CombinedX AB (SE:CX)
:CX
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CombinedX AB
(CX)
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Rating:73Outperform
Price Target:
kr41.00
▲(15.49% Upside)
Action:N/ADate:05/01/26
The score is driven primarily by solid financial performance supported by strong cash generation and growth, but tempered by multi-year margin/ROE decline and rising leverage. Technicals add a meaningful boost due to clear positive momentum above key moving averages, while valuation is supportive with a reasonable P/E and a solid dividend yield.
Positive Factors
Cash generation quality
High and improving free cash flow (FCF ~91% of net income; +12% YoY) indicates durable cash conversion and earnings quality. This supports funding of operations, dividends, debt servicing or selective M&A without relying on equity raises, bolstering financial flexibility.
Negative Factors
Multi-year margin compression
Sustained decline in gross and net margins over multiple years signals structural margin pressure—likely from pricing, mix shift toward lower-margin work, or rising personnel costs. If persistent, this undermines operating leverage, cash generation and long-term profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation quality
High and improving free cash flow (FCF ~91% of net income; +12% YoY) indicates durable cash conversion and earnings quality. This supports funding of operations, dividends, debt servicing or selective M&A without relying on equity raises, bolstering financial flexibility.
Read all positive factors
CombinedX AB (CX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr712.92M
Dividend Yield3.84%
Average Volume (3M)35.34K
Price to Earnings (P/E)16.9
Beta (1Y)0.66
Revenue GrowthN/A
EPS GrowthN/A
CountrySE
Employees585
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)N/A
Shares Outstanding19,478,700
10 Day Avg. Volume11,689
30 Day Avg. Volume35,339
Financial Highlights & Ratios
PEG Ratio-0.63
Price to Book (P/B)1.46
Price to Sales (P/S)0.74
P/FCF Ratio7.76
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)N/A
Revenue Forecast (FY)N/A
CombinedX AB Business Overview & Revenue Model
Company Description
Combinedx Ab (Publ) provides consulting services in the digitalization domain. It offers services in the areas of digital business development and transformation, service design and customer experience, business systems and business processes, dat...
How the Company Makes Money
CombinedX primarily makes money by selling professional services and managed services to customers, largely on a B2B basis. The core revenue stream is consulting and project delivery: the company provides expertise and delivery capacity (e.g., sof...
CombinedX AB Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
64
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 947.70M | 929.90M | 765.70M | 650.50M | 560.10M |
| Gross Profit | 189.60M | 181.90M | 180.60M | 143.70M | 214.90M |
| EBITDA | 119.40M | 120.50M | 130.00M | 79.50M | 89.10M |
| Net Income | 37.70M | 50.60M | 70.90M | 35.20M | 49.30M |
Balance Sheet | |||||
| Total Assets | 879.60M | 742.10M | 633.30M | 597.30M | 427.50M |
| Cash, Cash Equivalents and Short-Term Investments | 104.40M | 132.60M | 117.30M | 121.00M | 108.20M |
| Total Debt | 151.30M | 106.00M | 88.60M | 113.10M | 55.40M |
| Total Liabilities | 401.00M | 317.60M | 257.40M | 279.00M | 200.60M |
| Stockholders Equity | 478.60M | 424.30M | 375.90M | 318.30M | 226.90M |
Cash Flow | |||||
| Free Cash Flow | 89.80M | 118.10M | 77.60M | 37.30M | 67.00M |
| Operating Cash Flow | 99.20M | 124.30M | 81.40M | 40.90M | 67.90M |
| Investing Cash Flow | -93.40M | -62.10M | -28.60M | -53.70M | 7.30M |
| Financing Cash Flow | -32.50M | -46.90M | -56.20M | 25.50M | -38.10M |
CombinedX AB Peers Comparison
UnderperformOutperform
Sector (61)
SE:CX
CombinedX AB
36.60
0.00
0.00%
DE:5IY
Avensia AB
0.66
-0.19
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DE:SF7
Softronic AB Class B
2.02
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9.69%
DE:B37
B3 Consulting Group AB
2.47
-3.16
-56.13%
DE:1TI
Exsitec Holding AB
10.15
-0.62
-5.71%
SE:CAG
C.A.G Group AB
110.00
1.60
1.48%
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.