olivLaw · European equity research
Linc AB LINC.ST
Sweden · Nasdaq Stockholm · ISIN SE0015949433 · Vertical: Listed companies from Sweden
Linc AB is an investor in companies in the Nordic life science sector, with a portfolio of 30 holdings in medtech and pharmaceuticals. In 2025 its net asset value fell to SEK 4,431 mkr, so the value trajectory of the portfolio companies matters a lot for shareholders.
At the close of 05 Nov 2026, Linc AB (LINC.ST) stock was 69.60 SEK (−1.14% on the day), with market capitalisation 4.0 bn SEK, beta 0.69, 52-week range 59.90–77.20 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 51.8
- neutral
- Bollinger (20, 2)
- 65.91 – 71.34
- in the upper half of the band · %B 0.68 · band width 7.9%
- SMA 50 / 200
- 69.92 / 70.55
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.20 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.2% | −0.6% | +4.8 pp | — |
| 3 months | −5.6% | −4.2% | −1.4 pp | — |
| 6 months | −5.2% | +4.3% | −9.5 pp | — |
| Year to date | −0.1% | +7.5% | −7.7 pp | — |
| 1 year | −3.3% | +9.9% | −13.3 pp | −8.3% |
| 3 years | +11.9% | +49.8% | −37.9 pp | +12.0% |
| 5 years | −18.5% | +42.8% | −61.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | unavailable | 619.5 m | 1.3 bn | -399.6 m |
| Net income YoY | unavailable | unavailable | +110.1% | −130.7% |
| Diluted EPS | 10.70 | 22.50 | 22.50 | -6.90 |
| Diluted EPS YoY | unavailable | +110.3% | 0.0% | −130.7% |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 284.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 4.4 bn SEK
- Total assets
- 4.4 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 28.37x
- ROE
- -8.6%
- ROA
- -8.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating income | — | 648.6 m | 1.3 bn | -422.8 m | esef· 26 Oct 2026verified |
| Interest expense | — | 0 | 5.0 m | 242.0 k | esef· 26 Oct 2026verified |
| Pre-tax income | — | 666.1 m | 1.3 bn | -407.0 m | esef· 26 Oct 2026verified |
| Income tax | — | 46.6 m | -4.2 m | -7.4 m | esef· 26 Oct 2026verified |
| Net income | — | 619.5 m | 1.3 bn | -399.6 m | esef· 26 Oct 2026verified |
| Diluted EPS | 10.70 | 22.50 | 22.50 | -6.90 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | — | — | 57.9 m | 57.9 m | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 600.5 m | 520.0 m | 549.7 m | 284.0 m | esef· 26 Oct 2026verified |
| Current assets | — | 549.2 m | 576.3 m | 329.6 m | esef· 26 Oct 2026verified |
| Total assets | — | 3.5 bn | 4.8 bn | 4.4 bn | esef· 26 Oct 2026verified |
| Current liabilities | — | 2.9 m | 8.8 m | 11.6 m | esef· 26 Oct 2026verified |
| Equity | 2.9 bn | 3.5 bn | 4.8 bn | 4.4 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | — | 57.9 m | 57.8 m | 57.9 m | esef· 26 Oct 2026derived |
Cash flow · SEK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.0 bn SEK
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1,747.2x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 28.4x | 100 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Linc AB (LINC.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -8.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 28.4x
What contradicts it
- Interest coverage: -1,747.2x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for LINC.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Linc AB is an investor in companies in the Nordic life science sector, with a portfolio of 30 holdings in medtech and pharmaceuticals. In 2025 its net asset value fell to SEK 4,431 mkr, so the value trajectory of the portfolio companies matters a lot for shareholders.
SWOT
Strengths
- Diversified portfolio in the Nordic life science sector, with companies at different development stages and a major shareholder position in many of them 1.
- Active involvement in the governance of portfolio companies, with regular follow-up of sustainability and risks 1.
- Unique exposure to the Nordic life science market, combining listed and unlisted holdings 1.
Weaknesses
- High concentration in a few holdings, so the value of the net asset value is sensitive to the performance of a single stake 1.
- Negative result from investment activities in 2025, with a fall in net asset value and in value per share 1.
- Dependence on the values of listed companies, which can be volatile and affected by unexpected results 1.
Opportunities
- If pharmaceutical projects advance toward commercialisation, the value of the holdings could rise significantly 1.
- A recovery in the share prices of some listed companies could restore part of the value lost in 2025 1.
- Growing demand for diagnostic and precision treatment technologies could support portfolio companies 1.
Risks
- Concentration in a single holdinghigh
A large part of Linc's net asset value depends on one holding, so its development strongly influences the overall result 1.
- Volatility of listed holdingshigh
Share prices of listed companies can fluctuate quickly, and declines can reduce net asset value within a short period, as seen in 2025 1.
- Clinical development riskmedium
Pharmaceutical companies in the portfolio may face unfavourable clinical or regulatory outcomes, which could reduce the value of the investments 1.
- Funding needs and dilutionmedium
Unlisted companies and some listed ones may need additional capital, and share issues can dilute Linc's stakes 1.
- Valuation of unlisted assetslow
The values of unlisted holdings depend on estimates and on recent financing rounds, introducing uncertainty into the reported net asset value 1.
Investment thesis
What would need to be true (bull case)
- If MedCap and other major holdings resume growth, Linc's net asset value could recover part of the 2025 decline 1.
- If pharmaceutical projects in clinical phase reach approvals, their value could rise significantly from current levels 1.
- Diversified exposure to Nordic life science and active involvement in the portfolio could support value over the long term 1.
What would break the thesis
- If volatility in listed share prices persists, net asset value could fall again, given the concentration in a few holdings 1.
- If pharmaceutical projects face delays or regulatory setbacks, the portfolio value could be revalued downward 1.
- If unlisted companies fail to obtain financing, their values could be adjusted downward, as has already happened at some holdings 1.
What to watch
- Share price development of MedCap and its weight in net asset valueQ1 2026
- Progress of regulatory projects at Egetis Therapeutics and Cinclus Pharma2026
- New share issues at portfolio companies2026
- Development of net asset value and value per share versus the 2025 levelnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Linc AB operates as an investment company holding stakes in Nordic life science companies active in medtech and drug development. According to the annual report, Linc is a major shareholder that works with management and other owners of the portfolio companies to develop their operations 1. The portfolio includes both listed and unlisted companies at different stages, from early research to established commercial businesses.
Linc's net asset value is concentrated in a few large holdings. MedCap represents 36.7% of net asset value at 31 December 2025, a significant dependence on a single holding 1. The annual report states that investments are made in two main areas, medical technology and medicines, and that many companies are product-oriented with global ambitions 1.
The business model combines investments in early-stage companies, particularly in clinical-phase drug development, with stakes in medtech companies already on the market. Linc aims to increase portfolio value by exercising active influence over holdings, rather than operating the products commercially itself 1.
Segments
Medical technology
The medtech segment includes companies usually at a more advanced stage of development, with products already on the market and established market positions. Holdings in this group include radiology and radiotherapy companies such as Arcoma and C-RAD 1.
Medicines
The medicines segment comprises initial investments usually made in the clinical phase, where risk and commercial potential are higher. Examples in the portfolio are Egetis Therapeutics and Cinclus Pharma, both reported as projects with important regulatory milestones in 2025 1.
Market context
Linc operates in the Nordic life science market, with a portfolio covering medical technology and medicines. The annual report describes a unique exposure to this market, owing to the combination of listed and unlisted holdings 1. The portfolio value depends largely on the share prices of listed companies, which were volatile in 2025 1.
The shift toward digital radiology and the expansion of high-precision therapies are directions the report highlights through portfolio companies. Improved access to healthcare and innovation also appears among the societal impacts Linc tracks 1.
Competitive position
Linc competes with other investors and funds specialised in life science in the Nordics and Europe that pursue the same companies or similar early-stage projects. The report does not list direct competitors, but emphasises that Linc differentiates itself through its role as a major shareholder and active involvement in portfolio management 1.
In medtech investments, competition comes from industrial shareholders and private equity funds that acquire companies with commercial products. As a niche specialist investor, Linc relies on its knowledge of the Nordic sector and its ability to support companies with networks and resources 1.
- Nordic life science specialist investors
Funds and investors active in the same company categories, competing for early-stage projects and capital transactions.
- Medtech private equity funds
Investors acquiring medtech companies with commercial products, competing with Linc for the same assets.
- Industrial pharmaceutical shareholders
Pharmaceutical and medical technology companies that may take over or support portfolio projects through partnerships.
- Biotech venture capital funds
Investors financing early-stage companies, competing for deals in the same innovation space.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Linc AB · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.