Nexstim is a medical technology company whose transcranial magnetic stimulation systems are used in pre-operative brain mapping and to treat neurological diseases and disorders. The company is a technologically advanced niche player in large markets supported by megatrends. Nexstim is still in an early stage of commercialization and seeking sustainable positive earnings. The valuation of the share relies heavily on future expectations of system sales growth, licensing income recognition and expansion of the new clinic network model. We find the valuation reasonable but it does not provide investors sufficient expected return relative to the risks at the current level.