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CTT Systems AB
(CTT)
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Rating:58Neutral
Price Target:
kr136.00
▼(-30.40% Downside)
Action:Reiterated
Date:04/30/26
The score is driven primarily by solid underlying financial footing (low leverage and healthy TTM margins), tempered by weakened cash flow conversion and reduced profitability versus prior peak years. Technicals are notably negative with the stock below major moving averages and bearish momentum, and valuation remains a headwind due to a very high P/E despite a supportive dividend yield.
Positive Factors
Conservative balance sheet
Very low leverage gives CTT durable financial flexibility through aerospace cycles. With debt-to-equity around 0.14, the company can fund retrofit projects, R&D and service capability, withstand OEM delivery volatility, and maintain capital allocation optionality over the next 2–6 months.
Negative Factors
Weak cash conversion
Operating cash flow materially below earnings and sharply reduced free cash flow growth signal weaker cash quality. Over several quarters this can constrain capital spending, slow certification or retrofit rollout, pressure dividends or buybacks, and magnify financial volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage gives CTT durable financial flexibility through aerospace cycles. With debt-to-equity around 0.14, the company can fund retrofit projects, R&D and service capability, withstand OEM delivery volatility, and maintain capital allocation optionality over the next 2–6 months.
Read all positive factors
CTT Systems AB (CTT) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.60B
Dividend Yield2.75%
Average Volume (3M)11.58K
Price to Earnings (P/E)38.0
Beta (1Y)0.71
Revenue Growth0.11%
EPS Growth-35.60%
CountrySE
Employees83
SectorGeneral
Sector StrengthN/A
IndustryAerospace & Defense
Share Statistics
EPS (TTM)3.32
Shares Outstanding12,529,443
10 Day Avg. Volume5,817
30 Day Avg. Volume11,579
Financial Highlights & Ratios
PEG Ratio-1.18
Price to Book (P/B)9.53
Price to Sales (P/S)9.44
P/FCF Ratio73.43
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)5.35
Revenue Forecast (FY)kr350.00M
CTT Systems AB Business Overview & Revenue Model
Company Description
CTT Systems AB (publ) provides humidity control systems for aircraft in Sweden, Denmark, France, the United States, and internationally. The company offers humidifiers for passenger cabins, flight decks, crew rest compartments, and VIP/business je...
How the Company Makes Money
CTT makes money primarily by selling aircraft humidity-management equipment and by earning recurring aftermarket revenue from the operation of that equipment over its service life. Key revenue streams typically include: (1) Original equipment (OE)...
CTT Systems AB Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
84
Very Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 276.40M | 264.40M | 300.10M | 308.90M | 240.60M | 151.30M |
| Gross Profit | 158.30M | 55.20M | 241.70M | 247.70M | 197.40M | 118.50M |
| EBITDA | 60.80M | 55.40M | 119.90M | 127.60M | 98.90M | 38.10M |
| Net Income | 41.60M | 38.60M | 85.50M | 95.50M | 66.30M | 14.20M |
Balance Sheet | ||||||
| Total Assets | 362.90M | 355.80M | 393.20M | 417.30M | 377.10M | 328.60M |
| Cash, Cash Equivalents and Short-Term Investments | 15.60M | 26.60M | 68.70M | 117.90M | 60.10M | 49.30M |
| Total Debt | 36.40M | 35.50M | 44.10M | 41.80M | 45.50M | 72.20M |
| Total Liabilities | 94.20M | 93.80M | 102.70M | 103.30M | 107.80M | 115.60M |
| Stockholders Equity | 268.70M | 262.00M | 290.50M | 314.00M | 269.30M | 213.00M |
Cash Flow | ||||||
| Free Cash Flow | 18.50M | 34.00M | 61.20M | 109.10M | 53.80M | 21.70M |
| Operating Cash Flow | 22.50M | 35.90M | 66.30M | 116.80M | 61.20M | 30.30M |
| Investing Cash Flow | -6.30M | -5.30M | -4.50M | -7.50M | -7.30M | -8.60M |
| Financing Cash Flow | -68.50M | -68.50M | -110.60M | -52.20M | -43.60M | 6.60M |
CTT Systems AB Technical Analysis
Negative
195.40
Price Trends
127.40
Negative
130.15
Negative
158.14
Negative
Market Momentum
-0.84
Positive
41.69
Neutral
12.47
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CTT, the sentiment is Negative. The current price of 195.4 is above the 20-day moving average (MA) of 130.60, above the 50-day MA of 127.40, and above the 200-day MA of 158.14, indicating a bearish trend. The MACD of -0.84 indicates Positive momentum. The RSI at 41.69 is Neutral, neither overbought nor oversold. The STOCH value of 12.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CTT.
CTT Systems AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | kr8.74B | 39.81 | 10.29% | 0.41% | 84.46% | ― | |
69 Neutral | kr265.15M | 15.60 | 33.71% | 1.22% | 31.62% | 28.58% | |
59 Neutral | kr316.06B | 46.77 | 13.56% | 0.39% | 26.26% | 38.19% | |
59 Neutral | kr904.43M | -16.25 | -6.70% | ― | -18.69% | -252.61% | |
58 Neutral | kr1.60B | 38.01 | ― | 2.75% | 0.11% | -35.60% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | kr2.42B | -47.86 | ― | ― | ― | ― |
* General Sector Average
SE:CTT
CTT Systems AB
126.20
-118.82
-48.49%
SE:SAAB.B
Saab AB
564.00
76.55
15.70%
SE:AAC
AAC Clyde Space
128.20
-8.80
-6.42%
SE:AVT.B
AVTECH Sweden AB
4.73
-4.11
-46.50%
SE:MILDEF
MilDef Group AB
185.10
13.10
7.61%
SE:GOMX
GomSpace Group AB
14.51
-3.63
-20.01%
CTT Systems AB Corporate Events
CTT Systems to Present Q2 2026 Interim Report via Webcast
Jul 7, 2026
CTT Systems AB has scheduled the release of its interim report for the second quarter of 2026 for July 21 at 08:00 CEST, underscoring an important upcoming update on its financial and operational performance. The company will follow the publicatio...
CTT Systems trims dividend as AGM backs governance continuity and higher board fees
May 7, 2026
CTT Systems AB’s annual general meeting approved the 2025 accounts, discharged the board and CEO from liability, and backed a significantly lower ordinary dividend of SEK 2.40 per share compared with the previous year, signalling a more caut...
CTT Systems lifts Q1 earnings on strong OEM growth despite cash flow and jet market headwinds
Apr 28, 2026
CTT Systems reported a strong first quarter of 2026, with net sales up 22% to SEK 66.1 million and operating profit more than doubling, lifting the EBIT margin to 15% despite negative currency effects and one-off VIP project costs. The OEM busines...
CTT Systems Sets Date for Q1 2026 Interim Report and Webcast
Apr 10, 2026
CTT Systems AB has announced that it will publish its interim report for the first quarter of 2026 on April 28, with a webcast presentation scheduled the same morning. The results will be presented by chief executive Henrik Höjer and chief fi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.