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Vestum AB
(CYNCA)
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Rating:54Neutral
Price Target:
kr16.50
▲(2.61% Upside)
Action:Reiterated
Date:07/14/26
The score reflects weak underlying fundamentals—declining revenue and ongoing net losses—partly offset by positive free cash flow and improving leverage. Technicals are a meaningful near-term positive (price above key moving averages and positive MACD), but valuation is limited by negative earnings and the lack of a stated dividend yield.
Positive Factors
Cash generation
Vestum produces positive trailing‑12‑month operating cash flow (338M) and free cash flow (267M). Durable FCF while reporting losses improves liquidity and financial flexibility, funding working capital, capex and bolt‑on acquisitions and reducing near‑term refinancing risk.
Negative Factors
Revenue decline
Revenue has contracted materially (-11.3% TTM) and follows a multi‑year downtrend since 2022. Persistent top‑line shrinkage undermines scale economics, reduces ability to absorb fixed costs, limits organic growth and complicates execution of a roll‑up strategy dependent on growing consolidated revenue.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Vestum produces positive trailing‑12‑month operating cash flow (338M) and free cash flow (267M). Durable FCF while reporting losses improves liquidity and financial flexibility, funding working capital, capex and bolt‑on acquisitions and reducing near‑term refinancing risk.
Read all positive factors
Vestum AB (CYNCA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr6.12B
Dividend YieldN/A
Average Volume (3M)361.44K
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue Growth-24.35%
EPS Growth-910.68%
CountrySE
Employees1,161
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)-1.02
Shares Outstanding375,809,480
10 Day Avg. Volume274,035
30 Day Avg. Volume361,435
Financial Highlights & Ratios
PEG Ratio0.38
Price to Book (P/B)0.94
Price to Sales (P/S)0.88
P/FCF Ratio14.43
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)-0.53
Revenue Forecast (FY)kr2.32B
Vestum AB Business Overview & Revenue Model
Company Description
Vestum AB (publ) engages in the infrastructure, water, and service businesses in Sweden and internationally. The company’s Infrastructure segment offers specialised work on railway, water and sewage, and other infrastructure comprising railway ser...
How the Company Makes Money
Vestum makes money primarily through revenues generated by its operating subsidiaries, which deliver services to customers in construction- and infrastructure-adjacent markets. The group’s revenue model is therefore largely service/contract driven...
Vestum AB Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
49
Neutral
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.28B | 3.78B | 4.42B | 5.76B | 6.93B | 1.05B |
| Gross Profit | 1.30B | 1.97B | 2.16B | 2.69B | 3.17B | 654.00M |
| EBITDA | 501.00M | 542.00M | 674.00M | 836.00M | 773.00M | 165.00M |
| Net Income | -343.00M | -137.00M | -374.00M | -374.00M | 141.00M | 3.00M |
Balance Sheet | ||||||
| Total Assets | 6.51B | 6.76B | 7.63B | 8.38B | 9.95B | 8.32B |
| Cash, Cash Equivalents and Short-Term Investments | 151.00M | 177.00M | 174.00M | 345.00M | 608.00M | 1.52B |
| Total Debt | 1.87B | 2.09B | 2.14B | 2.45B | 3.38B | 3.00B |
| Total Liabilities | 3.10B | 3.18B | 3.70B | 4.32B | 5.57B | 4.72B |
| Stockholders Equity | 3.39B | 3.56B | 3.91B | 4.05B | 4.37B | 3.59B |
Cash Flow | ||||||
| Free Cash Flow | 336.00M | 231.00M | 333.00M | 566.00M | 361.00M | -85.00M |
| Operating Cash Flow | 407.00M | 314.00M | 377.00M | 634.00M | 421.00M | -10.00M |
| Investing Cash Flow | -477.00M | -143.00M | -275.00M | -32.00M | -1.27B | -2.58B |
| Financing Cash Flow | 141.00M | -152.00M | -416.00M | -860.00M | -48.00M | 3.78B |
Vestum AB Technical Analysis
Positive
16.08
Price Trends
15.97
Positive
13.43
Positive
11.04
Positive
Market Momentum
0.20
Positive
61.69
Neutral
67.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CYNCA, the sentiment is Positive. The current price of 16.08 is below the 20-day moving average (MA) of 16.14, above the 50-day MA of 15.97, and above the 200-day MA of 11.04, indicating a bullish trend. The MACD of 0.20 indicates Positive momentum. The RSI at 61.69 is Neutral, neither overbought nor oversold. The STOCH value of 67.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CYNCA.
Vestum AB Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | kr1.63B | 10.20 | ― | 1.24% | 21.69% | 98.73% | |
70 Outperform | kr9.69B | 25.58 | 12.77% | 1.29% | 4.03% | 38.99% | |
69 Neutral | kr27.11B | 19.69 | ― | 2.74% | 1.66% | 26.04% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | kr6.12B | -15.62 | -9.80% | ― | -24.35% | -910.68% | |
51 Neutral | kr1.74B | -6.19 | ― | ― | 4.23% | -1919.42% | |
44 Neutral | kr2.18B | 52.34 | 2.32% | ― | 0.40% | ― |
* Industrials Sector Average
SE:CYNCA
Vestum AB
16.42
6.89
72.30%
SE:INSTAL
Instalco AB
36.84
11.11
43.20%
SE:ELTEL
Eltel AB
13.85
4.73
51.86%
SE:FG
Fasadgruppen Group AB
18.88
-11.57
-38.00%
SE:BRAV
Bravida Holding AB
135.30
43.66
47.64%
SE:BYGGP
ByggPartner Gruppen AB
36.50
9.77
36.54%
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.