Concejo AB Class B (CNCJO.B) AI Stock Analysis

• Market Cap: kr505.35M
• Dividend Yield: 17.16%
• Average Volume (3M): 4.41K
• Price to Earnings (P/E): 11.1
• Beta (1Y): 0.65
• Revenue Growth: -1.76%
• EPS Growth: 59.61%
• Country: SE
• Employees: 258
• Sector: Industrials
• Sector Strength: 72
• Industry: Security & Protection Services
• EPS (TTM): -0.49
• Shares Outstanding: 10,794,713
• 10 Day Avg. Volume: 2,571
• 30 Day Avg. Volume: 4,405
• PEG Ratio: -0.05
• Price to Book (P/B): 0.84
• Price to Sales (P/S): 0.99
• P/FCF Ratio: 21.81
• 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: 68 Neutral
• Price Target: kr49.00 ▲(4.03% Upside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

The score is driven primarily by improving (but still volatile) financial performance supported by a relatively strong balance sheet, alongside attractive valuation from a moderate P/E and very high dividend yield. Technical signals are mixed and do not strongly reinforce upside momentum.

Positive Factors

Balance Sheet Resilience

A materially reduced debt load and a relatively large equity base provide durable financial flexibility. This strengthens the company's ability to withstand revenue volatility, fund operations or opportunistic investments, and support dividends or capex without immediate reliance on costly external financing.

Return to Profitability

Re-establishing net income after multi-year losses indicates structural improvements in cost control or mix and reduces solvency risk. Sustained profitability can fund reinvestment and working capital, enabling a more reliable operating footprint over the medium term if maintained.

Improving Cash Generation

A shift back to positive operating and free cash flow is a constructive inflection for long-term viability. Consistent cash conversion supports self-funding of operations, reduces refinancing dependence, and underpins strategic initiatives or shareholder distributions if the trend endures.

Negative Factors

Revenue Decline

A falling top line undermines sustainable earnings and increases reliance on one-off or below-the-line items to show profits. Continued revenue pressure would limit operating leverage, constrain margin expansion, and reduce the company's ability to invest in growth or defend market share over the medium term.

Thin Operating Profitability

Modest EBIT exposes reported earnings to small revenue or cost swings, making profits fragile. Weak core margins limit cash generation resilience, raise sensitivity to pricing or cost inflation, and threaten the durability of dividends or reinvestment if operating performance slips.

Volatile Cash & Eroding Equity

Historic cash burn and declining equity reduce the balance-sheet cushion and heighten refinancing risk during downturns. Persistent cash volatility constrains strategic flexibility, may force higher-cost funding, and increases the probability that weaker operating years will erode capital returned to shareholders.

Concejo AB Class B Business Overview & Revenue Model

Company Description

Concejo AB (publ) develops, manufactures, and markets fire safety products and systems in Europe, the United States, Asia, and internationally. The company's Marine and Safety business offers products and systems for fire and gas detection in high-risk environments. It offers solutions that detect and warn heat, smoke, gas, flames, and oil mist. This business serves tankers, cruise ships, cargo vessels, and military vessels in the shipping industry; supply and support vessels, floating oil rigs, production and accommodation platforms, and accommodation vessels in the offshore industry; trains, metros, buses, and trucks in the transport sector; and properties comprising hospitals and public spaces, schools and hotels, large industrial properties, and wind turbines. Its Safety Engineering business offers safety systems for fire-fighting in high-risk environments. It serves refineries, petrochemical plants, chemical plants, tank terminals and oil wharves, and petrochemical storage and disposal facilities in the oil and gas industry; gas and oil, coal, nuclear, solar, hydro, and wind power plants, as well as substations and switchgear in the power industry; and production and exploration platforms, accommodation platforms, floating support units FPSO/FLNG, and helicopter platforms in the offshore industry. The company was founded in 1993 and is headquartered in Nacka, Sweden. The company was formerly known as Consilium AB (publ). Concejo AB (publ) is a subsidiary of Platanen Holding AB.

How the Company Makes Money

Concejo AB generates revenue through multiple streams, primarily by offering software solutions and consulting services to businesses looking to enhance their operational capabilities. The company charges clients for software licenses, subscription services, and bespoke consulting projects. Additionally, it may benefit from partnerships with technology firms and government contracts that provide significant revenue opportunities. Key factors contributing to its earnings include the demand for digital transformation solutions, ongoing maintenance and support contracts, and a focus on innovation that attracts a diverse client base.

Concejo AB Class B Financial Statement Overview

Summary

Financials reflect a balance-sheet-supported recovery: profitability returned to solid net income in 2025, but revenue declined (~7%) and operating profitability remains thin, suggesting earnings are not yet consistently driven by core operations. The balance sheet is relatively resilient with reduced debt and manageable leverage, while cash flow improved to positive operating and free cash flow in 2025 but remains volatile over the multi-year period.

Income Statement

Profitability has improved meaningfully versus the large losses seen in 2020–2022 and the setback in 2024, returning to solid net income in 2025. However, the latest year shows shrinking revenue (down ~7% in 2025 after growth in prior years) and very thin operating profitability in 2025 (EBIT is only modestly positive), suggesting earnings quality is still somewhat dependent on below-the-line items and not yet consistently driven by core operations.

Balance Sheet

The balance sheet looks relatively resilient, supported by a large equity base versus debt. Total debt has come down materially from 2021 levels, and leverage appears manageable for the business. The main weakness is that equity has drifted lower from 2020–2025 alongside volatile profitability, which reduces the cushion if results weaken again.

Cash Flow

Cash generation is improving but remains inconsistent. After negative operating and free cash flow in 2024, the company returned to positive operating cash flow and positive free cash flow in 2025, which is a constructive inflection. Still, the multi-year history includes several periods of cash burn (notably 2020–2022 and 2024), and free cash flow growth has been volatile, indicating execution and cash conversion risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	522.00M	576.30M	535.20M	371.70M	261.20M
Gross Profit	221.60M	229.10M	234.80M	165.40M	28.30M
EBITDA	24.50M	-8.10M	49.20M	-163.80M	7.30M
Net Income	46.80M	-46.40M	16.30M	-191.60M	-20.70M
Balance Sheet
Total Assets	806.30M	1.05B	1.09B	1.16B	1.49B
Cash, Cash Equivalents and Short-Term Investments	149.20M	196.80M	321.70M	345.90M	863.50M
Total Debt	42.90M	86.60M	85.00M	116.80M	315.30M
Total Liabilities	187.80M	318.80M	268.70M	334.00M	539.70M
Stockholders Equity	616.00M	673.50M	761.50M	771.30M	950.50M
Cash Flow
Free Cash Flow	23.80M	-27.70M	-9.00M	-60.20M	-50.10M
Operating Cash Flow	26.30M	-8.30M	16.10M	-34.80M	-26.70M
Investing Cash Flow	61.40M	7.00M	77.40M	331.80M	46.60M
Financing Cash Flow	-104.40M	-75.40M	-42.50M	-224.60M	-11.10M

Concejo AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 47.10
• 50DMA: Negative
• 100DMA: Negative
• 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:CNCJO.B, the sentiment is Negative. The current price of 47.1 is above the 20-day moving average (MA) of 45.39, above the 50-day MA of 45.84, and above the 200-day MA of 42.78, indicating a neutral trend. The MACD of -0.63 indicates Positive momentum. The RSI at 38.88 is Neutral, neither overbought nor oversold. The STOCH value of 48.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CNCJO.B.

Concejo AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CNCJO.B	68 Neutral	kr505.35M	11.09	4.07%	17.16%	-1.76%	59.61%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
LEVEL	56 Neutral	kr131.58M	-30.10	-1.58%	―	2.70%	85.94%
CARE	56 Neutral	kr495.04M	16.17	―	―	1.30%	-2.54%
IRIS	48 Neutral	kr47.83M	-0.22	-44.40%	―	-41.32%	34.95%
PREC	47 Neutral	kr158.63M	-7.15	-10.30%	―	-3.27%	-23.22%
TSEC	41 Neutral	kr103.58M	-12.02	―	―	9.39%	-378.80%