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Dustin Group AB (SE:DUST)
:DUST
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Dustin Group AB
(DUST)
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Rating:46Neutral
Price Target:
kr1.50
▼(-18.92% Downside)
Dustin Group AB's overall stock score is primarily impacted by its financial performance challenges, including declining profitability and cash flow issues. Technical indicators also suggest a bearish trend. While the earnings call provided some positive highlights, such as improved EBITA and cost savings, these are outweighed by ongoing challenges in key segments and market conditions.
Positive Factors
LCP Segment Growth
The strong growth in the LCP segment indicates robust demand in the Nordics, highlighting a solid market position and potential for sustained revenue expansion.
Efficiency Measures
The successful implementation of efficiency measures leading to significant cost savings enhances operational efficiency and margin sustainability.
Sustainability Initiatives
Aligning sustainability targets with science-based initiatives positions Dustin as a responsible corporate entity, potentially attracting eco-conscious clients and investors.
Negative Factors
SMB Segment Decline
The decline in the SMB segment reflects challenges in maintaining growth across all customer segments, potentially impacting overall revenue stability.
Gross Margin Pressure
The decline in gross margin due to price competition and sales mix changes could pressure profitability if not addressed through strategic pricing or cost control.
High Inventory Levels
Excess inventory levels can tie up capital and increase storage costs, potentially affecting cash flow and operational efficiency if not managed effectively.
Dustin Group AB (DUST) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.59B
Dividend YieldN/A
Average Volume (3M)2.66M
Price to Earnings (P/E)―
Beta (1Y)0.99
Revenue Growth-5.00%
EPS Growth-1757.14%
CountrySE
Employees2,197
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,357,425,300
10 Day Avg. Volume4,298,865
30 Day Avg. Volume2,664,347
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
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 ConsensusHold
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Dustin Group AB Business Overview & Revenue Model
Company DescriptionDustin 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 MoneyDustin 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 Earnings Call Summary
Earnings Call Date:Oct 08, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jan 14, 2026
Earnings Call Sentiment Neutral
Despite challenges in the SMB segment and market conditions in the Netherlands, the call highlighted significant achievements such as strong performance in the LCP segment, improved EBITA, and successful cost-saving initiatives. However, the presence of notable lowlights, such as negative growth in the SMB segment and declining gross margin, balances the overall sentiment.Q4-2025 Updates
Positive Updates
Organic Growth in LCP Segment
LCP segment showed strength with an organic growth of 7.0%, driven primarily by the Nordics. Sales in LCP was SEK 3.9 billion, an increase of 4.6% compared to last year.
Adjusted EBITA Improvement
Adjusted EBITA came in at SEK 83 million compared to SEK 28 million last year, with an EBITA margin of 1.6% compared to last year's 0.6%.
Successful Efficiency Measures
Efficiency measures are fully implemented, resulting in cost savings of around SEK 200 million annually. SG&A expenses decreased by 6.3% in the quarter.
Improved Cash Flow from Operating Activities
Cash flow from operating activities improved to negative SEK 73 million compared to last year's negative SEK 355 million.
Sustainability Targets Alignment
Updated sustainability targets to align with the science-based target initiative, setting climate and social impact goals for 2030 and 2050.
Negative Updates
Negative Organic Growth in SMB Segment
SMB segment experienced negative organic growth of 6.3%, affected by retroactive change in accounting treatment. Excluding this, the decline was 2.2%.
Gross Margin Decline
Gross margin fell to 12.7% from last year's 12.9%, impacted by a higher share of public sales and price competition in the Netherlands.
Challenging Market Conditions in the Netherlands
The market in the Netherlands remained slow with continued price competition, affecting overall performance.
High Inventory Levels
Inventory levels were above target, mainly linked to Benelux and customer-specific inventory, contributing to higher net working capital.
Company Guidance
During the Dustin Q4 presentation for 2024-2025, CEO Johan Karlsson and CFO Julia Lagerqvist provided detailed guidance on several key metrics. Sales for the quarter amounted to SEK 5.056 billion, achieving an organic growth of 3.6%. The SMB segment experienced a negative organic growth of 6.3%, impacted by a retroactive change in accounting treatment, which would have otherwise been negative 2.2%. In contrast, the LCP segment demonstrated robust performance with an organic growth of 7.0%, primarily driven by demand in the Nordics. Gross profit marginally decreased to SEK 642 million, with a gross margin of 12.7%, down from 12.9% the previous year. The company reported an adjusted EBITA of SEK 83 million, significantly up from SEK 28 million last year, resulting in an EBITA margin of 1.6% compared to 0.6% last year. Cash flow from operating activities was negative SEK 73 million, an improvement from last year's negative SEK 355 million. The leverage at the end of the quarter was 4.3, consistent with Q3, but slightly higher than 4.0 at the end of the previous year. Dustin also completed its efficiency measures, realizing annual cost savings of approximately SEK 200 million, and updated its sustainability targets aligned with the science-based target initiative.Dustin Group AB Financial Statement Overview
Summary
Dustin Group AB faces significant financial challenges, with declining profitability and cash flow issues. While leverage management has improved, operational inefficiencies and cash generation remain major concerns.Income Statement
Dustin Group AB has experienced fluctuating revenue growth, with a significant decline in the latest year. The gross profit margin has been relatively stable, but the net profit margin has turned negative, indicating profitability challenges. EBIT and EBITDA margins have also declined, reflecting operational inefficiencies.45
Neutral
Balance Sheet
The company's debt-to-equity ratio has improved, indicating better leverage management. However, the return on equity has decreased significantly, suggesting reduced profitability for shareholders. The equity ratio remains stable, reflecting a balanced asset structure.55
Neutral
Cash Flow
Dustin Group AB's cash flow situation is concerning, with negative free cash flow growth and operating cash flow. The ratios of operating and free cash flow to net income are weak, indicating cash generation issues relative to earnings.40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.41B | ― | 20.41B | 21.48B | 23.58B | 23.60B |
| Gross Profit | 2.77B | ― | 2.77B | 3.21B | 3.41B | 3.46B |
| EBITDA | 187.00M | ― | 2.83B | 762.70M | 894.40M | 1.17B |
| Net Income | -2.63B | ― | -2.63B | 53.00M | 173.90M | 477.70M |
Balance Sheet | ||||||
| Total Assets | 13.40B | ― | 13.40B | 15.82B | 16.13B | 15.85B |
| Cash, Cash Equivalents and Short-Term Investments | 676.00M | ― | 676.00M | 883.90M | 1.11B | 766.80M |
| Total Debt | 3.07B | ― | 3.07B | 4.19B | 5.90B | 5.28B |
| Total Liabilities | 7.90B | ― | 7.90B | 8.81B | 10.74B | 10.77B |
| Stockholders Equity | 5.51B | ― | 5.51B | 7.01B | 5.39B | 5.08B |
Cash Flow | ||||||
| Free Cash Flow | -209.00M | ― | -87.00M | -97.90M | 379.10M | 393.40M |
| Operating Cash Flow | -74.00M | ― | -74.00M | 147.10M | 619.20M | 584.30M |
| Investing Cash Flow | -169.00M | ― | -169.00M | -244.30M | -240.10M | -211.60M |
| Financing Cash Flow | 21.00M | ― | 21.00M | -148.90M | 26.70M | -434.60M |
Dustin Group AB Technical Analysis
Positive
1.85
Price Trends
1.89
Negative
1.76
Positive
1.95
Negative
Market Momentum
-0.02
Negative
52.17
Neutral
74.67
Neutral
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 1.85 is above the 20-day moving average (MA) of 1.78, below the 50-day MA of 1.89, and below the 200-day MA of 1.95, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 52.17 is Neutral, neither overbought nor oversold. The STOCH value of 74.67 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | €2.10B | 28.59 | 15.90% | 1.17% | 10.92% | -2.56% | |
66 Neutral | €1.19B | 15.79 | 27.44% | 6.19% | 4.00% | -12.08% | |
63 Neutral | kr2.88B | 18.29 | 14.35% | 2.22% | -4.36% | -31.55% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | €3.20B | 32.71 | 2.38% | 2.08% | -9.85% | -38.24% | |
55 Neutral | €358.09M | 132.64 | 1.19% | ― | 13.21% | -97.19% | |
46 Neutral | kr2.59B | -0.55 | ― | ― | -5.00% | -1757.14% |
* Technology Sector Average
SE:DUST
Dustin Group AB
1.85
-0.87
-31.99%
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Dustin Group AB Corporate Events
Dustin Group Expands Share Capital Through Rights Issue
Jun 30, 2025
Dustin Group AB has completed a fully guaranteed rights issue, increasing its total number of shares and votes by 904,950,208 to a new total of 1,362,250,312. This strategic move is expected to strengthen Dustin’s financial position and support its ongoing operations as a major IT solutions provider in the Nordics and Benelux regions.
The most recent analyst rating on (SE:DUST) stock is a Hold with a SEK2.49 price target. To see the full list of analyst forecasts on Dustin Group AB stock, see the SE:DUST Stock Forecast page.
Dustin Group Announces Changes to Nomination Committee
Jun 27, 2025
Dustin Group has announced a change in its Nomination Committee due to recent changes in share ownership. Mikael Olsson from Nordanland will replace Jens Browaldh from Altor as a member of the committee. The current members include Marie Ehrling from Axel Johnson AB as the Chair, Lise Børresen from DNB, Mikael Olsson from Nordanland, and Tomas Franzén, Chair of the Dustin Board, as an adjunct member. This change may impact the company’s governance and strategic decisions, reflecting the evolving interests of its stakeholders.
The most recent analyst rating on (SE:DUST) stock is a Hold with a SEK4.70 price target. To see the full list of analyst forecasts on Dustin Group AB stock, see the SE:DUST Stock Forecast page.
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.