Nexstim is a medical technology company whose magnetic stimulation technology is 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’s commercialization is still in relatively early stages, but major losses are becoming a thing of the past. Share valuation relies strongly on future expectations, especially on growth in recurring net sales. Thus, the investor has to bear the risk of expectations materializing. We find the valuation reasonable but it does not provide investors sufficient expected return relative to the still high risk profile at the current level. We feel that the share is suitable for a patient growth investor who tolerates high risk.