digital therapies revenues and the future risk adjusted sales of OX124, starting 2023. We
use a wacc of 5.7% and based on conservative revenue projections arrive at a fair value of
SEK 80 per share. This indicates a 90% upside from current levels. We raise our bull case to
SEK 190 and leave our bear case at SEK 20 per share.
We calculate that revenue growth will accelerate especially in 2024 and 2025, with
increasing margin due to digital therapies sales making up a larger portion of revenue.
We argue that at current levels, the market greatly underestimates and undervalues Orexo.
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