# Lagercrantz Group (LAGR-B.ST)

Canonical: https://gigainvestors.com/s/LAGR-B.ST

Analysis as of: 2026-10-16T07:37:40.427Z. Financial observations: FY2003–FY2026.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 230.60 per share; close as of 2026-10-15.

Estimated value: low SEK 107.29 per share, central SEK 156.15 per share, high SEK 183.39 per share. Buy at or below the central value SEK 156.15 per share. Valuation as of 2026-10-16T07:37:40.427Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SE 10-year bond 3.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.11×

- FY2019: 0.11×

- FY2020: 0.12×

- FY2021: 0.13×

- FY2022: 0.14×

- FY2023: 0.15×

- FY2024: 0.15×

- FY2025: 0.15×

- FY2026: 0.16×

### moat: pass

- ROIC, median of available years: 28.5%

- ROIC, second-lowest year: 27.3%

- Typical minus recent gross margin: -1.3 pp

- Typical gross margin (annual median): 38.0%

- Recent gross margin (lower of latest and 3-year median): 39.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 16.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 33.1%

- FY2018: 27.7%

- FY2019: 20.9%

- FY2020: 27.4%

- FY2021: 27.8%

- FY2022: 27.3%

- FY2023: 29.1%

- FY2024: 30.0%

- FY2025: 29.7%

- FY2026: 29.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.24×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 5.5B

- Net income, five-year total: SEK 4.4B

- Return on incremental invested capital: 241.7%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 1.9 pp

- Working capital / revenue, final three-year average: 28.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.22×

- FY2023: 1.18×

- FY2024: 1.27×

- FY2025: 1.29×

- FY2026: 1.23×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 27.7% vs 29.7%

- Per-share earnings: 1.35 to 4.93 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: SEK 35B

- Cumulative retained earnings: SEK 3.2B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 17.6%

- Per-share value change: SEK 3.59

- Per-share value, starting three-year median: SEK 1.35

- Per-share value, ending three-year median: SEK 4.93

- Buybacks concentrated in cheaper years (correlation): 0.71

- Average buyback yield: 0.2%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 5.8B

- Cumulative net income, 10 years: SEK 6.1B

- ROIC, first three-year median: 27.7%

- ROIC, last three-year median: 29.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: SEK 1.35

- FY2018: SEK 1.41

- FY2019: SEK 1.68

- FY2020: SEK 1.80

- FY2021: SEK 1.90

- FY2022: SEK 2.79

- FY2023: SEK 3.68

- FY2024: SEK 4.26

- FY2025: SEK 4.93

- FY2026: SEK 5.81

### accounting: pass

- Sloan accruals: -2.4%

- Receivables to sales index (DSRI): 1.22×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.59×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.5%

- FY2018: 0.1%

- FY2019: -3.1%

- FY2020: -3.2%

- FY2021: -8.5%

- FY2022: -0.4%

- FY2023: -3.9%

- FY2024: -4.6%

- FY2025: -2.7%

- FY2026: -2.4%

## Holders

## Price story

Price needs cash profits to grow 12.3% a year for ten years · sales +13%

Story as of 2026-10-16T10:00:09.377Z; price observation 2026-10-15.

Price needs cash profits to grow 12.3% a year for ten years

### Sales · FY2025–2026

sales +13%; source https://filings.xbrl.org/5493002L6I4YHANEYR87/2024-03-31/ESEF/SE/0/lage-2024-03-31-sv/reports/lage-2024-03-31-sv.xhtml; observed 2025-05-08.

- FY2017: SEK 3.1B 

- FY2018: SEK 3.4B 

- FY2019: SEK 3.9B 

- FY2020: SEK 4.2B 

- FY2021: SEK 4.1B 

- FY2022: SEK 5.5B 

- FY2023: SEK 7.2B 

- FY2024: SEK 8.1B 

- FY2025: SEK 9.4B 

- FY2026: SEK 11B 

### Gross margin · FY2026

gross margin 39.3%; source https://filings.xbrl.org/5493002L6I4YHANEYR87/2024-03-31/ESEF/SE/0/lage-2024-03-31-sv/reports/lage-2024-03-31-sv.xhtml; observed 2025-05-08.

- FY2017: 36.7% 

- FY2018: 36.3% 

- FY2019: 36.7% 

- FY2020: 37.4% 

- FY2021: 38.6% 

- FY2022: 38.2% 

- FY2023: 37.8% 

- FY2024: 39.3% 

- FY2025: 39.0% 

- FY2026: 39.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in conglomerates; annual sales are SEK 10.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2026: revenue 10609000000; grossProfit 4168000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LAGR-B.ST: Lagercrantz Group AB (publ), together with its subsidiaries, operates as a technology company in Sweden, Denmark, Norway, Finland, Germany, the United Kingdom, Benelux, Poland, rest of Europe, North America, Asia, and internationally. The company operates through five segments: Electrify, Control, TecSec, Niche Products, and International. It offers electrical connectors, electrical enclosures and technical housing, cabling, electrical products, and infrastructure products. The company also provides control systems for lifts and level sensors for molten metals, protective cases for the transport of advanced communications equipment, and conveyors for foodstuff. In addition, it offers technical security products, such as locking devices, fences and security doors, technical security systems, and security solutions that prevent accidents. Further, the company provides washing systems for heavy vehicles, dispenser systems for foodstuff, sharpening systems for knives and other edge tools, and special doors for refrigeration rooms and hospitals, as well as valves for land-based fish farms. It primarily serves customers in the fields of electric power generation and distribution, electronics, building/construction, IT, transport, and telecommunication. Lagercrantz Group AB (publ) was founded in 1906 and is headquartered in Stockholm, Sweden.

### Why customers stay

Margins ranged from 39% to 39.3% during 2024–26; it earns 28.5% on its capital.

- Source: https://filings.xbrl.org/5493002L6I4YHANEYR87/2024-03-31/ESEF/SE/0/lage-2024-03-31-sv/reports/lage-2024-03-31-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 39.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 39%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2026: grossProfit / revenue = 39.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2017,0.3311472007124181],[2018,0.2770437189277843],[2019,0.2094032004713683],[2020,0.2741084165477889],[2021,0.27793472574349065],[2022,0.27317719056038625],[2023,0.29140248079642017],[2024,0.2996446631132978],[2025,0.29744407688419255],[2026,0.2927823726535105]]; median 0.2846686032699554. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 38% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/5493002L6I4YHANEYR87/2024-03-31/ESEF/SE/0/lage-2024-03-31-sv/reports/lage-2024-03-31-sv.xhtml (filed 2025-05-08); Gross margin observations: [[2021,0.38572476167196285],[2022,0.3817949653411164],[2023,0.37813966326248966]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back SEK 10 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 0; upkeep 55000000; owner earnings 310000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 0; upkeep 60000000; owner earnings 334000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 0; upkeep 80000000; owner earnings 386000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2020: growth capex 0; upkeep 96000000; owner earnings 468000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 0; upkeep 90000000; owner earnings 493800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 0; upkeep 123000000; owner earnings 696200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 0; upkeep 178000000; owner earnings 895000000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/5493002L6I4YHANEYR87/2024-03-31/ESEF/SE/0/lage-2024-03-31-sv/reports/lage-2024-03-31-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 119000000; owner earnings 1115000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 0; upkeep 127000000; owner earnings 1310800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2026: growth capex 0; upkeep 214000000; owner earnings 1474000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2017,119000000],[2018,136000000],[2019,137000000],[2020,179000000],[2021,140000000],[2022,214000000],[2023,288000000],[2024,329000000],[2025,392000000],[2026,453000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2026: cash repurchases 10000000 SEK.

### Are managers owners

Insiders own 4.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LAGR-B.ST SharesStats.PercentInsiders = 4.66 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.3% yearly over ten years; actual growth was 19.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.2202674449147315. Price 230.6; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.197107397635102 → FY2026 7.137807133933155. Closing-price date 2026-10-15.

## Monthly share-price history (SEK per share)

- 2016-10: SEK 27.58 per share

- 2016-11: SEK 24.67 per share

- 2016-12: SEK 27.83 per share

- 2017-01: SEK 26.67 per share

- 2017-02: SEK 26.42 per share

- 2017-03: SEK 29.00 per share

- 2017-04: SEK 32.25 per share

- 2017-05: SEK 33.17 per share

- 2017-06: SEK 30.75 per share

- 2017-07: SEK 30.42 per share

- 2017-08: SEK 26.83 per share

- 2017-09: SEK 26.92 per share

- 2017-10: SEK 29.67 per share

- 2017-11: SEK 26.33 per share

- 2017-12: SEK 27.00 per share

- 2018-01: SEK 27.67 per share

- 2018-02: SEK 27.50 per share

- 2018-03: SEK 27.83 per share

- 2018-04: SEK 27.47 per share

- 2018-05: SEK 31.67 per share

- 2018-06: SEK 32.53 per share

- 2018-07: SEK 30.70 per share

- 2018-08: SEK 30.20 per share

- 2018-09: SEK 29.33 per share

- 2018-10: SEK 30.03 per share

- 2018-11: SEK 30.73 per share

- 2018-12: SEK 28.70 per share

- 2019-01: SEK 32.90 per share

- 2019-02: SEK 36.13 per share

- 2019-03: SEK 33.33 per share

- 2019-04: SEK 38.53 per share

- 2019-05: SEK 40.87 per share

- 2019-06: SEK 44.20 per share

- 2019-07: SEK 40.27 per share

- 2019-08: SEK 41.80 per share

- 2019-09: SEK 41.80 per share

- 2019-10: SEK 41.33 per share

- 2019-11: SEK 46.27 per share

- 2019-12: SEK 48.80 per share

- 2020-01: SEK 52.33 per share

- 2020-02: SEK 45.33 per share

- 2020-03: SEK 38.60 per share

- 2020-04: SEK 45.00 per share

- 2020-05: SEK 44.53 per share

- 2020-06: SEK 48.13 per share

- 2020-07: SEK 59.27 per share

- 2020-08: SEK 60.27 per share

- 2020-09: SEK 60.33 per share

- 2020-10: SEK 54.84 per share

- 2020-11: SEK 70.10 per share

- 2020-12: SEK 76.00 per share

- 2021-01: SEK 72.00 per share

- 2021-02: SEK 70.40 per share

- 2021-03: SEK 79.10 per share

- 2021-04: SEK 87.35 per share

- 2021-05: SEK 93.80 per share

- 2021-06: SEK 93.10 per share

- 2021-07: SEK 117.60 per share

- 2021-08: SEK 118.50 per share

- 2021-09: SEK 104.90 per share

- 2021-10: SEK 115.00 per share

- 2021-11: SEK 126.10 per share

- 2021-12: SEK 133.10 per share

- 2022-01: SEK 104.70 per share

- 2022-02: SEK 95.70 per share

- 2022-03: SEK 106.80 per share

- 2022-04: SEK 100.50 per share

- 2022-05: SEK 95.40 per share

- 2022-06: SEK 82.85 per share

- 2022-07: SEK 110.50 per share

- 2022-08: SEK 97.85 per share

- 2022-09: SEK 97.65 per share

- 2022-10: SEK 94.75 per share

- 2022-11: SEK 110.30 per share

- 2022-12: SEK 103.30 per share

- 2023-01: SEK 109.40 per share

- 2023-02: SEK 118.70 per share

- 2023-03: SEK 129.70 per share

- 2023-04: SEK 131.80 per share

- 2023-05: SEK 131.40 per share

- 2023-06: SEK 139.00 per share

- 2023-07: SEK 126.70 per share

- 2023-08: SEK 114.90 per share

- 2023-09: SEK 111.00 per share

- 2023-10: SEK 101.70 per share

- 2023-11: SEK 119.80 per share

- 2023-12: SEK 135.10 per share

- 2024-01: SEK 136.60 per share

- 2024-02: SEK 150.20 per share

- 2024-03: SEK 163.80 per share

- 2024-04: SEK 163.90 per share

- 2024-05: SEK 178.80 per share

- 2024-06: SEK 172.20 per share

- 2024-07: SEK 180.60 per share

- 2024-08: SEK 190.10 per share

- 2024-09: SEK 191.40 per share

- 2024-10: SEK 207.80 per share

- 2024-11: SEK 198.00 per share

- 2024-12: SEK 207.60 per share

- 2025-01: SEK 236.00 per share

- 2025-02: SEK 226.00 per share

- 2025-03: SEK 206.40 per share

- 2025-04: SEK 219.20 per share

- 2025-05: SEK 217.20 per share

- 2025-06: SEK 227.60 per share

- 2025-07: SEK 227.80 per share

- 2025-08: SEK 223.80 per share

- 2025-09: SEK 202.40 per share

- 2025-10: SEK 233.40 per share

- 2025-11: SEK 216.20 per share

- 2025-12: SEK 212.80 per share

- 2026-01: SEK 195.60 per share

- 2026-02: SEK 220.80 per share

- 2026-03: SEK 198.90 per share

- 2026-04: SEK 241.20 per share

- 2026-05: SEK 255.40 per share

- 2026-06: SEK 254.80 per share

- 2026-07: SEK 224.00 per share

- 2026-08: SEK 225.00 per share

- 2026-09: SEK 225.40 per share

- 2026-10: SEK 227.20 per share

## Annual estimated value (SEK per share)

- FY2017: low SEK 17.06 per share, central SEK 24.75 per share, high SEK 29.04 per share

- FY2018: low SEK 15.78 per share, central SEK 18.84 per share, high SEK 21.89 per share

- FY2019: low SEK 22.39 per share, central SEK 27.25 per share, high SEK 31.71 per share

- FY2020: low SEK 29.39 per share, central SEK 42.80 per share, high SEK 50.28 per share

- FY2021: low SEK 29.46 per share, central SEK 42.82 per share, high SEK 50.27 per share

- FY2022: low SEK 44.04 per share, central SEK 64.02 per share, high SEK 75.16 per share

- FY2023: low SEK 62.64 per share, central SEK 90.90 per share, high SEK 106.66 per share

- FY2024: low SEK 71.68 per share, central SEK 104.13 per share, high SEK 122.24 per share

- FY2025: low SEK 85.13 per share, central SEK 123.59 per share, high SEK 145.04 per share

- FY2026: low SEK 102.90 per share, central SEK 149.84 per share, high SEK 176.02 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:43:22.931Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5493002L6I4YHANEYR87/2024-03-31/ESEF/SE/0/lage-2024-03-31-sv/reports/lage-2024-03-31-sv.xhtml); period 2024-03-31, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Lagercrantz Group

LAGR-B · ST

STOXX Europe 600

A wonderful business at too high a price

Passes the quality tests.

Share price: SEK 230.60
Buy up to: SEK 156.15
Expected / yr: 7.8% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 12.8% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 13.5%
Worst year: 11.1%
Latest · 2026: 15.5%

Capital return excluding acquisitions: median 28.5% (minimum 15%), and the second-worst year 27.3% (minimum 10%).

ROIC excluding acquisitions

10y median: 28.5%
Worst year: 20.9%
Latest · 2026: 29.3%

Each $1 of profit left $1.24 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.24×
Annual median: 1.23×
Latest · 2026: 1.23×

Per-share value rose from 1.35 to 4.93, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: SEK 2.35
Worst year: SEK 1.35
Latest · 2026: SEK 5.81

Profits were backed by cash: accruals were -2.4% of assets (limit 10%).

Sloan accruals

10y median: -3.2%
Worst year: 0.1%
Latest · 2026: -2.4%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 13.4%, three-year average owner earnings per share 6.3 SEK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price SEK 27.58; 2016-11 · Price SEK 24.67; 2016-12 · Price SEK 27.83; 2017-01 · Price SEK 26.67 · Value 24.75 · Buy at or below 24.75; 2017-02 · Price SEK 26.42 · Value 24.75 · Buy at or below 24.75; 2017-03 · Price SEK 29.00 · Value 24.75 · Buy at or below 24.75; 2017-04 · Price SEK 32.25 · Value 24.75 · Buy at or below 24.75; 2017-05 · Price SEK 33.17 · Value 24.75 · Buy at or below 24.75; 2017-06 · Price SEK 30.75 · Value 24.75 · Buy at or below 24.75; 2017-07 · Price SEK 30.42 · Value 24.75 · Buy at or below 24.75; 2017-08 · Price SEK 26.83 · Value 24.75 · Buy at or below 24.75; 2017-09 · Price SEK 26.92 · Value 24.75 · Buy at or below 24.75; 2017-10 · Price SEK 29.67 · Value 24.75 · Buy at or below 24.75; 2017-11 · Price SEK 26.33 · Value 24.75 · Buy at or below 24.75; 2017-12 · Price SEK 27.00 · Value 24.75 · Buy at or below 24.75; 2018-01 · Price SEK 27.67 · Value 24.75 · Buy at or below 24.75; 2018-02 · Price SEK 27.50 · Value 18.84 · Buy at or below 18.84; 2018-03 · Price SEK 27.83 · Value 18.84 · Buy at or below 18.84; 2018-04 · Price SEK 27.47 · Value 18.84 · Buy at or below 18.84; 2018-05 · Price SEK 31.67 · Value 18.84 · Buy at or below 18.84; 2018-06 · Price SEK 32.53 · Value 18.84 · Buy at or below 18.84; 2018-07 · Price SEK 30.70 · Value 18.84 · Buy at or below 18.84; 2018-08 · Price SEK 30.20 · Value 18.84 · Buy at or below 18.84; 2018-09 · Price SEK 29.33 · Value 18.84 · Buy at or below 18.84; 2018-10 · Price SEK 30.03 · Value 18.84 · Buy at or below 18.84; 2018-11 · Price SEK 30.73 · Value 18.84 · Buy at or below 18.84; 2018-12 · Price SEK 28.70 · Value 18.84 · Buy at or below 18.84; 2019-01 · Price SEK 32.90 · Value 18.84 · Buy at or below 18.84; 2019-02 · Price SEK 36.13 · Value 27.25 · Buy at or below 27.25; 2019-03 · Price SEK 33.33 · Value 27.25 · Buy at or below 27.25; 2019-04 · Price SEK 38.53 · Value 27.25 · Buy at or below 27.25; 2019-05 · Price SEK 40.87 · Value 27.25 · Buy at or below 27.25; 2019-06 · Price SEK 44.20 · Value 27.25 · Buy at or below 27.25; 2019-07 · Price SEK 40.27 · Value 27.25 · Buy at or below 27.25; 2019-08 · Price SEK 41.80 · Value 27.25 · Buy at or below 27.25; 2019-09 · Price SEK 41.80 · Value 27.25 · Buy at or below 27.25; 2019-10 · Price SEK 41.33 · Value 27.25 · Buy at or below 27.25; 2019-11 · Price SEK 46.27 · Value 27.25 · Buy at or below 27.25; 2019-12 · Price SEK 48.80 · Value 27.25 · Buy at or below 27.25; 2020-01 · Price SEK 52.33 · Value 27.25 · Buy at or below 27.25; 2020-02 · Price SEK 45.33 · Value 42.80 · Buy at or below 42.80; 2020-03 · Price SEK 38.60 · Value 42.80 · Buy at or below 42.80; 2020-04 · Price SEK 45.00 · Value 42.80 · Buy at or below 42.80; 2020-05 · Price SEK 44.53 · Value 42.80 · Buy at or below 42.80; 2020-06 · Price SEK 48.13 · Value 42.80 · Buy at or below 42.80; 2020-07 · Price SEK 59.27 · Value 42.80 · Buy at or below 42.80; 2020-08 · Price SEK 60.27 · Value 42.80 · Buy at or below 42.80; 2020-09 · Price SEK 60.33 · Value 42.80 · Buy at or below 42.80; 2020-10 · Price SEK 54.84 · Value 42.80 · Buy at or below 42.80; 2020-11 · Price SEK 70.10 · Value 42.80 · Buy at or below 42.80; 2020-12 · Price SEK 76.00 · Value 42.80 · Buy at or below 42.80; 2021-01 · Price SEK 72.00 · Value 42.80 · Buy at or below 42.80; 2021-02 · Price SEK 70.40 · Value 42.82 · Buy at or below 42.82; 2021-03 · Price SEK 79.10 · Value 42.82 · Buy at or below 42.82; 2021-04 · Price SEK 87.35 · Value 42.82 · Buy at or below 42.82; 2021-05 · Price SEK 93.80 · Value 42.82 · Buy at or below 42.82; 2021-06 · Price SEK 93.10 · Value 42.82 · Buy at or below 42.82; 2021-07 · Price SEK 117.60 · Value 42.82 · Buy at or below 42.82; 2021-08 · Price SEK 118.50 · Value 42.82 · Buy at or below 42.82; 2021-09 · Price SEK 104.90 · Value 42.82 · Buy at or below 42.82; 2021-10 · Price SEK 115.00 · Value 42.82 · Buy at or below 42.82; 2021-11 · Price SEK 126.10 · Value 42.82 · Buy at or below 42.82; 2021-12 · Price SEK 133.10 · Value 42.82 · Buy at or below 42.82; 2022-01 · Price SEK 104.70 · Value 42.82 · Buy at or below 42.82; 2022-02 · Price SEK 95.70 · Value 64.02 · Buy at or below 64.02; 2022-03 · Price SEK 106.80 · Value 64.02 · Buy at or below 64.02; 2022-04 · Price SEK 100.50 · Value 64.02 · Buy at or below 64.02; 2022-05 · Price SEK 95.40 · Value 64.02 · Buy at or below 64.02; 2022-06 · Price SEK 82.85 · Value 64.02 · Buy at or below 64.02; 2022-07 · Price SEK 110.50 · Value 64.02 · Buy at or below 64.02; 2022-08 · Price SEK 97.85 · Value 64.02 · Buy at or below 64.02; 2022-09 · Price SEK 97.65 · Value 64.02 · Buy at or below 64.02; 2022-10 · Price SEK 94.75 · Value 64.02 · Buy at or below 64.02; 2022-11 · Price SEK 110.30 · Value 64.02 · Buy at or below 64.02; 2022-12 · Price SEK 103.30 · Value 64.02 · Buy at or below 64.02; 2023-01 · Price SEK 109.40 · Value 64.02 · Buy at or below 64.02; 2023-02 · Price SEK 118.70 · Value 90.90 · Buy at or below 90.90; 2023-03 · Price SEK 129.70 · Value 90.90 · Buy at or below 90.90; 2023-04 · Price SEK 131.80 · Value 90.90 · Buy at or below 90.90; 2023-05 · Price SEK 131.40 · Value 90.90 · Buy at or below 90.90; 2023-06 · Price SEK 139.00 · Value 90.90 · Buy at or below 90.90; 2023-07 · Price SEK 126.70 · Value 90.90 · Buy at or below 90.90; 2023-08 · Price SEK 114.90 · Value 90.90 · Buy at or below 90.90; 2023-09 · Price SEK 111.00 · Value 90.90 · Buy at or below 90.90; 2023-10 · Price SEK 101.70 · Value 90.90 · Buy at or below 90.90; 2023-11 · Price SEK 119.80 · Value 90.90 · Buy at or below 90.90; 2023-12 · Price SEK 135.10 · Value 90.90 · Buy at or below 90.90; 2024-01 · Price SEK 136.60 · Value 90.90 · Buy at or below 90.90; 2024-02 · Price SEK 150.20 · Value 104.13 · Buy at or below 104.13; 2024-03 · Price SEK 163.80 · Value 104.13 · Buy at or below 104.13; 2024-04 · Price SEK 163.90 · Value 104.13 · Buy at or below 104.13; 2024-05 · Price SEK 178.80 · Value 104.13 · Buy at or below 104.13; 2024-06 · Price SEK 172.20 · Value 104.13 · Buy at or below 104.13; 2024-07 · Price SEK 180.60 · Value 104.13 · Buy at or below 104.13; 2024-08 · Price SEK 190.10 · Value 104.13 · Buy at or below 104.13; 2024-09 · Price SEK 191.40 · Value 104.13 · Buy at or below 104.13; 2024-10 · Price SEK 207.80 · Value 104.13 · Buy at or below 104.13; 2024-11 · Price SEK 198.00 · Value 104.13 · Buy at or below 104.13; 2024-12 · Price SEK 207.60 · Value 104.13 · Buy at or below 104.13; 2025-01 · Price SEK 236.00 · Value 104.13 · Buy at or below 104.13; 2025-02 · Price SEK 226.00 · Value 123.59 · Buy at or below 123.59; 2025-03 · Price SEK 206.40 · Value 123.59 · Buy at or below 123.59; 2025-04 · Price SEK 219.20 · Value 123.59 · Buy at or below 123.59; 2025-05 · Price SEK 217.20 · Value 123.59 · Buy at or below 123.59; 2025-06 · Price SEK 227.60 · Value 123.59 · Buy at or below 123.59; 2025-07 · Price SEK 227.80 · Value 123.59 · Buy at or below 123.59; 2025-08 · Price SEK 223.80 · Value 123.59 · Buy at or below 123.59; 2025-09 · Price SEK 202.40 · Value 123.59 · Buy at or below 123.59; 2025-10 · Price SEK 233.40 · Value 123.59 · Buy at or below 123.59; 2025-11 · Price SEK 216.20 · Value 123.59 · Buy at or below 123.59; 2025-12 · Price SEK 212.80 · Value 123.59 · Buy at or below 123.59; 2026-01 · Price SEK 195.60 · Value 123.59 · Buy at or below 123.59; 2026-02 · Price SEK 220.80 · Value 149.84 · Buy at or below 149.84; 2026-03 · Price SEK 198.90 · Value 149.84 · Buy at or below 149.84; 2026-04 · Price SEK 241.20 · Value 149.84 · Buy at or below 149.84; 2026-05 · Price SEK 255.40 · Value 149.84 · Buy at or below 149.84; 2026-06 · Price SEK 254.80 · Value 149.84 · Buy at or below 149.84; 2026-07 · Price SEK 224.00 · Value 149.84 · Buy at or below 149.84; 2026-08 · Price SEK 225.00 · Value 149.84 · Buy at or below 149.84; 2026-09 · Price SEK 225.40 · Value 149.84 · Buy at or below 149.84; 2026-10 · Price SEK 227.20 · Value 149.84 · Buy at or below 149.84; 2026-10 · Price SEK 230.60 · Value 149.84 · Buy at or below 149.84

SEK per share · annual estimates

Price & return math
Value range	SEK 107.29 – SEK 183.39
Buy at or below	Central value SEK 156.15
Discount to value	1 − 230.60 / 156.15 = -47.7%
Return / year	About 7.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash SEK 7.33/share; 12.0% growth fades over 10 years to 3.0%; excess cash SEK 0.80/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueSEK 11B

Revenue

Owner earningsSEK 1.5B

Owner earnings

Operating margin15.5%

Operating margin

Net cash / debtSEK -4.2B

Net cash / debt

Diluted shares207M

Diluted shares

Prices 15 Oct 2026 · FY2026Original filing ↗ ·