# Saab (SAAB-B.ST)

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

Analysis as of: 2026-10-16T07:34:12.263Z. Financial observations: FY2002–FY2025.

Listing currency: SEK. Reporting currency: SEK.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: SEK 631.60 per share; close as of 2026-10-15.

Estimated value: low SEK 142.56 per share, central SEK 194.95 per share, high SEK 225.46 per share. Buy at or below the central value SEK 194.95 per share. Valuation as of 2026-10-16T07:34:12.263Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% 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: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.01×

- FY2021: 0.07×

- FY2022: 0.08×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 14.7%

- ROIC, second-lowest year: 12.5%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 21.8%

- Recent gross margin (lower of latest and 3-year median): 21.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.2%

- ROIC including acquisitions, ten-year median: 4.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.5%

- FY2017: 17.8%

- FY2018: 14.5%

- FY2019: 12.6%

- FY2020: 1.6%

- FY2021: 14.5%

- FY2022: 12.5%

- FY2023: 14.9%

- FY2024: 15.8%

- FY2025: 16.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.81×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SEK 14B

- Net income, five-year total: SEK 18B

- Return on incremental invested capital: 8.2%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.7 pp

- Working capital / revenue, final three-year average: 64.8%

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

- FY2021: 0.57×

- FY2022: 0.75×

- FY2023: 0.84×

- FY2024: 0.85×

- FY2025: 0.84×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 16.5% vs 15.8%

- Per-share earnings: 2.98 to 7.72 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.7%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: SEK 255B

- Cumulative retained earnings: SEK 22B

- Diluted shares, 10-year annual growth: 1.7%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.7%

- Per-share value change: SEK 4.75

- Per-share value, starting three-year median: SEK 2.98

- Per-share value, ending three-year median: SEK 7.72

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.7%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: SEK 6.5B

- Cumulative net income, 10 years: SEK 25B

- ROIC, first three-year median: 16.5%

- ROIC, last three-year median: 15.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: SEK 2.46

- FY2017: SEK 3.05

- FY2018: SEK 2.84

- FY2019: SEK 3.73

- FY2020: SEK 2.01

- FY2021: SEK 3.64

- FY2022: SEK 4.09

- FY2023: SEK 6.28

- FY2024: SEK 7.72

- FY2025: SEK 11.68

### accounting: pass

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.92×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.29×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.3%

- FY2017: -3.9%

- FY2018: 3.2%

- FY2019: 1.3%

- FY2020: -7.8%

- FY2021: -5.8%

- FY2022: -3.4%

- FY2023: -3.7%

- FY2024: -2.6%

- FY2025: -4.6%

## Holders

## Price story

Price needs cash profits to grow 22.7% a year for ten years · sales +24.1%

Story as of 2026-10-16T09:59:59.536Z; price observation 2026-10-15.

Price needs cash profits to grow 22.7% a year for ten years

- 2026-01-09: Saab (OM:SAAB B) Is Up 19.3% After Major European Air-Defense Orders Expand Backlog ([finance.yahoo.com](https://finance.yahoo.com/news/saab-om-saab-b-19-090754011.html))

- 2026-07-17: Saab Q2 results 2026: Strong order bookings reinforce market position ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/saab-q2-results-2026-strong-055500293.html))

### Sales · FY2024–2025

sales +24.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SEK 29B 

- FY2017: SEK 31B 

- FY2018: SEK 33B 

- FY2019: SEK 35B 

- FY2020: SEK 35B 

- FY2021: SEK 39B 

- FY2022: SEK 42B 

- FY2023: SEK 52B 

- FY2024: SEK 64B 

- FY2025: SEK 79B 

### Gross margin · FY2025

gross margin 21.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 24.0% 

- FY2017: 23.7% 

- FY2018: 23.4% 

- FY2019: 22.7% 

- FY2020: 16.0% 

- FY2021: 21.0% 

- FY2022: 21.2% 

- FY2023: 21.8% 

- FY2024: 21.4% 

- FY2025: 21.7% 

## Owner memo

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

### How it makes money

Operates in aerospace & defense; annual sales are SEK 79.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); FY2025: revenue 79146000000; grossProfit 17168000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 21.4% to 21.8% during 2023–25; it earns 14.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); FY2023: grossProfit / revenue = 21.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); FY2024: grossProfit / revenue = 21.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); FY2025: grossProfit / revenue = 21.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); 10-year return on capital observations [[2016,0.1652371507910348],[2017,0.17837724021330967],[2018,0.14468369378411244],[2019,0.12599851507368004],[2020,0.016054182867176723],[2021,0.14549192226518998],[2022,0.12487576188697551],[2023,0.1487364754514073],[2024,0.15772747592062528],[2025,0.15952810774874937]]; median 0.14711419885829863. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 21% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); Gross margin observations: [[2021,0.20955713337079226],[2022,0.21154120839880017],[2023,0.21817899978685887]]; range within 2 percentage points.

### Where the cash goes

Spends 57.1% of cash earnings on expansion; earns 8.2% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); FY2016: growth capex 225105686.65332007; upkeep 1463894313.34668; owner earnings 615105686.6533201. Growth capex / owner earnings = 0.3659626167302725.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); FY2017: growth capex 443436200.29667115; upkeep 1713563799.7033288; owner earnings 372436200.29667115. Growth capex / owner earnings = 1.1906366780228228.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); FY2019: growth capex 424819276.5431895; upkeep 2376180723.4568105; owner earnings 318419276.5431895. Growth capex / owner earnings = 1.3341506241553445.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); FY2021: growth capex 821668422.7230377; upkeep 1698331577.2769623; owner earnings 1107068422.7230377. Growth capex / owner earnings = 0.7422020227999943.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); FY2022: growth capex 183000000; upkeep 2127000000; owner earnings 1636200000. Growth capex / owner earnings = 0.11184451778511184.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); FY2023: growth capex 1867000000; upkeep 1671000000; owner earnings 2846000000. Growth capex / owner earnings = 0.6560084328882643.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); FY2024: growth capex 2194000000; upkeep 2645000000; owner earnings 3564600000. Growth capex / owner earnings = 0.615496829938843.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); FY2025: growth capex 3045000000; upkeep 3067000000; owner earnings 5329200000. Growth capex / owner earnings = 0.5713803197478046.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); Incremental return on capital 0.08154788102644533, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); Dividend observations: [[2016,530000000],[2017,559000000],[2018,588000000],[2019,601000000],[2020,622000000],[2021,622000000],[2022,647000000],[2023,703000000],[2024,856000000],[2025,1076000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SAAB-B.ST SharesStats.PercentInsiders = 0.8750000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 22.7% yearly over ten years; actual growth was 38.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:12.263Z); Ten-year compound average after fade. Initial solved rate 0.3177106778189458. Price 631.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3887490971983153 → FY2025 9.854277185661926. Closing-price date 2026-10-15.

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

- 2016-10: SEK 73.87 per share

- 2016-11: SEK 79.04 per share

- 2016-12: SEK 78.60 per share

- 2017-01: SEK 82.46 per share

- 2017-02: SEK 82.64 per share

- 2017-03: SEK 87.33 per share

- 2017-04: SEK 101.38 per share

- 2017-05: SEK 104.39 per share

- 2017-06: SEK 96.03 per share

- 2017-07: SEK 86.50 per share

- 2017-08: SEK 83.68 per share

- 2017-09: SEK 95.43 per share

- 2017-10: SEK 98.75 per share

- 2017-11: SEK 93.93 per share

- 2017-12: SEK 92.10 per share

- 2018-01: SEK 87.14 per share

- 2018-02: SEK 87.23 per share

- 2018-03: SEK 87.23 per share

- 2018-04: SEK 82.99 per share

- 2018-05: SEK 84.07 per share

- 2018-06: SEK 85.87 per share

- 2018-07: SEK 93.61 per share

- 2018-08: SEK 97.62 per share

- 2018-09: SEK 103.18 per share

- 2018-10: SEK 82.78 per share

- 2018-11: SEK 91.03 per share

- 2018-12: SEK 76.95 per share

- 2019-01: SEK 78.08 per share

- 2019-02: SEK 79.18 per share

- 2019-03: SEK 74.48 per share

- 2019-04: SEK 78.13 per share

- 2019-05: SEK 67.50 per share

- 2019-06: SEK 75.55 per share

- 2019-07: SEK 76.23 per share

- 2019-08: SEK 68.65 per share

- 2019-09: SEK 70.65 per share

- 2019-10: SEK 74.43 per share

- 2019-11: SEK 79.10 per share

- 2019-12: SEK 78.45 per share

- 2020-01: SEK 78.30 per share

- 2020-02: SEK 65.28 per share

- 2020-03: SEK 47.74 per share

- 2020-04: SEK 56.63 per share

- 2020-05: SEK 56.83 per share

- 2020-06: SEK 58.15 per share

- 2020-07: SEK 70.28 per share

- 2020-08: SEK 65.00 per share

- 2020-09: SEK 66.13 per share

- 2020-10: SEK 51.13 per share

- 2020-11: SEK 56.20 per share

- 2020-12: SEK 59.88 per share

- 2021-01: SEK 58.65 per share

- 2021-02: SEK 55.85 per share

- 2021-03: SEK 59.75 per share

- 2021-04: SEK 62.75 per share

- 2021-05: SEK 59.98 per share

- 2021-06: SEK 56.78 per share

- 2021-07: SEK 65.33 per share

- 2021-08: SEK 64.30 per share

- 2021-09: SEK 62.20 per share

- 2021-10: SEK 59.70 per share

- 2021-11: SEK 59.00 per share

- 2021-12: SEK 57.58 per share

- 2022-01: SEK 54.90 per share

- 2022-02: SEK 71.53 per share

- 2022-03: SEK 85.45 per share

- 2022-04: SEK 104.70 per share

- 2022-05: SEK 103.75 per share

- 2022-06: SEK 105.65 per share

- 2022-07: SEK 91.65 per share

- 2022-08: SEK 89.20 per share

- 2022-09: SEK 86.90 per share

- 2022-10: SEK 97.55 per share

- 2022-11: SEK 97.00 per share

- 2022-12: SEK 102.68 per share

- 2023-01: SEK 106.78 per share

- 2023-02: SEK 151.10 per share

- 2023-03: SEK 157.75 per share

- 2023-04: SEK 143.90 per share

- 2023-05: SEK 147.70 per share

- 2023-06: SEK 145.80 per share

- 2023-07: SEK 138.70 per share

- 2023-08: SEK 144.65 per share

- 2023-09: SEK 139.20 per share

- 2023-10: SEK 143.00 per share

- 2023-11: SEK 134.80 per share

- 2023-12: SEK 151.90 per share

- 2024-01: SEK 168.20 per share

- 2024-02: SEK 204.10 per share

- 2024-03: SEK 238.00 per share

- 2024-04: SEK 219.65 per share

- 2024-05: SEK 253.40 per share

- 2024-06: SEK 255.00 per share

- 2024-07: SEK 247.10 per share

- 2024-08: SEK 242.35 per share

- 2024-09: SEK 215.90 per share

- 2024-10: SEK 219.10 per share

- 2024-11: SEK 238.85 per share

- 2024-12: SEK 233.70 per share

- 2025-01: SEK 240.45 per share

- 2025-02: SEK 319.55 per share

- 2025-03: SEK 393.65 per share

- 2025-04: SEK 447.90 per share

- 2025-05: SEK 484.55 per share

- 2025-06: SEK 527.60 per share

- 2025-07: SEK 533.70 per share

- 2025-08: SEK 535.20 per share

- 2025-09: SEK 574.50 per share

- 2025-10: SEK 524.00 per share

- 2025-11: SEK 475.60 per share

- 2025-12: SEK 537.60 per share

- 2026-01: SEK 693.30 per share

- 2026-02: SEK 653.40 per share

- 2026-03: SEK 617.40 per share

- 2026-04: SEK 560.00 per share

- 2026-05: SEK 569.30 per share

- 2026-06: SEK 502.80 per share

- 2026-07: SEK 597.90 per share

- 2026-08: SEK 632.90 per share

- 2026-09: SEK 617.80 per share

- 2026-10: SEK 598.10 per share

## Annual estimated value (SEK per share)

- FY2016: low SEK 26.31 per share, central SEK 28.33 per share, high SEK 31.01 per share

- FY2017: low SEK 21.91 per share, central SEK 23.13 per share, high SEK 24.75 per share

- FY2018: low SEK 33.45 per share, central SEK 35.91 per share, high SEK 38.01 per share

- FY2019: low SEK 19.28 per share, central SEK 20.18 per share, high SEK 21.38 per share

- FY2020: low SEK 24.67 per share, central SEK 25.57 per share, high SEK 26.77 per share

- FY2021: low SEK 28.20 per share, central SEK 29.21 per share, high SEK 30.54 per share

- FY2022: low SEK 30.10 per share, central SEK 31.17 per share, high SEK 32.58 per share

- FY2023: low SEK 57.59 per share, central SEK 69.17 per share, high SEK 77.04 per share

- FY2024: low SEK 81.67 per share, central SEK 108.05 per share, high SEK 123.52 per share

- FY2025: low SEK 135.19 per share, central SEK 182.21 per share, high SEK 209.59 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.

Saab

SAAB-B · ST

STOXX Europe 600 · OMXS30

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: SEK 631.60
Buy up to: SEK 194.95
Expected / yr: 5.1% 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 32.9% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 7.6%
Worst year: 0.7%
Latest · 2025: 9.5%

Capital return excluding acquisitions: median 14.7% (minimum 15%).

ROIC excluding acquisitions

10y median: 14.7%
Worst year: 1.6%
Latest · 2025: 16.0%

New investment earned 8.2% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.81×
Annual median: 0.84×
Latest · 2025: 0.84×

Per-share value rose from 2.98 to 7.72, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: SEK 3.69
Worst year: SEK 2.01
Latest · 2025: SEK 11.68

Profits were backed by cash: accruals were -4.6% of assets (limit 10%).

Sloan accruals

10y median: -3.8%
Worst year: 3.2%
Latest · 2025: -4.6%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 7.1%, three-year average owner earnings per share 7.25 SEK.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price SEK 73.87 · Value 28.33 · Buy at or below 28.33; 2016-11 · Price SEK 79.04 · Value 28.33 · Buy at or below 28.33; 2016-12 · Price SEK 78.60 · Value 28.33 · Buy at or below 28.33; 2017-01 · Price SEK 82.46 · Value 28.33 · Buy at or below 28.33; 2017-02 · Price SEK 82.64 · Value 23.13 · Buy at or below 23.13; 2017-03 · Price SEK 87.33 · Value 23.13 · Buy at or below 23.13; 2017-04 · Price SEK 101.38 · Value 23.13 · Buy at or below 23.13; 2017-05 · Price SEK 104.39 · Value 23.13 · Buy at or below 23.13; 2017-06 · Price SEK 96.03 · Value 23.13 · Buy at or below 23.13; 2017-07 · Price SEK 86.50 · Value 23.13 · Buy at or below 23.13; 2017-08 · Price SEK 83.68 · Value 23.13 · Buy at or below 23.13; 2017-09 · Price SEK 95.43 · Value 23.13 · Buy at or below 23.13; 2017-10 · Price SEK 98.75 · Value 23.13 · Buy at or below 23.13; 2017-11 · Price SEK 93.93 · Value 23.13 · Buy at or below 23.13; 2017-12 · Price SEK 92.10 · Value 23.13 · Buy at or below 23.13; 2018-01 · Price SEK 87.14 · Value 23.13 · Buy at or below 23.13; 2018-02 · Price SEK 87.23 · Value 35.91 · Buy at or below 35.91; 2018-03 · Price SEK 87.23 · Value 35.91 · Buy at or below 35.91; 2018-04 · Price SEK 82.99 · Value 35.91 · Buy at or below 35.91; 2018-05 · Price SEK 84.07 · Value 35.91 · Buy at or below 35.91; 2018-06 · Price SEK 85.87 · Value 35.91 · Buy at or below 35.91; 2018-07 · Price SEK 93.61 · Value 35.91 · Buy at or below 35.91; 2018-08 · Price SEK 97.62 · Value 35.91 · Buy at or below 35.91; 2018-09 · Price SEK 103.18 · Value 35.91 · Buy at or below 35.91; 2018-10 · Price SEK 82.78 · Value 35.91 · Buy at or below 35.91; 2018-11 · Price SEK 91.03 · Value 35.91 · Buy at or below 35.91; 2018-12 · Price SEK 76.95 · Value 35.91 · Buy at or below 35.91; 2019-01 · Price SEK 78.08 · Value 35.91 · Buy at or below 35.91; 2019-02 · Price SEK 79.17 · Value 20.18 · Buy at or below 20.18; 2019-03 · Price SEK 74.47 · Value 20.18 · Buy at or below 20.18; 2019-04 · Price SEK 78.13 · Value 20.18 · Buy at or below 20.18; 2019-05 · Price SEK 67.50 · Value 20.18 · Buy at or below 20.18; 2019-06 · Price SEK 75.55 · Value 20.18 · Buy at or below 20.18; 2019-07 · Price SEK 76.22 · Value 20.18 · Buy at or below 20.18; 2019-08 · Price SEK 68.65 · Value 20.18 · Buy at or below 20.18; 2019-09 · Price SEK 70.65 · Value 20.18 · Buy at or below 20.18; 2019-10 · Price SEK 74.42 · Value 20.18 · Buy at or below 20.18; 2019-11 · Price SEK 79.10 · Value 20.18 · Buy at or below 20.18; 2019-12 · Price SEK 78.45 · Value 20.18 · Buy at or below 20.18; 2020-01 · Price SEK 78.30 · Value 20.18 · Buy at or below 20.18; 2020-02 · Price SEK 65.28 · Value 25.57 · Buy at or below 25.57; 2020-03 · Price SEK 47.74 · Value 25.57 · Buy at or below 25.57; 2020-04 · Price SEK 56.63 · Value 25.57 · Buy at or below 25.57; 2020-05 · Price SEK 56.83 · Value 25.57 · Buy at or below 25.57; 2020-06 · Price SEK 58.15 · Value 25.57 · Buy at or below 25.57; 2020-07 · Price SEK 70.28 · Value 25.57 · Buy at or below 25.57; 2020-08 · Price SEK 65.00 · Value 25.57 · Buy at or below 25.57; 2020-09 · Price SEK 66.13 · Value 25.57 · Buy at or below 25.57; 2020-10 · Price SEK 51.13 · Value 25.57 · Buy at or below 25.57; 2020-11 · Price SEK 56.20 · Value 25.57 · Buy at or below 25.57; 2020-12 · Price SEK 59.88 · Value 25.57 · Buy at or below 25.57; 2021-01 · Price SEK 58.65 · Value 25.57 · Buy at or below 25.57; 2021-02 · Price SEK 55.85 · Value 29.21 · Buy at or below 29.21; 2021-03 · Price SEK 59.75 · Value 29.21 · Buy at or below 29.21; 2021-04 · Price SEK 62.75 · Value 29.21 · Buy at or below 29.21; 2021-05 · Price SEK 59.98 · Value 29.21 · Buy at or below 29.21; 2021-06 · Price SEK 56.77 · Value 29.21 · Buy at or below 29.21; 2021-07 · Price SEK 65.33 · Value 29.21 · Buy at or below 29.21; 2021-08 · Price SEK 64.30 · Value 29.21 · Buy at or below 29.21; 2021-09 · Price SEK 62.20 · Value 29.21 · Buy at or below 29.21; 2021-10 · Price SEK 59.70 · Value 29.21 · Buy at or below 29.21; 2021-11 · Price SEK 59.00 · Value 29.21 · Buy at or below 29.21; 2021-12 · Price SEK 57.58 · Value 29.21 · Buy at or below 29.21; 2022-01 · Price SEK 54.90 · Value 29.21 · Buy at or below 29.21; 2022-02 · Price SEK 71.53 · Value 31.17 · Buy at or below 31.17; 2022-03 · Price SEK 85.45 · Value 31.17 · Buy at or below 31.17; 2022-04 · Price SEK 104.70 · Value 31.17 · Buy at or below 31.17; 2022-05 · Price SEK 103.75 · Value 31.17 · Buy at or below 31.17; 2022-06 · Price SEK 105.65 · Value 31.17 · Buy at or below 31.17; 2022-07 · Price SEK 91.65 · Value 31.17 · Buy at or below 31.17; 2022-08 · Price SEK 89.20 · Value 31.17 · Buy at or below 31.17; 2022-09 · Price SEK 86.90 · Value 31.17 · Buy at or below 31.17; 2022-10 · Price SEK 97.55 · Value 31.17 · Buy at or below 31.17; 2022-11 · Price SEK 97.00 · Value 31.17 · Buy at or below 31.17; 2022-12 · Price SEK 102.67 · Value 31.17 · Buy at or below 31.17; 2023-01 · Price SEK 106.78 · Value 31.17 · Buy at or below 31.17; 2023-02 · Price SEK 151.10 · Value 69.17 · Buy at or below 69.17; 2023-03 · Price SEK 157.75 · Value 69.17 · Buy at or below 69.17; 2023-04 · Price SEK 143.90 · Value 69.17 · Buy at or below 69.17; 2023-05 · Price SEK 147.70 · Value 69.17 · Buy at or below 69.17; 2023-06 · Price SEK 145.80 · Value 69.17 · Buy at or below 69.17; 2023-07 · Price SEK 138.70 · Value 69.17 · Buy at or below 69.17; 2023-08 · Price SEK 144.65 · Value 69.17 · Buy at or below 69.17; 2023-09 · Price SEK 139.20 · Value 69.17 · Buy at or below 69.17; 2023-10 · Price SEK 143.00 · Value 69.17 · Buy at or below 69.17; 2023-11 · Price SEK 134.80 · Value 69.17 · Buy at or below 69.17; 2023-12 · Price SEK 151.90 · Value 69.17 · Buy at or below 69.17; 2024-01 · Price SEK 168.20 · Value 69.17 · Buy at or below 69.17; 2024-02 · Price SEK 204.10 · Value 108.05 · Buy at or below 108.05; 2024-03 · Price SEK 238.00 · Value 108.05 · Buy at or below 108.05; 2024-04 · Price SEK 219.65 · Value 108.05 · Buy at or below 108.05; 2024-05 · Price SEK 253.40 · Value 108.05 · Buy at or below 108.05; 2024-06 · Price SEK 255.00 · Value 108.05 · Buy at or below 108.05; 2024-07 · Price SEK 247.10 · Value 108.05 · Buy at or below 108.05; 2024-08 · Price SEK 242.35 · Value 108.05 · Buy at or below 108.05; 2024-09 · Price SEK 215.90 · Value 108.05 · Buy at or below 108.05; 2024-10 · Price SEK 219.10 · Value 108.05 · Buy at or below 108.05; 2024-11 · Price SEK 238.85 · Value 108.05 · Buy at or below 108.05; 2024-12 · Price SEK 233.70 · Value 108.05 · Buy at or below 108.05; 2025-01 · Price SEK 240.45 · Value 108.05 · Buy at or below 108.05; 2025-02 · Price SEK 319.55 · Value 182.21 · Buy at or below 182.21; 2025-03 · Price SEK 393.65 · Value 182.21 · Buy at or below 182.21; 2025-04 · Price SEK 447.90 · Value 182.21 · Buy at or below 182.21; 2025-05 · Price SEK 484.55 · Value 182.21 · Buy at or below 182.21; 2025-06 · Price SEK 527.60 · Value 182.21 · Buy at or below 182.21; 2025-07 · Price SEK 533.70 · Value 182.21 · Buy at or below 182.21; 2025-08 · Price SEK 535.20 · Value 182.21 · Buy at or below 182.21; 2025-09 · Price SEK 574.50 · Value 182.21 · Buy at or below 182.21; 2025-10 · Price SEK 524.00 · Value 182.21 · Buy at or below 182.21; 2025-11 · Price SEK 475.60 · Value 182.21 · Buy at or below 182.21; 2025-12 · Price SEK 537.60 · Value 182.21 · Buy at or below 182.21; 2026-01 · Price SEK 693.30 · Value 182.21 · Buy at or below 182.21; 2026-02 · Price SEK 653.40 · Value 194.95 · Buy at or below 194.95; 2026-03 · Price SEK 617.40 · Value 194.95 · Buy at or below 194.95; 2026-04 · Price SEK 560.00 · Value 194.95 · Buy at or below 194.95; 2026-05 · Price SEK 569.30 · Value 194.95 · Buy at or below 194.95; 2026-06 · Price SEK 502.80 · Value 194.95 · Buy at or below 194.95; 2026-07 · Price SEK 597.90 · Value 194.95 · Buy at or below 194.95; 2026-08 · Price SEK 632.90 · Value 194.95 · Buy at or below 194.95; 2026-09 · Price SEK 617.80 · Value 194.95 · Buy at or below 194.95; 2026-10 · Price SEK 598.10 · Value 194.95 · Buy at or below 194.95; 2026-10 · Price SEK 631.60 · Value 194.95 · Buy at or below 194.95

SEK per share · annual estimates

Price & return math
Value range	SEK 142.56 – SEK 225.46
Buy at or below	Central value SEK 194.95
Discount to value	1 − 631.60 / 194.95 = -224.0%
Return / year	About 5.1% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash SEK 8.99/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash SEK 20.31/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueSEK 79B

Revenue

Owner earningsSEK 5.3B

Owner earnings

Operating margin9.5%

Operating margin

Net cash / debtSEK 649M

Net cash / debt

Diluted shares541M

Diluted shares

Prices 15 Oct 2026 · FY2025