Dustin Group AB (DUST) AI Stock Analysis

• Market Cap: kr1.97B
• Dividend Yield: N/A
• Average Volume (3M): 2.66M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.88
• 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): 0.17
• Revenue Forecast (FY): kr21.08B

• Rating: 50 Neutral
• Price Target: kr1.50 ▼(-19.35% Downside)
• Action: Upgraded Date: 01/27/26
• Date: Action: Upgraded 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

Operating cash flow recovery

A large swing to positive operating cash flow reflects material working-capital and inventory actions, giving Dustin durable internal funding for capex, restructuring and buybacks. Sustained cash generation reduces refinancing risk and funds margin-improving investments without relying on external capital.

Leverage reduction

A meaningful drop in leverage improves balance-sheet flexibility and lowers vulnerability to interest or revenue shocks. With debt-to-equity moderate per filings, the company gains room to invest in services, pursue contract renewals and absorb cyclical hardware volatility without immediate capital raises.

Operational profitability improvement

Material adjusted EBITA improvement shows operational leverage from higher volumes and efficiency programs. If sustained, this indicates the business can restore operating margins through cost discipline and scale in B2B services, supporting longer-term profitability even in hardware-led markets.

Negative Factors

Thin and declining gross margin

Low gross margins are structural for a reseller model and the recent decline signals vulnerability to product mix shifts and lower-margin public-sector growth. Persistently thin gross margins constrain operating-profitability upside and limit returns on capital deployed in the business.

Memory component shortage risk

A severe component shortage poses a structural supply-chain risk for a hardware reseller: sharply higher input costs and constrained volumes can compress margins, disrupt framework contracts and erode customer trust, making revenue and margin recovery harder to sustain over several quarters.

Price pressure & contract margin weakness

Persistent competitive price pressure in key geographies and lower-margin framework agreements create structural earnings headwinds. Coupled with SMB volume softness, this reduces pricing power and makes margin recovery dependent on mix shifts to higher‑value services rather than product sales alone.

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	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

• 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 1.57, above the 50-day MA of 1.70, and above the 200-day MA of 1.80, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 32.68 is Neutral, neither overbought nor oversold. The STOCH value of 16.99 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
EXS	65 Neutral	kr1.53B	20.39	15.90%	1.13%	10.92%	-2.56%
PACT	62 Neutral	kr2.71B	50.96	14.35%	2.13%	-4.36%	-31.55%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SOF.B	59 Neutral	kr1.08B	17.36	27.44%	6.29%	4.00%	-12.08%
KNOW	58 Neutral	kr3.02B	-2.35	2.38%	2.03%	-9.85%	-38.24%
DUST	50 Neutral	kr1.97B	-22.97	―	―	-5.00%	-1757.14%
B3	43 Neutral	kr300.23M	35.36	1.19%	―	13.21%	-97.19%

Dustin Group AB Corporate Events

Dustin reshapes management to boost regional sales focus and IT transformation

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 corporate focus, aims to leverage its extensive product portfolio and services to keep clients at the forefront of digitalisation.

The group is splitting responsibility for relationship sales between the Nordic region and Benelux, with current EVP Relation Sales Pontus Cederberg assuming the new role of EVP Relation Sales Nordic while recruitment for an EVP Relation Sales Benelux is underway. At the same time, Dustin has appointed former Nuuday CTO Monika Gullin as Chief Technology Officer and member of the management team from 13 April 2026, moves CEO Samuel Skott says are designed to accelerate IT modernisation, boost customer value and drive further efficiency across the organisation.

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 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.