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

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Original-Research: Aiforia Technologies Oyj - from NuWays AG

11.05.2026 / 09:00 CET/CEST

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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 EUR 3.80 PT.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=1ac9ba284e1d0537f78ebe2317bf8cac

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

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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.

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2324650 11.05.2026 CET/CEST

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