of 20.42%.

Profitability Trajectory

Risk Profile

Investors expect at least 11.01% return to justify the risk of holding stock.

Risk vs Return

Required Return (Cost of Capital) (%)

Return on Invested Capital (%)

Financial Health Overview

Enterprise Value

1.15B NOK

Equity Value

1.11B NOK

FCF Yield

86.20%

Average ROIC

22.89%

Cost of Capital

9.94%

P/E Ratio

11.87x

Financial Metric	Most Recent 12 months (NOK)	Previous Year (NOK)
Revenues	452.25M NOK	429.09M NOK
Operating Income or EBIT	110.58M NOK	82.79M NOK
Interest Expense	13.01M NOK	2.34M NOK
Book Value Of Equity	294.27M NOK	309.53M NOK
Book Value Of Debt	42.61M NOK	1.33M NOK
Cash and Marketable Securities	2.23M NOK	12.79M NOK
Number of Shares Outstanding	44.34M	--
Minority interests	0 NOK	0 NOK
Current Stock Price	23.10 NOK	--
Effective Tax Rate	22.00%	--
Marginal Tax Rate	22.00%	--

Performance vs Industry

Revenue Growth

-7.32%

5.39%Company

12.71%Industry

Below Industry

Operating Margin

+4.03%

24.45%Company

20.41%Industry

Above Industry

Vistin Pharma ASA demonstrates superior operational efficiency with margins above industry average, indicating effective cost management.

Terminal Value Analysis

Growth Rate

3.84%

Cost of Capital

8.07%

Return on Capital

8.07%

Reinvestment Rate

47.58%

Terminal value represents 61% of total enterprise value, based on 3.84% perpetual growth and 8.07% discount rate.

Equity Value Breakdown

Component	Value	Type
Present Value (Terminal Value)	702.27M NOK	Add
Present Value (Cash Flow Over Next 10 Years)	455.69M NOK	Add
Value of Operating Assets	1.15B NOK	Sub-total
Debt	42.60M NOK	Subtract
Minority Interests	—	Subtract
Cash	2.22M NOK	Add
Value of Equity	1.11B NOK	Sub-total
Number of Shares	44.34M shares	Divisor
Estimated Value per Share (Fair Value)	25.20 NOK	Total
Current Market Price	23.10 NOK	Reference

Financial Projections

Total FCF Present Value

455.69M NOK

Avg Revenue Growth

5.87%

Avg Operating Margin

22.15%

Avg ROIC

22.89%

Year	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal Year
REVENUE
Revenue	474.85M NOK	514.52M NOK	557.50M NOK	604.08M NOK	654.54M NOK	703.31M NOK	749.37M NOK	791.67M NOK	829.22M NOK	861.06M NOK	894.13M NOK
Growth Rate	5.00%	8.35%	8.35%	8.35%	8.35%	7.45%	6.54%	5.64%	4.74%	3.84%	3.84%
PROFITABILITY
Operating Income	116.10M NOK	119.34M NOK	125.81M NOK	132.54M NOK	139.50M NOK	149.90M NOK	159.71M NOK	168.73M NOK	176.73M NOK	183.52M NOK	190.57M NOK
Operating Margin	24.45%	23.19%	22.56%	21.94%	21.31%	21.31%	21.31%	21.31%	21.31%	21.31%	21.31%
EBIT (1-tax)	90.56M NOK	93.09M NOK	98.13M NOK	103.38M NOK	108.81M NOK	116.92M NOK	124.58M NOK	131.61M NOK	137.85M NOK	143.14M NOK	148.64M NOK
CASH FLOW
Reinvestment	26.90M NOK	29.15M NOK	31.59M NOK	34.23M NOK	33.08M NOK	45.38M NOK	41.68M NOK	36.99M NOK	31.37M NOK	32.58M NOK	70.73M NOK
Free Cash Flow	63.65M NOK	63.93M NOK	66.54M NOK	69.15M NOK	75.73M NOK	71.54M NOK	82.89M NOK	94.61M NOK	106.47M NOK	110.56M NOK	77.91M NOK
Terminal Value	--	--	--	--	--	--	--	--	--	--	1.84B NOK
Present Value	57.33M NOK	51.88M NOK	48.64M NOK	45.53M NOK	44.92M NOK	38.43M NOK	40.54M NOK	42.35M NOK	43.87M NOK	42.15M NOK	—
EFFICIENCY
ROIC	27.06%	25.74%	25.11%	24.48%	23.83%	23.88%	23.28%	22.82%	22.46%	22.19%	8.07%
Cost of Capital	11.01%	11.01%	11.01%	11.01%	11.01%	10.42%	9.83%	9.24%	8.65%	8.07%	8.07%
Sales/Capital	1.47x	1.47x	1.47x	1.47x	1.47x	1.01x	1.01x	1.01x	1.01x	1.01x	—

Profitability & Efficiency

Operating Margin (%)

ROIC (%)

Value Creation Analysis

ROIC (%)

Cost of Capital (%)

Operational Cash Flow Analysis

Free Cash Flow (krM)

Reinvestment (krM)