Dustin Group AB (SE:DUST)
:DUST
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Dustin Group AB
(DUST)
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Rating:56Neutral
Price Target:
kr1.50
▼(-19.35% Downside)
Action:Reiterated
Date:04/17/26
The score is driven by improving cash generation and deleveraging progress, supported by a technically positive uptrend. This is held back by continued losses and margin pressure, plus limited valuation support due to a negative P/E and no provided dividend yield.
Positive Factors
Improved cash generation
Material improvement in operating and free cash flow indicates the business can fund operations, working-capital needs and disciplined capex from internally generated cash. Over 2–6 months this reduces reliance on external financing and supports deleveraging, operational resilience and reinvestment capacity.
Negative Factors
Weak profitability and compressed margins
Sustained low gross margins and ongoing net losses constrain return generation and limit ability to scale operating leverage. Over months, weak profitability reduces retained earnings, limits strategic flexibility, and makes the business more sensitive to cyclical revenue swings and cost pressures.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation
Material improvement in operating and free cash flow indicates the business can fund operations, working-capital needs and disciplined capex from internally generated cash. Over 2–6 months this reduces reliance on external financing and supports deleveraging, operational resilience and reinvestment capacity.
Read all positive factors
Dustin Group AB (DUST) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.43B
Dividend YieldN/A
Average Volume (3M)2.66M
Price to Earnings (P/E)33.9
Beta (1Y)0.94
Revenue Growth1.97%
EPS Growth98.48%
CountrySE
Employees2,197
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)-0.07
Shares Outstanding1,357,425,300
10 Day Avg. Volume4,298,865
30 Day Avg. Volume2,664,347
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.26
Price to Sales (P/S)0.07
P/FCF Ratio-16.66
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)0.15
Revenue Forecast (FY)kr21.22B
Dustin Group AB Business Overview & Revenue Model
Company Description
Dustin Group AB (publ) offers online IT products and services in the Nordic region and the Netherlands. It operates through three segments: Small and Medium-sized Businesses, Large Corporate and Public Sector, and Business to Consumer. It sells ha...
How the Company Makes Money
Dustin primarily makes money by reselling third-party IT products and software and earning a gross margin between its purchase cost from vendors/distributors and the price charged to customers. A major revenue stream is product sales (client devic...
Dustin Group AB Earnings Call Summary
Earnings Call Date:Apr 15, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jul 01, 2026
Earnings Call Sentiment Positive
The call presented a balanced but constructive picture: underlying organic growth and strong cash generation were clear positives, supported by meaningful deleveraging and operational actions (B2C exit, reorganization, SEK 80m headcount savings and sustainability recognition). However, profitability headwinds remain — gross margin decline, continued price pressure in the Netherlands, weak nonstandard services and a notable SMB revenue contraction — and uncertainty from component shortages persists. Management emphasized cost actions and transformation to mitigate these challenges. Overall, positive operational and financial progress weighed against ongoing margin and market pressures.Positive Updates
Continued Organic Revenue Growth
Reported organic net sales growth of 4.4% in Q2 (CFO commentary noted ~4% organic growth after adjustments), driven by strong public sector demand and some pull-forward ordering related to expected price/availability concerns.
Negative Updates
Gross Margin Decline
Gross margin decreased to 13.2% from 13.9% a year earlier (down 0.7 percentage points), driven by customer mix effects (larger share of lower-margin public-sector sales) and continued price pressure in the Netherlands. Sequentially margin was slightly up versus Q1 (13.1%).
Read all updates
Q2-2026 Updates
Positive
Negative
Continued Organic Revenue Growth
Reported organic net sales growth of 4.4% in Q2 (CFO commentary noted ~4% organic growth after adjustments), driven by strong public sector demand and some pull-forward ordering related to expected price/availability concerns.
Read all positive updates
Company Guidance
Management provided directional guidance emphasizing balance-sheet and cost priorities rather than new numeric revenue targets: leverage is down to 2.7x (from 5.7x a year ago; 3.1x in Q1) and now within the 2–3x target range, they expect SEK 80m of annualized headcount savings (100% headcount) to be fully effective from Q4 with some nonstandard‑services savings kicking in from Q3, and they reiterated a net working‑capital target of around -SEK 100m (current NWC -SEK 46m). They highlighted strong cash generation (operating cash flow SEK 258m vs SEK 180m last year; cash flow for the period +SEK 172m vs +SEK 89m) and reported total CapEx of SEK 92m (SEK 39m cash effect), warned of continued component‑driven price increases and limited availability on lower/mid‑end products, and reaffirmed focus on B2B after exiting B2C as they pursue profitable growth (Q2 organic sales +4–4.4%; LCP sales SEK 4.1bn, LCP organic +10%, LCP result SEK 105m, margin 2.5%; SMB sales SEK 1.3bn, -14% y/y, SMB result SEK 31m, margin 2.3%; group gross margin 13.2% vs 13.9% LY; adjusted EBITDA SEK 103m vs SEK 110m). They also maintain a 70% dividend payout policy, are not targeting major M&A today, and will continue an indirect‑cost review to further optimize the cost base.Dustin Group AB Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
56
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Aug 2025 | Aug 2024 | Aug 2023 | Aug 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.11B | 20.41B | 21.48B | 23.58B | 23.60B | 15.88B |
| Gross Profit | 2.77B | 2.77B | 3.21B | 3.41B | 3.46B | 2.48B |
| EBITDA | 260.00M | 2.83B | 762.70M | 894.40M | 1.17B | 898.60M |
| Net Income | -36.00M | -2.63B | 53.00M | 173.90M | 477.70M | 357.00M |
Balance Sheet | ||||||
| Total Assets | 13.43B | 13.40B | 15.82B | 16.13B | 15.85B | 14.32B |
| Cash, Cash Equivalents and Short-Term Investments | 1.16B | 676.00M | 883.90M | 1.11B | 766.80M | 847.40M |
| Total Debt | 2.89B | 3.07B | 4.19B | 5.90B | 5.28B | 5.06B |
| Total Liabilities | 7.99B | 7.90B | 8.81B | 10.74B | 10.77B | 9.64B |
| Stockholders Equity | 5.44B | 5.51B | 7.01B | 5.39B | 5.08B | 4.68B |
Cash Flow | ||||||
| Free Cash Flow | 334.00M | -87.00M | -97.90M | 379.10M | 393.40M | 83.60M |
| Operating Cash Flow | 427.00M | -74.00M | 147.10M | 619.20M | 584.30M | 168.60M |
| Investing Cash Flow | -163.00M | -169.00M | -244.30M | -240.10M | -211.60M | -3.17B |
| Financing Cash Flow | 35.00M | 21.00M | -148.90M | 26.70M | -434.60M | 3.10B |
Dustin Group AB Technical Analysis
Positive
1.86
Price Trends
1.53
Positive
1.61
Positive
1.69
Positive
Market Momentum
0.05
Negative
66.85
Neutral
87.35
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:DUST, the sentiment is Positive. The current price of 1.86 is above the 20-day moving average (MA) of 1.68, above the 50-day MA of 1.53, and above the 200-day MA of 1.69, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 66.85 is Neutral, neither overbought nor oversold. The STOCH value of 87.35 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:DUST.
Dustin Group AB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | kr3.58B | 8.07 | 14.35% | 2.13% | -3.72% | -23.68% | |
77 Outperform | kr1.15B | 14.38 | 23.47% | 6.29% | 12.85% | -12.78% | |
66 Neutral | kr1.54B | 10.90 | 15.90% | 1.13% | 6.46% | 46.26% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | kr2.43B | 33.94 | ― | ― | 1.97% | 98.48% | |
52 Neutral | kr2.50B | 24.21 | 2.38% | 2.03% | -9.43% | -451.25% | |
50 Neutral | kr247.84M | 70.30 | 1.19% | ― | 1.60% | -93.89% |
* Technology Sector Average
SE:DUST
Dustin Group AB
1.79
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-16.82%
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Dustin Group AB Corporate Events
Dustin lifts sales and cuts leverage as LCP growth offsets SMB weakness
Apr 15, 2026
Dustin Group AB reported flat net sales of SEK 5,481 million for its second quarter 2025/26, with overall organic growth of 4.4 percent driven by strong 10.4 percent growth in its large corporate and public segment, while SMB revenues declined due...
Dustin to Present Q2 2025/26 Results in April Investor Call
Apr 7, 2026
Dustin Group will publish its interim report for the second quarter of its 2025/26 financial year on April 15 at 8:00 a.m. CET, followed by an English-language conference call for investors, analysts and media at 9:30 a.m. CET. CEO Samuel Skott an...
Dustin reshapes management to boost regional sales focus and IT transformation
Feb 19, 2026
Dustin Group is sharpening its regional structure and technology leadership as it pursues higher sales and closer customer relationships in its core Nordic and Benelux markets. The company, a major online IT solutions provider with a strong corpor...
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.