contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Antti Siltanen

Nexstim operates in medical technology. The company has developed a non-invasive brain stimulation technology called SmartFocus®. It is a navigated transcranial magnetic stimulation (nTMS) technology with 3D navigation providing targeting of the TMS to the specific area of the brain. The technology is aimed for the treatment of major depression and chronic neuropathic pain. The company was founded in 2000 and has its headquarters in Helsinki.

Has this Danish deal even been announced at all? The advent calendar might be seriously off. The only deal announcement this could match was from July, and I don’t believe in such a long delivery time.                   linkedin.com              Such a great milestone and so impressed by the team at Privathospitalet...    Such a great milestone and so impressed by the team at Privathospitalet Mølholm, implementing the brand new Nexstim NBS 6 with unique SmartFocus® technology, being the first system of its kind in Denmark.   Thankful for being part of providing new,...

The guidance is broad and has no upper limit in this case. There’s no point in announcing it if it’s within the guidelines. Besides, if it’s difficult to give an exact precise estimate, I don’t see any point in elaborating on it at this point in the year. Talking won’t turn black into white. The numbers are what matter, and they will be seen in due course.

Reaching Inderes’ estimate requires very brisk sales and also deliveries for this year, or alternatively, it requires that Brainlab has sold and Sinaptica has ordered devices that have not been announced. It would be nice to get clarified information from Nexstim regarding these Brainlab and Sinaptica sales, whether they will be announced. Based on the last CEO’s interview, it remained somewhat open to interpretation. The Sinaptica deal, which I naturally assume will happen, will nicely increase the result, but it is nevertheless a one-off. Of course, Brainlab is committed to a sales volume of 4 million, of which a small portion was already recognized in H1, so this acts as a backstop, but it is not enough for the estimates. I am not worried about the valuation in the long term, as I assume Brainlab is capable of large sales volumes because they have a large sales organization and customers ready, unlike Nexstim. I would find it strange if sales had slowed down so drastically after a good start to the year. Nexstim has been at a basic pace in October-November. So I trust that sales will happen through Brainlab, but they are not announced due to contractual reasons. Inderes’ estimate (and even above) is therefore still possible in my opinion. One interesting question remains whether Nexstim should issue a positive profit warning, or if, according to the rules, they can just go with a “EBITDA is expected to improve” forecast if the result improves significantly. However, there is an obligation (or is there?) for this, even if Brainlab’s and Sinaptica’s sales volumes were confidential due to contractual reasons.

Added nexstim last week. Although no deals have been announced in December, I trust the company’s long-term story. The company is growing strongly this year and will also become solidly profitable at the EBIT level. In fact, the key figures will be among the elite of the Helsinki Stock Exchange, if the earnings forecasts prove even slightly accurate. Inderes 2025e:  Revenue +79%  EBIT ~27%  ROI ~70%  Gearing 27% Valuation 2025e:  EV/Sales 6.6x  EV/EBITDA 20x  EV/EBIT 24x  P/E 25x In my opinion, the valuation is not excessive with these forecasts. The company is still flying under the radar of many investors, but the 2025 financial statements will surely attract the attention of many generalist investors. I have been steadily buying more during the autumn.

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2025’s Grand Finale: Inside the Best of Keiretsu Forum Virtual Investment Showcase                   linkedin.com              2025’s Grand Finale: Inside the Best of Keiretsu Forum Virtual Investment...    In the final weeks of 2025, the US early-stage investment community turned its attention to one place: the Best of Keiretsu Forum Virtual Investment Showcase. Over two days, more than 1,287 investors, family offices, and innovators registered for the...                             Best of Life Science: Sinaptica Therapeutics, Inmedix, Healionics

Waiting can sometimes be long, but now it has felt exceptionally long for those of us who eagerly follow market news in the mornings. Good things are worth waiting for; we must keep that firmly in mind and not let uncertainty take hold. After all, the share price has risen by 7.60 euros, or 110%, in a year, and several similar years may still be ahead.

Nexstim

In light of information that has trickled out from Nexstim’s partner Magnus Medical, Nexstim’s license income could start during H2’24, which is one year later compared to our previous estimate. In our estimates, the five-year licensing period is postponed by one year. 

<p>In light of information that has trickled out from Nexstim&rsquo;s partner Magnus Medical, Nexstim&rsquo;s license income could start during H2&rsquo;24, which is one year later compared to our previous estimate. In our estimates, the five-year licensing period is postponed by one year. We also revise our cost level expectations for Nexstim slightly downwards. Our view of the company's fair value decreases due to delayed cash flows, even though no significant changes have taken place in the company's big picture.</p>

	2022	23e	24e
Revenue	9.5	6.8	9.0
growth-%	48.9 %	-28.2 %	31.9 %
EBIT (adj.)	0.8	-1.1	-0.1
EBIT-% (adj.)	8.8 %	-16.7 %	-1.1 %
EPS (adj.)	0.18	-0.17	-0.03
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	22.8	neg.	neg.
EV/EBITDA	22.0	neg.	254.5

Nexstim: Changes in partner’s schedules

Key Estimate Figures05.07.2023

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