Desenio Group AB (DSNO) AI Stock Analysis

• Market Cap: kr98.19M
• Dividend Yield: N/A
• Average Volume (3M): 853.88K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.29
• Revenue Growth: -10.50%
• EPS Growth: 99.53%
• Country: SE
• Employees: 105
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): <0.01
• Shares Outstanding: 981,857,400
• 10 Day Avg. Volume: 505,434
• 30 Day Avg. Volume: 853,884
• PEG Ratio: 0.04
• Price to Book (P/B): 0.40
• Price to Sales (P/S): 0.19
• P/FCF Ratio: 7.77
• 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): 0.11
• Revenue Forecast (FY): kr1.01B

• Rating: 50 Neutral
• Price Target: kr0.11 ▲(52.86% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is primarily constrained by weak financial performance—declining revenue, recurring net losses, and inconsistent cash flow—despite a notably improved 2025 balance sheet. Technicals are comparatively supportive with price above key moving averages and positive MACD, but momentum is nearing overbought (RSI ~68). Valuation provides limited support because the negative P/E reflects ongoing losses and no dividend yield is available.

Positive Factors

High gross margins

Sustained gross margins near 84–85% indicate structurally low production costs and strong product-level pricing power for Desenio's wall art business. High gross margin provides durable room to cover fixed costs and fund marketing or product development as scale recovers.

Improved leverage and capitalization

Material balance sheet improvement in 2025 with low debt-to-equity (~0.11) and positive equity (~359m) materially reduces insolvency risk and increases financial flexibility. This durable capital structure supports reinvestment, inventory funding, and strategic resilience.

Positive operating and free cash flow (2025)

Positive operating cash flow (~19.5m) and free cash flow (~18.3m) in 2025 demonstrate the business can generate cash from core operations. Durable cash generation, if sustained, reduces reliance on external financing and supports incremental investment in growth initiatives.

Negative Factors

Declining revenue trend

Two consecutive years of revenue decline (2025: -6.45% after 2024 flat) indicate weakening market traction or demand for core products. For an e-commerce retailer, persistent top-line contraction undermines operating leverage and makes sustainable margin recovery more difficult.

Recurring net losses

Large recurring net losses (net margin ~-37.7% in 2025) show the company has not consistently converted high gross margins into bottom-line profitability. Persistent losses limit retained earnings, constrain reinvestment capacity, and elevate refinancing or dilution risk over time.

Historical balance sheet and cash volatility

Prior periods of negative equity and extreme leverage, plus a ~49% drop in FCF versus the prior year, reflect volatile capitalization and cash generation. Such historical fragility raises uncertainty about the durability of recent improvements and resilience to future shocks.

Desenio Group AB Business Overview & Revenue Model

Company Description

Desenio Group AB (publ), an online-based direct-to-consumer company, provides affordable wall art in Europe and North America. It offers approximately 9,000 designs of posters and prints, as well as wall calendars, frames and accessories, mat boards, picture ledges, art clips, phone covers, and tote bags through 44 websites in 35 countries. The company was founded in 2010 and is based in Stockholm, Sweden.

How the Company Makes Money

Desenio Group makes money primarily by selling products directly to consumers through its e-commerce websites. The core revenue stream is merchandise sales of posters/prints and related wall-art items. A significant additional revenue stream comes from higher-priced complementary products—especially frames and other accessories—sold alongside prints, which increase average order value through cross-selling and bundling (e.g., customers buying a print plus a frame). Revenue is recognized from online orders fulfilled through the company’s distribution/fulfillment setup. If the company earns material revenue from wholesale, licensing/artist royalties netting, marketplaces, subscriptions, or advertising, that specific information is null.

Desenio Group AB Financial Statement Overview

Summary

Operating performance shows signs of stabilization (2025 operating margin ~4.7%) and the balance sheet improved materially in 2025 (positive equity; low debt-to-equity ~0.11). However, revenue is declining (2025: -6.45%) and profitability remains weak with recurring net losses (2025 net margin ~-37.7%), while cash flow consistency is a concern despite positive 2025 FCF (~18.3m) and OCF (~19.5m).

Income Statement

Revenue has declined over the last two years (2025: -6.45% after 2024: ~-0.1%), and profitability is weak with recurring net losses (2025 net margin ~-37.7%; 2024 ~-2.6%). While gross margin remains very high and stable (~84–85%), operating profitability has been volatile—moving from a large operating loss in 2023 to a modest positive operating margin in 2025 (~4.7%), which suggests some cost recovery but not enough to offset below-the-line losses.

Balance Sheet

Leverage and capitalization improved materially in 2025, with low debt relative to equity (debt-to-equity ~0.11) and positive equity (~359m). However, the balance sheet was stressed in 2023–2024 with negative equity and extreme/negative debt-to-equity readings, indicating prior recapitalization risk and higher financial fragility. The latest year looks healthier, but the historical volatility in equity and leverage remains a key watch item.

Cash Flow

Cash generation is mixed. 2025 shows positive operating cash flow (~19.5m) and positive free cash flow (~18.3m), but free cash flow fell sharply versus the prior year (about -49%). Cash flows have also been inconsistent year-to-year (negative operating and free cash flow in 2024; strong positive free cash flow in 2023 and especially 2020), which reduces confidence in durability even though the most recent year is positive.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	738.20M	856.20M	967.20M	964.90M	1.23B
Gross Profit	626.90M	728.60M	812.10M	810.50M	1.01B
EBITDA	34.90M	117.90M	-108.70M	118.00M	191.50M
Net Income	-278.30M	-21.90M	-284.20M	-22.40M	57.20M
Balance Sheet
Total Assets	988.70M	1.29B	1.34B	1.65B	1.70B
Cash, Cash Equivalents and Short-Term Investments	121.40M	115.60M	149.90M	155.70M	162.20M
Total Debt	39.70M	1.12B	65.70M	1.15B	1.14B
Total Liabilities	628.60M	1.36B	1.38B	1.41B	1.44B
Stockholders Equity	359.10M	-67.60M	-46.20M	238.60M	260.70M
Cash Flow
Free Cash Flow	18.30M	-17.40M	41.50M	7.40M	-40.30M
Operating Cash Flow	19.50M	-16.80M	43.60M	25.30M	26.30M
Investing Cash Flow	-900.00K	1.30M	-1.80M	-36.60M	-67.60M
Financing Cash Flow	-12.70M	-18.90M	-47.60M	-13.20M	-443.80M

Desenio Group AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.07
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:DSNO, the sentiment is Positive. The current price of 0.07 is below the 20-day moving average (MA) of 0.09, below the 50-day MA of 0.07, and below the 200-day MA of 0.10, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 60.88 is Neutral, neither overbought nor oversold. The STOCH value of 41.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:DSNO.

Desenio Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
CDON	56 Neutral	kr779.17M	-12.12	―	―	―	―
REFINE	53 Neutral	kr38.61M	0.76	―	―	-41.68%	65.38%
DSNO	50 Neutral	kr98.19M	-0.51	-65.16%	―	-10.50%	99.53%
OBAB	49 Neutral	kr312.32M	-37.08	―	―	27.27%	-1165.24%
BBROOM	42 Neutral	kr62.49M	-3.47	―	―	―	―

Desenio Group AB Corporate Events

Desenio Targets Profitable Growth While Expanding Its Online Wall Art Footprint

Desenio Group AB underscores its mission to help customers create beautiful homes through trend-based, authentic wall art, leveraging industrialized and data-driven creativity to disrupt a large and growing global design category. The company maintains an agile organization focused on cash flow and profitability, while selectively expanding into future key markets, including North America, to build on its existing European leadership in online wall art.

With a product mix dominated by wall art, supplemented by frames and accessories, Desenio uses a proven strategic playbook for geographic expansion and emphasizes first-order profitability from new customers. Its multicultural workforce and value-driven culture are positioned as core strengths supporting both operational efficiency and market expansion, aiming to sustain growth and reinforce its competitive position in international e-commerce for home décor.

The most recent analyst rating on (SE:DSNO) stock is a Hold with a SEK0.06 price target. To see the full list of analyst forecasts on Desenio Group AB stock, see the SE:DSNO Stock Forecast page.

Desenio Board Member Stephen Taylor-Matthews Steps Down

Desenio Group AB has announced that board member Stephen Taylor-Matthews is stepping down from his role as non-executive director effective 21 January 2026, citing personal reasons. Taylor-Matthews highlighted his contributions to strengthening the company’s search engine optimisation capabilities and leading the transformation of its technology team and internal product processes, while Chairman Martin Weiss praised his role during a key phase in the group’s ongoing transformation; the board will continue with three non-executive directors until the next annual general meeting, signalling continuity in governance despite the departure.

The most recent analyst rating on (SE:DSNO) stock is a Sell with a SEK0.07 price target. To see the full list of analyst forecasts on Desenio Group AB stock, see the SE:DSNO Stock Forecast page.