# Loomis AB ser. B (LOOMIS.ST)

Canonical: https://gigainvestors.com/s/LOOMIS.ST

Analysis as of: 2026-10-16T07:38:17.501Z. Financial observations: FY2005–FY2025.

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 577.50 per share; close as of 2026-10-15.

Estimated value: low SEK 452.74 per share, central SEK 499.83 per share, high SEK 562.52 per share. Buy at or below the central value SEK 499.83 per share. Valuation as of 2026-10-16T07:38:17.501Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% 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

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.12×

- FY2018: 0.11×

- FY2019: 0.12×

- FY2020: 0.07×

- FY2021: 0.09×

- FY2022: 0.10×

- FY2023: 0.10×

- FY2024: 0.10×

- FY2025: 0.12×

### moat: pass

- ROIC, median of available years: 20.5%

- ROIC, second-lowest year: 15.2%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 26.6%

- Recent gross margin (lower of latest and 3-year median): 27.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.3%

- ROIC including acquisitions, ten-year median: 9.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 32.4%

- FY2017: 33.9%

- FY2018: 27.6%

- FY2019: 21.4%

- FY2020: 15.2%

- FY2021: 14.8%

- FY2022: 18.1%

- FY2023: 16.3%

- FY2024: 25.5%

- FY2025: 19.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.13×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 8.4B

- Net income, five-year total: SEK 7.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 5.1 pp

- Working capital / revenue, final three-year average: 10.9%

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

- FY2021: 1.23×

- FY2022: 1.10×

- FY2023: 0.93×

- FY2024: 1.07×

- FY2025: 1.32×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 32.4% vs 19.5%

- Per-share earnings: 16.72 to 23.40 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.1%

- Ordinary dilution, 5-year annual growth: -2.1%

- Market cap gain: SEK 6.0B

- Cumulative retained earnings: SEK 6.7B

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -2.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.3%

- Per-share value change: SEK 6.68

- Per-share value, starting three-year median: SEK 16.72

- Per-share value, ending three-year median: SEK 23.40

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 2.3%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 5.3B

- Cumulative net income, 10 years: SEK 14B

- ROIC, first three-year median: 32.4%

- ROIC, last three-year median: 19.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 16.72

- FY2017: SEK 18.98

- FY2018: SEK 20.45

- FY2019: SEK 21.88

- FY2020: SEK 9.52

- FY2021: SEK 14.95

- FY2022: SEK 22.22

- FY2023: SEK 20.97

- FY2024: SEK 23.78

- FY2025: SEK 23.40

### accounting: pass

- Sloan accruals: -8.2%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.91×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.85×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.5%

- FY2017: -5.8%

- FY2018: -7.0%

- FY2019: -6.5%

- FY2020: -9.1%

- FY2021: -6.1%

- FY2022: -6.4%

- FY2023: -9.9%

- FY2024: -10.2%

- FY2025: -8.2%

## Holders

## Price story

Price needs cash profits to grow 3.2% a year for ten years · sales +0%

Story as of 2026-10-16T10:00:09.863Z; price observation 2026-10-15.

Price needs cash profits to grow 3.2% a year for ten years

### Sales · FY2024–2025

sales +0%; source https://filings.xbrl.org/213800NS2XXVRYS7WP40/2024-12-31/ESEF/SE/0/213800NS2XXVRYS7WP40-2024-12-31-sv/reports/213800NS2XXVRYS7WP40-2024-12-31-sv.xhtml; observed 2025-05-08.

- FY2016: SEK 17B 

- FY2017: SEK 17B 

- FY2018: SEK 19B 

- FY2019: SEK 21B 

- FY2020: SEK 19B 

- FY2021: SEK 20B 

- FY2022: SEK 25B 

- FY2023: SEK 29B 

- FY2024: SEK 30B 

- FY2025: SEK 30B 

### Gross margin · FY2025

gross margin 28.8%; source https://filings.xbrl.org/213800NS2XXVRYS7WP40/2024-12-31/ESEF/SE/0/213800NS2XXVRYS7WP40-2024-12-31-sv/reports/213800NS2XXVRYS7WP40-2024-12-31-sv.xhtml; observed 2025-05-08.

- FY2016: 25.6% 

- FY2017: 27.3% 

- FY2018: 26.3% 

- FY2019: 27.7% 

- FY2020: 25.5% 

- FY2021: 26.5% 

- FY2022: 26.8% 

- FY2023: 25.4% 

- FY2024: 27.7% 

- FY2025: 28.8% 

## Owner memo

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

### How it makes money

Operates in security & protection services; annual sales are SEK 30.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 30427000000; grossProfit 8766000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LOOMIS.ST: Loomis AB (publ) provides secure payment solutions in the United States, France, Switzerland, Spain, the United Kingdom, Sweden, and internationally. The company provides transportation of cash and valuables with logistics systems to and from central banks, financial institutions, retailers, restaurants and other businesses; cash management services, and vault and cash storage outsourcing for central banks and commercial banks; and international valuables logistics services, including collection and coordination of cross-border transportation, as well as customs clearance, storage, and secure delivery. It also offers automated teller machine services; automated cash-handling solutions, such as SafePoint, cash recyclers, and front office solutions; foreign exchange services; and Loomis Pay, an end-to-end payment solution that handles all types of payment instruments comprising cards, cash, and digital options in one system. Loomis AB (publ) was founded in 1852 and is headquartered in Stockholm, Sweden.

### Why customers stay

Margins ranged from 25.4% to 28.8% during 2023–25; it earns 20.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 25.4%.

- Source: https://filings.xbrl.org/213800NS2XXVRYS7WP40/2024-12-31/ESEF/SE/0/213800NS2XXVRYS7WP40-2024-12-31-sv/reports/213800NS2XXVRYS7WP40-2024-12-31-sv.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 27.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 28.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.32419928280898425],[2017,0.3385138632866563],[2018,0.2761452630494704],[2019,0.2142395288098795],[2020,0.1523396301285465],[2021,0.14833360366414103],[2022,0.18097924817118452],[2023,0.1634471742757197],[2024,0.2554802963782296],[2025,0.1953452462825149]]; median 0.20479238754619722. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 27% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800NS2XXVRYS7WP40/2024-12-31/ESEF/SE/0/213800NS2XXVRYS7WP40-2024-12-31-sv/reports/213800NS2XXVRYS7WP40-2024-12-31-sv.xhtml (filed 2025-05-08); Gross margin observations: [[2021,0.2652233433047711],[2022,0.2676278886035947],[2023,0.2540495349566308]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back SEK 600 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 0; upkeep 1128000000; owner earnings 1297000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 0; upkeep 1160000000; owner earnings 1448000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 198000000; upkeep 1266000000; owner earnings 1538000000. Growth capex / owner earnings = 0.12873862158647595.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 0; upkeep 1709000000; owner earnings 1296400000. 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 1014000000; owner earnings 1150800000. 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 1162000000; owner earnings 1359200000. 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 1426000000; owner earnings 1763800000. 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 1957000000; owner earnings 1389200000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/213800NS2XXVRYS7WP40/2024-12-31/ESEF/SE/0/213800NS2XXVRYS7WP40-2024-12-31-sv/reports/213800NS2XXVRYS7WP40-2024-12-31-sv.xhtml (filed 2025-05-08); FY2024: growth capex 0; upkeep 1665000000; owner earnings 1753600000. 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 1406000000; owner earnings 2087800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,527000000],[2017,602000000],[2018,677000000],[2019,750000000],[2020,414000000],[2021,451000000],[2022,628000000],[2023,853000000],[2024,880000000],[2025,959000000]]. 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); FY2025: cash repurchases 600000000 SEK.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LOOMIS.ST SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.2% yearly over ten years; actual growth was 8.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.03252040408472945. Price 577.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 14.210512322867094 → FY2025 30.884615384615383. Closing-price date 2026-10-15.

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

- 2016-10: SEK 257.00 per share

- 2016-11: SEK 244.00 per share

- 2016-12: SEK 271.10 per share

- 2017-01: SEK 255.70 per share

- 2017-02: SEK 280.10 per share

- 2017-03: SEK 283.60 per share

- 2017-04: SEK 321.50 per share

- 2017-05: SEK 327.50 per share

- 2017-06: SEK 302.00 per share

- 2017-07: SEK 300.00 per share

- 2017-08: SEK 289.80 per share

- 2017-09: SEK 323.70 per share

- 2017-10: SEK 335.90 per share

- 2017-11: SEK 345.00 per share

- 2017-12: SEK 344.60 per share

- 2018-01: SEK 315.00 per share

- 2018-02: SEK 302.20 per share

- 2018-03: SEK 300.40 per share

- 2018-04: SEK 320.20 per share

- 2018-05: SEK 337.00 per share

- 2018-06: SEK 311.40 per share

- 2018-07: SEK 275.80 per share

- 2018-08: SEK 294.20 per share

- 2018-09: SEK 286.20 per share

- 2018-10: SEK 283.00 per share

- 2018-11: SEK 306.00 per share

- 2018-12: SEK 286.00 per share

- 2019-01: SEK 323.80 per share

- 2019-02: SEK 336.00 per share

- 2019-03: SEK 320.00 per share

- 2019-04: SEK 351.00 per share

- 2019-05: SEK 307.20 per share

- 2019-06: SEK 319.20 per share

- 2019-07: SEK 333.00 per share

- 2019-08: SEK 332.00 per share

- 2019-09: SEK 346.00 per share

- 2019-10: SEK 373.00 per share

- 2019-11: SEK 400.00 per share

- 2019-12: SEK 387.80 per share

- 2020-01: SEK 349.40 per share

- 2020-02: SEK 332.80 per share

- 2020-03: SEK 202.00 per share

- 2020-04: SEK 238.80 per share

- 2020-05: SEK 236.40 per share

- 2020-06: SEK 222.60 per share

- 2020-07: SEK 209.80 per share

- 2020-08: SEK 217.20 per share

- 2020-09: SEK 245.00 per share

- 2020-10: SEK 198.70 per share

- 2020-11: SEK 244.60 per share

- 2020-12: SEK 226.20 per share

- 2021-01: SEK 214.40 per share

- 2021-02: SEK 220.80 per share

- 2021-03: SEK 265.60 per share

- 2021-04: SEK 277.90 per share

- 2021-05: SEK 262.20 per share

- 2021-06: SEK 267.70 per share

- 2021-07: SEK 288.70 per share

- 2021-08: SEK 267.80 per share

- 2021-09: SEK 237.60 per share

- 2021-10: SEK 231.90 per share

- 2021-11: SEK 233.00 per share

- 2021-12: SEK 240.70 per share

- 2022-01: SEK 238.80 per share

- 2022-02: SEK 267.10 per share

- 2022-03: SEK 258.10 per share

- 2022-04: SEK 246.60 per share

- 2022-05: SEK 247.00 per share

- 2022-06: SEK 248.80 per share

- 2022-07: SEK 285.40 per share

- 2022-08: SEK 288.80 per share

- 2022-09: SEK 274.20 per share

- 2022-10: SEK 308.60 per share

- 2022-11: SEK 307.60 per share

- 2022-12: SEK 286.00 per share

- 2023-01: SEK 311.00 per share

- 2023-02: SEK 338.40 per share

- 2023-03: SEK 355.00 per share

- 2023-04: SEK 328.00 per share

- 2023-05: SEK 299.40 per share

- 2023-06: SEK 314.60 per share

- 2023-07: SEK 306.80 per share

- 2023-08: SEK 290.80 per share

- 2023-09: SEK 294.60 per share

- 2023-10: SEK 289.40 per share

- 2023-11: SEK 278.60 per share

- 2023-12: SEK 267.60 per share

- 2024-01: SEK 284.80 per share

- 2024-02: SEK 279.80 per share

- 2024-03: SEK 298.80 per share

- 2024-04: SEK 284.00 per share

- 2024-05: SEK 291.60 per share

- 2024-06: SEK 276.00 per share

- 2024-07: SEK 341.00 per share

- 2024-08: SEK 349.40 per share

- 2024-09: SEK 333.80 per share

- 2024-10: SEK 333.60 per share

- 2024-11: SEK 333.60 per share

- 2024-12: SEK 336.40 per share

- 2025-01: SEK 354.20 per share

- 2025-02: SEK 414.80 per share

- 2025-03: SEK 406.40 per share

- 2025-04: SEK 404.00 per share

- 2025-05: SEK 371.00 per share

- 2025-06: SEK 397.60 per share

- 2025-07: SEK 387.60 per share

- 2025-08: SEK 419.40 per share

- 2025-09: SEK 401.60 per share

- 2025-10: SEK 384.00 per share

- 2025-11: SEK 380.00 per share

- 2025-12: SEK 390.40 per share

- 2026-01: SEK 369.60 per share

- 2026-02: SEK 457.80 per share

- 2026-03: SEK 428.20 per share

- 2026-04: SEK 427.80 per share

- 2026-05: SEK 456.20 per share

- 2026-06: SEK 475.20 per share

- 2026-07: SEK 525.00 per share

- 2026-08: SEK 541.50 per share

- 2026-09: SEK 562.00 per share

- 2026-10: SEK 573.50 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 177.99 per share, central SEK 212.57 per share, high SEK 246.74 per share

- FY2017: low SEK 188.02 per share, central SEK 225.81 per share, high SEK 261.87 per share

- FY2018: low SEK 246.49 per share, central SEK 303.06 per share, high SEK 351.47 per share

- FY2019: low SEK 314.34 per share, central SEK 390.50 per share, high SEK 448.17 per share

- FY2020: low SEK 270.76 per share, central SEK 299.85 per share, high SEK 338.59 per share

- FY2021: low SEK 265.82 per share, central SEK 293.56 per share, high SEK 330.49 per share

- FY2022: low SEK 343.69 per share, central SEK 380.16 per share, high SEK 428.70 per share

- FY2023: low SEK 371.17 per share, central SEK 408.55 per share, high SEK 458.31 per share

- FY2024: low SEK 418.98 per share, central SEK 459.66 per share, high SEK 513.80 per share

- FY2025: low SEK 439.62 per share, central SEK 486.17 per share, high SEK 548.13 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

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800NS2XXVRYS7WP40/2024-12-31/ESEF/SE/0/213800NS2XXVRYS7WP40-2024-12-31-sv/reports/213800NS2XXVRYS7WP40-2024-12-31-sv.xhtml); period 2024-12-31, 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.

Loomis AB ser. B

LOOMIS · ST

STOXX Europe 600

A wonderful business at too high a price

Passes the quality tests.

Share price: SEK 577.50
Buy up to: SEK 499.83
Expected / yr: 8.8% 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 14.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 10.5%
Worst year: 6.9%
Latest · 2025: 12.2%

Capital return excluding acquisitions: median 20.5% (minimum 15%), and the second-worst year 15.2% (minimum 10%).

ROIC excluding acquisitions

10y median: 20.5%
Worst year: 14.8%
Latest · 2025: 19.5%

Each $1 of profit left $1.13 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.13×
Annual median: 1.10×
Latest · 2025: 1.32×

Per-share value rose from 16.72 to 23.4, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: SEK 20.71
Worst year: SEK 9.52
Latest · 2025: SEK 23.40

Profits were backed by cash: accruals were -8.2% of assets (limit 10%).

Sloan accruals

10y median: -7.6%
Worst year: -5.8%
Latest · 2025: -8.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 10.3%, three-year average owner earnings per share 25.26 SEK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price SEK 257.00 · Value 212.57 · Buy at or below 212.57; 2016-11 · Price SEK 244.00 · Value 212.57 · Buy at or below 212.57; 2016-12 · Price SEK 271.10 · Value 212.57 · Buy at or below 212.57; 2017-01 · Price SEK 255.70 · Value 212.57 · Buy at or below 212.57; 2017-02 · Price SEK 280.10 · Value 225.81 · Buy at or below 225.81; 2017-03 · Price SEK 283.60 · Value 225.81 · Buy at or below 225.81; 2017-04 · Price SEK 321.50 · Value 225.81 · Buy at or below 225.81; 2017-05 · Price SEK 327.50 · Value 225.81 · Buy at or below 225.81; 2017-06 · Price SEK 302.00 · Value 225.81 · Buy at or below 225.81; 2017-07 · Price SEK 300.00 · Value 225.81 · Buy at or below 225.81; 2017-08 · Price SEK 289.80 · Value 225.81 · Buy at or below 225.81; 2017-09 · Price SEK 323.70 · Value 225.81 · Buy at or below 225.81; 2017-10 · Price SEK 335.90 · Value 225.81 · Buy at or below 225.81; 2017-11 · Price SEK 345.00 · Value 225.81 · Buy at or below 225.81; 2017-12 · Price SEK 344.60 · Value 225.81 · Buy at or below 225.81; 2018-01 · Price SEK 315.00 · Value 225.81 · Buy at or below 225.81; 2018-02 · Price SEK 302.20 · Value 303.06 · Buy at or below 303.06; 2018-03 · Price SEK 300.40 · Value 303.06 · Buy at or below 303.06; 2018-04 · Price SEK 320.20 · Value 303.06 · Buy at or below 303.06; 2018-05 · Price SEK 337.00 · Value 303.06 · Buy at or below 303.06; 2018-06 · Price SEK 311.40 · Value 303.06 · Buy at or below 303.06; 2018-07 · Price SEK 275.80 · Value 303.06 · Buy at or below 303.06; 2018-08 · Price SEK 294.20 · Value 303.06 · Buy at or below 303.06; 2018-09 · Price SEK 286.20 · Value 303.06 · Buy at or below 303.06; 2018-10 · Price SEK 283.00 · Value 303.06 · Buy at or below 303.06; 2018-11 · Price SEK 306.00 · Value 303.06 · Buy at or below 303.06; 2018-12 · Price SEK 286.00 · Value 303.06 · Buy at or below 303.06; 2019-01 · Price SEK 323.80 · Value 303.06 · Buy at or below 303.06; 2019-02 · Price SEK 336.00 · Value 390.50 · Buy at or below 390.50; 2019-03 · Price SEK 320.00 · Value 390.50 · Buy at or below 390.50; 2019-04 · Price SEK 351.00 · Value 390.50 · Buy at or below 390.50; 2019-05 · Price SEK 307.20 · Value 390.50 · Buy at or below 390.50; 2019-06 · Price SEK 319.20 · Value 390.50 · Buy at or below 390.50; 2019-07 · Price SEK 333.00 · Value 390.50 · Buy at or below 390.50; 2019-08 · Price SEK 332.00 · Value 390.50 · Buy at or below 390.50; 2019-09 · Price SEK 346.00 · Value 390.50 · Buy at or below 390.50; 2019-10 · Price SEK 373.00 · Value 390.50 · Buy at or below 390.50; 2019-11 · Price SEK 400.00 · Value 390.50 · Buy at or below 390.50; 2019-12 · Price SEK 387.80 · Value 390.50 · Buy at or below 390.50; 2020-01 · Price SEK 349.40 · Value 390.50 · Buy at or below 390.50; 2020-02 · Price SEK 332.80 · Value 299.85 · Buy at or below 299.85; 2020-03 · Price SEK 202.00 · Value 299.85 · Buy at or below 299.85; 2020-04 · Price SEK 238.80 · Value 299.85 · Buy at or below 299.85; 2020-05 · Price SEK 236.40 · Value 299.85 · Buy at or below 299.85; 2020-06 · Price SEK 222.60 · Value 299.85 · Buy at or below 299.85; 2020-07 · Price SEK 209.80 · Value 299.85 · Buy at or below 299.85; 2020-08 · Price SEK 217.20 · Value 299.85 · Buy at or below 299.85; 2020-09 · Price SEK 245.00 · Value 299.85 · Buy at or below 299.85; 2020-10 · Price SEK 198.70 · Value 299.85 · Buy at or below 299.85; 2020-11 · Price SEK 244.60 · Value 299.85 · Buy at or below 299.85; 2020-12 · Price SEK 226.20 · Value 299.85 · Buy at or below 299.85; 2021-01 · Price SEK 214.40 · Value 299.85 · Buy at or below 299.85; 2021-02 · Price SEK 220.80 · Value 293.56 · Buy at or below 293.56; 2021-03 · Price SEK 265.60 · Value 293.56 · Buy at or below 293.56; 2021-04 · Price SEK 277.90 · Value 293.56 · Buy at or below 293.56; 2021-05 · Price SEK 262.20 · Value 293.56 · Buy at or below 293.56; 2021-06 · Price SEK 267.70 · Value 293.56 · Buy at or below 293.56; 2021-07 · Price SEK 288.70 · Value 293.56 · Buy at or below 293.56; 2021-08 · Price SEK 267.80 · Value 293.56 · Buy at or below 293.56; 2021-09 · Price SEK 237.60 · Value 293.56 · Buy at or below 293.56; 2021-10 · Price SEK 231.90 · Value 293.56 · Buy at or below 293.56; 2021-11 · Price SEK 233.00 · Value 293.56 · Buy at or below 293.56; 2021-12 · Price SEK 240.70 · Value 293.56 · Buy at or below 293.56; 2022-01 · Price SEK 238.80 · Value 293.56 · Buy at or below 293.56; 2022-02 · Price SEK 267.10 · Value 380.16 · Buy at or below 380.16; 2022-03 · Price SEK 258.10 · Value 380.16 · Buy at or below 380.16; 2022-04 · Price SEK 246.60 · Value 380.16 · Buy at or below 380.16; 2022-05 · Price SEK 247.00 · Value 380.16 · Buy at or below 380.16; 2022-06 · Price SEK 248.80 · Value 380.16 · Buy at or below 380.16; 2022-07 · Price SEK 285.40 · Value 380.16 · Buy at or below 380.16; 2022-08 · Price SEK 288.80 · Value 380.16 · Buy at or below 380.16; 2022-09 · Price SEK 274.20 · Value 380.16 · Buy at or below 380.16; 2022-10 · Price SEK 308.60 · Value 380.16 · Buy at or below 380.16; 2022-11 · Price SEK 307.60 · Value 380.16 · Buy at or below 380.16; 2022-12 · Price SEK 286.00 · Value 380.16 · Buy at or below 380.16; 2023-01 · Price SEK 311.00 · Value 380.16 · Buy at or below 380.16; 2023-02 · Price SEK 338.40 · Value 408.55 · Buy at or below 408.55; 2023-03 · Price SEK 355.00 · Value 408.55 · Buy at or below 408.55; 2023-04 · Price SEK 328.00 · Value 408.55 · Buy at or below 408.55; 2023-05 · Price SEK 299.40 · Value 408.55 · Buy at or below 408.55; 2023-06 · Price SEK 314.60 · Value 408.55 · Buy at or below 408.55; 2023-07 · Price SEK 306.80 · Value 408.55 · Buy at or below 408.55; 2023-08 · Price SEK 290.80 · Value 408.55 · Buy at or below 408.55; 2023-09 · Price SEK 294.60 · Value 408.55 · Buy at or below 408.55; 2023-10 · Price SEK 289.40 · Value 408.55 · Buy at or below 408.55; 2023-11 · Price SEK 278.60 · Value 408.55 · Buy at or below 408.55; 2023-12 · Price SEK 267.60 · Value 408.55 · Buy at or below 408.55; 2024-01 · Price SEK 284.80 · Value 408.55 · Buy at or below 408.55; 2024-02 · Price SEK 279.80 · Value 459.66 · Buy at or below 459.66; 2024-03 · Price SEK 298.80 · Value 459.66 · Buy at or below 459.66; 2024-04 · Price SEK 284.00 · Value 459.66 · Buy at or below 459.66; 2024-05 · Price SEK 291.60 · Value 459.66 · Buy at or below 459.66; 2024-06 · Price SEK 276.00 · Value 459.66 · Buy at or below 459.66; 2024-07 · Price SEK 341.00 · Value 459.66 · Buy at or below 459.66; 2024-08 · Price SEK 349.40 · Value 459.66 · Buy at or below 459.66; 2024-09 · Price SEK 333.80 · Value 459.66 · Buy at or below 459.66; 2024-10 · Price SEK 333.60 · Value 459.66 · Buy at or below 459.66; 2024-11 · Price SEK 333.60 · Value 459.66 · Buy at or below 459.66; 2024-12 · Price SEK 336.40 · Value 459.66 · Buy at or below 459.66; 2025-01 · Price SEK 354.20 · Value 459.66 · Buy at or below 459.66; 2025-02 · Price SEK 414.80 · Value 486.17 · Buy at or below 486.17; 2025-03 · Price SEK 406.40 · Value 486.17 · Buy at or below 486.17; 2025-04 · Price SEK 404.00 · Value 486.17 · Buy at or below 486.17; 2025-05 · Price SEK 371.00 · Value 486.17 · Buy at or below 486.17; 2025-06 · Price SEK 397.60 · Value 486.17 · Buy at or below 486.17; 2025-07 · Price SEK 387.60 · Value 486.17 · Buy at or below 486.17; 2025-08 · Price SEK 419.40 · Value 486.17 · Buy at or below 486.17; 2025-09 · Price SEK 401.60 · Value 486.17 · Buy at or below 486.17; 2025-10 · Price SEK 384.00 · Value 486.17 · Buy at or below 486.17; 2025-11 · Price SEK 380.00 · Value 486.17 · Buy at or below 486.17; 2025-12 · Price SEK 390.40 · Value 486.17 · Buy at or below 486.17; 2026-01 · Price SEK 369.60 · Value 486.17 · Buy at or below 486.17; 2026-02 · Price SEK 457.80 · Value 499.83 · Buy at or below 499.83; 2026-03 · Price SEK 428.20 · Value 499.83 · Buy at or below 499.83; 2026-04 · Price SEK 427.80 · Value 499.83 · Buy at or below 499.83; 2026-05 · Price SEK 456.20 · Value 499.83 · Buy at or below 499.83; 2026-06 · Price SEK 475.20 · Value 499.83 · Buy at or below 499.83; 2026-07 · Price SEK 525.00 · Value 499.83 · Buy at or below 499.83; 2026-08 · Price SEK 541.50 · Value 499.83 · Buy at or below 499.83; 2026-09 · Price SEK 562.00 · Value 499.83 · Buy at or below 499.83; 2026-10 · Price SEK 573.50 · Value 499.83 · Buy at or below 499.83; 2026-10 · Price SEK 577.50 · Value 499.83 · Buy at or below 499.83

SEK per share · annual estimates

Price & return math
Value range	SEK 452.74 – SEK 562.52
Buy at or below	Central value SEK 499.83
Discount to value	1 − 577.50 / 499.83 = -15.5%
Return / year	About 8.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash SEK 31.25/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash SEK 111.20/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueSEK 30B

Revenue

Owner earningsSEK 2.1B

Owner earnings

Operating margin12.2%

Operating margin

Net cash / debtSEK -9.2B

Net cash / debt

Diluted shares68M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·