Acrinova AB Class A (ACRI.A) AI Stock Analysis

• Market Cap: kr470.44M
• Dividend Yield: 13.73%
• Average Volume (3M): 6.15K
• Price to Earnings (P/E): 6.7
• Beta (1Y): -0.38
• Revenue Growth: -0.10%
• EPS Growth: 426.11%
• Country: SE
• Employees: 8
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Diversified
• EPS (TTM): 0.39
• Shares Outstanding: 15,039,111
• 10 Day Avg. Volume: 16,690
• 30 Day Avg. Volume: 6,153
• PEG Ratio: 0.14
• Price to Book (P/B): 1.19
• Price to Sales (P/S): 5.20
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: kr10.50 ▼(-0.47% Downside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is driven primarily by improving recent financial performance but tempered by declining revenue and historically volatile earnings/free-cash-flow reliability. Valuation is a key positive (low P/E and very high dividend yield), while technicals are only moderately supportive with price still below the 200-day average.

Positive Factors

Improved profitability (high net margin)

A ~48% net margin in the latest year indicates the business can extract strong cash earnings from its property portfolio through leasing and active management. Durable higher margins provide buffers for cyclical rent pressure and support reinvestment or distributions if sustained.

Lower leverage versus prior years

Debt at ~0.72x equity represents materially improved leverage, enhancing financial flexibility. Lower relative leverage reduces refinancing and interest-rate sensitivity, enabling the company to pursue development projects and absorb temporary vacancies with less short-term liquidity stress.

Strong operating cash-flow conversion rebound

A large operating cash-flow outperformance versus net income signals improved cash conversion from property operations. Sustained OCF strength supports funding of capex, property improvements and maintenance without immediate recourse to external financing, bolstering long-term asset management.

Negative Factors

Sharp revenue decline

An 18.5% top-line contraction undermines the stability of earnings and the durability of recent margin gains. Persistent revenue weakness reduces scale economics, limits scope for rent roll growth, and raises risk that operating leverage will reverse margins in weaker leasing cycles.

Free cash flow at zero after volatility

Zero reported free cash flow and prior negative FCF indicate limited residual cash after investment needs. This reduces capacity to fund development or pay sustainable dividends without asset sales or added leverage, weakening long-term financial resilience.

Substantial absolute debt remains

Although leverage ratios improved, the firm still carries substantial absolute debt, keeping interest and refinancing risk elevated. High nominal debt can constrain strategic flexibility, increase vulnerability to rate moves, and limit ability to capitalize on opportunistic acquisitions.

Acrinova AB Class A Business Overview & Revenue Model

Company Description

Acrinova AB (publ) owns, develops, and manages real estate properties in southern Sweden. The company offers condominiums, premises for trade and offices, preschools, schools, and nursing homes. It comprises of 27 properties in the Oresund and focuses on properties, such as warehouses and logistics. Acrinova AB (publ) was founded in 2014 and is headquartered in Malmo, Sweden.

How the Company Makes Money

Acrinova makes money primarily through (1) rental income from leasing space in its commercial property portfolio to tenants under lease agreements (base rent and, where applicable, index-linked adjustments and service/operating cost recoveries). A secondary earnings driver is (2) net operating income improvements achieved through active property management—such as increasing occupancy, renegotiating leases, and reducing vacancy—which lifts cash flow from existing properties. The company can also generate income and profit through (3) property development and value-add initiatives (e.g., refurbishments, tenant adaptations, extensions, or repositioning of assets) that enable higher rents and improved lettability; and (4) capital gains from the sale of properties or projects when assets are divested above their carrying value. Additional potential income components may include tenant service charges and other property-related fees; specific details on the mix or material partnerships are null.

Acrinova AB Class A Financial Statement Overview

Summary

Latest year shows improved profitability (net margin ~48%), better leverage (debt ~0.72x equity), and a sharp rebound in operating cash flow versus net income. Offsets include a steep revenue decline (-18.5% YoY) and multi-year volatility in profitability and free-cash-flow generation (FCF reported at zero in 2025 and negative in prior years), reducing confidence in durability.

Income Statement

Profitability is strong on the latest annual print (2025) with a healthy net margin (~48%) and solid operating profitability, but revenue declined sharply (-18.5% YoY), signaling weaker top-line momentum. Results across prior years show meaningful volatility (very high margins in 2021–2022 versus much lower profitability in 2023–2024), which reduces confidence in earnings stability.

Balance Sheet

Leverage appears manageable on the latest year with debt at ~0.72x equity (down materially from ~1.1x in 2023–2024), indicating improved balance-sheet risk. That said, the company still operates with substantial absolute debt and return on equity is moderate (~10.7% in 2025) with a history of weaker returns in 2023–2024, suggesting performance is not consistently strong through the cycle.

Cash Flow

Cash generation improved markedly in 2025 with very strong operating cash flow versus net income (operating cash flow is ~5.8x net income), but free cash flow was reported at zero with a -100% growth rate, implying limited residual cash after investment/working-capital effects. Prior years were choppy (negative free cash flow in 2022–2023 and weaker operating cash conversion in 2023–2024), which points to variability in cash reliability.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	128.15M	159.70M	147.08M	130.53M	101.95M
Gross Profit	76.59M	109.32M	100.71M	89.43M	72.61M
EBITDA	39.18M	106.81M	73.76M	55.86M	193.68M
Net Income	59.97M	35.91M	7.76M	79.34M	153.16M
Balance Sheet
Total Assets	1.03B	2.19B	2.16B	2.10B	1.83B
Cash, Cash Equivalents and Short-Term Investments	151.39M	81.15M	43.06M	28.31M	74.66M
Total Debt	401.25M	1.08B	1.09B	995.69M	798.74M
Total Liabilities	471.06M	1.23B	1.22B	1.15B	956.25M
Stockholders Equity	558.81M	962.26M	946.92M	941.29M	874.99M
Cash Flow
Free Cash Flow	0.00	12.53M	-77.69M	-28.75M	70.69M
Operating Cash Flow	337.73M	61.06M	71.23M	-23.76M	79.90M
Investing Cash Flow	218.58M	-87.75M	-149.53M	-204.88M	-635.12M
Financing Cash Flow	-486.07M	64.78M	93.05M	182.30M	582.69M

Acrinova AB Class A Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 10.55
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ACRI.A, the sentiment is Positive. The current price of 10.55 is below the 20-day moving average (MA) of 10.97, below the 50-day MA of 10.75, and below the 200-day MA of 11.72, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 52.31 is Neutral, neither overbought nor oversold. The STOCH value of 65.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:ACRI.A.

Acrinova AB Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
ACRI.B	65 Neutral	kr470.44M	6.73	―	13.40%	-0.10%	426.11%
ACRI.A	62 Neutral	kr470.44M	6.70	7.08%	13.73%	-0.10%	426.11%
GPG	56 Neutral	kr1.81B	7.85	―	1.67%	0.71%	―
STUDBO	55 Neutral	kr1.14B	5.53	―	―	9.11%	―