Botnia Exploration Holding AB (BOTX) AI Stock Analysis

• Market Cap: kr503.94M
• Dividend Yield: N/A
• Average Volume (3M): 108.19K
• Price to Earnings (P/E): 10.8
• Beta (1Y): 0.16
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 5
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.89
• Shares Outstanding: 40,805,027
• 10 Day Avg. Volume: 102,106
• 30 Day Avg. Volume: 108,188
• PEG Ratio: 0.08
• Price to Book (P/B): 2.14
• Price to Sales (P/S): 1.84
• 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): kr228.00M

• Rating: 72 Outperform
• Price Target: kr13.00 ▲(7.88% Upside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 02/08/26

The score is driven primarily by the strong 2025 financial turnaround and low leverage, tempered by uneven cash generation (free cash flow not yet consistently positive) and a mixed technical picture. Valuation appears relatively modest based on the provided P/E.

Positive Factors

Revenue & Margin Turnaround

The company produced a clear step-change in top-line and margins by 2025, moving from multi-year losses to healthy gross, operating and net margins. This demonstrates improved operational execution and the potential for sustained profitability if the company maintains scale and cost discipline.

Conservative Balance Sheet

Very low debt and a meaningful decline in total borrowings provide structural financial flexibility. In a cyclical gold industry this reduces refinancing and solvency risk, enabling the firm to fund operations, capex or opportunistic investments without overreliance on external credit.

Improved Operating Cash Generation

Operating cash generation outpacing net income in 2025 signals stronger earnings quality and cash-converting operations. Durable operating cash strength supports reinvestment, working-capital needs and reduces dependence on financing if the company can convert this improvement into consistent free cash flow over time.

Negative Factors

Inconsistent Free Cash Flow

Free cash flow remains unreliable: a deep negative in 2024 and only zero in 2025 indicate heavy reinvestment, capex or working-capital swings. This persistent FCF uncertainty limits the company’s ability to fund dividends, pay down capital, or build reserves without external financing.

Earnings Volatility and One-offs

Sharp swings from multi-year losses to strong 2025 results, including odd mixes like negative gross profit but positive net income in 2024, point to earnings volatility and potential one-offs. This reduces predictability for planning and raises execution risk for sustaining margins long term.

Commodity & Execution Sensitivity

As a gold-industry company, profitability and returns are structurally exposed to commodity price swings and operational performance. Management must consistently execute mining and cost programs; otherwise even the improved balance sheet and recent profits can reverse quickly in adverse commodity or operational scenarios.

Botnia Exploration Holding AB Business Overview & Revenue Model

Company Description

Botnia Gold AB operates as a mining company. It engages in the exploration of gold, and other precious base metals. The company was founded by Arne Bengt Gunnar Ljung in 2007 and is headquartered in Nacka Strand, Sweden.

How the Company Makes Money

Botnia Exploration Holding AB generates revenue primarily through the exploration and development of mineral resources. The company may monetize its assets through various means, including the sale of mineral rights, joint ventures with larger mining companies, or by advancing its projects to a stage where they can attract investment or acquisition offers. Key revenue streams include potential sale or licensing of mining permits, partnerships with other exploration or mining firms that provide funding and expertise, and any future production from discovered resources. The company’s strategic partnerships with established entities in the mining sector can significantly enhance its financial prospects and access to capital.

Botnia Exploration Holding AB Financial Statement Overview

Summary

Strong turnaround with explosive revenue growth and strong profitability in 2025, supported by a conservative, low-debt balance sheet. Main offset is high volatility/consistency risk (sharp swings vs. prior loss years) and weak/uncertain free cash flow (negative in 2024 and only zero in 2025).

Income Statement

The income statement shows a sharp step-change in performance. Revenue surged in 2024 and expanded further in 2025, with 2025 delivering strong profitability (healthy gross, operating, and net margins) versus materially negative gross and operating results in 2024 and deep losses in 2020–2023. The main weakness is earnings quality/consistency: results swung from loss-making years to a very strong 2025, and 2024 shows an unusual mix of negative gross profit but positive net income, pointing to higher volatility and potential one-offs.

Balance Sheet

The balance sheet is conservatively positioned with very low leverage. Total debt declined meaningfully by 2025 and debt levels are small relative to equity (low debt-to-equity), giving the company flexibility in a cyclical commodity industry. Return on equity improved from negative in 2020–2023 to positive in 2024 and strong in 2025, reflecting the turnaround. The key risk is that the equity base has been built through a period of weak profitability historically, so future returns may remain sensitive to operational execution and commodity conditions.

Cash Flow

Cash flow improved dramatically in 2025 with strong operating cash generation and operating cash flow running well ahead of net income, which is a positive signal for earnings quality. However, free cash flow is a clear weak spot: it was significantly negative in 2024 and sits at zero in 2025 (with a -100% growth rate), suggesting heavy reinvestment, working-capital swings, or capex demands are absorbing cash. Overall, operating momentum is strong, but the path to consistently positive free cash flow is not yet proven.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	184.22M	245.06M	57.83M	213.00K	141.00K	3.59M
Gross Profit	106.59M	66.51M	-6.58M	-270.00K	-72.00K	-242.00K
EBITDA	57.34M	96.11M	2.86M	411.00K	-7.41M	-5.36M
Net Income	55.72M	48.96M	22.34M	-7.28M	-7.59M	-5.75M
Balance Sheet
Total Assets	273.17M	262.03M	219.25M	152.09M	150.64M	94.95M
Cash, Cash Equivalents and Short-Term Investments	52.49M	57.76M	17.62M	44.55M	66.24M	14.32M
Total Debt	14.61M	2.67M	14.81M	7.43M	4.77M	4.59M
Total Liabilities	86.72M	51.21M	57.39M	17.49M	9.21M	5.93M
Stockholders Equity	186.44M	210.82M	161.86M	134.60M	141.44M	89.02M
Cash Flow
Free Cash Flow	67.73M	0.00	-39.67M	-20.05M	-8.08M	-7.19M
Operating Cash Flow	67.73M	94.11M	5.71M	-6.01M	-4.14M	-3.61M
Investing Cash Flow	-48.08M	-53.82M	-44.96M	-18.63M	-3.94M	-3.59M
Financing Cash Flow	12.32M	-141.00K	12.32M	2.96M	60.01M	9.70M

Botnia Exploration Holding AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 12.05
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BOTX, the sentiment is Positive. The current price of 12.05 is below the 20-day moving average (MA) of 13.11, below the 50-day MA of 12.70, and below the 200-day MA of 12.51, indicating a bullish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 54.16 is Neutral, neither overbought nor oversold. The STOCH value of 69.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:BOTX.

Botnia Exploration Holding AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BOTX	72 Outperform	kr503.94M	10.83	―	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ARCT	56 Neutral	kr376.23M	-18.37	-15.76%	―	―	―
VISC	50 Neutral	kr4.30B	-23.26	-5.53%	―	―	-91.81%
NIO	44 Neutral	kr304.94M	-13.72	-8.06%	―	―	-9.05%
ORGC	42 Neutral	kr192.51M	-4.85	-75.16%	―	-18.29%	-48.74%