What Medistim Shareholders Got Right

Medistim’s latest quarterly report put hard numbers on a story that had been mostly about expectations, with Q3 2026 revenue of NOK 209.987 million and net income of NOK 47.802 million setting a fresh reference point for the business. Investors who held Medistim from the start of the year are up 22.1%, including dividends. If you were deciding back on 1 January 2026, what would you have needed to believe about future sales, margins and P/E to pay the starting price?

If the move has made Medistim harder to judge, start where the gap is still open and scan 200 high quality undervalued stocks.

The Two Medistim Stories Investors Had In Mind

The shares cost NOK259 at the start of the period, so any buyer of Medistim then had to decide which story about the next few years felt more believable.

On the optimistic side, the bull narrative pointed to a fair value of NOK290, a price level suggested by assumptions rather than hard fact, based on revenue growth of 8.9% a year, a 22.3% profit margin and a future P/E of 35.2x.

The bear narrative argued for a fair value of NOK200, again implied by its own assumptions, with the key worry that rising cost pressure and tighter reimbursement would hold profit margins near 20.5% and justify a lower future P/E of 27.3x.

What The Results Changed For Medistim

Q3 2026 put fresh evidence on the table for Medistim. Revenue reached NOK 209.987 million versus NOK 166.849 million a year earlier, while net income was NOK 47.802 million versus NOK 34.712 million. Net margin moved from 20.8% to 22.8%. That pattern supported the optimistic case on profitability more than the cautious view on squeezed margins.

The lesson is simple. When a thesis hinges on future margin assumptions, track the reported net margin first, then ask whether the P/E you are paying already includes that improvement.

What Medistim’s Current Price Already Bakes In

Medistim now trades at NOK305, up 22.1% from the start of the year, with this Narrative’s Fair Value sitting above that level rather than below it. The argument leans on how effectively the group can turn its larger direct sales footprint and richer system mix into sustained EBIT margins.

On this view, a buyer today must judge whether the current price still underplays the earnings power tied to recurring probes, higher value systems and planned software rollouts.

"The main thing that has to go right is that Medistim converts its expanding direct sales footprint, higher value system mix, and growing recurring revenue base into sustained high EBIT margins while funding clinical trials and infrastructure projects. The numbers imply that the current share price treats Medistim's high margins, record NOK 403.7 million H1 2026 revenue, and roughly NOK 7 billion annual procedure opportunity as offering limited incremental value beyond what is already reported."

That disagreement has a full argument behind it. → Uncover the higher Fair Value this Narrative argues for

Medistim And A Different Bet

Once you have framed Medistim, you can also look sideways. Another surgical technology group pushes in a related direction.

Hospitals that buy complex systems do not just want hardware. They look for tools, training and feedback that help surgeons improve over time.

One provider has built its business around that idea. It wraps robotic platforms in software, data and learning programs that track surgeon performance.

This focus on recurring instruments, services and digital tools makes procedure volume resemble an ongoing subscription stream.

If you care about Medistim’s recurring probes and systems, this other way of tying revenue to surgical activity may be worth understanding.

One Narrative has already put a figure on it. → Uncover the company trading 19% below one Narrative's Fair Value

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