Bure Equity AB (BURE) AI Stock Analysis

• Market Cap: kr15.90B
• Dividend Yield: 1.13%
• Average Volume (3M): 61.91K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.02
• Revenue Growth: 22.38%
• EPS Growth: -153.85%
• Country: SE
• Employees: 10
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): -7.79
• Shares Outstanding: 74,146,920
• 10 Day Avg. Volume: 69,881
• 30 Day Avg. Volume: 61,907
• PEG Ratio: 0.02
• Price to Book (P/B): 0.92
• Price to Sales (P/S): 70.85
• 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: 53 Neutral
• Price Target: kr215.00 ▼(-9.97% Downside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is primarily held back by volatile earnings and weakened cash generation despite a strong, low-leverage balance sheet. Technicals add downside pressure given the negative MACD and price below key longer-term moving averages. Valuation support is limited because the P/E is negative and the dividend yield is modest.

Positive Factors

Conservative balance sheet

Extremely low leverage and a large equity buffer give Bure durable financial flexibility. This resilience allows the firm to hold or support portfolio companies through cycles, fund opportunistic investments or withstand valuation-driven swings without forcing distressed sales.

Active, long-term ownership model

Bure's business model centers on active, long-term ownership and governance influence, enabling operational improvements and strategic repositioning at portfolio companies. This capability supports lasting value creation beyond short-term market moves and fits a multi-year investment horizon.

Proven episodes of strong profitability and revenue gains

Despite volatility, Bure has repeatedly delivered high net margins and periods of meaningful revenue growth, showing the portfolio can generate substantial operating upside. These episodes demonstrate structural potential for revaluation when operational improvements are realized.

Negative Factors

Earnings volatility

Large, recurrent swings between strong profits and deep losses indicate earnings are driven by volatile items and portfolio revaluations rather than steady operations. This undermines predictability of returns, complicates capital allocation and reduces reliability of dividends over time.

Weakening free cash flow

Declining and inconsistent cash generation—zero free cash flow in 2025—reduces internal funding for investments, dividends or buybacks. Even with low leverage, deteriorating FCF limits strategic optionality and increases reliance on asset sales or external financing for activity.

Dependence on capital markets & small uneven revenue base

Bure's monetization depends heavily on listed valuations, exits and dividend flows from portfolio holdings. Coupled with a small, uneven revenue base, this makes durable earnings vulnerable to market cycles and reduces the share of recurring operating cash flows.

Bure Equity AB Business Overview & Revenue Model

Company Description

Bure Equity AB (publ) is a private equity and venture capital firm specializing in secondary direct, later stage, middle market, mature, buyouts, emerging growth, expansion capital, mid venture, late venture, PIPES, bridge, industry consolidation, recapitalizations, growth capital, special situation and turnarounds. The firm has agnostic approach and seeks to invest in listed and unlisted SME companies and assets in knowledge driven service companies. It primarily invests in education service companies, communication services, medtech, consumer staples, financials, industrials, healthcare, information technology, and professional services. The firm prefers to invest in Nordic and European developed markets. It invests between $5 million to $100 million. The firm seeks to be a principal shareholder with a controlling influence in the portfolio company. The firm takes majority stake. The firm has no established exit strategy but prefers to hold its investment for a period of three to five years. It invests through its own balance sheet. Bure Equity AB (publ) was founded on November 23, 1992 and is based in Stockholm, Sweden.

How the Company Makes Money

Bure Equity AB generates revenue primarily through its investments in portfolio companies, which yield returns in the form of dividends, interest income, and capital gains upon exit. The company employs a strategy of long-term investments, enabling it to benefit from the appreciation of its holdings over time. Additionally, BURE may engage in management fees and performance-based compensation from its subsidiaries, contributing to its overall earnings. Strategic partnerships with other investment firms and industry players further bolster its financial performance, allowing for co-investing opportunities and sharing of resources to maximize returns.

Bure Equity AB Financial Statement Overview

Summary

Strong balance sheet with extremely low leverage (Balance Sheet Score 78) provides resilience, but results are highly volatile with sharp profit-to-loss swings (Income Statement Score 45) and weakening cash generation, including zero free cash flow in 2025 (Cash Flow Score 50).

Income Statement

Revenue is relatively small and uneven, with modest growth in 2024 (+9.5%) followed by a decline in 2025 (-4.8%). Profitability is highly volatile: the company produced very strong profits in 2020–2021 and 2023–2024 (net margins ~22%–41%), but swung to very large losses in 2022 and again in 2025 (deeply negative margins). While gross margins are consistently high, the sharp earnings reversals indicate results are driven by volatile items rather than stable, repeatable operating performance.

Balance Sheet

The balance sheet is conservatively financed with extremely low leverage (debt-to-equity near zero in most years, rising but still low in 2025). Equity is large relative to assets, which provides a meaningful buffer. The main concern is return on equity volatility, with strong positive years (roughly low-to-mid 20% range) interrupted by steep negative years (notably 2022 and 2025), highlighting that capital strength is good but shareholder returns can be highly cyclical.

Cash Flow

Operating cash flow is positive across the period, but it is inconsistent and does not reliably track reported earnings. Cash generation was strong in 2021 and 2023, but much lower in 2024 and 2025. Free cash flow also deteriorated, falling sharply in 2024 versus 2023 and dropping to zero in 2025, which reduces financial flexibility despite positive operating cash flow.

Breakdown	Dec 2025	Dec 2023	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	258.00M	241.00M	220.00M	227.00M	197.00M
Gross Profit	213.00M	170.00M	172.00M	178.00M	146.00M
EBITDA	-4.67B	5.74B	4.75B	-9.23B	6.36B
Net Income	-4.68B	5.74B	4.75B	-9.24B	6.35B
Balance Sheet
Total Assets	20.09B	24.74B	19.19B	14.64B	24.00B
Cash, Cash Equivalents and Short-Term Investments	342.00M	782.00M	1.58B	532.00M	459.00M
Total Debt	254.00M	3.00M	3.00M	3.00M	4.00M
Total Liabilities	270.00M	52.00M	57.00M	95.00M	48.00M
Stockholders Equity	19.81B	24.68B	19.12B	14.54B	23.94B
Cash Flow
Free Cash Flow	0.00	172.00M	1.37B	160.00M	958.00M
Operating Cash Flow	296.00M	172.00M	1.37B	176.00M	980.00M
Investing Cash Flow	-748.00M	-778.00M	-124.00M	39.00M	-1.67B
Financing Cash Flow	47.00M	-201.00M	-206.00M	-125.00M	-151.00M

Bure Equity AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 238.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BURE, the sentiment is Neutral. The current price of 238.8 is above the 20-day moving average (MA) of 202.96, above the 50-day MA of 223.61, and below the 200-day MA of 265.33, indicating a neutral trend. The MACD of -6.05 indicates Negative momentum. The RSI at 53.41 is Neutral, neither overbought nor oversold. The STOCH value of 86.21 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:BURE.

Bure Equity AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MCAP	64 Neutral	kr7.38B	33.37	15.16%	―	11.30%	-14.49%
CRED.A	63 Neutral	kr9.36B	7.72	12.47%	2.18%	4.72%	-38.28%
RATO.B	56 Neutral	kr12.35B	-17.98	6.59%	3.70%	-22.65%	-14.05%
BURE	53 Neutral	kr15.90B	-3.40	-23.18%	1.13%	22.38%	-153.85%
KINV.B	46 Neutral	kr17.77B	-5.28	0.33%	―	-97.64%	―
KINV.A	45 Neutral	kr17.77B	-5.79	―	―	-97.64%	―

Bure Equity AB Corporate Events

Bure Equity Hit by Sharp NAV Decline as Tech Portfolio Repriced in 2025

Bure Equity AB reported a sharp deterioration in 2025, with net asset value per share falling 19.8% to SEK 267.2 and total shareholder return at -34.8%, significantly underperforming the SIX Return Index. Group earnings swung to a loss of SEK 4,676M, driven mainly by steep share price declines in key portfolio holdings such as Yubico, Xvivo, and Vitrolife, whose growth and profitability lagged market expectations.

Operational performance across the portfolio was mixed: Mycronic delivered strong growth and profit, while Vitrolife, Yubico, and Xvivo faced weaker demand and margin pressure. Bure reshaped its portfolio by acquiring a 17% stake in MEMS foundry leader Silex Microsystems for SEK 900M and funding this partly through divestments in Ovzon, Mycronic, and the full exit from Mentice, while also subscribing to BioLamina convertibles and continuing to fine-tune holdings.

After the balance sheet date, net asset value per share declined further to SEK 233.0 by 18 February 2026, even as Bure continued to sell down Ovzon and proposed maintaining an ordinary dividend of SEK 2.75 per share. CEO Henrik Blomquist highlighted a tough market environment marked by currency headwinds, revaluation of growth stocks, and geopolitical uncertainty, but reaffirmed confidence in the portfolio’s long-term quality and emphasised near-term focus on improving profitability and positioning for future growth.

The most recent analyst rating on (SE:BURE) stock is a Hold with a SEK215.00 price target. To see the full list of analyst forecasts on Bure Equity AB stock, see the SE:BURE Stock Forecast page.

Bure Equity Hit by Sharp NAV Decline as Tech Holdings Drag 2025 Results

Bure Equity AB reported a difficult 2025, with net asset value per share falling 19.8% to SEK 267.2 and group earnings after tax swinging to a loss of SEK 4.7 billion, sharply underperforming the broader Swedish market. Weak share price performance in several key portfolio companies, notably Yubico, Xvivo and Vitrolife, offset strong results from Mycronic, while management intensified portfolio rebalancing through divestments in Ovzon and Mentice and a major SEK 900 million investment in MEMS foundry leader Silex Microsystems, signalling a continued long-term commitment to technology assets despite a challenging market and early 2026 NAV declines.

The CEO highlighted that Bure’s concentration in growth technology stocks, combined with a stronger Swedish krona and missed growth expectations in some holdings, drove severe valuation compressions and a negative total shareholder return of 34.8%. At the same time, the group emphasized operational improvements in select unlisted assets such as Mentimeter, strategic shifts in geographic exposure like Vitrolife’s gains in North America, and a belief that enhancing profitability across portfolio companies is key to restoring growth and supporting stakeholders amid ongoing macroeconomic and geopolitical uncertainty.

The most recent analyst rating on (SE:BURE) stock is a Hold with a SEK215.00 price target. To see the full list of analyst forecasts on Bure Equity AB stock, see the SE:BURE Stock Forecast page.

Bure Equity AB Divests Majority Stake in Mentice

Bure Equity AB has signed an agreement to divest 4,037,824 shares in Mentice AB to Gulf Offshore Limited, a company controlled by the Howell family, which is the main owner of Mentice. Following this transaction, Bure will retain 100,000 shares in Mentice, which secures its issued call options, potentially impacting its strategic positioning and financial interests in the company.

The most recent analyst rating on (SE:BURE) stock is a Hold with a SEK261.00 price target. To see the full list of analyst forecasts on Bure Equity AB stock, see the SE:BURE Stock Forecast page.

Bure Equity AB Adjusts Share Capital and Voting Rights

Bure Equity AB has announced an increase in its total number of shares and votes, following the issuance and immediate repurchase of 144,562 C shares under its LTIP 2025 incentive program. This change reflects a strategic move to adjust its share capital and voting rights, with the total number of shares now at 74,646,317 and votes at 74,240,396, potentially impacting shareholder value and company governance.

The most recent analyst rating on (SE:BURE) stock is a Hold with a SEK261.00 price target. To see the full list of analyst forecasts on Bure Equity AB stock, see the SE:BURE Stock Forecast page.