Dustin Group AB (DUST) AI Stock Analysis

• Market Cap: kr2.25B
• Dividend Yield: N/A
• Average Volume (3M): 2.66M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.01
• Revenue Growth: -5.00%
• EPS Growth: -1757.14%
• Country: SE
• Employees: 2,197
• Sector: Technology
• Sector Strength: 88
• Industry: Information Technology Services
• EPS (TTM): 0.01
• Shares Outstanding: 1,357,425,300
• 10 Day Avg. Volume: 4,298,865
• 30 Day Avg. Volume: 2,664,347
• 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 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: kr1.50 ▼(-19.35% Downside)

The score is held back primarily by weak financial performance, with substantial recent losses and thin margins despite improved cash flow and manageable leverage. Earnings-call results show a notable operational and cash-flow recovery, but risks to margins and demand (price pressure and component shortages) temper the outlook. Technicals are neutral and valuation is unattractive due to loss-driven negative earnings.

Positive Factors

Operating Cash Flow Recovery

A strong swing to positive operating cash flow materially improves the company's near-term liquidity and reduces refinancing risk. Sustainable cash conversion supports working-capital management, funds capex and deleveraging, and provides a durable cushion while earnings recover.

Leverage Reduction

Meaningful deleveraging restores financial flexibility and lowers interest and covenant pressure, enabling strategic investment and operational fixes. A 3.1x net-debt/EBITDA provides a more resilient capital structure over the medium term versus prior elevated leverage.

Market Demand and Segment Strength

Double-digit organic growth indicates durable end-market demand and effective sales execution, especially in public sector/LCP. Consistent top-line expansion supports scale economics, supplier terms and cross-sell of services, aiding medium-term margin and share gains.

Negative Factors

Deep Losses and Weak Profitability

Sustained net losses and a deeply negative ROE erode equity and limit reinvestment capacity. Persistent unprofitability undermines shareholder returns, increases pressure on cash buffers, and forces tougher cost or strategic choices to restore durable earnings power.

Gross Margin Compression

A falling gross margin driven by product mix and price pressure reduces the company's ability to absorb fixed costs and fund services. Margin compression from competitive and contract dynamics is structurally challenging and can persist absent a sustainable mix shift to higher-value offerings.

Supply-Chain Component Risk

An anticipated memory shortage that significantly raises component costs threatens volumes, product pricing and margin stability. Such supply-driven cost shocks can persist across quarters, complicating inventory planning, customer deliveries and long-term gross-margin recovery.

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 hardware, software, and related services and solutions. The company act as a strategic IT partner primarily for small and medium-sized, and large-sized businesses, as well as the public sector and consumers. Dustin Group AB (publ) was founded in 1984 and is headquartered in Nacka Strand, Sweden.

How the Company Makes Money

Dustin Group AB generates revenue through the sale of IT products and related services. Its primary revenue streams include the direct sales of hardware and software products, such as computers, peripherals, and software licenses, to businesses and public sector clients. The company also earns from providing IT services, including consulting, installation, maintenance, and managed services that support and optimize client IT infrastructure. Strategic partnerships with major IT manufacturers and distributors enhance its product offerings and competitive positioning, contributing significantly to its earnings. Additionally, Dustin Group's e-commerce platform facilitates efficient product distribution, expanding its market reach and streamlining sales processes.

Dustin Group AB Financial Statement Overview

Summary

Profitability is the key weakness: TTM net income is deeply negative (−2.58B) with a −12.9% net margin and thin gross margin (~13.6%). Offsetting this, leverage is moderate (debt-to-equity ~0.56) and TTM cash generation improved with positive operating cash flow (349M) and free cash flow (254M), though cash flow momentum is volatile.

Income Statement

TTM (Trailing-Twelve-Months) revenue grew (+3.5%), but profitability deteriorated sharply: net income is deeply negative (-2.58B) with a -12.9% net margin. Gross margin remains thin (~13.6%), and operating profitability looks pressured, with EBIT and EBITDA margins very low in TTM. The company has moved from modest profitability in 2022–2024 to significant losses in the latest period, which weighs heavily on the income statement quality.

Balance Sheet

Leverage appears moderate in TTM with debt-to-equity around 0.56 and equity of ~5.46B against total assets of ~13.59B, suggesting the balance sheet is not excessively debt-loaded today. However, returns to shareholders are very weak (TTM return on equity is strongly negative), reflecting the recent loss-making profile. Prior years also showed periods of higher leverage (debt-to-equity above 1.0 in 2022–2023), highlighting some historical balance-sheet risk.

Cash Flow

Cash generation improved in TTM with positive operating cash flow (349M) and positive free cash flow (254M), a meaningful rebound versus the latest annual period where both were negative. That said, free cash flow growth is sharply negative in TTM, indicating volatility and weaker momentum. With net income deeply negative, the positive free cash flow is a relative strength but also underscores a gap between reported earnings and cash results that investors will want to monitor.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	20.41B	21.48B	23.58B	23.60B	15.88B
Gross Profit	2.77B	3.21B	3.41B	3.46B	2.48B
EBITDA	2.83B	762.70M	894.40M	1.17B	898.60M
Net Income	-2.63B	53.00M	173.90M	477.70M	357.00M
Balance Sheet
Total Assets	13.40B	15.82B	16.13B	15.85B	14.32B
Cash, Cash Equivalents and Short-Term Investments	676.00M	883.90M	1.11B	766.80M	847.40M
Total Debt	3.07B	4.19B	5.90B	5.28B	5.06B
Total Liabilities	7.90B	8.81B	10.74B	10.77B	9.64B
Stockholders Equity	5.51B	7.01B	5.39B	5.08B	4.68B
Cash Flow
Free Cash Flow	-87.00M	-97.90M	379.10M	393.40M	83.60M
Operating Cash Flow	-74.00M	147.10M	619.20M	584.30M	168.60M
Investing Cash Flow	-169.00M	-244.30M	-240.10M	-211.60M	-3.17B
Financing Cash Flow	21.00M	-148.90M	26.70M	-434.60M	3.10B

Dustin Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.86
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:DUST, the sentiment is Negative. The current price of 1.86 is above the 20-day moving average (MA) of 1.78, above the 50-day MA of 1.78, and above the 200-day MA of 1.85, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 41.14 is Neutral, neither overbought nor oversold. The STOCH value of 19.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:DUST.

Dustin Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SOF.B	71 Outperform	kr1.09B	14.72	27.44%	6.29%	4.00%	-12.08%
PACT	67 Neutral	kr2.62B	16.79	14.35%	2.13%	-4.36%	-31.55%
EXS	64 Neutral	kr1.75B	19.86	15.90%	1.13%	10.92%	-2.56%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
KNOW	56 Neutral	kr3.07B	31.98	2.38%	2.03%	-9.85%	-38.24%
B3	55 Neutral	kr357.63M	132.47	1.19%	―	13.21%	-97.19%
DUST	50 Neutral	kr2.25B	-0.49	―	―	-5.00%	-1757.14%

Dustin Group AB Corporate Events

Dustin Delivers Strong Organic Growth and Cuts Leverage Despite Ongoing Market Uncertainty

Dustin Group reported a strong rebound in the first quarter of 2025/26 with net sales rising to SEK 5.49 billion from SEK 4.78 billion, driven by 18.1% organic growth, notably a 28.4% surge in its Large Corporate/Public segment, while SMB sales declined slightly. Profitability improved as adjusted EBITA climbed to SEK 83 million and cash flow from operating activities swung to SEK 381 million, although gross margin narrowed and the company still posted a net loss of SEK 26 million. Leverage decreased significantly, with net debt to adjusted EBITDA falling to around 3.1 times, signalling improved balance-sheet strength and financial flexibility despite a continued uncertain market environment.

The most recent analyst rating on (SE:DUST) stock is a Hold with a SEK1.50 price target. To see the full list of analyst forecasts on Dustin Group AB stock, see the SE:DUST Stock Forecast page.

Dustin to Present First-Quarter 2025/26 Interim Report on 14 January

Dustin Group has scheduled a conference call and webcast on 14 January at 09:00 CET for investors, analysts and media to present and discuss its interim report for the first quarter of the 2025/26 financial year. CEO Samuel Skott and CFO Julia Lagerqvist will lead the English-language presentation, which will follow the publication of the interim report at 08:00 CET the same morning, with supporting materials made available on the company’s investor website and options for participants to join either via webcast or teleconference for a live Q&A, underscoring the group’s ongoing efforts to maintain transparent communication with the capital markets.

The most recent analyst rating on (SE:DUST) stock is a Hold with a SEK1.50 price target. To see the full list of analyst forecasts on Dustin Group AB stock, see the SE:DUST Stock Forecast page.

Dustin Group AB’s AGM 2024/25: Strategic Resolutions and Leadership Updates

Dustin Group AB’s Annual General Meeting for 2024/25 saw the re-election of several board members and the election of Carl Mellander as a new board member, with Tomas Franzén appointed as Chair. The AGM approved the annual report, decided against dividend payments, and discharged the board and CEO from liability for the financial year. Key resolutions included the approval of a long-term performance share plan and a warrant program for 2026, aimed at incentivizing the executive management and CEO. These decisions reflect Dustin’s strategic focus on enhancing shareholder value and aligning management incentives with company performance.

The most recent analyst rating on (SE:DUST) stock is a Hold with a SEK1.50 price target. To see the full list of analyst forecasts on Dustin Group AB stock, see the SE:DUST Stock Forecast page.

Dustin Group AB Releases Annual and Sustainability Report 2024/25

Dustin Group AB has released its Annual and Sustainability Report for the financial year from September 1, 2024, to August 31, 2025. The report details the company’s operations, financial performance, and sustainability efforts, highlighting its compliance with the European Sustainability Reporting Standards and the Taxonomy Regulation. This comprehensive report, available in both Swedish and English, underscores Dustin’s commitment to sustainable growth and transparency in its business practices.

The most recent analyst rating on (SE:DUST) stock is a Hold with a SEK1.50 price target. To see the full list of analyst forecasts on Dustin Group AB stock, see the SE:DUST Stock Forecast page.