# Mycronic publ AB (MYCR.ST)

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

Analysis as of: 2026-10-16T07:37:03.852Z. Financial observations: FY2000–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 304.00 per share; close as of 2026-10-15.

Estimated value: low SEK 138.37 per share, central SEK 195.95 per share, high SEK 228.06 per share. Buy at or below the central value SEK 195.95 per share. Valuation as of 2026-10-16T07:37:03.852Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% 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: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.30×

- FY2017: 0.28×

- FY2018: 0.27×

- FY2019: 0.26×

- FY2020: 0.23×

- FY2021: 0.23×

- FY2022: 0.17×

- FY2023: 0.21×

- FY2024: 0.29×

- FY2025: 0.25×

### moat: pass

- ROIC, median of available years: 62.6%

- ROIC, second-lowest year: 46.7%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 53.1%

- Recent gross margin (lower of latest and 3-year median): 51.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 32.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: 54.2%

- FY2020: 52.4%

- FY2021: 46.7%

- FY2022: 41.2%

- FY2023: 62.1%

- FY2024: 99.9%

- FY2025: 63.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 6.1B

- Net income, five-year total: SEK 5.8B

- Return on incremental invested capital: 44.7%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.2 pp

- Working capital / revenue, final three-year average: 45.2%

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

- FY2021: 1.01×

- FY2022: 1.08×

- FY2023: 1.12×

- FY2024: 0.99×

- FY2025: 1.11×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 151.1% vs 63.0%

- Per-share earnings: 2.69 to 7.99 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: SEK 34B

- Cumulative retained earnings: SEK 5.6B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.6%

- Per-share value change: SEK 5.30

- Per-share value, starting three-year median: SEK 2.69

- Per-share value, ending three-year median: SEK 7.99

- Buybacks concentrated in cheaper years (correlation): 0.39

- Average buyback yield: 0.1%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: SEK 3.8B

- Cumulative net income, 10 years: SEK 9.3B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 63.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 2.69

- FY2017: SEK 3.20

- FY2018: SEK 4.03

- FY2019: SEK 4.37

- FY2020: SEK 3.55

- FY2021: SEK 4.24

- FY2022: SEK 3.80

- FY2023: SEK 5.11

- FY2024: SEK 8.62

- FY2025: SEK 7.99

### accounting: pass

- Sloan accruals: 1.4%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.90×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.50×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.3%

- FY2017: -11.0%

- FY2018: 2.1%

- FY2019: 6.5%

- FY2020: -8.1%

- FY2021: -2.8%

- FY2022: -1.5%

- FY2023: -7.3%

- FY2024: -1.8%

- FY2025: 1.4%

## Holders

## Price story

Price needs cash profits to grow 13.3% a year for ten years · sales +12.5%

Story as of 2026-10-16T10:00:08.554Z; price observation 2026-10-15.

Price needs cash profits to grow 13.3% a year for ten years

### Sales · FY2024–2025

sales +12.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SEK 2.3B 

- FY2017: SEK 3.0B 

- FY2018: SEK 3.8B 

- FY2019: SEK 4.3B 

- FY2020: SEK 3.9B 

- FY2021: SEK 4.6B 

- FY2022: SEK 5.1B 

- FY2023: SEK 5.7B 

- FY2024: SEK 7.1B 

- FY2025: SEK 7.9B 

### Gross margin · FY2025

gross margin 51.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 60.8% 

- FY2017: 57.3% 

- FY2018: 55.5% 

- FY2019: 55.7% 

- FY2020: 53.6% 

- FY2021: 49.3% 

- FY2022: 44.7% 

- FY2023: 47.7% 

- FY2024: 52.7% 

- FY2025: 51.8% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are SEK 7.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2025: revenue 7938000000; grossProfit 4115000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MYCR.ST: Mycronic AB (publ) develops, manufactures, and sells production equipment for electronics industry in Sweden, rest of Europe, the United States, other Americas, China, South Korea, rest of Asia, and internationally. It operates through four segments: Pattern Generators, PCB Assembly, High-Volume, and Global Technologies. The Pattern Generators segment develops, manufactures, and markets mask writers and metrology systems for display manufacturing and production of semiconductors. The PCB Assembly segment develops, manufactures, and markets flexible PCB assembly solutions, including jet printing, stencil printing, 3D inspection, component placement, and automated storage solutions. The High-Volume segment develops, manufactures, and markets automated system for dispensing and conformal coating for high-volume electronics production. The Global Technologies segment offers die bonding, PCB test, photonic interconnects, magnetic test, and applied plasma. The company sells its products through agents and distributors. It serves aerospace, defense, medical, and industrial electronics sectors. The company was formerly known as Micronic Mydata AB (publ) and changed its name to Mycronic AB (publ) in June 2014. Mycronic AB (publ) was incorporated in 1989 and is headquartered in Täby, Sweden.

### Why customers stay

Margins ranged from 47.7% to 52.7% during 2023–25; it earns 62.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2023: grossProfit / revenue = 47.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2024: grossProfit / revenue = 52.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2025: grossProfit / revenue = 51.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); 10-year return on capital observations [[2016,1.1338088326500444],[2017,2.4491456709351227],[2018,1.5109947774535768],[2019,0.5415551883548774],[2020,0.5242719728093188],[2021,0.4672517706622142],[2022,0.41233009769578327],[2023,0.6209861212412986],[2024,0.9990755899288698],[2025,0.6301924363850033]]; median 0.625589278813151. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back SEK 19 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2016: growth capex 10073000; upkeep 32640000; owner earnings 526303000. Growth capex / owner earnings = 0.019139165081711484.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2017: growth capex 0; upkeep 49875000; owner earnings 649762000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2018: growth capex 0; upkeep 68764000; owner earnings 794663000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2019: growth capex 0; upkeep 152000000; owner earnings 874000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2020: growth capex 0; upkeep 135000000; owner earnings 668400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2021: growth capex 0; upkeep 90000000; owner earnings 835000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2022: growth capex 0; upkeep 141000000; owner earnings 800400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2023: growth capex 0; upkeep 103000000; owner earnings 1113400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2024: growth capex 0; upkeep 238000000; owner earnings 1668000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2025: growth capex 0; upkeep 91000000; owner earnings 1731800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); Dividend observations: [[2016,391666000],[2017,195833000],[2018,244791000],[2019,294000000],[2020,196000000],[2021,294000000],[2022,294000000],[2023,342000000],[2024,441000000],[2025,734000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); FY2025: cash repurchases 19000000 SEK.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MYCR.ST SharesStats.PercentInsiders = 0.20400000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.3% yearly over ten years; actual growth was 14.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:03.852Z); Ten-year compound average after fade. Initial solved rate 0.23921955166031939. Price 304; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.259439116803007 → FY2025 8.868246270758547. Closing-price date 2026-10-15.

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

- 2016-10: SEK 47.13 per share

- 2016-11: SEK 47.88 per share

- 2016-12: SEK 49.00 per share

- 2017-01: SEK 49.88 per share

- 2017-02: SEK 49.88 per share

- 2017-03: SEK 45.88 per share

- 2017-04: SEK 43.75 per share

- 2017-05: SEK 44.25 per share

- 2017-06: SEK 38.38 per share

- 2017-07: SEK 42.13 per share

- 2017-08: SEK 37.38 per share

- 2017-09: SEK 55.88 per share

- 2017-10: SEK 49.75 per share

- 2017-11: SEK 43.75 per share

- 2017-12: SEK 42.50 per share

- 2018-01: SEK 44.48 per share

- 2018-02: SEK 52.50 per share

- 2018-03: SEK 53.40 per share

- 2018-04: SEK 50.50 per share

- 2018-05: SEK 48.75 per share

- 2018-06: SEK 50.10 per share

- 2018-07: SEK 44.83 per share

- 2018-08: SEK 47.60 per share

- 2018-09: SEK 46.53 per share

- 2018-10: SEK 57.35 per share

- 2018-11: SEK 56.00 per share

- 2018-12: SEK 59.05 per share

- 2019-01: SEK 57.85 per share

- 2019-02: SEK 68.00 per share

- 2019-03: SEK 66.25 per share

- 2019-04: SEK 66.50 per share

- 2019-05: SEK 57.40 per share

- 2019-06: SEK 56.40 per share

- 2019-07: SEK 74.40 per share

- 2019-08: SEK 59.90 per share

- 2019-09: SEK 60.95 per share

- 2019-10: SEK 80.25 per share

- 2019-11: SEK 79.00 per share

- 2019-12: SEK 92.55 per share

- 2020-01: SEK 93.85 per share

- 2020-02: SEK 67.65 per share

- 2020-03: SEK 60.55 per share

- 2020-04: SEK 82.10 per share

- 2020-05: SEK 82.70 per share

- 2020-06: SEK 87.85 per share

- 2020-07: SEK 83.20 per share

- 2020-08: SEK 98.30 per share

- 2020-09: SEK 105.70 per share

- 2020-10: SEK 94.05 per share

- 2020-11: SEK 113.80 per share

- 2020-12: SEK 122.70 per share

- 2021-01: SEK 117.30 per share

- 2021-02: SEK 105.90 per share

- 2021-03: SEK 102.50 per share

- 2021-04: SEK 124.80 per share

- 2021-05: SEK 132.80 per share

- 2021-06: SEK 129.10 per share

- 2021-07: SEK 126.30 per share

- 2021-08: SEK 133.30 per share

- 2021-09: SEK 109.20 per share

- 2021-10: SEK 99.60 per share

- 2021-11: SEK 99.85 per share

- 2021-12: SEK 105.50 per share

- 2022-01: SEK 94.70 per share

- 2022-02: SEK 90.90 per share

- 2022-03: SEK 88.00 per share

- 2022-04: SEK 86.85 per share

- 2022-05: SEK 91.00 per share

- 2022-06: SEK 71.95 per share

- 2022-07: SEK 74.50 per share

- 2022-08: SEK 63.25 per share

- 2022-09: SEK 67.50 per share

- 2022-10: SEK 86.80 per share

- 2022-11: SEK 94.50 per share

- 2022-12: SEK 97.90 per share

- 2023-01: SEK 111.40 per share

- 2023-02: SEK 111.90 per share

- 2023-03: SEK 127.40 per share

- 2023-04: SEK 108.80 per share

- 2023-05: SEK 120.90 per share

- 2023-06: SEK 133.50 per share

- 2023-07: SEK 113.20 per share

- 2023-08: SEK 112.30 per share

- 2023-09: SEK 113.00 per share

- 2023-10: SEK 122.00 per share

- 2023-11: SEK 119.30 per share

- 2023-12: SEK 143.70 per share

- 2024-01: SEK 145.40 per share

- 2024-02: SEK 170.50 per share

- 2024-03: SEK 189.00 per share

- 2024-04: SEK 193.90 per share

- 2024-05: SEK 206.60 per share

- 2024-06: SEK 204.30 per share

- 2024-07: SEK 187.50 per share

- 2024-08: SEK 188.90 per share

- 2024-09: SEK 197.50 per share

- 2024-10: SEK 206.50 per share

- 2024-11: SEK 193.30 per share

- 2024-12: SEK 199.70 per share

- 2025-01: SEK 225.20 per share

- 2025-02: SEK 226.90 per share

- 2025-03: SEK 210.00 per share

- 2025-04: SEK 192.30 per share

- 2025-05: SEK 189.20 per share

- 2025-06: SEK 201.80 per share

- 2025-07: SEK 213.10 per share

- 2025-08: SEK 212.05 per share

- 2025-09: SEK 214.95 per share

- 2025-10: SEK 224.15 per share

- 2025-11: SEK 218.00 per share

- 2025-12: SEK 223.25 per share

- 2026-01: SEK 205.80 per share

- 2026-02: SEK 205.30 per share

- 2026-03: SEK 218.00 per share

- 2026-04: SEK 289.00 per share

- 2026-05: SEK 298.00 per share

- 2026-06: SEK 321.20 per share

- 2026-07: SEK 313.80 per share

- 2026-08: SEK 325.80 per share

- 2026-09: SEK 338.20 per share

- 2026-10: SEK 331.00 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 24.70 per share, central SEK 28.00 per share, high SEK 32.38 per share

- FY2017: low SEK 45.29 per share, central SEK 58.09 per share, high SEK 67.30 per share

- FY2018: low SEK 58.49 per share, central SEK 78.83 per share, high SEK 91.76 per share

- FY2019: low SEK 67.64 per share, central SEK 95.38 per share, high SEK 111.53 per share

- FY2020: low SEK 62.63 per share, central SEK 86.22 per share, high SEK 100.15 per share

- FY2021: low SEK 67.22 per share, central SEK 92.88 per share, high SEK 108.48 per share

- FY2022: low SEK 70.22 per share, central SEK 97.74 per share, high SEK 113.77 per share

- FY2023: low SEK 81.94 per share, central SEK 112.61 per share, high SEK 130.47 per share

- FY2024: low SEK 103.19 per share, central SEK 141.11 per share, high SEK 163.19 per share

- FY2025: low SEK 126.26 per share, central SEK 179.10 per share, high SEK 208.57 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

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.

Mycronic publ AB

MYCR · ST

STOXX Europe 600

A wonderful business at too high a price

Passes the quality tests.

Share price: SEK 304.00
Buy up to: SEK 195.95
Expected / yr: 7.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
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: 25.5%
Worst year: 17.5%
Latest · 2025: 24.9%

Capital return excluding acquisitions: median 62.6% (minimum 15%), and the second-worst year 46.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 62.6%
Worst year: 41.2%
Latest · 2025: 63.0%

Each $1 of profit left $1.06 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.06×
Annual median: 1.08×
Latest · 2025: 1.11×

Per-share value rose from 2.69 to 7.99, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: SEK 4.14
Worst year: SEK 2.69
Latest · 2025: SEK 7.99

Profits were backed by cash: accruals were 1.4% of assets (limit 10%).

Sloan accruals

10y median: -1.7%
Worst year: 6.5%
Latest · 2025: 1.4%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 24.9%, three-year average owner earnings per share 7.7 SEK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price SEK 47.13 · Value 28.00 · Buy at or below 28.00; 2016-11 · Price SEK 47.88 · Value 28.00 · Buy at or below 28.00; 2016-12 · Price SEK 49.00 · Value 28.00 · Buy at or below 28.00; 2017-01 · Price SEK 49.88 · Value 28.00 · Buy at or below 28.00; 2017-02 · Price SEK 49.88 · Value 58.09 · Buy at or below 58.09; 2017-03 · Price SEK 45.88 · Value 58.09 · Buy at or below 58.09; 2017-04 · Price SEK 43.75 · Value 58.09 · Buy at or below 58.09; 2017-05 · Price SEK 44.25 · Value 58.09 · Buy at or below 58.09; 2017-06 · Price SEK 38.38 · Value 58.09 · Buy at or below 58.09; 2017-07 · Price SEK 42.13 · Value 58.09 · Buy at or below 58.09; 2017-08 · Price SEK 37.38 · Value 58.09 · Buy at or below 58.09; 2017-09 · Price SEK 55.88 · Value 58.09 · Buy at or below 58.09; 2017-10 · Price SEK 49.75 · Value 58.09 · Buy at or below 58.09; 2017-11 · Price SEK 43.75 · Value 58.09 · Buy at or below 58.09; 2017-12 · Price SEK 42.50 · Value 58.09 · Buy at or below 58.09; 2018-01 · Price SEK 44.48 · Value 58.09 · Buy at or below 58.09; 2018-02 · Price SEK 52.50 · Value 78.83 · Buy at or below 78.83; 2018-03 · Price SEK 53.40 · Value 78.83 · Buy at or below 78.83; 2018-04 · Price SEK 50.50 · Value 78.83 · Buy at or below 78.83; 2018-05 · Price SEK 48.75 · Value 78.83 · Buy at or below 78.83; 2018-06 · Price SEK 50.10 · Value 78.83 · Buy at or below 78.83; 2018-07 · Price SEK 44.83 · Value 78.83 · Buy at or below 78.83; 2018-08 · Price SEK 47.60 · Value 78.83 · Buy at or below 78.83; 2018-09 · Price SEK 46.52 · Value 78.83 · Buy at or below 78.83; 2018-10 · Price SEK 57.35 · Value 78.83 · Buy at or below 78.83; 2018-11 · Price SEK 56.00 · Value 78.83 · Buy at or below 78.83; 2018-12 · Price SEK 59.05 · Value 78.83 · Buy at or below 78.83; 2019-01 · Price SEK 57.85 · Value 78.83 · Buy at or below 78.83; 2019-02 · Price SEK 68.00 · Value 95.38 · Buy at or below 95.38; 2019-03 · Price SEK 66.25 · Value 95.38 · Buy at or below 95.38; 2019-04 · Price SEK 66.50 · Value 95.38 · Buy at or below 95.38; 2019-05 · Price SEK 57.40 · Value 95.38 · Buy at or below 95.38; 2019-06 · Price SEK 56.40 · Value 95.38 · Buy at or below 95.38; 2019-07 · Price SEK 74.40 · Value 95.38 · Buy at or below 95.38; 2019-08 · Price SEK 59.90 · Value 95.38 · Buy at or below 95.38; 2019-09 · Price SEK 60.95 · Value 95.38 · Buy at or below 95.38; 2019-10 · Price SEK 80.25 · Value 95.38 · Buy at or below 95.38; 2019-11 · Price SEK 79.00 · Value 95.38 · Buy at or below 95.38; 2019-12 · Price SEK 92.55 · Value 95.38 · Buy at or below 95.38; 2020-01 · Price SEK 93.85 · Value 95.38 · Buy at or below 95.38; 2020-02 · Price SEK 67.65 · Value 86.22 · Buy at or below 86.22; 2020-03 · Price SEK 60.55 · Value 86.22 · Buy at or below 86.22; 2020-04 · Price SEK 82.10 · Value 86.22 · Buy at or below 86.22; 2020-05 · Price SEK 82.70 · Value 86.22 · Buy at or below 86.22; 2020-06 · Price SEK 87.85 · Value 86.22 · Buy at or below 86.22; 2020-07 · Price SEK 83.20 · Value 86.22 · Buy at or below 86.22; 2020-08 · Price SEK 98.30 · Value 86.22 · Buy at or below 86.22; 2020-09 · Price SEK 105.70 · Value 86.22 · Buy at or below 86.22; 2020-10 · Price SEK 94.05 · Value 86.22 · Buy at or below 86.22; 2020-11 · Price SEK 113.80 · Value 86.22 · Buy at or below 86.22; 2020-12 · Price SEK 122.70 · Value 86.22 · Buy at or below 86.22; 2021-01 · Price SEK 117.30 · Value 86.22 · Buy at or below 86.22; 2021-02 · Price SEK 105.90 · Value 92.88 · Buy at or below 92.88; 2021-03 · Price SEK 102.50 · Value 92.88 · Buy at or below 92.88; 2021-04 · Price SEK 124.80 · Value 92.88 · Buy at or below 92.88; 2021-05 · Price SEK 132.80 · Value 92.88 · Buy at or below 92.88; 2021-06 · Price SEK 129.10 · Value 92.88 · Buy at or below 92.88; 2021-07 · Price SEK 126.30 · Value 92.88 · Buy at or below 92.88; 2021-08 · Price SEK 133.30 · Value 92.88 · Buy at or below 92.88; 2021-09 · Price SEK 109.20 · Value 92.88 · Buy at or below 92.88; 2021-10 · Price SEK 99.60 · Value 92.88 · Buy at or below 92.88; 2021-11 · Price SEK 99.85 · Value 92.88 · Buy at or below 92.88; 2021-12 · Price SEK 105.50 · Value 92.88 · Buy at or below 92.88; 2022-01 · Price SEK 94.70 · Value 92.88 · Buy at or below 92.88; 2022-02 · Price SEK 90.90 · Value 97.74 · Buy at or below 97.74; 2022-03 · Price SEK 88.00 · Value 97.74 · Buy at or below 97.74; 2022-04 · Price SEK 86.85 · Value 97.74 · Buy at or below 97.74; 2022-05 · Price SEK 91.00 · Value 97.74 · Buy at or below 97.74; 2022-06 · Price SEK 71.95 · Value 97.74 · Buy at or below 97.74; 2022-07 · Price SEK 74.50 · Value 97.74 · Buy at or below 97.74; 2022-08 · Price SEK 63.25 · Value 97.74 · Buy at or below 97.74; 2022-09 · Price SEK 67.50 · Value 97.74 · Buy at or below 97.74; 2022-10 · Price SEK 86.80 · Value 97.74 · Buy at or below 97.74; 2022-11 · Price SEK 94.50 · Value 97.74 · Buy at or below 97.74; 2022-12 · Price SEK 97.90 · Value 97.74 · Buy at or below 97.74; 2023-01 · Price SEK 111.40 · Value 97.74 · Buy at or below 97.74; 2023-02 · Price SEK 111.90 · Value 112.61 · Buy at or below 112.61; 2023-03 · Price SEK 127.40 · Value 112.61 · Buy at or below 112.61; 2023-04 · Price SEK 108.80 · Value 112.61 · Buy at or below 112.61; 2023-05 · Price SEK 120.90 · Value 112.61 · Buy at or below 112.61; 2023-06 · Price SEK 133.50 · Value 112.61 · Buy at or below 112.61; 2023-07 · Price SEK 113.20 · Value 112.61 · Buy at or below 112.61; 2023-08 · Price SEK 112.30 · Value 112.61 · Buy at or below 112.61; 2023-09 · Price SEK 113.00 · Value 112.61 · Buy at or below 112.61; 2023-10 · Price SEK 122.00 · Value 112.61 · Buy at or below 112.61; 2023-11 · Price SEK 119.30 · Value 112.61 · Buy at or below 112.61; 2023-12 · Price SEK 143.70 · Value 112.61 · Buy at or below 112.61; 2024-01 · Price SEK 145.40 · Value 112.61 · Buy at or below 112.61; 2024-02 · Price SEK 170.50 · Value 141.11 · Buy at or below 141.11; 2024-03 · Price SEK 189.00 · Value 141.11 · Buy at or below 141.11; 2024-04 · Price SEK 193.90 · Value 141.11 · Buy at or below 141.11; 2024-05 · Price SEK 206.60 · Value 141.11 · Buy at or below 141.11; 2024-06 · Price SEK 204.30 · Value 141.11 · Buy at or below 141.11; 2024-07 · Price SEK 187.50 · Value 141.11 · Buy at or below 141.11; 2024-08 · Price SEK 188.90 · Value 141.11 · Buy at or below 141.11; 2024-09 · Price SEK 197.50 · Value 141.11 · Buy at or below 141.11; 2024-10 · Price SEK 206.50 · Value 141.11 · Buy at or below 141.11; 2024-11 · Price SEK 193.30 · Value 141.11 · Buy at or below 141.11; 2024-12 · Price SEK 199.70 · Value 141.11 · Buy at or below 141.11; 2025-01 · Price SEK 225.20 · Value 141.11 · Buy at or below 141.11; 2025-02 · Price SEK 226.90 · Value 179.10 · Buy at or below 179.10; 2025-03 · Price SEK 210.00 · Value 179.10 · Buy at or below 179.10; 2025-04 · Price SEK 192.30 · Value 179.10 · Buy at or below 179.10; 2025-05 · Price SEK 189.20 · Value 179.10 · Buy at or below 179.10; 2025-06 · Price SEK 201.80 · Value 179.10 · Buy at or below 179.10; 2025-07 · Price SEK 213.10 · Value 179.10 · Buy at or below 179.10; 2025-08 · Price SEK 212.05 · Value 179.10 · Buy at or below 179.10; 2025-09 · Price SEK 214.95 · Value 179.10 · Buy at or below 179.10; 2025-10 · Price SEK 224.15 · Value 179.10 · Buy at or below 179.10; 2025-11 · Price SEK 218.00 · Value 179.10 · Buy at or below 179.10; 2025-12 · Price SEK 223.25 · Value 179.10 · Buy at or below 179.10; 2026-01 · Price SEK 205.80 · Value 179.10 · Buy at or below 179.10; 2026-02 · Price SEK 205.30 · Value 195.95 · Buy at or below 195.95; 2026-03 · Price SEK 218.00 · Value 195.95 · Buy at or below 195.95; 2026-04 · Price SEK 289.00 · Value 195.95 · Buy at or below 195.95; 2026-05 · Price SEK 298.00 · Value 195.95 · Buy at or below 195.95; 2026-06 · Price SEK 321.20 · Value 195.95 · Buy at or below 195.95; 2026-07 · Price SEK 313.80 · Value 195.95 · Buy at or below 195.95; 2026-08 · Price SEK 325.80 · Value 195.95 · Buy at or below 195.95; 2026-09 · Price SEK 338.20 · Value 195.95 · Buy at or below 195.95; 2026-10 · Price SEK 331.00 · Value 195.95 · Buy at or below 195.95; 2026-10 · Price SEK 304.00 · Value 195.95 · Buy at or below 195.95

SEK per share · annual estimates

Price & return math
Value range	SEK 138.37 – SEK 228.06
Buy at or below	Central value SEK 195.95
Discount to value	1 − 304.00 / 195.95 = -55.1%
Return / year	About 7.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash SEK 8.64/share; 12.0% growth fades over 10 years to 3.0%; excess cash SEK 12.87/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueSEK 7.9B

Revenue

Owner earningsSEK 1.7B

Owner earnings

Operating margin24.9%

Operating margin

Net cash / debtSEK 2.0B

Net cash / debt

Diluted shares195M

Diluted shares

Prices 15 Oct 2026 · FY2025