Original-Research: Aiforia Technologies Oyj (von NuWays AG): BUY

Classification of NuWays AG to Aiforia Technologies Oyj

Company Name:	Aiforia Technologies Oyj
ISIN:	FI4000507934
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 3.8
Target price on sight of:	12 months
Last rating change:
Analyst:	Julius Neittamo

Strong cross-read from Roche's PathAI takeover

Last week, Roche announced the acquisition of PathAI for up to $ 1.05bn ($ 750m upfront, $ 300m in earnouts), to be integrated into its Diagnostics division. PathAI is privately held, and few valuation details are provided in connection with the deal. PathAI divested its lab services business to Quest Diagnostics for $ 100m in June 2024. Post-divestment, this could put PathAI's FY25 sales at a range of $ 30-40m, implying a deal valuation of 26-35x sales (incl. earnouts). At Friday close, Aiforia traded at 18.3x EV/S FY25 and 12.4x EV/S FY26 (eNuW).

A strong catalyst for the market. Significant M&A moves from large healthtech players typically signal that a new technology has reached commercial viability at scale. The hefty premium paid here indicates that current revenue levels do not reflect the long-term potential of AI in oncology diagnostics. Consolidation is picking up pace, something we flagged as a strong possibility in our initiation note from October.

Aiforia is a compelling pure-play in AI pathology as Aiforia (i) is an early mover, having internally developed market leading AI models, (ii) possesses Tier-1 clinical customers, (iii) has the regulatory runway to scale and (iv) the recently launched Foundation Engine is seen to expedite the path to profitability. Notably, Clinical revenue grew organically 68% yoy in H2'25, accelerating sequentially from 60% yoy in H1. Aggregate growth in FY26 is seen accelerating to 70% yoy, with Clinical sales doubling yoy (eNuW).

Large healthtech companies are betting big on AI. In this context, Aiforia stands out as the leading AI play in clinical oncology diagnostics. We make no changes to our DCF model, and reiterate our BUY rating with a € 3.80 PT.
 

You can download the research here: aiforia-technologies-oyj-2026-05-11-update-en-1abef
For additional information visit our website: https://www.nuways-ag.com/research

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++