Dustin Group AB (SE:DUST)
:DUST
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Dustin Group AB
(DUST)
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Rating:50Neutral
Price Target:
kr1.50
▼(-19.35% Downside)
Action:UpgradedDate:01/27/26
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
Cash generation recovery
A material swing to positive operating cash flow and free cash flow demonstrates the business can generate real liquidity despite accounting losses. This improves the firm's ability to fund working capital, reduce leverage, and invest in efficiency and services over the next 2–6 months.
Negative Factors
Deep reported losses and thin margins
Sustained negative net income and very low gross margins reflect structural profitability pressure in a low-margin reseller model. Without a sustained mix shift to higher-value services, losses can erode equity and limit reinvestment capacity over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation recovery
A material swing to positive operating cash flow and free cash flow demonstrates the business can generate real liquidity despite accounting losses. This improves the firm's ability to fund working capital, reduce leverage, and invest in efficiency and services over the next 2–6 months.
Read all positive factors
Dustin Group AB (DUST) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.84B
Dividend YieldN/A
Average Volume (3M)2.66M
Price to Earnings (P/E)―
Beta (1Y)0.84
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 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)kr21.25B
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:Jan 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Apr 15, 2026
Earnings Call Sentiment Positive
The call showed solid operational recovery: double-digit organic growth (18%), marked adjusted EBITA improvement (SEK 21m to SEK 83m), a strong cash-flow swing to SEK 381m and a meaningful leverage reduction (5.2x to 3.1x). These positives were tempered by a decline in gross margin (13.1% vs 14.3%), persistent price pressure in the Netherlands, SMB revenue decline and an announced risk of memory component shortages in 2026. Management emphasized proactive mitigation, a focus on B2B, standardized services and continued efficiency actions.Positive Updates
Strong Organic Net Sales Growth
Organic net sales grew 18% in Q1 FY2026. Management noted that ~8 percentage points of the growth were attributable to a weak comparative quarter, while strong LCP performance (including public sector demand) contributed meaningfully to the increase.
Negative Updates
Gross Margin Decline
Gross margin decreased to 13.1% from 14.3% year-over-year (down 1.2 percentage points). Management cited strong public sector growth (lower-margin), a high share of PC sales and price pressure in the Netherlands as drivers.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Organic Net Sales Growth
Organic net sales grew 18% in Q1 FY2026. Management noted that ~8 percentage points of the growth were attributable to a weak comparative quarter, while strong LCP performance (including public sector demand) contributed meaningfully to the increase.
Read all positive updates
Company Guidance
Management's stance was cautious rather than prescriptive: they expect continued market uncertainty in 2026 and warn an anticipated memory‑component shortage could hurt volumes and pricing, so the company is taking a prudent, proactive approach—working closely with customers and partners—and declined to give specific timing for margin recovery in the Netherlands or SMB. For context, Q1 showed organic net sales +18%, LCP sales SEK 4.0bn (+24%, organic +28%) and SMB sales SEK 1.5bn (−5%, organic −3%), gross margin 13.1% (vs 14.3% LY), adjusted EBITA SEK 83m (margin 1.5% vs 0.4% LY), operating cash flow SEK 381m (vs −42m LY) and period cash flow +SEK 289m (vs −149m LY), net working capital SEK 139m (target ~−SEK100m) after ~SEK 300m inventory reduction, CapEx SEK 46m, and leverage (net debt/EBITDA) down to 3.1x (from 5.2x) including a c.0.2 benefit from an updated net‑debt definition; they also noted updated, SBTi‑approved climate targets.Dustin Group AB Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
52
Neutral
Cash Flow
45
Neutral
| 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 | 2.81B | 2.77B | 3.21B | 3.41B | 3.46B | 2.48B |
| EBITDA | 341.00M | 2.83B | 762.70M | 894.40M | 1.17B | 898.60M |
| Net Income | -2.58B | -2.63B | 53.00M | 173.90M | 477.70M | 357.00M |
Balance Sheet | ||||||
| Total Assets | 13.59B | 13.40B | 15.82B | 16.13B | 15.85B | 14.32B |
| Cash, Cash Equivalents and Short-Term Investments | 970.00M | 676.00M | 883.90M | 1.11B | 766.80M | 847.40M |
| Total Debt | 2.99B | 3.07B | 4.19B | 5.90B | 5.28B | 5.06B |
| Total Liabilities | 8.12B | 7.90B | 8.81B | 10.74B | 10.77B | 9.64B |
| Stockholders Equity | 5.46B | 5.51B | 7.01B | 5.39B | 5.08B | 4.68B |
Cash Flow | ||||||
| Free Cash Flow | 254.00M | -87.00M | -97.90M | 379.10M | 393.40M | 83.60M |
| Operating Cash Flow | 349.00M | -74.00M | 147.10M | 619.20M | 584.30M | 168.60M |
| Investing Cash Flow | -165.00M | -169.00M | -244.30M | -240.10M | -211.60M | -3.17B |
| Financing Cash Flow | 32.00M | 21.00M | -148.90M | 26.70M | -434.60M | 3.10B |
Dustin Group AB Technical Analysis
Negative
1.86
Price Trends
1.55
Negative
1.68
Negative
1.74
Negative
Market Momentum
-0.06
Negative
34.51
Neutral
43.41
Neutral
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 1.41, above the 50-day MA of 1.55, and above the 200-day MA of 1.74, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 34.51 is Neutral, neither overbought nor oversold. The STOCH value of 43.41 is Neutral, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | kr1.43B | 20.39 | 15.90% | 1.13% | 10.92% | -2.56% | |
62 Neutral | kr2.57B | 50.96 | 14.35% | 2.13% | -4.36% | -31.55% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | kr1.11B | 17.36 | 23.47% | 6.29% | 4.00% | -12.08% | |
58 Neutral | kr2.85B | -11.31 | 2.38% | 2.03% | -9.85% | -38.24% | |
50 Neutral | kr1.84B | -22.97 | ― | ― | -5.00% | -1757.14% | |
43 Neutral | kr309.80M | 35.36 | 1.19% | ― | 13.21% | -97.19% |
* Technology Sector Average
SE:DUST
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Dustin Group AB Corporate Events
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...
Dustin Delivers Strong Organic Growth and Cuts Leverage Despite Ongoing Market Uncertainty
Jan 14, 2026
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 de...
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.